Home / Crypto Currency / The Brilliance Behind a Global Operator of Crypto Exchanges BitMax: Understanding the Trans-Fee Mining Model

The Brilliance Behind a Global Operator of Crypto Exchanges BitMax: Understanding the Trans-Fee Mining Model


Advertisement
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

As the demand for digital and crypto-assets grows, the long-term success of trading platforms is dependent on several factors including architecture design, scalability, ease of use, security, and the handling of highly-volatile market conditions.

BitMax.io (“BitMax”) is a new autonomous digital asset trading platform designed to be the global operator of crypto exchanges, providing cryptocurrency trading services to a broad clientele including institutions, professional traders, and private investors. BitMax prides themselves as having the lowest transaction fees in the industry at 0.04%.

Founder George Cao graduated from both the University of Chicago and the University of Science and Technology of China. After receiving his Ph.D. in Computer Science, George worked at Wall Street Knight Capital and Barclays Capital specializing in quantitative trading and venture capital. Later, as CEO for the quantitative trading fund Delpha Capital Management, George successfully identified, invested, and incubated several blockchain projects in New York.

BitMax has attracted the attention of many top crypto venture capital firms including FBG Capital, BitMain, Matrix Partners China, DHVC, GBIC, Perseverance Capital, and Palm Drive. They reportedly collected over 17,000 followers on their Telegram and WeChat social media channels within the first 10 days of operation.

To better understand how and why BitMax has received so much attention, it is important to reiterate their unique position in the market. Leveraging their quant trading background and deep knowledge of the capital market, BitMax is building out their core institutional-grade trading platform and full exchange operations with an innovative approach to transaction-fee based “Trans-Fee Mining” model as part of overall liquidity strategy.

The Trans-Fee Mining model works by reimbursing trading fees to traders in the form of the exchange’s own tokens. The more traders trade, the more tokens they receive, hence the term “mining.” The Trans-Fee Mining model is an effective incentive mechanism to drive volume to exchanges, pushing the exchange token’s value higher and converting users to traders. Additionally, BitMax’s transaction fees are the lowest in the industry at 0.04%.

BitMax understands that while the Trans-Fee Mining approach will help drive short-term token performance and transaction volume, it cannot be solely relied upon to support a healthy token economy; risks must be mitigated to prevent a pump and dump of the exchange’s token. In response, BitMax has come up with a clever lock-up and recall mechanism to prevent their tokens from being undersold. These two key strategies help to mitigate risks and protect BitMax investors.

For more information, follow BitMAX on:

Website: http://www.BitMax.io

Twitter: https://twitter.com/BitMax_Official

Reddit: https://www.reddit.com/user/BitMax_Support

Telegram: https://t.me/BitMaxioEnglishOfficial

Medium: https://medium.com/@support_2385

Read more

Check Also

Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.