From Jim Iddiols (CEO - bit121)

Please excuse my delay in getting back to you all. There is a lot of nervousness in the Bitcoin market and that is understandable and we need to do more to give confidence to our users. I will get more information to you through this thread and you are welcome to contact me at info@bit121.com.

Let me try and tackle your points one by one.

1. Firstly the order book has been requested many times and you are right that our order book was not strong to start with. This is understandable with a new exchange. It is now much stronger and we hope you will add to it. Because of the requests, we plan to put this in the next release. This is scheduled for the end of February. In the
meantime you can use the current method of buying and selling using the best available price displayed on the site. You will note that there is normally a small spread, showing a competitive market.

2. We have many customers that are happily trading and some have agreed to us posting their comments on our site. They are available on the news section of our home page now.

3. The note about cash payments not being allowed being a bit scary. It is supposed to be. If we take cash then we leave ourselves open to accusations of Money Laundering and that could put us out of business. Many exchanges have failed this way. It is for everyone's protection. However, perhaps we could explain this a little better and I will look into that. If you don't use cash, then there is no problem.

4. The deposit and withdrawal fees cover our costs of banking, anti-money laundering checks and administration. You will note that we do not hold your funds, they are held by a trusted Payment Services Provider. We pay for this service. This means that we cannot abscond with your money, as has happened with other exchanges. Some of you
have noted that. All in all I think we are very competitive, but we will continue to review our charges and will try and reduce fees, when we can.

5 Bank transfers into us are not instant. We are notified overnight and thus it can take us 36 hours to update.

6. We have no immediate plans for trading LTC, although we may well start providing this service in the future. We are concentrating on giving the best possible service for Bitcoins first, but your comments are helpful.

7. I note that one of you has had a problem with email but unfortunately you have made a typo error in the email address. Our email is info@bit121.co.uk and NOT info@121bit.co.uk.

8. We use Hushmail and Cloudflare to improve our security against hacking, although we do not keep bitcoins on the site (they are held in cold storage). We appreciate that this may not be the most convenient security method, but we will not take risks with our customers security.

9. We understand that we need to make our address more visible (although all you need to know about Bitcoin Exchange Limited is in the public domain). We will, but we are about to move, more anon.

10. We will publish our VAT number, when we receive one.

11. None of us has been involved with any other exchanges of any type and in any way.

Please email us with any questions and thanks for your help. I will get back sooner next time.

Jim Iddiols
CEO

bit121

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