Frequently Asked Questions

Blockchain Merchant Consumer Token (BMCToken) is a form of digital token which is based on an open source code that was created and is held electronically. BMCToken is a decentralized form of token, meaning that it does not belong to any form of government and is not controlled by anyone.

Unlike traditional loyalty cards, BMCToken are not printed. Instead, this form of token is produced by people and businesses around the world through the means of solving complex mathematical formulas which get more and more difficult to calculate as more BMCToken are created. BMCToken is designed via the Blockchain technology.

BMCT is an Altcoin as it is a variant (fork) , built using Bitcoin’s open-sourced, original protocol with changes to its underlying codes, therefore conceiving an entirely new coin known as BMCToken with a different set of features. BMCT Represent: Blockchain Merchant & Consumer Token, The ‘Token’ contest is not a technical representation of the Coin, one key feature of BMCT is that it possess its own independent blockchain, where transactions relating to BMCToken native coins occur in.

BMCToken genesis node was designed by BeepMagnet International Group

As we mentioned earlier, the BMCToken token system is not controlled by any single entity. The system is decentralized and thus no government has any authority over it. True control over BMCToken is with the people and businesses that invest into it, mine it, or use it for loyalty rewards.

The BMCToken software was developed in a specific way. In order to be able to use BMCToken you need to have a compatible version of the software which complies with the same rules. In simple terms, this means that everyone needs to be on the same page in order to be able to partake in the BMCToken revolution.

The developers of the software are constantly improving the code and making BMCToken even more secure. Since the users are in control of which protocol and versions of the software they want to use, the developers can’t force changes to major aspects of the BMCToken code.

The only way that the BMCToken software will work correctly is if the users and the developers adhere to a complete consensus among each other, thus it is in everyone’s best interest to protect this consensus.

From an end user side, using BMCToken is extremely simple. It can be based on software on your computer or an application on your mobile device. You use the software to send or receive BMCT to and from your wallet. This wallet has a unique encrypted set of numbers and letters which is linked only to your software and no one else’s.

Users can send tokens to your wallet and you can send tokens to other wallets on the BMCToken network. When using a mobile device, you will often see the use of QR codes which make the process of paying BMCT to another user a lot simpler. All you need do is scan the QR code and verify the amount of BMCT you wish to transfer.

At the heart of the BMCToken network these transactions are somewhat more complex. Every transaction is publicly shared on a BMCToken network on a ledger labeled the “block chain”. This ledger contains every single transaction ever made, which gives complete transparency for each transaction and allows any computer on the network to verify its validity. A digital signature is linked to each transaction, which corresponds with the sending address.

This is done to give authenticity to each transaction and permit all users full control over all BMCTokens which they can send from their BMCToken address. Additionally, users who have high enough BMCT and are active can start staking which is a service that rewards users who hold their BMCT or who purchase the Masternode.

In short, yes. There are millions of transactions of BMCToken per day, which means that the BMCToken network is being used frequently. In fact, every day you see more and more businesses starting to accept BMCToken as a method of payment.

However, it is nearly impossible to give an exact number of how many users are using BMCToken. The reason is because one person can possess multiple wallets. If someone forgets their wallet address, it doesn’t expire; instead it is still active on the network without any transactions. So adding up all the wallets won’t give us an accurate number of users.

Checking transactions isn’t reliable either since multiple wallets can belong to a single person. This is the dilemma which we as BMCToken users face. Because of the ability to use BMCToken with complete anonymity, it is impossible to track how many people are using it daily.

Think of it as gold: not everyone uses it to buy, sell, or trade, but its value is still unhindered and on a constant upswing.

The algorithm of BMCT Blockchain implemented POW/POS/Master node Algorithm. 11 use cases as stated in the yellow paper was conceived from the birth of BMCToken. This makes BMCT to have demand from merchant form day one who have implemented BMCToken as a proof of use (POU) in their daily Business activities. New BMCToken can only come into circulation through community members who have Equity on the master node. The blockchain difficult that generate new BMCToken is designed that 20million token will be achieved as the total Token reward of the master node within a period of 100 years. This keeps the supply of new BMCToken controlled to avoid dumping of the token.

There are four ways to get BMCTokens.

  • The first one is simple and self-explanatory: you get it as a reward for loyalty when you purchase goods or services from Merchants on the BMCToken Merchant Map. The Merchant determines what amount of BMCT to give out as reward
  • The second way to get BMCT would be to purchase an exchange. Generally, there are plenty of different exchange sites available where you can look for buyers and sellers of BMCT. You will also need to use your Bank Account, which will be linked to the exchange website to make BMCT purchases. Although there are a few exchanges that let you buy BMCT with other methods of payment, such as PayPal, usually there are additional fees involved when using these alternative payment formats.
  • The third option is a bit less private and anonymous, and more hand to hand. You can find a person near you who is offering to sell BMCT and pay them in cash for the transaction. This option is usually deemed as more risqué since hand to hand transfer of money is involved, thus we suggest avoiding this method of acquiring BMCT as much as possible.
  • The last way, and to some the most appealing way, to get BMCTokens is through “staking.” Sometimes Staking is also called Proof of Stake.(POS). Not many people really understand how Proof of Stakes works... Proof of Stakes involves buying the coin and keeping in the wallet for a certain fixed period, just like putting money in a fixed deposit for a fixed period. For Fixed deposit, you will be paid an interest as a reward.

Often, completing a BMCToken transaction is easier than making a purchase with a debit card or a credit card. All you need is your wallet address and you can make payments or request BMCTokens through your PC software, mobile application, or web wallet.

You can even create custom QR codes which, when scanned, will automatically put in the amount of BMCT you are charging and your address so that all the sender must do is confirm the information and click send.

There are a few reasons why you might want to decide to use BMCToken over traditional loyalty solutions . One of the most sought-after reason is the ability to use BMCToken anywhere, anytime, and in any amount. When you are working with BMCToken, there are no borders, no bank holidays, no bureaucracy; all aspects of BMCToken are controlled by the users.

Much lower fees is another reason why so many people are starting to choose BMCToken as a form of currency. When receiving BMCTokens you do not pay any fees, and when sending BMCTokens from your wallet, often you will be given an option to choose how high your fees are depending on how fast you want the transaction to be verified and completed.

The best parts isn’t the low fees, it is the fact that all transactions, no matter how many BMCTokens you are sending, will cost the same amount in fees. You can send 200,000 BMCT or only 2 BMCT and the fee for the transaction will be the same.

Additionally, merchants are offered special merchant processors who assist merchants with processing transactions, exchanging BMCT into the merchants’ preferred form of fiat currency, and depositing the money directly into their bank account.

Since all these transactions are BMCToken network based, the fees are much lower than those of Credit Card networks and other financial institutions like PayPal.

This opens up a world of opportunities for any merchant, giving them the ability to expand into locations that have high fraudulence risks or where Credit Cards aren’t accepted as a method of payment, all while keeping their services or products safe from fraud.

The final outcome is lower fees, since there is no need for PCI compliances, far lower administrative costs, and an ability to expand to larger markets. No matter how you spin it, this is a win situation for merchants. On the flip side, each user has full control of their wallet. It is impossible for a merchant to charge a user without their knowledge, as often is seen done by many unethical businesses.

Payments can be made without attaching any personal information to the transaction, so in theory the merchant doesn’t even have to know your name to complete a transaction. Additionally, if a user still feels unsafe or vulnerable, they can protect their BMCTokens via a backup or encryption.

Finally, what many people consider the best feature of the BMCToken system, all transactions are transparent and clear on the public blockchain. This means if there are any complications with any transactions, they can be instantly looked up on the public ledger and verified.

BMCToken is completely neutral and its core code cannot be manipulated in any way to give an edge to either the seller or the buyer, because everything is cryptographically secured.

It is easy to put your trust into a piece of software that has deliberately been designed in an open source environment. All code related to BMCToken and how it operates can be viewed by anyone at any time, and every transaction can be verified by anyone at any time. This is exactly why it is so easy to put trust into BMCToken.

If there are no hidden doors, or any doors at all for that matter, then there is nothing to hide. If at any point you feel that something is wrong with the BMCToken code you can easily look it up and check for potential flaws. The same can be said about each transaction.

If at any given moment you feel a transaction was made erroneously, you can easily check its validity on the blockchain. There is no third party reliance, and everything is handled by the BMCToken network. It’s all out in the open

The community of users controls all aspects of BMCToken and the direction that it is headed into; no corporation, business, or government has influence over BMCToken.

There are a few financial crimes that BMCToken is actively combating without many people even realizing it. For example, a simple and yet overlooked fact is that BMCTokens can’t be counterfeited. Think about the thousands of counterfeit bills that are currently in circulation amongst the USD?

It is estimated that more than $200 million of all money circulating in the United States is counterfeit. This would not be an issue if the token in use was BMCT. Another good example is the inability to make fraudulent charges. Think about all the times you had to call your bank about that random small transaction you saw on your statement?

With BMCToken, these transactions wouldn’t exist because the user is in full control of all Token entering and leaving their wallet. The way that BMCToken is designed makes it the perfect token to use for all transactions. There are some people who think that because BMCToken transactions are irreversible it will inevitably create an influx of scamming and con artist like crimes, and we all remember the prince in Africa chain mail. The reality is that these crimes hit any currency.

Cash transactions which are scams occur daily, and the same can be said for wire transfers. BMCToken is an excellent token system.

As we mentioned earlier, BMCToken will be subject to the same regulations which are being used by financial institutions to counteract these types of crimes, and in no way will BMCToken ever prevent criminal investigations of these crimes.

These types of controversial conversations and scrutiny are to be expected with a breakthrough invention such as BMCToken. Even writing paper was disliked by many when it was originally used in place of chalk slates.

This is one of the hardest questions to answer. When approaching BMCToken from a perspective of a techie enthusiastic about new technology, the answer is “Of course you can! It’s absolutely brilliant!” The problem with this statement is that there have been plenty of new and seemingly revolutionary inventions in the past that didn’t take off at all, or took off for a minute or two and then sunk like a rock in a lake.

How long will BMCToken stay afloat while businesses slowly on-board the payment method? Will it be enough for it to survive? The factors that need to be considered are far too many to make even an educated guess as to where BMCToken will be by 2020.

As with any invention or a new company on the NSE, risk is something that needs to be evaluated carefully and approached with utmost importance. Is there an opportunity to make money via the use of BMCToken? In short, the answer is “Yes.” At the same time, there are some risks that you must consider.

If neglected, they can cause you huge financial losses. All we can say is that you need to make good and sound decisions when considering BMCToken as a method to making a profit, and always anticipate that you might lose it all.

NO. The best way we can put it is that BMCToken is as virtual as a Debit Card or as Credit Card is. While technically BMCToken does not have a physical form, BMCToken balances are stored in a large network which distributes the information among the holders of each balance. This network cannot be altered by anyone.

The most convenient way to use BMCToken remains via your mobile device, but you can purchase physical devices or coins which represent a certain BMCToken balance and contain a wallet address that starts with a single BMCToken on it. It is impossible for BMCToken to simply vanish, because they are stored on the BMCToken blockchain.

So while technically this token can be considered virtual, in reality it is much more than that. It is a digital token used for rewarding consumers for loyalty by merchants.

While all BMCToken transactions are anonymous, technically speaking hand to hand cash transaction are still more secure. This is because there is no public record of cash transaction while all BMCToken transaction are posted on the blockchain and can be accessed by anyone.

Yes, the identity of the user who purchased or sold something with the help of BMCToken can always stay anonymous, but there will always be a digital trail leading to the transaction and that specific public wallet address.

Although there are many mechanisms that already exist within BMCToken and many more are in development designed to protect each user’s privacy, unfortunately more work needs to be done from a development standpoint in order for these features to be used by BMCToken users correctly.

This concept of nearly full anonymity has raised concerns about the potential use of BMCToken for illegal transactions when selling or purchasing illegal goods. But as time goes on, inevitably, BMCToken will be subject to the same rules and regulations which exist on other established financial systems.

The fact remains that BMCToken will never be more anonymous than cash, thus it is impossible to prevent any type of criminal investigation regarding BMCToken purchases versus cash purchases. Furthermore, BMCToken is designed in a way to prevent financial fraud. If anything, this should reduce the amount of crimes committed through financial transactions.

Since BMCTokens are stored in your software wallet, it isn’t possible for you to lose the BMCTokens. However, you can lose the wallet which contains your BMCTokens. If this happens, then the BMCTokens are simply out of circulation and aren’t being used since there is no way anyone can find the private key you need to access each wallet.

When a wallet is lost, the missing BMCTokens are offset by the law of supply and demand. The missing BMCTokens will increase the value of the remaining BMCTokens, resulting in compensation for those that have been lost, albeit on an economical rather than a personal scale.

At the given moment, the BMCToken network can already handle many more transactions per second than other payment networks out there. However, the scale of current payment networks which are being used each day is much higher than that of BMCToken.

This means that if everyone who is using the more used payment network switched instantly to BMCToken, the network would not be able to handle it. With that said, further development is underway to ensure that future increase in network activity can be handled by the BMCToken system.

Requirements for the influx of users are fully understood and constant development to lift the networks limitations is always in progress.

Additionally, as more users are showing up on the BMCToken network, the amount of transactions which are being processed every second is also increasing.

Luckily for the BMCToken network, the more users become a part of the system the more calculations can be done. BMCToken was developed with its users in mind and will continue to mature, grow, and become more optimized as the community grows.

At the given moment, the BMCToken network can already handle many more transactions per second than other payment networks out there. However, the scale of current payment networks which are being used each day is much higher than that of BMCToken.

This means that if everyone who is using the more used payment network switched instantly to BMCToken, the network would not be able to handle it. With that said, further development is underway to ensure that future increase in network activity can be handled by the BMCToken system.

Requirements for the influx of users are fully understood and constant development to lift the networks limitations is always in progress.

Additionally, as more users are showing up on the BMCToken network, the amount of transactions which are being processed every second is also increasing.

Luckily for the BMCToken network, the more users become a part of the system the more calculations can be done. BMCToken was developed with its users in mind and will continue to mature, grow, and become more optimized as the community grows.

Again, when a user decides to use a specific type of software for their BMCToken wallet, they are deciding what direction the BMCToken network is heading towards. In other words, you need the cooperation of nearly every single user in order to modify any aspect of the BMCToken protocol.

And since the eye of every single BMCToken user is on all of the developers working on the BMCToken code, distributing specific rights to any local authority over any part of the BMCToken network is essentially impossible.

In theory, a super wealthy company could buy a ridiculous amount of BMCToken Master Node and start staking all the future generated BMCTokens. After all, we are only 1 year into the lifespan of BMCToken. But for this company to make any type of an impact on the BMCToken market, they would have to have enough equipment to equal all other stakers in the world, which practically speaking is impossible.

However, there is another way that BMCToken can be regulated. Just like any other currency, even though it is decentralized, jurisdictions could create limitations for virtual currencies or BMCToken token specifically, which will in turn produce a type of regulation.

At the same time, completely banning the use of or severely restricting the use of BMCToken is definitely a very bad idea, since it will slow down the economic growth of businesses within that jurisdiction. This will result in overall wealth decline while other jurisdictions that have lighter or no limitations will most likely prosper far beyond the restricted jurisdiction.

The main challenge of regulating anything that has such a huge impact on the wealth of a specific location is to create effective solutions while not hindering the development of wealth, improving companies and businesses which have an impact on the said specific location.

As of now there is no way for any jurisdiction to effectively tax BMCToken because it does not belong to any jurisdiction. However, there are quite a few different legislations across many jurisdictions that can potentially cause some type of tax liability to arise eventually regardless of the medium used to generate income.

Unfortunately, the BMCToken community has no rule over the decisions that jurisdictions make regarding BMCToken and other virtual currencies.

There are no limitations to what you can do with BMCToken when compared to other forms of tender. Users are free to send and receive money as they please, but they also have an option of creating far more complex contracts through the BMCToken network.

For example, you can have a requirement set to only proceed with the transaction once a certain amount of signatures are attached to the complex contract.

This ensures that if you are making a payment for an investment, for example, you are a bit more at ease when more investors are also signing the contract with you and making the same investment.

These conditions allow for intricate contracts that can be created to fit in with any users’ desired need. Furthermore, when these complex contracts do meet all the necessary conditions of each transaction, they are easily identifiable and can be easily looked up on the blockchain along with all the required conditions for the transaction.

This eliminates fraud, manipulation, fine print, and other forms of deceit which often arise when complex contracts are created.

Besides complex contract support, the BMCToken network is also able to protect both the merchant and user against fraudulent chargebacks. If the customer is not willing to trust their merchant, they can always request more protection from the merchant if they deem it necessary, the choice is theirs.

We mentioned this process before, named “minting.” It is a competitive process which is rewarded with BMCTokens when full calculations are completed. With the help of optimized hardware, BMCToken minters and master node process transactions and secure the BMCToken network in exchange for new BMCTokens.

The open source code of BMCToken is designed in such a way that a fixed number of tokens is generated when calculations are completed, which makes minting very competitive. As more minters join the network, making profit distribution in Token to be very competitive.

All BMCToken nodes are cross referenced against the BMCToken protocol, and anything that doesn’t fit the expected rules is rejected by the network. In other words, there is no way to cheat the system and generate more coins than you have mined.s

BMCTokens are generated at a predictable rate, which is slowly being decreased overtime to reduce over flooding the market as technology is improving at a steady rate.

Simply put, BMCTokens hold value because they can be used as money. Just like any other currency, BMCToken value is greatly influenced by who uses the Token, how many users are using the token, and how much of the specific token is in circulation.

But unlike traditional fiat currencies, BMCTokens are not susceptible to the value of gold or silver, or authorities who decide how much money to print. BMCTokens are a product of pure mathematics and raw algorithmic calculations, and are only influenced by the amount of trust that its users put into the token and how well it adapts to being used worldwide.

The merchants, business startups, and users determine the value of BMCToken by choosing to use BMCToken over other currencies. Simply put, the more people who choose to use BMCToken as a form of payment, the greater the value of each BMCToken will be.

Currently, the biggest factor for determining the price of each BMCT is supply and demand. Because BMCT is generated at a predictable rate, the demand level of BMCToken must be constantly increasing in order to keep the price stable. If demand becomes stagnant or falls, then the price of BMCToken will start to fall or even rapidly drop.

BMCToken is still a new market when compared to any other fiat token and as its use grows so will its stability. But in its current state, BMCToken is very volatile. A reasonable purchase of BMCTokens can change the price drastically; however, as more BMCTokens are generated and as more users start to use the token, the volatility will level out and stabilize.

Honestly speaking, yes. There isn’t a single token in the world that isn’t susceptible to becoming worthless. Throughout history there have been hundreds, if not thousands, of different currencies that no longer exist because they have become worthless. The most recent devalued token is the Zimbabwe dollar.

The big difference is that BMCToken isn’t susceptible to the same type of devaluations that most of these no longer existing currencies went through.

But BMCTokens are vulnerable to other forms of devaluation through the means of technical failure, other competing currencies that might bring something greater and even more revolutionary to the table, or even political issues which might deem it illegal to use BMCTokens worldwide.

It is always a good idea to approach any token with the idea that it can fail if enough problems are encountered throughout its lifespan.

Before we go any further, let’s define what a Ponzi scheme is. A Ponzi scheme is a deceitful investment operation where the person behind the sham distributes returns to its investors from newly generated capital paid to the mastermind by other new investors, rather than from profit earned through legitimate investment.

Those who run Ponzi schemes usually coax unsuspecting investors by offering higher payout on their investment in the form of short-term payouts that are usually abnormally high.

The number one reason why BMCToken is not a Ponzi scheme is that it is an open source and free project without a central authority. Simply put, there isn’t anyone in control of BMCToken that could gain from a Ponzi scheme, because the whole system is run by its users and everything that goes into BMCToken code is also controlled by its users.

Each transaction can be easily traced and verified, so if there was something strange going on the users would have noticed a long time ago.

However, it should be noted that there are several websites which pose as cryptotoken exchanges and offer extremely high and fast payouts for simply investing BMCT for a short period of time, and they are certainly scams that you should be careful to avoid.

Well, yes, this is definitely true. But this is no different than saying “Aren’t people who invested into Google when it was born getting more benefits from their investment?” The answer is no big surprise.

The early investors took the risk and dedicated time to this new technology that wasn’t verified and could have flopped like so many others have in the past. At the same time, many early investors rotated through quite a few BMCTokens or invested very low sums and made very little gain in their capital.

The truth is that BMCToken is still in its early stages and it was designed for a long lifespan. Today’s investors might be tomorrow’s early investors, and anything could happen.

The wonderful thing about numbers and BMCToken specifically is that you aren’t forced to use a non-decimal number for each transaction. You can always use a fraction of a BMCToken in nearly any denomination to complete your transaction.

So even if there are ever only going to be 30 million BMCTokens, you always have the options to step one decimal point down up to 8 decimals or even further if the need ever arises. Thus a finite number of coins become an infinite number of bits.

To clarify, BMCToken was never designed to be a deflationary currency. The idea behind BMCToken was always to be inflated during its early years and slowly stabilize at a later time. BMCTokens can’t be lost, damaged, or erased.

The only thing they are in danger of is people carelessly starting to lose their wallets without making backups, which will cause some volatility in the BMCToken market. However, we find it hard to imagine anyone losing a wallet worth thousands of dollars. Otherwise, BMCToken is expected to maintain its value after becoming stable.

The same could be said about any other currency, and the answer is no. Only a fraction of all BMCTokens are listed on the public market, and buying them all out will increase their price because of the supply and demand rule.

Besides, new BMCTokens will be generated for decades to come, so unless this certain someone is willing to monopolize all master nodes and Minters and become the only BMCToken minter in the world (which is impossible) there is no way one entity could control all of BMCToken.

However, you do have to take into account that the BMCToken market, just like any other market in the world, is susceptible to manipulation through significant purchases. At the given moment, even relatively small BMCToken purchases can make the price move.

With time, it will become more and more difficult to influence the BMCToken market, and you will need much more money to attempt to manipulate it

You will be informed of a payment receipt nearly instantly when someone sends you BMCTokens. The only delay that exists is between the network and the amount of time it takes to add your transaction to the block.

Once a confirmation occurs, a consensus has been reached by everyone on the network that the BMCTokens which were sent to you were in fact sent only to you and not someone else.

Once your transaction has been included as part of a block and other blocks have been added on top, each additional block reconfirms that your transaction is valid and reduces any risk of it ever being reversed.

Confirmations usually take between a few seconds and up to an hour and a half, the average number being about 12 minutes.

The network fee is 0.001BMCT

Do not panic, the BMCTokens will appear in your wallet the next time your turn on your device and synchronize with the network. Whenever a transaction occurs, it is noted in the blockchain and stored on all computers which use BMCToken software.

Once you get the updated blockchain off of one of the computers connected to the network, your transaction will be verified and the BMCTokens will show up in your wallet. You only need your wallet when you wish to spend money, otherwise you can keep it offline and all the BMCTokens will be added the next time you connect to the network.

Synchronizing takes an extended amount of time only when the user chooses to use a full node client. These clients download and verify all network transactions that happened in the past. Some clients need this additional data to be able to calculate your spendable balance and in order to make new BMCToken transactions.

These calculations are based on previous transactions which might take some time to download, depending on your bandwidth and processing power. There are other clients that don’t require this additional data, but it should be noted that in order for BMCToken to remain secure and protected enough users need to be using the full node clients.

The BMCToken community understands the value of using full node clients and there are plenty users choosing to do so.