Qoin is a smart Digital Currency. Its primary function is to be used as payment to participating merchants, i.e. merchants who accept Qoin as payment for real goods and services. For more information on how this happens, refer to Qoin's official website here >>
The purchasing power of a Qoin token within the Qoin ecosystem is the Qoin's 'value'. The value of Qoin is separate from and may be different to the daily buy/sell prices, which represent how much the Qoin tokens can be traded for on BTX.
The Qoin Association is an independent membership organization that has been established in Australia to govern the Qoin Blockchain, the Qoin Reserve, and coordinate the validator nodes. The Association is necessary to initially establish guidance in terms of which specification or protocols to adopt and develop.
For more information, see Qoin's website here>>
- BTX is a DCE (Digital Currency Exchange) provider registered with AUSTRAC, under number 100635628. BTX has been approved by the Qoin Association as the first DCE to trade Qoin.
- BTX is exclusively trading Qoin and no other digital currencies at the time of launch. It is foreseen that BTX may accept Bitcoin and Ethereum from 2021.
- A DCE provider is an individual, business or organisation that exchanges:
- Money (Australian or foreign currency) for digital currency
- Digital currency for money (Australian or foreign currency)
- Digital currency for an alternative digital currency as part of operating a digital currency exchange business.
- In simple terms, a DCE is a marketplace platform that facilitates the buying and selling of digital currencies like Qoin.
- DCE providers must be registered with AUSTRAC
- Buyers and Sellers will trade in ‘Qoin Blocks’, an innovative and transparent blockchain initiative that groups Qoins together into different block sizes.
- In BTX, a BUYER and a SELLER will be able to select a BLOCK size from $100 - $10,000, depending on buyer demand.
- BTX offers an OTC (Over the Counter) service for large trades exceeding $50,000 (subject to Buyers and Sellers).
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The BTX shareholder is Blockchain Investment Group Pty Ltd, ACN 629 598 027 “BCI”, an Australian investment company. BCI is also the shareholder of BPS Financial Limited, ACN 604 899 381 “BPS”.
Tony Wiese and Raj Pathak are the Directors of BTX, BCI, BPS, and Qoin Association Limited.
- BTX opened December 11, 2020.
- BTX is managed by its own separate Management Team responsible for the operations of the business. Some of the administration functions may be outsourced.
- BTX have negotiated an entry point through the Qoin Wallet App. There will be an “Exchange” button quick link from the BROWSER/HOME tab of the Qoin Wallet App, which directly links you to BTX.
- Every wallet holder will be required to register with BTX and complete KYC (Know your Customer).
- On registration with BTX the User must accept the Terms of Use and the Privacy Policy.
- Sellers must have their bank account validated.
- Under the DCE Registration with Austrac, KYC must be completed by all Users prior to transacting.
- KYC is a mandatory process to identify and verify the identity of a BTX User.
- BTX is required to ensure that all Users are verified, and their identity is confirmed.
- KYC: First Name, Last Name, Date of Birth, Residential Address, Australian Drivers Licence or Medicare Card.BANK: Australian
- Bank Account (BSB, Account Number and Account Name). Your bank account details are required to verify you are the owner of the nominated bank account for settling the BUYING or SELLING of blocks. Only bank accounts in your name can be verified. Business bank accounts will not pass KYC.
- Austrac is the Australian Government agency responsible for detecting, deterring and disrupting criminal abuse of the financial system to protect the community from serious and organised crime.
- Austrac regulates AML (Anti Money Laundering) and CTF (Counter Terrorism Financing)
- The pricing will be market driven. BTX will publish the BUY and SELL prices on its website and on BTX inside the Qoin Wallet App. Prices will be based on the demand of the buyers and supply of the sellers.
- The number of people who wish to BUY Qoin through BTX (BUYERS), will influence the market price
- The number of holders of Qoin who wish to SELL their Qoin (SELLERS), will influence the supply of Qoin that is available to buy
- If there is more supply than demand, the market price will be lower.
- Download the Qoin Wallet App from the App stores.
- Register yourself in the Qoin Wallet.
- Click on the EXCHANGE button on the BROWSER/HOME tab.
- Sign in with your Qoin username and password.
- Accept the BTX Terms of Use and Privacy Policy.
- Once you have registered with BTX (Steps 1-5 as per above), Complete the KYC component, and confirm your wallet address. Please ensure that your details exactly match the details on your drivers licence.
- Select the BUY button on the BTX Homepage.
- Select which BLOCK size you wish to purchase.
- The BUY BLOCK sizes will range from $100 to $10,000 however may vary depending on the Seller demand each day. Blocks will include an OTC option.
- On the “Order Confirmation” page, you will see the order summary and will be asked to accept the Terms and Conditions and tap on “Checkout”.
- You will receive an order confirmation and your unique BTX bank account details to transfer your funds into. This account is specifically assigned to you as an individual. These details can also be found under “My Account” in the BTX menu.
- Payment must be made from a bank account in your name that matches your KYC. If the funds are received from a bank account that does not match the KYC information, funds may be suspended pending review.
- You will receive an email confirmation with an order number for your reference.
- Payment must be received in BTX’s bank account within 48 hours or the order may be cancelled.
- On verification of your payment, the number of Qoin relevant to your BLOCK order will be transferred into your Qoin Wallet via the Blockchain. Please allow 3 business days for this to occur.
PLEASE NOTE THAT AS PER THE TERMS OF USE SELLERS ARE LIMITED TO SELL ONE BLOCK PER 24 HOUR PERIOD. TRANSACTION LIMITS ARE REVIEWED FREQUENTLY BASED ON THE DEMAND FROM BUYERS
- Download the Qoin Wallet App from the App stores.
- Register yourself in the Qoin Wallet.
- Click on the EXCHANGE button on the BROWSER/HOME tab.
- Sign in with your Qoin username and password.
- Accept the BTX Terms of Use and Privacy Policy.
- Once you have registered with BTX (Steps 1-5 as per above), Complete the KYC component and confirm your wallet address. Please ensure that your details exactly match the details on your drivers licence.
- Select the SELL button on the BTX Portfolio “Home” page.
- Select which BLOCK size you wish to sell.
- You will be directed to the “Verify Bank Account Details” page::
- Each customer is allocated a unique BTX bank account.
- To activate your account please transfer $0.01 from your personal bank account to your BTX account. (These details can be seen again in “My Account” in BTX.)
- When BTX receives the deposit of $0.01 and confirms the bank account is in your personal name and matches the “KYC”, your account will be activated. We will send an email update within a few days. The personal name of the bank account must match the KYC details you initially verified.
- You are now ready to Sell
- Select the SELL button on the BTX Portfolio “Home” page.
- Select which BLOCK size you wish to sell.
- The SELL BLOCK sizes will range and depend on the Buyer demand each day. Blocks will include an OTC option.
- On the “Order Confirmation” page, you will see the order summary. Tap to confirm your correct bank account and then Confirm Sell Order.
- A pop up will appear asking you to approve the transfer of Qoin from your Qoin Wallet via the Blockchain, to BTX.
- The transaction details will appear and ask you to confirm. This completes the SELL transaction.
- You will receive an email confirmation with an order number for your reference.
- On verification of your SELL transaction, BTX will transfer the funds into the verified SELLER bank account within 3 business days.
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BTX charges no fees but covers its costs by the margin between the BUY and SELL price.
- Every Exchange or ATM has a daily withdrawal limit. Likewise, BTX also has a daily sell limit
- The Transaction limits, that is, how much Qoin you can sell in a 24 hour period, will be set daily based on BUYER demand
- SELLERS will be able to sell one Qoin block within a 24 hour timeframe. This is the SELL limit. However the size and availability of this Qoin block will depend on buyer and seller demand.
- See the BTX website home page for the current daily SELL limit.
- The OTC transactions are facilitated by the BTX Trading Desk for larger than $50,000 transactions.
- A person must be over the age of 18 to register on BTX.
- BTX will initially only be operating and/or dealing with Australia consumers
- BTX intends to open the Exchange to other countries from 2021.
- If a BUYER or SELLER has not completed the obligations of a BUY or SELL order within 48 hours (2 business days) orders may be cancelled.
- All completed orders are final.
- There are no refunds of any Fiat (Cash/AUD) or returns of any Qoin once the order has been completed.
- Ensure your order is checked prior to Confirming the Order.
An Algorithm values and adjusts the Qoin value regularly based on:
- Number of Merchants
- Average annual revenues of each Merchant
- Average available capacity of each Merchant
- Number of Qoins minted and in circulation
- USD Currency fluctuations
A pyramid scheme is a scheme in which new participants must pay in order to participate in the scheme. New participants are induced to join the scheme by the prospect of receiving payments for recruiting further new participants (Recruitment Payment).
Pyramid schemes rely on profit made from the Recruitment Payments. Merchants who wish to join the Qoin Program are not charged any fees to join and are under no obligation to recruit other merchants or consumers.
Accordingly, the Qoin Program does not fit the definition of a Pyramid Scheme. READ MORE HERE >>
Pursuant to expert legal advice A Ponzi scheme is a scheme that promises interest or dividends on investments that the issuer has no intention of providing.
The Qoin Program does not promise interest or dividends. READ MORE HERE >>
Pursuant to expert legal advice Qoin is fully compliant with Australian financial services laws and is not a fraudulent business or scheme.
Read more here: https://qoin.world/is-qoin-legit/
To view a video on the legal status of Qoin, please go to: https://youtu.be/96kq_bppPZM
In early 2021 following a successful 2020, Qoin was given membership to the prestigious global blockchain alliance, EEA. We look forward to collaborating with the EEA and learn from them as we expand our footprint globally.
Please read our full announcement here >>