From: Franklin Peters on behalf of the entire Bitfxt Technology team.
To: All Bitfxt Users
Subject: BXTC, Vault and BPY Update
Date: 1st July, 2020.
Dear Bitfxt Community,
Welcome to the month of JULY!
First, we would like to express our deepest appreciation to you for your warm support for our project.
Over the past three (3) years, we have launched a couple of products and introduced amazing innovations that made us unique within the cryptocurrency industry.
One of such innovations is our CRYPTO VAULT SYSTEM which was originally built as a utility platform and one of the major use cases for our utility token, BXTC. While fully functional, the vault was an amazing platform where our community members easily had access to; crypto backed loans, pay for utility services, earn rewards for vaulting BXTC and earn incentives for inviting friends to be part of the community.
Through this period, we issued over 618,100 BXTC, paid out over 461,900 BXTC which were converted to BTC, ETH or NGN in our exchange or traded peer 2 peer among community members. We also hosted conferences, awarded 4 outstanding community members who through their leadership skills were able to build large teams for themselves as AMBASSADORS… In essence We had a very vibrant and forward going community.
All our efforts to pull in BIG partners to adopt BXTC as a means of payment in order to create huge demands and thus, build up more trading volume which in turn would appreciate the value of BXTC proved abortive. Reason being that, merchants are weary of adopting volatile currencies for fear of being at a loss in the event of price declination.
For this reason, we decided to launch our own stablecoin on our own blockchain which can be easily adopted by merchants. This led to the creation of B-CHAIN which runs on DPOS algorithm and BPAY COIN (BPY), a stable coin backed with the US Dollar in a basket of USDT, BUSD, USDC and TUSD (we hope to add more stable coins to the basket in the future). B-chain is live at www.boundlesschain.com while you can track BPY transactions at www.explorer.boundlesspay.co.
“If the plan doesn't work, change the plan but never the goal”... The intention is always to hit the goal and never to give up in the face of any disappointment or failure as “we can never fail, either we WIN or we LEARN”, in this case, we learnt.
Our goal is to provide a scalable and usable solution that will bring more value to our amazing community in the areas of micro payments, crypto backed loans, remittance, crypto savings, utility payments and so much more, we couldn't achieve it through the vault but we have successfully done it through www.boundlesspay.co and in the case, using our stable coin which ensures that your earnings are safe and stable for you.
As we work towards the goal, we can only truly succeed when the entire team/community is satisfied and fulfilled. We carried out some analysis to ascertain the current statistics of BXTC holdings and below is the result:
TOTAL COINS ISSUED: 618,100 BXTC
TOTAL COINS PAID OUT: 461,900 BXTC
TOTAL COINS STILL VAULTED: 156,200 BXTC
TOTAL COINS BURNT: 391,900 BXTC
TOTAL COINS IN USERS VAULT WALLET: 70,000 BXTC
SUMMATION OF COINS BOTH VAULTED AND IN WALLET: 226,000 BXTC
HIGHEST PURCHASE PRICE BASED ON VOLUME: $0.13
LOWEST PURCHASE PRICE BASED ON VOLUME: $0.03
AVERAGE PRICE OF BXTC: $0.08
CURRENT PRICE OF BXTC: $0.01
BPAY USE CASES
BPAY Coin (BPY) being a stable coin has a good number of primary use cases and unlimited secondary use cases based on adoption. Some of the primary use cases includes:
Utility bill payments
Can be as a tool for global remittances
Payment for every service offered by Bitfxt and subsidiary
Payment for forex, binary options and cryptocurrency educational packages
Can be used to hedge against inflation.
Used as collateral to take crypto based loans on bpay mobile app
Can be traded against BTC, NGN and Other coins on Bitfxt Exchange
Adopted by other exchanges and merchants as a stable coin
And so much more...
BPY is currently being used by a good number of our customers to perform transactions since the speed of transaction confirmation is swift.
THE GOOD NEWS!
Since we channeled our focus to B-CHAIN and BPY, we provided more utility and support for BPY thus, causing a huge decline in demand of BXTC and in turn affecting the price of the coin.
To encourage you our dear community, we are excited to announce to you that we have decided for all existing BXTC to be swapped to BPY and to be hedged at the AVERAGE PURCHASED PRICE of BXTC ($0.08 [see BXTC ANALYSIS above]). What this means is that we will set aside the total sum of 18,080 BPY ($18,080) as a hedge to buy back BXTC from our community members.
Buy back of BXTC will commence from 01/09/2020 and will end on 30/09/2020
All active vaults will be allowed to finish based on their existing contracts.
All repurchased coins will be burnt
THE SWAP PROCESS
Login to your boundlesspay account
Click on deposit
Select BXTC and type the amount to deposit (please give allowance for the fee)
Copy the generated address
Login to your Vault account and click on Send
Paste the wallet address you copied from boundlesspay
Type the exact amount displayed in your boundlesspay deposit page (including the fee)
Click on Send
Once received in your boundlesspay wallet, click on swap BXTC to BPY
Click on Continue To Swap
Congratulations, you have swapped your BXTC to BPY successfully!
NOTE: This process is currently available but at the current rate of BXTC to dollar rate. From 1st September, 2020, you can swap it at the hedged rate of $0.08/BXTC.
We are overly excited to have you as part of our community and we will continue to do everything within our capacity to provide you valuable services.
We will love to pick momentum again as a community and as a team and so we have lots of plans on ground that will be of great benefit to you. Since we will not be able to exhaust it in this letter, we will be having an AMA session this friday, 3rd July, 2020 via zoom. Kindly avail yourself the opportunity to attend this webinar so as to to be updated and be clarified if you have any concerns.
Guess what?! There will be community giveaway for all those that stay till the end of the AMA session, don't miss out!
Thank you once again for being amazing!
Franklin Peter - Odoemenam
CEO, Bitfxt Technology Ltd