#SundayInterview. Polish accent in the world of cryptocurrency-interview with stock exchange beatcoin.pl
Supply and demand. The old laws of the market. In #SundayInterview bithub.pl we are talking with Kamil Kostrzewski – The founder and the main originator of the Polish stock exchange cryptocurrency beatcoin.pl. In this conversation we will talk about the characteristics of the stock exchange and plans for the future.
On the website we can read that you have been interested in cryptocurrency from begining. When did you come up with the idea to create a custom Exchange?
Kamil Kostrzewski: In General, the „genesis” of cryptocurrency is unknown. When Bitcoin was created one day, can we name this the begining of cryptocurrency? Maybe first cryptocurrency was established when someone entered first code „motherlode” in The Sims on his Windows 98 and he started mining Simolens? I allowed myself to use the word „start” because I had the pleasure of buying BTC after really funny times. At the end of high school I had quite along adventure with different: less and more serious „chanami„. Here I learned about the BTC.
The idea to create stock exchange was born in November 2016. The situation was quite specific, because I tried to then purchase Dash by only having a buck in the account. I deposited the funds probably on BB where I bought Bitcoins, then sent them on Poloniex, I bought a Dora for BTC and eventually Dasha which I printed on a piece of paper. I summed up the commissions, which I paid. It wasn’t an easy operation. It was then that I made the first serious research. It turned out that there is no stock exchange where people can trade between Fiats and Cryptocurrencies. I’m not saying that I didn’t think of this before, but it seemed to me that it was a breakthrough moment.
At the begining we started with 5-6 cryptocurrencies, two basic ones at that moment (BTC and LTC) and in addition, Ethereum, Dash and Monero. However on 10th of October we now have 21 cryptocurrencies and I know that it’s not over yet. In summary to your question, the idea of creating its own stock market was
like a lightbulb moment inside my brain.
Every new brand on the markets want have something special in their offer. In the case of beatcoin.pl this is your own currency. How can we get it? What can we do with it?
KK: The difference between Beatcoin.pl and other stock exchange is friendly, quick and professional support and Poland’s largest number of cryptocurrencies in the country then the largest in Europe and in the world, hopefully in the future. When it comes to our Token it provides basically a lot of opportunities, but all of them take place within our stock exchange. The biggest holders can get advertisement space on our main page, smaller will receive an ad on the blog , but a few more people will have reduced commissions and a few other benefits. Here we have all other information.
You can get tokens in a very easy way. We launched on our stock market something that we called „ICO mode„. To simply put it: the ICO is a market on which temporarily there may only be a single existing seller. Soon we’re going to have a better design in some nicer frames and highlight this mode on other markets. This is the same mode that works BTC. The markets will run to trade at the end of October, and unsold tokens will be burned. We left ourselves only a small percentage of the whole, and it maybe be sold in the future, perhaps never. In any case, users who have already bought BCT will be able to trade it in a very short time.
My personal vision for the whole of this process is simple. Now we aren’t a big stock exchange market but in future maybe we will be. We will sell the amount of Tokens people are willing to buy and when we will become known, we will be famous all over the world (and I really strongly believe in is that so be it) in circulation there will be a small part of the whole. The natural course of action is the growing demand for our Token, and what comes after? Of course, the increase in value.
Why did you create your own currency?
KK: Why? Because I found that the people who are willing to buy from us, ones who have a significant influence on the price, will promote it. The owners of the BCT are monopolies of this said currency. For example, If you were one of the, twenty worldwide owners of Bitcoin would you care, that it has grown by 5 thousand dollars by the end of the year 2017? � I think so.
What is the advantages and main parameters? How will it function in the future?
KK: We created 1 mln BCT of which 100 thousand is on our wallet, the rest we are trying to sell. What does not sell will be sent to 0x0 and burnt down. This currency is fully based on ETH. It’s to early at this moment to put your own fossil, Blockchain, and besides, we wanted to limit the number of as soon as possible.
Plans for the nearby future are clear–you will be able to pay in BCT for all services that we offer. We work with usability and I assure you that the news which will see the light of day soon shall create a smile on many faces, and this is that’s what it’s all about:)
You offer ability to pay bills directly from the clients stock account. Does this feature have a lot of followers?
KK: A lot! To be honest? I was in shock. It was the same with SMS deposits, but it just goes to show how much users can surprise you. You know what I was thinking entering SMS payment? Cool thing which someone can use once a month. Currently we have a few SMS payments at day, despite the fact that the GSM network eat up 50% Commission. As you probably know, not everything can be predictable.
I understand that payment is made in PLN at the current exchange rate at the time of the transfer. Can we pay each Bill to each customer, or are there any restrictions?
KK: The idea was to pay at the current rate in any currency. However, we lack what is missing on all new markets: depth. We will return to the concept when in our markets we will be able to take a plunge and dive, and not be in the water up to your knees. Currently you only pay in PLN its deducted from your balance as an ordinary payment, on any Bill. This option currently requires verification.
Well, what about the security concern? In your auto description you wrote than you have very tight safety. However, to set up an account you do not need a confirmation sent by e-mail to the addresses of users or authorisations transfers. How have you have achieved such a high level of security without the means used by the competition?
KK: The issue of verification is a moot point. It is not yet legally required for Polish stock exchange or exchange offices to introduce AML procedures. This is why us and all of cryptocurrency brands have set our own procedures down and we enforce them. Channels contributions that we are using have strong restrictions for unverified users. The initial verification is made through transfers. The next step which i don’t like is confirming the identity verification of data based on a document. In preparation there is a form that will welcome this topic so much, as it will be possible.
Taking care of security, at least in my role of this service, is the primary constant struggle with the code, finding gaps and holes. We already have ran 3 penetration tests, we are going to do another and another and another, we have signed a contract with remote–admin who watches over our servers, we monitor the logs and we verify service for non-stop performance. We spend a lot of time on all the issues.cIf we didn’t then probably we would have more time to promote the site, but first we will build a bunker, and then we’ll show it.
A new user creates an account. Assuming that the currency rate is low. How long must we wait for the money to appear in our account. What is the fastest way to do this?
KK: The fastest way is Dotpay or Homepay. Another very good service is Bluemedia but not every time as sometimes they have little delays. In the case of the first two, measures appear right after you press the Enter key.
What are the plans for your further development. Are you going to advertise?
KK: In this aspect, the only thing that limits us is time. There is too little. We build and develop about the same time. On the stock market soon there will be new languages and probably, depending on this will be from the times, the new FIAT currencies. We will soon also have a refreshed look, I think you will enjoy it:). Be friendly both to casuals and enthusiasts. We call it Beatcoin 1.0. We plan to do a large focus on the advertising, but we are looking for a good place to do it. To be honest, I was working in advertising, several years before the Bitcoin, and the target group of cryptocurrencies is something I feel I just started learning.
We are a very specific group, divided into several other groups– Traders, are Holders and then there are Amateurs. To each need to get another language and another channel. Last we have noticed a trend increase in the popularity of cryptocurrencies among trends on currency pairs, which at the same time us very happy and very worried. „Old-timers„ is very hard to convince to the new
standards. However, such challenges are our problems, and the only motivation. We have gained very interesting contacts among professional traders, who rotate millions each day and we are trying to get to know this group as best as we can.
Interview with beatcoin.pl by Dawid Danielczyk.