On February 19th, Changelly had the very first joint AMA with Bitcoin.com Exchange, the new cryptocurrency exchange by the Bitcoin.com brand, whose recent integration with Changelly will allow users all around the world to easily gain access to the market rates provided by Bitcoin.com Exchange. Team members present on the discussion with our community were Changelly CEO Eric Benz and Head of Bitcoin.com Exchange Danish Chaudhry. Here are the essential points of the session:
1) “Which do you think is most important from new adoption/new users perception to get trading on an exchange:
A: On Ramping from Fiat/native currency
B: Off Ramp into Fiat/native currency
C: Both above
D: Other, please elaborate by @nath_swerve, Twitter.
I would say it would be both of the above. Having both on and off ramps of fiat will increase accessibility for new and existing users, allow them to trade against fiat pairs, and withdraw funds directly into their bank accounts. At exchange.bitcoin.com we are working towards offering users multiple options for fiat ramps – credit/debit cards, SEPA transfers and Faster payments etc.
Customers these days want to use what is most trusted in terms of functionality and security. The reason everyone downloads PayPal is because it is seamless and it requires no brainpower to be used.
Changelly has set the bar as being the most efficient and easy to use exchange for customers worldwide for the past 5 years now and we pride ourselves on the ability to offer the most straightforward services on the market.
2) What’s your outlook on the future of Exchanges, would there ever be a TRUE exchange that meets the pain points of diversity, simplicity and convenience? What roles do you think Changelly will play as more and more exchanges spring up, what criteria do you employ in determining Tokens and Exchanges to integrate into Changelly? – Telegram: @maranatha
This is a great question! The future of exchanges in my opinion is a very interesting one. You will see many more exchanges coming to market and servicing a wide array of customers from various different markets. The exchanges that figure out how to bridge sophisticated and retail customers in one platform and provide a seamless experience will be the exchange winner in my opinion.
So many exchanges these days don’t want to focus on customer flows and elements which provide customer satisfaction or a safe experience. Right now there is a major gap in the market for offering retail customers a full suite of ‘retail’ focused crypto trading products and hopefully Changelly will be addressing this in the coming months.
And we are working our way towards that future. Especially combining all the products and services that bitcoin.com has to offer. As an example, soon any Bitcoin.com Wallet user will have easy access to the exchange, making trading even on mobile a pleasant experience, thereby bringing about the simplicity and convenience users crave.
4) What are your opinions of exchanges like ‘Uniswap’? @reinisb30, Telegram
Eric: I like Uniswap but it is very limited in its offering and it is decentralised swaps only between ERC20 tokens. Would be better with SLP* 😉 Right, Danish? 🙂
Danish: Correct. Eliminating the middleman and going straight for a peer to peer swap solution is interesting. However it doesn’t always allow liquidity and you can’t be sure you’re posting orders and getting them filled at the rate you’d like. Uniswap is a great DeFi solution and as SLP evolves, it will also play a part in it.*
*For anyone who doesn’t know SLP, it’s the Simple Ledger Protocol, a token ecosystem built on the Bitcoin Cash Blockchain
5) Let’s talk about your evolution security system Protection against security breaches and attacks is highly essential for Trading Platforms/ exchanges. Can you please tell us how secure Is for Traders? – @Dina146, Telegram
Our exchange security uses a state of the art custody platform called safequant that has a combination of hot and cold wallets, which are basically inaccessible in the event of a breach. Our custody solution is one that has been going since 2013 and has never suffered an attack. Hence, as one would say, funds are SAFU.
6) “Will the share of transactions made with traditional money issued by central banks decline successively due to the development of cryptocurrencies and its exchange ? What are the consequences of this process in a country with large and growing public debt?” – @Osavic45, Twitter
Yes, the share of traditional money will decline as we move towards further digitising our world. This isn’t’ to say that central bank digital currency won’t be popular and widely used – see USDT and USDC for example (even though not state owned).
7) “In terms of regulation and compliance, what is the essence of acquiring a crypto exchange license in certain countries which can contribute to significant trading volume?” – @macdocampo, Telegram
Being licensed doesn’t necessarily mean a significant jump in trading volume. Sometimes what we see especially now is the lack of a regulatory framework for specific markets make it more confusing thus turning people away. In my opinion we are still far way away from having clear guidelines of crypto licensing so for now having best practices is the most important step and being accountable for all your customers and relevant actions.
With the exception of the United States, there are very limited countries where a licence also equals volume. Self-regulation in most areas works well with correct AML and KYC rules, and as Eric said we are quite a while away from having clear guidelines in most areas
8) Will Changelly be integrated with Bitcoin.com? Maybe the exchange rate follows the value on bitcoin.com? – @Dina146, Telegram
Yes we are already integrated to the Bitcoin.com order books and are beginning to list more SLP tokens within the Changelly platform.
9) “Any plans for Changelly to integrate z to z transactions and maybe add PirateChain to their exchange, just like Bitcoin.com Exchange recently did?” – @xKOSIUSx, Twitter
We are looking at implementing z to z transactions at some stage in the very near future but haven’t really seen a massive demand from our 3m + customer base at this stage. Happy to speak with PirateChain to also add them to Changelly 🙂
10) Since starting the project, did you achieve everything you planned or did you have to make drastic changes to your main idea at the start and what makes your project better than your competitors? – @Dina146, Telegram
The partnership is very fresh and we have been working closely together to really offer the community value adding benefits. We have a lot to announce in the coming months and all I can say () is we are working closely together to make the process of buying, trading, selling and storing crypto more efficient and easier to trust.
To add to what Eric said, we are well on our way to achieving our goals. It wouldn’t be fun if we had already achieved what we have set out to do. We have huge ambitions and those will constantly evolve 🙂
11) “How do you see blockchain and crypto industry after 10 years, in terms of government regulations, regulations that might be positive or negative. Can you all pls share your views?” – @chiragkumar, Telegram
In the coming ten years as with any cycle we will see further regulatory guidelines come forth and thus to be met. In my opinion though, the more regulation which comes about the slower the innovation and technological growth will be. Ideally we can find a happy medium between incoming regulatory requirements and technological innovation and adoption.
12) “What are the benefits of holding the BCE token? Would you tell us more details about this?” – @Kamilamumtaz, Telegram
We will be making further announcements regarding BCE. if you currently hold it, that means you’re one of the select few. Next week you’ll hear what we plan on doing with BCE and all its benefits.
13) “As new and inexperienced traders join crypto exchanges, do you think copy trading features like eToro will complement the trading volume? What other unique exchange features do you think can help both experienced traders and newbies be “better” at crypto trading?” – @macdocampo, Telegram
Over and above ‘features’, we think that education goes a long way in equipping traders both new and experienced with skills that will enable them to be the master of their own destiny (so to speak). Copy trading is great but you’re hitching your ride to someone and hoping they’re doing their best at all times. As the saying goes; give the man a fish, feed him for a day. Teach him how to fish, he’s fed for a lifetime.
I know the eToro platform very well and Yoni has done an incredible job with the business model. The more gamified we can make the crypto trading experience the more adoption we will see IMHO. Copy trading is one of those exciting features which really seem to get everyone excited and active with taking a punt on someone who is showing a successful track record. The other features I feel will really enable new and experienced traders to do more crypto trading is to integrate known and comfortable funding means and almost make a seamless user experience between both financial services and crypto services.
14) “What is your company’s strategy to fund marketing campaigns that will be needed to gain visibility and build a user base?” – @Dina146, Telegram
We’d like to be a lot more effective in our marketing campaigns and it’s really focused on working with the community, working with the traders, giving access to those who need it the most. That means understanding our user base, catering to their needs and turning them into our brand ambassadors and advocates. You’d rather trust your friend’s recommendations than an ad you’ve seen on the highway.
15) “Right now we can see some of the top 10 countries’s economy is very positive about blockchain, Bitcoin or crypto industry, do you think if most of them will bring positive regulations over blockchain and crypto industry will it make this industry a very big thing?” – @chiragkumar, Telegram
There has to be positive and innovative regulatory guidelines otherwise it will push the industry into a non-regulated environment which is not something the governments want to see. Once we have a much clearer understanding of what the crypto regulatory scene will look like the more comfortable customers and traders will be.
16) “What do you think are the major criteria to be considered when listing tokens on an exchange?” – @GodIsNotDead, Telegram
We assess projects on multiple criteria – team, ambitions, progress etc. but first and foremost we assess if our customers would actually benefit from accessing these tokens. SLP is our main focus and we really want to promote projects that are building upon SLP and are encouraging existing teams to migrate over as well.
17) “What are the major milestones bitcoin.com have achieved so far? Do you have plans to spread bitcoin.com ecosystem across other continents? If so, what are the strategies and how can I as a community member contribute to making it possible?” – @Kamilamumtaz, Telegram
Since launch we’ve introduced quite a few new and unique projects on our exchange, we’ve enabled fiat to crypto purchases, our partnership with changelly, moonpay and a few other partners. We definitely plan on localising our ecosystem and are always looking for ambassadors to help us achieve that.
18) “Do you have a plan to grow your business in an Asian country? Like Upbit and OKEX have developed their exchanges in Indonesia.” – @Dina146, Telegram
Absolutely!! We see Asia as a major market for Changelly and I would imagine for Bitcoin.com 🙂 What’s more, we will list the first Indonesian Stable Coin very soon! – Rupiah Token
Yes, we have Asia as a huge focus, and will be building out localised teams there – Philippines, Malaysia, Vietnam, Korea etc. We’ll also be listing the first SGD stablecoin
19) “Security, scalability and data security are three very important aspects at the enterprise level, how does the Bitcoin.Com Exchange network handle these issues?” – @toanphamhd, Telegram
We use a custody & clearing mechanism that has been honed over the last 8 years to withstand most breaches and attacks. So, funds are all SAFU and our shared liquidity providers can handle over a billion dollars of volume, so definitely scalable.
20) “The biggest dilemma as of now in crypto is volatility and liquidity issues. What steps have been taken by BitcoinCom to overcome it?” – @toanphamhd, Telegram
I think volatility inherently exists in the market and there isn’t much that we can do about it. The market is about 200bn so with something so small we will always have quite a bit of volatility Until the market grows that won’t normalize. As for liquidity, again we do everything in our power to provide users with liquidity on the tokens we list, as for the market in general, that requires funding and capital that we ourselves do not control.
21) “How do you anticipate fake volumes of tokens/coins?“Are there any consequences if there is any fake volume a project to fulfill your exchange agreement so that it is not delisted from the exchange list?” – @Dina146, Telegram
This really is down to the projects themselves and how best they support their projects especially when it comes to market-making etc. We try and avoid fake volumes where we can but sometimes it is easier said than done.
What I normally say is do the best you can to appear like a legitimate business and everything should be fine 🙂
We do not allow fake volume on our exchange. There is no room for wash trading on our books. If a project is creating fake volume themselves we’ll firstly warn them, and secondly delist them.
22) “How can BitcoinCom help to improve the quality of a crypto project to be listed on Bitcoin.com Exchange?” – @toanphamhd, Telegram
We support our projects as much as we can. Of course at most times project management is out of our control. However projects such as those who are built on SLP, which is the Bitcoin Cash-based blockchain, we work closely to help them integrate within our Bitcoin.com ecosystem, and for that they need to have great governance, development, projects plans, outlook etc.
23) “I see Changelly and Bitcoin.com Exchange as CEX. According to both of you, will hybrid exchange be implemented on your platform as an evolution of crypto exchange?” – @Dina146, Telegram
This is a great question and this hybrid exchange model will be something of a standard in years to come! Changelly is definitely working on this.
24) “What are the roles of changelly in the projects/ecosystem?” – @forks88, Telegram
Danish & Eric:
Changelly is a great way for users to access some coins and gives Bitcoin.com a great gateway for users to come and trade their newly acquired coins.
25) “Bitcoin.com is an exchange with BCH as a base pair. So why did your team choose BCH for this option?” – @Gagah146, Twitter
We don’t only have BCH as a base pair, we also have BTC ETH and USDT. As bitcoin.com, we are strong supporters and proponents of BCH as we want to bring true peer to peer cash to the world. However, we also want to give our users access to all other crypto as well hence we have multiple base pairs and many coins listed.
We’d like to give the biggest thanks to our live viewers and users who submitted questions for supporting Bitcoin.com Exchange and Changelly!
Join us on social networks to stay tuned for more AMAs coming and other common projects with the Changelly space team.
See you soon!