The introduction of Bit2me’s B2M token leads to errors and complaints from users

Last Monday, November 1st, the popular Spanish cryptocurrency exchange Bit2me introduced the B2M token on its platform. And although the platform had a resounding success in the three previous phases of its ICO, bringing in more than 20 million euros, the platform had some inconveniences during the launch that earned it strong criticism and failures on social networks.

“After the purchase, the token does not appear in the wallet, an hour without access to the account … I only see the bank fee.” One of the users affected pointed this out via Twitter.

Nevertheless, It wouldn’t be long before the stock market a Press release where he explained the reasons for the problems raised and made it clear that they were working with each of the cases to resolve them.

Problems at startup

The introduction of Bit2me’s B2M token leads to errors and complaints from users
The introduction of Bit2me’s B2M token leads to errors and complaints from users

According to the press release, there were several problems with different causes. Issues include not showing the full amounts of tokens purchased, saturation of the platform during launch that resulted in latency in executing market orders, and users buying at a different price than confirmation. All of this went hand in hand with a lack of coordination in the schedules with the exchange supplying liquidity, in this case Bittrex, which would have opened token trading an hour before the scheduled date, which would explain it later Javier pastor (Chief Sale Manager of Bit2me) in a live broadcast on Youtube this Wednesday, in which he pointed out:

“… You (Bittrex) respected the opening of the platform at the time we agreed, but it happened that the time in the USA and Spain changed this week, but on different days …”

All of these inconveniences would also have created a high level of volatility which, although it could have caused some losses, was rated by Bit2me This is a very common event that occurs in the first few minutes of a highly anticipated listing. This volatility would create a sharp spike, causing the price of the token to increase its maximum price to $ 5 and then be worth less than $ 0.1 for the sell orders executed in the order book on the afternoon of the same day of launch, as in the split image can be seen.

Failures with the B2M wallet

It was also pointed out that the Bit2me wallet from the afternoon of 1. This interruption would have made it temporarily impossible for some users to use this service. It was later reported that the incidence “It was caused by the high number of users connecting at the same time and doing buy and sell orders at the same time.”

On the other hand, the exchange also informed its users that All purchases made with a card that were not included in the token B2M wallets will be credited to each user’s Euro Wallet as a protective measure to avoid the purchase being made at a higher price due to the current volatility.

A grateful community

Despite some criticism from users who were upset with the launch experience, many were too thanks and support shown to the exchange in view of the situation.

We had the opportunity to speak to Nelson Aguilar from Argentina, one of the users affected by what happened but thanked for how fast Bit2me acted in solving your problem:

“In the beginning, fewer tokens were credited to me than were listed when the transaction was confirmed, that is 5% of the tokens that should be credited. The next day they solved it and credited me with the appropriate tokens. The truth is I saw it as a learning process at the beginning as next time I’ll be careful to limit my willingness to pay and after they solve the problem I’ll calm down and restore my trust in Bit2me. Although I have known them for two years looking for alternatives to transfer money from Argentina and learned a lot with them about cryptocurrencies, I think what happened to them is a product that is still a new company that grows and that will be something that will help them correct mistakes with experience. I trust Bit2me and will continue to trust Bit2me because they knew how to solve it and I believe that shouldn’t tarnish their trajectory ”.

B2M is recovering

As a result of everything that has happened to the above issues, it is noteworthy that the B2M token has rebounded up to 208.81% since yesterday, which has resulted in it currently being in the price zone above $ 0.12. I feel its highest point after rebounding from $ 0.15, which is a 274% increase in value from its opening to the market at $ 0.0399.

As you can see in the recording The token is already available for analysis on TradingView and is expected to be listed on CoinMarketCap in the coming days, according to the words of its CEO Leif Ferreira. This in turn also mentioned that they are in their plans to list B2M on other exchanges around the world and also indicated that there is already an agreement with one of the various Asian exchanges to list the token, but for the moment it is this will not be the case as the one date for the start of staking will be announced.

B2M is a utility token of the Spanish exchange Bit2me, which is used to promote its development and solutions, while also offering its investors incentives to participate in this ecosystem. The recognition Bit2me enjoys within the Latin American crypto community is well known, so there are high expectations for its token and the development of its project around it.

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