30 MARCH 2021

BTX TECH UPGRADE TO DIRECTLY ALIGN SUPPLY AND DEMAND VOLUMES OF BUYERS AND SELLERS

This week marks the first 100 days since Qoin was listed on the Block Trade Exchange (BTX). We have reviewed the BTX 100-day report and note there is an important tech upgrade which may affect the Qoin community. We share this with you below.

Many on social media channels have asked when Qoin will be listing on other public exchanges. We discuss this later and hope this answers your questions.

BTX today updated the Qoin community stating the following:

“The previous quarterly report identified various unscrupulous ways that some sellers took advantage of BTX and the daily withdrawal limits. We are committed to working hard on protecting Qoin and are pleased to report that a tech upgrade will be deployed today which will improve the sustainability for the Qoin community. The key upgrades are:

  • Identify and suspend those abusing the daily withdrawal limits.
  • Streamline the onboarding and verification processes.
  • Automating the loading of blocks across the trading day based on the daily supply and demand volumes.  Please note that at this early stage there are more sellers for cash.
    Therefore, the supply and demand volumes of blocks will fluctuate on a daily or hourly basis.

We are confident that the above upgrades will improve the effectiveness of BTX and are pleased to announce that the maximum sell block size will increase from the existing $100 to $125. 

We want to thank the BTX tech team for their considerable work over the past two weeks to make this upgrade possible. They also continue to make good progress on BTX Global which is aiming to serve the international markets from the end of May 2021.” See the full report [here].

Regarding the question on when Qoin will list on other exchanges, it is important to explore how exchanges operate, the evolution of a token, and the history of other tokens. 

We have been advised that during this early growth stage of the Qoin project it is not effective to list on multiple external exchanges. An exchange merely provides a platform and safety mechanisms to securely buy and sell from each other. It does not guarantee the buyers for a specific token.

The vast majority of cryptos are listed on exchanges for speculation purposes only. Qoin is different to other speculative tokens in that Qoin is a utility token with its primary purpose to be used as a payment currency for goods and services. As more merchants accept Qoin as payment it can potentially make Qoin very attractive for medium to long term hold.

The Qoin Association is aware of the potential pitfalls during the lifecycle of  digital currencies. The Qoin roadmap is well planned, and ongoing developments are taking place to support all holders of Qoin. It is not uncommon for successful projects to not list their token on public exchanges in the early stages.

We want to assure the community that a prudent and responsible approach is being followed to introduce multiple future value realization channels like further exchange listings, further onramps and offramps, and digital marketplaces. At the same time, we must protect Qoin, which is only 14 months old but already with a 50,000 strong community. 

We would like to take this opportunity to thank our Qoin community for your ongoing support and loyalty. We look forward to working with you in the future and the continued success of the Qoin movement.