We are pleased to announce our next AMA on August 11th 2021 at 01:00 PM UTC Time: Satoshi Club x BtcProxy
⚠️Click to see the hour
⚠️Total Reward pool: $500
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join BtcProxy Telegram group
We will have the following structure:
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. BtcProxy Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about BtcProxy
For more details:
BtcProxy Website – btcpx.io
BtcProxy Telegram – @BTC_Proxy
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Token burning is beneficial to any project because it can control the number of tokens in circulation and provide investors with greater incentives. Does your great project have a plan for token burning?$
✔ Is Your project a Global project ?
Is any of the local communities restricted from contributing to the project ?$
I couldn’t find your whitepaper. Do you have any whitepaper? If Yes Then Can You Share With Us Here?$
In order to earn $PRXY one must mint first $BTCpx token by swapping it by Bitcoin. Let’s say that all the Bitcoin in the world were minted and swapped for $BTCpx, how would the supply of $PRXY token comprehend that scenario. Can its supply coordinate with the supply of Bitcoin itself? Can you tell us more about your token economy?
We all know that the Bitcoin Network itself is not suitable for fast transactions and has very high gas fees. To cope up with this problem, do you have plans to operate your project deploy a cross-chain mechanism to venture other networks and blockchain with low fees and fast transaction speed?
Can you explain more about the project, especially its logo bacause I am curious of the background and story of the project and its developers before I invest in them?
I did read that users living in the USA and Ontario, Canada are prohibited from participating in the minting and burning of tokens. Currently, in addition to those countries, has another country been added to this list? How can users in the listed regions obtain their BTCpx? Is there a solution for them?
A project with a firm purpose is important, an experienced team behind that project is also important. Tell us a little more about the team behind BTCProxy. Some projects with a lot of potential fail because of a team with little experience. Does the entire BTCProxy team understand the technicalities of the blockchain? Does each of the team members have sufficient experience in the area covered by each of them?
Since the July 30th launch the $PRXY token has fluctuated in value from as high as $55 to as low as $15. This is still 10x from the private sale price. What was your perspective on the launch of the $PRXY token? I read that after the listing on Uniswap what followed was a 25X from $2 to over $55 in 12 hours and the #1spot on Dextools for multiple days. Did you expect that explosive interest that the community had in PRXY? After launching , what have you been focusing on?
BTC Proxy is a multi-institutional protocol for the decentralized tokenization of Bitcoin on ERC20,What do you mean when you say your project is a Multi-Institutional Protocol?Will BaconDAO focuses only on institutions?What is the mission of BTC Proxy in the Crypto Defi space?
For the minting process, the user needs to supply a bitcoin address, wich will be mapped to their ETH address for the transaction, and the user will have 60 minutes to send the funds to the custodian, if this does not happen in 60 minutes the transaction will be canceled, and the mapped address will no longer be valid. I would like to know if an user doesn’t send the funds and is blocked, if he has another BTC address will the user be able to still use your services? what other security measures will you apply in the future regarding this theme?
On your whitepaper i read that the max supply of $PRXY is 21M, and that will be distributed through mining in cycles. This cycles will be completed in aprox 2 years. I would like to know what plans do you guys have for when the $PRXY token is done mining, what is your next step regarding this token?
BTCpx is an ERC20, and then a BEP20, a wrapped bitcoin token that offers secured custody and guarantees a 1: 1 Bitcoin backing ratio that cannot be affected by volume or liquidity. PRXY is the ERC20 governance token that governs the protocol and can be used for FarmBitcoin. But can you explain this duality of the token? changed from ERC20 to BEP20
BTCpx adds value to the crypto ecosystem. By combining the ubiquity and maturity of BTC, the functionality of ETH and the scalability of the Matic (now Polygon) network. BTCpx opens up a world of possibilities that allow your Bitcoin to perform like never before in the world of DeFi. So what are the uses that can be given to BTCpx?
The main benefits of the BTC proxy governance token $ PRXY include Bitcoin mining, voting, and yield farming. Can you talk and explain each of these benefits to us?
Being ETHEREUM one of the chains with the highest rates, as BtcProxi offers transactions without GAS and what are its bases to guarantee no price slippage and Not being affected by volume or liquidity, what advantages does the project give to being backed by the Bitcoin 1: 1 ratio?
What are the conditions or requirements for the Insurance against commercial crimes is valid, what percentages with respect to the investment does it recognize, what are the risks it covers to further protect clients’ assets, which institution is responsible for the support and veracity of this insurance and in which countries is it valid?
Do you consider that the combination of Bitcoin blocks in an Ethereum smart contract using a Matic side chain makes Proxy the profitable CX option that the crypto market needs, Matic provides sufficient scalability and Bitcoin the guarantee, protection and sufficient liquidity to achieve long-term sustainability and profitability?
BTC Proxy offers to bet Bitcoin to coin BTC Proxy ERC20 and MRC20. We all know and have a broad idea of what comprises the ERC20 network, but what exactly is this novel “MRC20” network about and what is its utility within the BTC Proxy ecosystem? The only token compatible with this minting model is Bitcoin? Will it be possible in the future to obtain BTC Proxy by minting other tokens?
I read that BTC Proxy has Commercial Crime Insurance to further protect its clients’ assets, with insurance coverage arranged by Aon through a selection of international insurers. What have been the strategic advantages of using Aon for such an important purpose as securing a decentralized platform? Which international insurers are part of the comprehensive crime insurance that BTC Proxy has implemented to prevent the theft of digital assets?
Can you please explain why DAO members’ funds are never mixed with the common fund, why should they be in segregated portfolios, how does it harm or affect their union?
You’ve said that confirmation of Bitcoin blocks onto an Ethereum smart contract using a Matic side-chain makes Proxy the cost-effective choice. This is quite a complicated statement for crypto newbies, like myself. So would you please explain this process in simple detail? As I know Ethereum fees are extremely high, so I’m really curious to know how making use of it would have as a result, gasless transactions. What is the exact function of the Matic side chain in this context? Why don’t all projects make use of similar strategies? How safe is it?
The 1: 1 Bitcoin ratio generates some kind of safeguard or guarantee for the investment of the participants, and how can we verify the status and veracity of the 1: 1 BTC / BTCpx ratio?
Can you tell us a little about the distribution of your funds, what are your procedures to guarantee and stabilize liquidity funds, and what are the main functionalities and usefulness of #BTCpx?
I read your project has features called ‘Comprehensive Crime Insurance’ and ‘Inclusions’. From what I understand, this would be your collaboration with Aon for their insurance solution. I’d like to know the specifics of the insurance? In which cases is it available? Recently, we saw big news of a theft in the Poly Network project, in case something like this were to happen with BtcProxy, would this insurance be able to cover the loss of all users? Does it only cover a percentage of the loss? Also, usually, insurance is bought by an individual, so, will users have to buy the insurance, or does it come with the purchase of your token? Further, please tell us about your security, and how strong is it against hackers.
When you redeem from your platform, there is a process where the user’s BTCpx tokens are burned, so that we get the BTC back. However, as we know, the market is very volatile nowadays, and BTC more so, so I’d like to know if this process gives users a BTC lock period in which the price remains stable? Also, in which wallet would we receive the BTC? How fast is the process, will users be able to swiftly move BTC to an exchange wallet in case they want to sell at a high price?
The million dollar question is the one that all users who follow your project have: when will staking be available? Is there an estimated date? Can you remind us of the staking model and how will you calculate the annual percentage yield? Can you tell us why haven’t started yet?
Can you tell us the characteristics of the cold and frozen wallets implemented on your ecosystem? I saw there will be needed to request a withdrawal that must be authorized in order to transfer funds from these wallets, can you tell us if this is an automated process? What chances will the users have to get a negative response?
It is true that the centralized exchanges and systems exponentially increase counterparty risk of theft or loss and an inefficient transfer of value resulting in price slippage. But this decentralized bridge called Proxy Relay Protocol is not also vulnerable to attacks or even operational deficiencies? Can Proxy BTC guarantee total security of the system?
I understand that BTC proxy will seek to fully decentralize BTC to the ETH network, but will they take advantage of this opportunity to incorporate BTC into each of the DeFi products such as yield generation, pool, staking and even NFT tokens?
Could you explain to us what will be the steps we must follow in order to convert our traditional BTC to decentralized BTC? And also, these Btc DeFi can be used in all decentralized products? or only in BTC Proxy?
If normally BTC transactions in CeFi are extremely expensive, how much more will it be now that it is decentralized with Eth? Or will they really implement a mechanism that allows this rate to be much less expensive and more attractive?
If really the BTC network is the most solid and secure in the world, then being decentralized will it be affected with insecurity and other problems of the Eth and Polygon network? Is that why they implement crime insurance?
I want to know more about Btc Proxy. There is very little information, the community is relatively empty, and there is very little information shared. What strategy does the Btc Proxy team need to develop the community and retain users for a long time?
To be able to trade in BTC Proxy, do I have to be a BTC holder and bet them? Or will I really be able to acquire BTC by buying the $ BTCpx or $ PRXY tokens and betting them on your platform?
One of the problems of the exchanges in DeFi, is either the low liquidity, or the sliding of prices, therefore, how will BTC proxy not affect the BTC that has the largest capitalization of the crypto market, with these DeFi problems?
In their Docs they say multiple times that BTC has a need to expand to DeFi, especially ERC20 tokens to achieve wider adoption, but would it only be necessary to reach out to the ERC20 network only, or would it also be necessary to expand to other DeFi networks with BTC Proxy?
This “institutional solution” that providing proxy BTC will allow BTC to be better viewed by government institutions, and in turn minimize the high energy consumption in its mining? Or would I just take BTC to another network and voila?
It catches my attention that you mention that BTC Proxy is a “multi-institutional protocol”, I understand that it seeks to decentralize Bitcoin, taking it to other decentralized networks, but what do they really have to see “institutionality and policies” in order to achieve it?
How does BTCproxy deal with borrowers to prevent loan defaults? What mechanisms will be implemented? Will sanctions be imposed on its users?
What do you think is your strongest advantage will keep your team ahead of the market? In contrast, what are your weaknesses?
What strategy does your project use to attract new users and investors and retain them for a long time?
BTCpx offers “segregation security” by having institutionalized custody solutions. This can be very technical to some users (including me), can you explain what is this segregation about and what consists of your custody solutions? Why are they better than the offered for other tokenized versions of Bitcoin?
What are these simple projects about? How long have you been researching BTC agents? How many people are in the team?
BtcProxy has done remarkably well to grow to a community of close to 15,000 telegram members and judging from it’s unique services, growth expectations are enormous. Consequently, BtcProxy has done well to attract a number of reputable brands and projects as partners within such a short time frame. These partners as listed on the website are brands with impressive works in their select genre of trade. Can you carefully explain the significance of such partners and partnership, and how will it improve the BtcProxy franchise, with BtcProxy still at an early stage, how did it manage to gather such a brilliant lineup of partners, and what sort of partnership would BtcProxy look to embrace in the coming months?
As stated from available documents, transfer of BTCpx between users will attract no fee apart from network fees. However, there are associated fees for minting, redemption, burning, custodian and insurance fees, as well as Side-Chain transaction fees. For an upcoming and budding investor, these fees might greatly hamper their interest in transacting with BtcProxy and consequently have a general negative undertow. Therefore, why does BtcProxy incorporate such an array of fees, how does these fees benefit holders, and are these fees applied every single time such related operations are performed on the platform, and how will BtcProxy look to make it’s platform economical and more investor friendly?
As I understood, basically BTC Proxy serves as a bridge to convert $BTC to $BTCpx on ERC20 & MRC2O. Currently Cross chain bridge systems incur a high Tax to convert a Coin from one blockchain to another blockchain. So how will BTC Proxy involve in this case? Why did you choose only $BTC for your bridge system even if $BTC is the highest volatile Coin in crypto space currently? Can we use Trust wallet in addition to Metamask wallet to convert our $BTC to $BTCpx?
You have make partnerships with Giant platforms in DeFi space such as Uniswap, DAOVENTURES, HEX TRUST etc. These partnerships make sense that BTC Proxy will reach to their goals without any doubts. So Tell us, how is the contribution from your partners to gain mass adoption on $BTCpx in crypto space? Which partner helps you to incubate the BTC Proxy platform from seed stage to current stage? Already I saw a YouTube video about BTC Proxy is listed on dextool exchange & $BTCpx is within top 10 gainers as they mentioned. Is it true? So is dextool also a partner of yours? Can $BTCpx users hope more partnerships in future?
I read about BTC Proxy governance portal & community needs to earn $PRXY in order to participate in governance. How will the vote of proposals be implemented, is it via offchain or onchain? Do you have only voting system to continue the governance process or do you hope to enhance this governance portal in addition to voting system? Can you tell us how users can earn $PRXY token? Most platforms involve in ownership renouncement. What about your opinion of the ownership renouncement? Please give us a sneak peek about upcoming governance model if you hope to delegate in future.
BTC Proxy offers minting and redeeming on its platform.What is the cost of minting and redeeming BTCpx,are their charges fee same?Can you please tell us the process involved in minting and redeeming ?Since your system is built on Layer 2,what is the rate of your gas fee when compare to your competitors?
Greetings BtcProxy my question is this, what strategies do you use to make gas rates wedge and change? and thus be able to combine the Bitcoin block confirmation into an Ethereum smart contract, using a Matic sidechain and making BtcProxy more profitable? Explain these important points to us to learn more about the project. Thanks
Hello BtcProxy I know very little about the project as well as many in the satoshi club community, how can we use BtcProxy? I only know that they have three important strategic points that are Mint, Stake and Redeem, how do they work and what would be the strategy for a good performance of these 3 points? that are key in the BtcProxy project. Thanks.
Security is a vital requirement of a project. Thank you for introducing a Comprehensive Crime Insurance for BTC Proxy. Can you please explain which areas does this insurance cover? Is this coverage applicable to the whole community? How do they claim if they have to face a problem? Who is in-charge of the process? However, an insurance is helpful when there is an issue. A team should work immensely to minimize issues. Therefore, in addition to this insurance policy, what are your security measures to avoid issues? For example, do you conduct frequent audits? That kind of activities are not included in your roadmap. You have not allocated a portion from the total supply for security needs. Therefore, how do you assure you are doing your best to keep BTC Proxy secure?
One of the highlight event that BTC Proxy is having this month is the BTC Proxy’s Bitcoin Farming which is live today 11th August 2pm UTC time. So,can you give us more details about this farming event in your platform?What are the mechanics and structure of this farming? Is this farming consider to be a long-term investment to earn? What will be highest APR/APY it can offer to users and traders? As soon as this farming event will start,what may be the impact that it will bring to your platform especially to the current price of $PRXY and $BTCpx in the market? Thank you
You have mentioned that $PRXY can be earned by providing liquidity for $BTCpx and by staking the LP tokens. Is $PRXY a tradeable token? Will it be available on popular CEX and DEX in the future? Instead of introducing a single token, why did you create this dual token mode? As a long term investor, should I hold $PRXY or $BTCpx? Which will be more profitable in the long run? Further, you have mentioned about three main utilities of $PRXY, voting, bitcoin farming and liquidity mining. Does this mean holding $PRXY is beneficial only on your platform?
BtcProxy has some characteristics that are conformed in a group of three, Layer-2, Mint and Redeem and finally Institutional Safeguards, each function of these characteristics are important in BtcProxy, explain us what is the function of each one of them, to know thoroughly the project?
Some of the highlights of BTC Proxy Protocol are you are backed by Alphabit, Matic and O1EX and you are part of the Tde.fi Accelerator Ecosystem . So can you tell us why do you choose to be backed up by Alphabit, Matic and O1EX? What are the advantages that they bring to your network? As you are backed by those platforms,is it also mean that you are in collaboration with them? As it mentioned that BTC Proxy is part of the Tde.fi Accelerator Ecosystem,can you give us an overview about the Tde.fi Accelerator Ecosystem? What are the edge and advantages that it gives to your platform to be part of Tde.fi Accelerator Ecosystem? Thank you
This project rest assured the community that there will be No centralized exchange risk and will be backed by bitcoin 1:1. You also said that the Commercial criminal insurance to further safekeep your client assets. But going through the partnerships you have made, I found no partnership with any CCI service which will offers the community; Forgery or alteration coverage; Theft of money and securities coverage; Computer fraud coverage. How do you want to provide security for user assets? The only secure service you plan for this project is CCI which no partnership has been made till date, or do you make it anonymous for us?
One of your features says utilizing the Proxy relay to confirm BTC transactions onto the ETH smart contract makes the system efficient with the lowest minting and redeeming gas fees and It was announced that opportunity to Stake $PRXY and get BTCpx will commence in a bit. I want to know what will be the ratio it will be redeemable for? After receiving BTCpx will there chance to stake it for more or additional $PRXY? Since transaction will be done on ETH smart contract, how will you make fees affordable for all users?
You stated AON to serve as the comprehensive crime insurance coverage for this project to covers theft of digital assets, via employee dishonesty or through third parties, held by Hex Trust on behalf of their clients. As at now, there is no information about making partnership with AON, one of the leading global professional services firm providing a broad range of risk. I want to know if there will be partnership with AON very soon or an agreement has been made? Apart from securing AON to your project will there be a necessity for some others secure tools like KYC and 2FA authentication in your project?
I love the project been here since day 1. Really solid foundation being built. Where do you see the project in 2 years time ? So excited for what’s to come ! And thankyou for putting the hard work in !
how the mechanism that make you believe this system really safe for client assets by Aon via a selection of international insurers?
what are your plans and mechanisms to maintain BTCProxy still pricefull and provide benefits to investors? do you have any plan to make BTCProxy become digital transactions for any items, e-commerce or anything??
#AMA
i just see almost everyday developers around the world make the new coin/project and they have a strategy to attract investors, could you tell me what is the difference about this project between others coin that will convince and attract the investors join with BTCProxy?