TrustSwap’s AMA with BitCashPay

**What is the experience of the team? How can we be sure that the team has the necessary experience to succeed?

CEO — 4 years Bachelor of Science in Information Technology graduate (class valedictorian), former College IT Instructor, former IT administrator of Flores Memorial Medical Center, former IT Coordinator for North Luzon of Bounty Agro Ventures, Inc.(one of the top 100 companies in PH), freelance developer for 3 years, Founder of Fastcash3k Lending Company under Bitcash Financial Support Services, President/Owner of Richline Realty a multi-million real-estate company. I have been engaged in cryptocurrency since 2015, I am also a crypto miner with asics machines and gpu mining farm.

CTO — Finished the bachelor’s degree in Information Technology in 2013, Immediately after I graduated, I’ve been an IT Administrator for 3 years at Open Access Hub, a US Based Company operating here in the Philippines and at the same time working as a freelance developer. I also worked as a full-stack developer at Cashbee PH one of the well-known lending companies in the Philippines. 2015 was the first time that cryptocurrency was introduced to me and I did my earliest projects consuming Blockchain’s API, Fastcash3k is one of them then dived deeper into Cryptocurrency development. Being a fan of cryptocurrency I also mined using ASIC miners and doing trades in the market.

CFO — 15 yrs of experience in IT Consulting Firm which primarily focus in the Financial and Supply Chain System, Innovation and Data Analyst and Blockchain Project. Current owner/ceo, Nokarin Travel and Tours and Transport Service OPC, one of the fastest growing Travel and Tours and Transport Services in the Philippines with 9 BPO clients serving 300 to 400 car/van per day, Entertainment Production primary focus in Producing Movies in PH. Blockchain Advocate since 2017.

The team is full of motivated individuals with traditional business’ experience. The primary drive for the creation of BCP is the lack of reach being made to make ordinary citizens banked and the necessary services it renders such as but not limited to, online payments, digital transactions, loan/lending, money transfers, forex/stock/crypto investments and such with which are being monopolized by large industries in the business sector. Coupled by the recent pandemic, financial stress has been felt throughout the region and around the world. The need for online transactions is being seen as a major catalyst to economic development during such conditions. In the recent data, the Philippines has a population of around 51.2million unbanked adult individuals out of the total population of 72million in 2019. World data released in 2018 shows that only 28% of the Asian population have bank accounts. Globally, there are an estimate of 2 billion adults unbanked. This is a huge market when it comes to services such as payments, money transfers, lending operations, investments and others. This is where BCP stands out when compared to other projects in the market. We will be providing day-to-day solutions when it comes to financial services for the ordinary people.

*What is the status of the SEC filing? Have you had confirmation it has been successful and you are literally waiting for the certificates or are you still in the filing stage? Will this project be registered with both the PH and US SEC? -

We submitted the documents needed for SEC registration back in January 2020. Due to the delays in process (a result of COVID), the process is taking longer than usual. The arrival of the necessary approvals and certificates from them should be in the next few weeks. In the future, compliance to BSP ( Banko Sentral ng Pilipinas ) is a must as we integrate our cash in/cash out through different banks ( via Instapay )in the local area. Other foreign licenses necessary to the development would be acquired as well.

**Can you please confirm if the wallet is going to be custodial?

The BCP wallet will come with two functions.

First is as a P2P wallet wherein users can use the BCP app to send and receive funds to and from each other with zero fees being charged.

This will be implemented by using Layer 2 scaling solutions to increase capabilities of handling off-chain transactions.

The first wallet will be a custodial one.

The second is an On-chain wallet. Only the user has their keys or full control of their funds.

**You aim to do multiple different things rather than have one focus like most projects. How will you ensure everything remains of highest quality and compete with other projects who focus on one area?

People might think that we are doing a lot of things in the market which is not really the case. BitCashPay is about being a payment gateway. What we are integrating are routine financial activities in which the majority of the population does not have access to.

If getting a job is difficult for an ordinary citizen, how much more if he desires to have a car or a house? This is where BitCashPay comes into action. Aside from educating the community of the blockchain technology itself and other cryptocurrencies as well,

Our BCP Academy will also utilize each one’s skill and abilities and harness them to be useful not only in the physical world but also in the digital space thus providing knowledge, skill sets and job opportunities in both areas. ( Physical and digital )

Once we have set up multiple Academies in different countries, there’ll be more awareness not only of BiTCashPay but of blockchain in general ( including cryptocurrencies).

Just to include, our current beta phase (initial) of BCP Academy has already made most of the members gain huge profits in trading/IDOs including those in $TrustSwap LaunchPad.

It all sounds a lot but in reality these are just normal routines anyone/everyone have been doing. The model is designed to foster connectivity from common individuals to financial services commonly available to the banked sectors.

**Will there be a move to Cardano in the future?

- We are considering moving to BSC in the near term, and we are also considering moving to cardano in the future.

**Was there a security audit?

-Yes, we are audited by solidity.finance and we are also in negotiation with Hacken for another audit. This was recommended by the TrustSwap team.

**What are the use cases of BitCashPay?

- As a payment solution, $BCP tokens will be used in day-to-day transactions like buying foods, fuels, products and services of our future merchants. We have connections with the Local Government and we will make a deal with them, a deal that requires all the businesses in their area to accept $BCP token using BCP wallet app to do cashless transactions. In our Crypto Academy, we will be acquiring crypto experts as Part-Time Online Counselors (everyone may apply, you will be paid in $BCP) to teach our enrolled students on different courses (students will pay in $BCP). Other services also include staking, lending, and access to our DEX ( future )

**Are you planning on targeting the worldwide, the asian or the filipino market? Also will your service be aimed at large stores and online businesses or smaller corner shops? -We are planning to go worldwide. Locally, we will be making a deal with the government and they will be the one to require all businesses in their respective area to accept $BCP token as payment, so whether you are a big or small store you will be using/accepting $BCP token. Globally, as we set up BCP Academies, we will be partnering with some institutions as well in the area.

**5% of your tokenomics is distributed to core partners. Can you name some of these partners and how they will be supporting BitCashPay?

- One of them is Nokarin Transport Services. Nokarin is one of the fastest growing transport services in the Philippines and has other businesses like Nokarin Production, Nokarin Travel and Tours services. They will be accepting $BCP tokens from their clients and customers.

-Richline Realty

-FastCash3k

**Who are your biggest competitors in the space and what sets you apart from them?

-In the Philippines our biggest competitors are Coins.ph and PDAX, many of their users experiencing problems and we aim to solve their flaws by providing decentralized exchange with integrated cash-in and cash-out features. Our BCP wallet app will solve most of the problems their users are experiencing. Many of the users of these competitors are experiencing large spreads from their buying and selling price, this is one of the problems to be solved by Bitcashpay.

-Globally, we know that we have a lot of competitors globally as we are in a DeFi space. That’s why we are more on development and focus on the technology to get the edge.

**Please outline your strategic milestones in the journey to become a leading international payment service provider.

- First we will secure all the legalities from the government. Next is we will focus on marketing and partnership with different online stores and businesses globally, providing their customers the best experience in using our payment system.

**When is lending scheduled to start?

-It will be announced soon.

**What is the benefit for Holders of the Token? How can the community participate and to what extent is the community able to influence the project?

-BCP holders will benefit from our services like staking, decentralized lending, LP pool mining, and decentralized exchange. And they can also get discounts from our crypto academy. Using $BCP tokens in paying our future merchant’s product and services will give them discounts.

**How were you able to be a SEC registered company if you have yet to file a BSP virtual currency exchange license. You cannot be a SEC registered company if you do not have a BSP license. This process can take up to four years.

-Our exchange is decentralized like uniswap, $BCP token is a UTILITY TOKEN. We are securing a SEC license for our payment system and then BSP next, to be regulated for our partnership with different companies utilizing cash-in and cash-out to bank accounts.

**What are your target audiences? How do you plan to gain this target audience as long term customers?

Everyone is our customer especially as our payment system is being integrated in our wallet app where you can use it to buy almost everything you need, from cellular phone top-ups, to foods, fuel your cars and many more. We will gain long-term customers by giving discounts and cashbacks to them and providing innovations and improvements that will make our services better than our competitors.

**What is the Total Value Locked in Fastcash3k?

-Since most users of our crypto bank are only Filipinos, it is approximately $1.2Million as of the moment.

**How will you ensure that this project won’t suffer the same fate a lot of projects did in 2017/2018? What are your plans to come out on top at the end of this bull run?

-Providing REAL use cases for day-to-day transactions will make this project useful not only in the crypto world but also as payment solution to different merchants.

-The BCP Academy is also a plus since more and more people are diving into the cryptocurrency frenzy. Education is a huge factor to: start earning income through services, invest in plenty of upcoming great projects, greatly multiply crypto assets through strategic trading/investment, prevent being scammed by pretentious “bitcoin” offers, etc..

**What is your plan for the bear market?

-We are focusing on the development and innovation. With continuous development, partnership with different companies, and implementing real use cases, we believe that we will survive the coming bear market.

**Do you already have a robust community?

-Yes, aside from our telegram group, we have a facebook group with almost 600 members, and we also have a facebook group chat with selected members where we are educating them about crypto currency. In the Philippines, only few have knowledge about cryptocurrency and we aim to educate the masses through our Bitcashpay Crypto Academy. The purpose of this academy is to teach people what are the basics of cryptocurrency, and how to avoid scams, especially scam projects. We are planning to expand this Academy into an Online Crypto School wherein we will be teaching them with different courses. Professionals like Accountants, Lawyers, Marketers, and other professions may enroll with us and once they complete their courses we will outsource them to different institutions that may need their expertise especially in the crypto world.

**What happened during the previous fundraising attempt in December and why is the pricing now different?

-Only few participated, most of them were just our friends and family. Just like most “new” projects only few want to pitch in because most investors are in for some quick cash/gains. And we respect that, BCP is not that type of GET RICH QUICK project.

**Why are you investing your time into this project?

-The team is composed of “solution provider” attitude people. Like our different traditional businesses, we love to provide solutions to the problems of the society we are involved in. We are not after the money, it’s our passion to provide solutions.

**Where is the Marketing Focus of the project?

-We don’t have a specific place where to focus on marketing because our project is global, wherein you can use our products like staking, lending, dex, and crypto academy whatever part of the world you are in.

**What will be the first country you’ll focus on ?

-On our payment system, it will be obviously in the Philippines first but we have other use cases in which you can use it wherever part of the world you are. The unbanked sectors in Asia, Africa, and some parts of the Western countries are a huge market to pour our focus into.

**What makes this project special/different from other defi all in one solutions?

How important is the SEC registration?

-Most of the core team members have successful traditional businesses, that’s why it is very important for us to secure all the permits and licenses (SEC, BSP, and etc.) required by the government to make all things legal, especially in our payment system where we will provide our clients the cash-in and cash-out services. In this case, we will be using the service of the Central Bank, specifically their EFT (electronic fund transfer).

**Can you elaborate on the “accusations” circulating in the social media that you have indeed plagiarized your whitepaper from Iotex’s?

-That is a false accusation. You can check the iotex whitepaper (2018) and compare it to our old whitepaper (2020). You will not find any similarities between them.

https://whitepaper.io/document/131/iotex-whitepaper

https://web.archive.org/web/20200930200807/https://cdn.bitcashpay.net/bitcashpay-whitepaper.pdf

The person who accused us of “plagiarism” has been banned from our bounty program for violating the terms. In an attempt to take revenge, he falsely accused BCP of plagiarizing our Whitepaper.

**Fred on his Telegram id being “crypt0kid” — “It’s my way to humble myself, I always love to be underestimated ;)”

**Fred: “Special Thanks to Trustswap family especially to Jeff Kirdeikis & Team for trusting us and giving us this opportunity to have our IDO on their launchpad.”