Welcome to the first development update of the Bitcoin Fast project. With every step forward it is worth to take a look back. We are very proud to present our first ever developer update.
Bitcoin Fast is an asset that runs on Stellar blockchain. This gives us unique advantages over blockchains and ERC20 tokens. Stellar is much faster than Ethereum that settles BTCF transactions within 3 seconds. Ethereum and ERC20 tokens come nowhere near this. Pair that with near-zero transaction fees, and Stellar looks like an obvious winner.
However, there is a downside to this as well – exchange support. A lot of exchanges just lack technical-knowhow to implement stellar assets. We sat down with the folks at Instant Bitex and got BTCF up and running. Most of the centralized exchanges are ERC20-friendly, but we are doing our best to convince exchanges to add support for Stellar-based tokens.
It took us around 5 days to get the deposits and withdrawals working on Instant Bitex. They both work like clockwork now. Naturally, this had a very positive effect on the reputation of BTCF. Bitcoin Fast was listed on Coinmarketcap sooner than we expected. Within few days, Coingecko, a competitor to Coinmarketcap, added BTCF on their website.
Team has not used any BTCF from the funds allocated in the team fund. Developers were paid off from the money raised during the ICO.
Promotion fund balance still stands at 1M BTCF. We are planning to use it in future for project promotion and PR.
Update – People who were affected by Instant Bitex exit scam were given funds from this fund.
We have been asked by Stellarport to fork up 20,000 XLM to make it verified, but we would prefer to use the funds for further development, PR or exchange listing. With all the drama surrounding Stellarport, we are glad that we shook hands with the Instant Bitex exchange (update – call it our bad luck, Instant Bitex exit scammed in Nov-2019). Keep in mind that Stellarport’s kin, StellarTem is still a safe exchange for trading BTCF against many pairs. Feel free to read our tutorial on how to buy Bitcoin Fast on StellarTerm.
BTCF Desktop wallet
We have started working on a desktop wallet for BTCF. This will be initially made for Windows only. This wallet will have focus on security while keeping everything as simple as possible. You will be able to import your existing wallet with this. We should be able to churn out alpha release by end of this year or first quarter of 2020.