On March 14, 2023, we had an AMA with BitOK. This project was the main focus of this AMA session. During this AMA, we received some amazing questions from the public. BitOK also provided thorough project descriptions to the broader public. Let’s read this article to get a better understanding of what the AMA is saying.
Aurority: Hi guys, I’m Landon- the community builder with Aurority. We update the latest information on Aurora about the ecosystem, analyze data, analyze projects, and provide instructional content. We also support users on how to use and integrate into the ecosystem. Welcome to a wonderful AMA with BitOK. Can you introduce a little bit about yourself, the project, and the members?
BitOK: Hello Landon, thanks for having me at this AMA session. It’s great to be here and be part of the Aurora ecosystem and community. My name is Dmitry, I am the CEO and Founder of BitOK. I’m excited to answer your questions, so let’s get this party started!
Answer the question from the community
Question 1 from sobuj ismail
“Can you give us a short overview of @BitOK_org and the latest progress news?”
BitOK: Well, buckle up folks because I’ve got some seriously exciting news for you. BitOK is the ultimate solution for all your crypto needs. It’s like having your own personal crypto watchdog to make sure your assets are OK. Think of it as a combination of your favorite portfolio tracker, tax service, and AML compliance officer all rolled into one.
BitOK has been making some serious moves lately. We’ve given our personal account design a makeover and launched a new mobile-friendly web. We’re constantly adding new integrations across blockchains, wallets, and exchanges. Plus, we’ve broadened our token support to over 12,000 tokens. We even display each token’s logo. And that’s not all, we’ve also added AML packs, which means you can have AML functionality without the need for paid subscriptions. It’s like having your own personal compliance officer without breaking your bank account.
In short, BitOK is making waves in the crypto world, and we’re just getting started. So, fasten your seatbelts and get ready for an exciting ride because the future looks bright for BitOK.
Question 2 from MariaJa736
“Can you explain in detail the #BitOK_org Smart Program? Why should I join it and what’s are its benefits?
BitOK: We have three options to choose from Newbie (which is free, by the way), Smart (starting at $16 per month), and Pro (starting at $24 per month).
Now, I know what you’re thinking, “Why pay for something when I can get it for free?” Well, let me tell you, with a BitOK subscription, you’re getting all the tools you need for comfortable and legal work with crypto in one place. No more juggling multiple services, just one-stop-shop for all your crypto needs. And let’s be real, if you’re frequently engaging in peer-to-peer trading, those regular AML checks are gonna add up. That’s where a paid plan becomes even more cost-effective in the long run.
If you’re just starting out in the crypto game, we highly recommend the Smart plan. It’s got everything you need to get started at $16 a month. But, if you’re a pro (or just feeling fancy), the Pro plan is where it’s at. With no limits on tax reports and greater file storage, you’ll be living the high life in no time. Plus, you get 60 AML checks compared to the 30 in the Smart plan. Who doesn’t love more checks, am I right? And if you run out of AML checks, no worries, you can always purchase them additionally.
Question 3 from 0xAurora12
“What security measures does BitOK_org implement to protect the cryptographic assets of its users?”
BitOK: I’m about to drop some truth bombs on you. At BitOK, we don’t collect sensitive data, period. And don’t even get me started on those scammers, because our Read API is useless to them. Sorry, scammers, better luck next time. And let’s be real, blockchain data is accessible to anyone, so what’s the point of collecting sensitive data anyways? All your private data is stored according to GDPR and worldwide rules. No sensitive data, no problem.
Question 4 from Anderson Lacerda
“What’s the main users “problem” that BitOk aims to solve?”
BitOK: BitOK could be seen as a combination of 3 different services, namely portfolio tracker, AML service, and Tax service. As a portfolio tracker, BitOK aims to help users keep track of their cryptocurrency investments in a more efficient and effective way, to replace spreadsheets and sticky notes to manage trades like it’s the 90s. Our AML solution isn’t some kind of slang for “All My Love”, it’s actually there to help you comply with regulations and avoid any issues with banks and exchanges. And last but not least, as a Tax service, we aim to provide users with a tool that makes it easier to calculate and report their cryptocurrency taxes.
Question 5 from MetAries_Hub
“Do you consider community feedback and requests when creating your project?Do you have a UI/UX programs?”
BitOK: We value your feedback and suggestions more than a leprechaun values his pot of gold. In fact, we encourage you to reach out to our support team with any thoughts or ideas you may have. Whether it’s a brilliant suggestion for a new feature or just some friendly banter, we’re all ears. Because without our amazing community, BitOK wouldn’t be where it is today. So, don’t be shy, drop us a line and let us know what’s on your mind. Who knows, your suggestion could be the next big thing in crypto.
Question 6 from Ryan Fry
“How private and safe is the #BitOK platform? Are all #BitOK assets insured?”
BitOK: We prioritize the privacy and security of our users by only requiring minimal information. Don’t worry, we’re not asking for your social security number or your first pet’s name. We only need your API keys (in a read-only mode) for exchange accounts or your blockchain address for wallets. That means we don’t collect, use, or possess any of your personal information. Plus, we’re not an exchange or a wallet, so we don’t store users’ assets.
Question 7 from Maria
“How will BitOk help us control cryptocurrency risks and monitor all wallet activity?”
BitOK: First, you need to connect your accounts to BitOK. Once you connect your cryptocurrency exchange accounts and wallet addresses to BitOK, the platform will pull in all your transaction data from the beginning of your account’s existence. Then, you can sit back and let BitOK do the heavy lifting. We’ll give you a breakdown of your cryptocurrency holdings and their respective values, trading volumes, and PnL.
On the dashboard, you’ll see the overall AML risk score, which indicates the risk of being blocked due to illicit assets in your portfolio. And if you want to be extra cautious, you can manually check any third-party address in the devoted AML Risks section.
Question 8 from Braham
“Can you tell me more about ‘AML’ and ‘tax perks’? Can @BitOK_org monitor DeFi wallets on exchanges like @binance or @gate_io?”
BitOK: Ah, crypto compliance and tax season may be a headache, but BitOK is here to make things a bit easier. Our AML algorithms are like a superhero squad, ready to fight off any illicit assets in your portfolio and keep you on the right side of the law. And when it comes to taxes, our tax report generator is like a wizard with a magic wand – poof, and your report is ready in just a few minutes.
As for the Defi wallets, as long as the exchange API supports accessing the DeFi wallet information, BitOK can monitor those wallets and automatically pull in all the relevant transaction data.
Question 9 from MariaJa736
“During the project development, is everything going according to your plan? Are there any technical barriers that you think could pose limitations for mass adoption and expansion of #BitOK_org?”
BitOK: When we started out, we assumed that there were many existing solutions that we could simply replicate rather than reinvent the wheel. However, we quickly discovered that this was far from the truth. We have had to develop everything from scratch. We’re still learning and growing every day.
Question 10 from Melih Terzioğlu
“What are your goals in the first quarter of next year, what are the features that distinguish your project from other projects?”
BitOK: You mean 1st quarter this year? So as long as it’s already the end of the quarter we did everything that was planned. It was AML feature public launch, public accounts available to share, worldwide tax reports, and new tariff plans.
We are already unique and distinguished from others, so we’ll take it as a compliment if others start copying us.
Aurority: Thank you and the Community for being here today. Don’t forget to join and follow BitOK’s telegram. I am sure that the community will be looking forward to BitOK’s event in the near future. We have another event for the community. Follow me to get a chance to receive the reward and explorer the Ecosystem Thank you to the Aurora DAO have helping Aurority to support projects Best regards to all of you, and thank you for your presence. Goodbye!
BitOK: Thank you all for joining. I had a great time answering your questions and sharing more about BitOK. We’ve prepared a special promo code for a 30% off. Simply use the code AURORA30. Thank you again and have a great day.
You can listen to the Recording of the AMA: