AMA Recap: BEAM Africa featuring Dylan Dewdney, Co-Founder, Btw.com

Beam Africa

We’re super excited to share the recaps to the AMA we had earlier in the Beam Africa Telegram Community featuring the co-founder of btw, Dylan Dewdney.

In the AMA, we covered the important role privacy plays, in the crypto space, and ultimately in tech. Being a leader in the crypto space, Crypto OG, as one of the names on his personal Telegram account says. Dylan speaks authoritatively of on his opinions on privacy in the crypto space, and it’s importance.

Without further ado, here is the recap —

Niran (Host)

📌 Before we get down to the questions, can you briefly introduce yourself to the community? Also, kindly give an insight into the project and what it aims to achieve

⚡️ Dylan Dewdney @ btw

My name is Dylan, I have an academic background in Sociology and a heavy personal emphasis in not accepting the status quo. I’ve been involved in crypto for a little while. I first learned about Bitcoin in late 2010 and started getting really into it in 2011. I got involved in the Toronto Bitcoin community, and then later into the Ethereum community and then got involved with some projects. And most currently, I’m leading a crypto exchange that I’m most proud of.

Niran (Host)

📌 What would you say is the difference between Btw.com and other exchanges like Binance?

⚡️ Dylan Dewdney @ btw

well, volume, I suppose, haha!

Binance is great, no issues with them from a practical standpoint. We see ourselves differently than them and almost any other exchange we know of because we are 100% explicit about our political reasons for being into crypto and trying to drive the world to get into crypto. It’s not only business for us and superficial trade culture (no offence to traders)

We think there’s a moral reason for being in crypto. I was never interested in exchanges for the longest time, to tell the truth, longest meaning from 2012. They seemed to me to be an adjacent, superficial aspect of blockchain but I had to modify my view on this over time as exchanges became ascendant in the broader ecosystem and as the starting point for almost anyone getting into crypto I came from the time of meeting strange men in dark alleys and buying mining equipment.

So, what’s the difference? well, I was in crypto like 4 years before CZ, that’s one, and I’m unafraid to say that the worldwide financial system privatizes gains and socialized losses, and that’s wrong. And the politics of what we are doing is ingrained in our exchange, take this as an example

Yeah my early view on them did not age well, notwithstanding I am leading one now lmao.

Niran (Host)

📌 Now, speaking of privacy, Is there any need for privacy in the crypto space?

⚡️ Dylan Dewdney @ btw

If crypto is mean to be a replacement for value operations, then 100% we cannot have crypto without real privacy, full stop. or, at least 100% confidentiality this is why I am a personal fan of BEAM, and in fact, prior to BTW, I was an early team member of BEAM, full disclosure.

Niran (Host)

📌 We’ve had government agencies monitoring exchanges that serve its citizens (a case of Japan) and also crypto exchanges turning KYC/AML data to government enforcement agencies (a case of China) as an exchange.

How would you (BTW.com) protect your User’s from an oppressive and intimidating government?

⚡️ Dylan Dewdney @ btw

Yeah, this is totally expected, states are drawing a target around crypto, but their own cash currencies dwarf crypto for black market ops hilarious and transparent. Number 2 — don’t be fooled by the propaganda that will start and has started around the world re CBDCs — or central bank digital currencies.

Total propaganda by states designed to co-opt blockchain. What’s the first thing a state does when it forms? it makes a currency. So of course, crypto is threatening to the status quo and powers that be and there will be major attempts to control its states were relative — relatively (super authoritarian states not so much) with the internet and free flow of information but the free flow of value? ooooooooh that’s so dangerous that said, I don’t like jail.

States have the monopoly on force still so we have to abide by the rules wherever we operate that said, most jurisdictions have pretty decent standards such as KYC and of course they would need to go through some major legal channels to get us to turn over identifying data. We can see this with Google refusing stuff in the US now, there’s a whole separate side to this when it comes to crypto and blockchain-like analyzing transactions which, well, I think it’s pretty much possible if someone wanted to find out almost everything about what you’re doing with any public ledger like btc or eth people assume these things are private because it’s a bunch of numbers and letters.

Wrong! Chainalysis could know like almost anything going on with eth or btc that has severe consequences for the ability of these cryptos to stand in for fungible assets or currencies.

Niran (Host)

📌 Most users don’t know their ETH and BTC and other non-private cryptocurrencies transactions ain’t truly private, they can be tracked down if the need arises

⚡️ Dylan Dewdney @ btw

No, most don’t; and most don’t care — but they should!

Niran (Host)

📌 Ciphertrace is a software that can track 87% of global cryptocurrency transaction volume, and also using Chainanalysis an analytic company which helps track Bitcoin Wallets. With these tools and services and more to come monitoring, tracking, decrypting transactions becomes possible.

⚡️ Dylan Dewdney @ btw

and profitable 😉

Niran (Host)

📌 I think moving on, we’ll need to continue to sensitize and educate them on why they need to take privacy and confidentiality seriously. The need for them to hold BEAM

⚡️ Dylan Dewdney @ btw

It’s not even a consumer-level rationale behind why it’s important. Confidentiality is important for corporations and businesses — do you want everyone knowing who you sourced your parts from and how much they cost? no fucking way!

So, the idea of eth or btc without a privacy channel in the ecosystem that’s reliable, real, and easy to use, is idiotic. If we imagine a crypto world without a major privacy channel, well I just pay chainalysis to know everything I want to about my competitors. like, people need to wake up man! frustrates me tbh!

Niran (Host)

📌 So Central Bank of Nigeria does not support cryptocurrency, in fact, in 2017, it warned financial institutions not to use, hold or transact it in any way. Now the question is, is cryptocurrency as bad as the government makes us think?

⚡️ Dylan Dewdney @ btw

It’s a short answer. it’s probably 50% the knee-jerk reaction to any new tech and 50% the reaction to the idea that the state will have a harder time of taxation, by the way, there is nothing wrong with taxation IMO. Some states have proven to be very efficient and relatively fair machines at allocating resources and distributing the rewards of society based on merit.

I think states need to embrace cryptocurrency, states need to be cognizant of the fact that the world and technology is now moving faster than their ability to deal this is why we see the rise of authoritarian and highly socialist states the central command is better at dealing with the complexities of how fast tech moves than more decentralized, democratic legislative frameworks 20 years ago, Western-style democracies were much more efficient at absorbing the needs of markets and technologies technology is just moving to fast now, though but technology is emancipating us often way more than our institutions.

Don’t get me wrong. I’m not for a lawless anarchical society. I think some amount of organization, guiding principle, and cooperation is absolutely necessary for moving forward. I think we need to find fair frameworks to deliver that and I think we need to be open to the fact that states can’t control tech anymore. We need to have more self-sovereignty as individuals.

Niran (Host)

🚀 It has been an insightful conversation so far!

Now we will open the session up to the community to ask some questions!

— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —

🔔 Community Q&A 🔔

💡 Community Question

Can customers get support by BTW supporter without delivering sensitive personal information? What information do you save on the system? Is it necessary to present the information? How does the system protect users from risks?

⚡️ Dylan Dewdney @ btw

You can find this out about this by signing up. We keep almost no info. like none. I think a phone number and an email is all at this point depending on amounts involved. The less information we have on you, the better of course

💡 Community Question

You mentioned how it is profitable for Chainanalysis to track these public ledger chains like btc and eth, how can one profit from that? (Other than being part of chainanalysis lol)

⚡️ Dylan Dewdney @ btw

Ok, so they get government contracts. that’s how. I think they are a $10M company atm in terms of the number of contracts they have.

💡 Community Question

Enabling crypto and economic freedom for everyone seems a bit cliche. What are the extra majors taken by btw.com to improve the crypto-ecosystem and increase global inclusion in cryptocurrency and blockchain technology apart from being transparent, efficient and easily adoptable?

⚡️ Dylan Dewdney @ btw

It is cliche, I agree. lol. I think we have some much less trite ideas about it than just that phrase, though. I have personally written deeply on the subject if you are interested. It’s in our btw blog.

We can’t personally change the entire crypto ecosystem, and I’m not sure in what fashion it SHOULD be changed atm. it’s more a sense of helping to accelerate adoption. Tesla’s mission by way of comparison was not to change the entire world’s use of better sources of energy, per se, but to ‘accelerate the world’s transition to sustainable energy’. we aren’t changing the world’s use of better sources of value, but we do seek to ‘accelerate the world’s transition to a crypto-economy’.

💡 Community Question

Does btw have any Coin Burn/BuyBack system or any plans for Token Burn for increasing the value of Tokens & attracts Investors towards Stake for investments? Staking is the new trend in the Cryptocurrency industry because of the bear market.

⚡️ Dylan Dewdney @ btw

Ok, so we have a burn system that no one has ever seen before and is fucking awesome beyond that, I can’t say much more because it’s tied to platform token.

💡 Community Question

Can you briefly explain how the top milestones that the #BTW team aims to execute before the end of this year or going to execute in future, will help them succeed and What #BTW may look like in 2020 and beyond?

⚡️ Dylan Dewdney @ btw

We will unveil our revolutionary platform token by year’s end, that’s the major thing from my POV. We will also hopefully gain a ton of users and start becoming a destination for people who want to bank themselves but want all the community and convenience and hand-holding of a bank.

💡 Community Question

Do you have any plans to attract non-crypto investors to btw because it is the success of a project to get more investors who are still not in the crypto world? Especially, as a new entering project to the crypto world, what are the plans to increase awareness about btw in non-crypto space? And what region is in your plans?

⚡️ Dylan Dewdney @ btw

Yes, we do. Mainly via appealing to undervalued assets in larger communities, but also through our platform token. Our first major pushes are in the Asian markets

💡 Community Question

What is the roadmap for the BTW exchange and what is the measure put in place for bringing in new currencies and providing liquidity for traders?

⚡️ Dylan Dewdney @ btw

We have super deep liquidity due to our shared liquidity pool. In terms of measures in place to bring new projects in, we assess that on a case-by-case basis.

💡 Community Question

Considering the significantly high rate of corruption and fraud especially in Africa and it’s adverse effects on societies. Do you think crypto or Blockchain tech could be adopted soon by government agencies

⚡️ Dylan Dewdney @ btw

My sense is they are already stacking Sats in many states. My sense is also they will try to co-opt it with CBDCs I think there are no new people to answer so we can leave it there.

💡 Community Question

I’d like to know what BTW stands for and why you chose it

⚡️ Dylan Dewdney @ btw

Good question. In Mandarin, it stands for bitcoin site basically so it’s like having bitcoin.com in that market with the additional cachet of it meaning ‘by the way’ in English and being a three-letter domain, that cost as many millions to get toying with the idea of branding the acronym as “better trade with” in English markets.

💡 Community Question

As an exchange, is there a plan for Africa in BTW? What about fiat pairs?

⚡️ Dylan Dewdney @ btw

Well, yes, this is part of it. Bitcoin is a cryptocurrency, we are an exchange. We allow people to exchange cryptocurrencies, like bitcoin and others.

💡 Community Question

What about fiat pairs?

⚡️ Dylan Dewdney @ btw

Well, not yet, but we are working on integrating that in the future perhaps. There’s a lot of regulation with fiat pairs, unfortunately.

Niran (Host)

Ok, we’ve come to the end of our AMA session. We hope you guys enjoyed it as there many AMA’s to come!

To stay up to date with all things Btw
Follow Btw on Twitter
Join Btw Telegram Group
Btw official website

https://t.me/beamafrica

We are a growing community of investors, students, founders, and professionals, who are learning about Privacy, Blockchain technology and cryptocurrencies every day.

And we want you to be a part of our community if you aren’t already. We are inviting you to join us on our social media platforms, and on Telegram too. Check out some of our official links below.
Follow us on Twitter | Join us on Telegram | See our official website:

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