Our pleasure, and thanks for your questions.Hi guys, thanks for coming and doing the AMA.
When I first learned about BitX the focus at the time I think was in South Africa. Can you tell me more about how that part of the world is (or isn't) embracing Bitcoin? Is it hard to get banking relationships, how is the local market, etc? Also, where is the focus now for BitX?
I'd like to know what is being done to push adoption of Bitcoin into Africa? I'll only speak within the realm of bitcoin that I primarily use: remittance. I use BitX(slick update this year ) for remittance between Europe and South Africa, yet I find that it can sometimes be more hassle to use bitcoin for remittance than a traditional bank. Sure, the costs of transactions are cheaper, but the cost to time, effort to acquire BTC and the added volatility do create some unintended costs and worries to the remittance process--something which affects adoption no doubt
How can BitX alleviate or create some services to make remittance between other continents and Africa a much smoother and intuitive process?
Also, regarding the exchange, are there some plans to decrease or make regular users pay a declining fee structure based on amount of trade volume per month? I get that trading fees are where money is made for the exchange, but I think having a 1% taker and 0% maker fee slows down trading?
Also, what is your definition of a money transmitter? I use BitX for personal family remittance, so does that classify me as a money transmitter?
Also, proud to say that buying BTC in South Africa seems a lot easier than elsewhere (regulatory wise I mean) so thanks for navigating the waters here.
Thanks for the questions - we're currently testing an integrated virtual credit card system that we plan to roll out to our customers soon, you can read more here: https://bitx.co/blog/virtual-credit-cards/. Given your experience we'd love to hear your views on the implementation as soon as we release it for outside beta testing - please email email@example.com so that we can add you to the beta group if you'd like.Hey Guys
I have been testing a number of debit cards issued by various exchanges but all are denominated in either USD, EUR or UK pounds and there is usually a 3% exchange fee when I use them locally in SA. When can we expect you to release a debit card linked to BitX and with a Rand currency option?
I was one of the beta testers for the ShiftCard before it was released first for Dwolla and then for Coinbase. Unfortunately it is not available for use here through a Coinbase account as a US social security number is required as part of the verification routine. The ShiftCard is way ahead of the other offerings available and there is a very effective Android app implementation which works in near real-time. Would you consider partnering with Shiftcard to make their debit card application available through BitX?
Hi thereHey guys,
I remember the pictures of the bank with bitcoin options that came out, it seemed that soon after snapscan took off in a big way locally.
Is snapscan using bitcoin / blockchain technology and if so, can you elaborate how that works?
How is bitx connected to snapscan?
I have come to think it's a very relevant question and you can better weight people's opinions having an idea of how many Bitcoins they hold (or do not hold.) So Instead of asking their opinion on bitcoin, I'm now asking every participants the same question:"Never ask anyone for their opinion [...] Just ask them what they have -or don't have- in their portfolio"
Thanks - really like this question!Hello Marcus, Hello Timothy
I was re-reading Antifragile by iconoclast thinker Nassim Taleb recently. He writesI have come to think it's a very relevant question and you can better weight people's opinions having an idea of how many Bitcoins they hold (or do not hold.) So Instead of asking their opinion on bitcoin, I'm now asking every participants the same question:"Never ask anyone for their opinion [...] Just ask them what they have -or don't have- in their portfolio"
- Do you mind to tell us which percentage of your personal net worth and/or liquid assets you hold in Bitcoins ?
Hi thereHi Guys,
Why is BitX not paying the proper exchange price when convertion to or from Rand. When I transfered funds into Bitcoin recently I got less bitcoin for the Rand than the rate that was paid by BitPay. On investigation I found that the BitX price is inflated. Your agents just said they don't comment on rates, which is really silly, since that is the essence of the whole issue.
I think Bitcoin is great and since I do international transactions, it has particular promise for us, but not if the rate is a bigger rip-off than the Banks are doing with the own loaded exchange rate.
BitX: 1 BTC = R 5480.00
BitPay: 1 BTC= R 5255.96
Google: 1 BTC = 5266.89
You surely don't think that people wouldn't notice this, did you?
If there is enough demand (i.e. at the Bitcoin level) for it, we will consider it.Will BitX add any other crypto currencies to the exchange?
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