BitcoinVend Token (BCVT) Staking Offer

BitcoinVend Token (BCVT) Staking Offer

We are pleased to announce that our BCVT staking contract is now live.

In this article, we explain the fine details and guide you through how to stake BCVT but firstly, why would you stake BCVT?

The benefits of staking your BCVT

12% APY (Annual Percentage Yield), and

GOLD Membership in the app*

*To qualify for GOLD Membership, you must be staking at least 5,000 BCVT.

GOLD Membership means you won’t pay fees for anything. No fees on marketplace transactions, no fees when paying merchants and no fees when exchanging your crypto! Scroll to the bottom to learn how to claim GOLD Membership when the app goes live.

Furthermore, by staking tokens you contribute to a reduction in circulating supply which can have interesting implications for the token market.

This offer is only open to the first 15 million tokens staked or until 1.8 million tokens have been accrued in rewards (whichever comes first).

Staking Specifics

Minimum Lock Time: 180 days

Rewards: 12% APY (Annual Percentage Yield). Rewards are in BCVT.

Minimum Deposit: 1,000 BCVT

Maximum Deposit: No Maximum

Unlocking & Claiming: Rewards are only claimable if you remain staked for at least 180 days. If you withdraw your tokens before the lock period is complete, you will pay a 1% penalty and no rewards will be claimable. Note: There is no unstaking period, if you choose to unstake your tokens will return to your wallet as fast as the network can confirm the transaction.

User Examples:

James deposits 100,000 BCVT on June 4th 2021 on June 4th 2022 (12 months/365 days later) James withdraws his stake along with the rewards, he now has 112,000 BCVT. During this period James also enjoyed GOLD Membership in the app.

Alice deposits 100,000 BCVT on June 4th 2021, on 1st December 2021 (180 days later) Alice withdraws her stake along with the rewards, she now has 106,000 BCVT. During this period Alice also enjoyed GOLD Membership in the app.

Anthony deposits 100,000 BCVT on June 4th 2021, 1 month later he decides to withdraw. No rewards are claimable and he pays a 1% penalty receiving 99,000 BCVT as opposed to the 100,000 he started with.

BCVT Staking Smart Contract:

Our contract code can be found here.

The contract was independently audited by Tech Rate, you can find the audit report here.

Note: By depositing tokens in the BitcoinVend staking contract you are not contributing to the validation of network transactions. The sole purpose of our staking contract is to lock tokens and generate rewards.

How to Stake BCVT

To stake BCVT, follow the steps below. Before staking, please read the security notice and disclaimer at the bottom of this article.

Important Note: Please be patient and increase gas to speed up your transaction if required. Allow for adequate time for the transaction to clear (this is dependent on how congested the Ethereum network is — it is out of our control) and check in the staking page if your stake has appeared or not before attempting to repeat the process.

To start you will need to have your BCVT in your MetaMask wallet.

Step 1

Go to the BitcoinVend staking page here. Click the button “STAKE MY BCVT”, you will be redirected to the staking interface page.

Step 2

On the staking interface page, click “CONNECT” to connect your MetaMask wallet with the BitcoinVend site.

MetaMask will pop open, click “Connect” in MetaMask.

See the below image for an example.

Step 3

Once your wallet connects, click on “CREATE STAKE”.

See the below image for an example.

Step 4

Enter the amount of BCVT you want to stake and click “CREATE”.

See the below image for an example.

Step 5

Your MetaMask wallet should now pop open asking you to allow the BitcoinVend site to spend your BCVT. Click “Confirm”.

See the below image for an example.

Step 6

Your MetaMask wallet should pop open asking you to confirm that you want to interact with the contract, click “Confirm” to proceed.

See the below image for an example.

Once the transaction has been processed by the network (please be patient), you will see your stake. You can check back anytime to see the rewards building up, to see them you will need to have your MetaMask wallet open.

If you have any question, jump into the Telegram Chat and ask for help.

Thank you for staking BCVT. We look forward to seeing you in the app!

Claiming GOLD Membership

There will be a simple form to fill out and a couple of steps to follow when it comes to claiming GOLD Membership if you have BCVT staked. Before that, here is a little run down of how it will work…

When the app goes live, all you will need to do to get GOLD Membership is prove that you control the wallet associated with your stake, which is a simple question of:

1. Providing us with the wallets public address

2. Informing us of a transaction you are about to make

3. Making the transaction you informed us about

We will then upgrade your BitcoinVend account to the GOLD Membership level. If you withdraw from the staking contract, you will lose GOLD Membership, however, if you deposit these tokens to the app and lock them you can reactivate GOLD Membership without the need to stake.

IMPORTANT SECURITY NOTICE: Always protect any wallet you are using with a strong password and NEVER store private keys or seed phrases on your device or online. NEVER share your private keys or seed phrases with anyone.

Always ensure you have anti-virus software installed on your devices(s) and perform regular scans. Make sure that when you visit websites you are on the correct site and do not leave your devices unattended.

When using MetaMask specifically, make sure you ALWAYS lock your wallet after use. NEVER leave your device unattended when your MetaMask wallet is unlocked.

Disclaimer: The information provided here does NOT constitute investment advice, financial advice, trading advice or any other type of advice whatsoever and should not be taken as such. By choosing to act on any information provided you do so at your own free will and at your own risk.

BitcoinVend, its directors, employees, associates, affiliates, or partners cannot and will not be held responsible for any losses, damages or costs incurred by your decision to act upon information provided in any type of communication be it via email, attachments, by messenger such as Telegram, through conversation, video media or any other type of media (including Medium), or on websites owned and managed by BitcoinVend.

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