Going to say this right off the bat, I really like BitMax. If you've read some of my previous blogs then you'll know that i was once so much into day trading, after getting burned a few times, i decided to try my luck trading crypto, and once i discovered BitMax i haven't looked back.
What is BitMax? In layman's terms BitMax is a decentralized association-based platform that lets users trade digital assets, i.e. cryptocurrency in real time.
And other than having a distributed ecosystem, BitMax has a few more strengths that not only allow it to rise above the crowd but also make it beloved amongst its users.
BitMax's Strengths.
1. Lies in its philosophy of Openness and Transparency
. Other than being managed by a central administrator who is motivated by profit to set up costly fee structures, CCE's like Coinbase and Binance have huge security and downtime risks, because they manage activities from one central location and judging by the amount of sensitive information some platforms ask users to give up, it makes sense why hackers are so attracted to centralized exchanges, remember Mt.Gox?
The dependency on operators within centralized platforms also means there is a higher possibility of downtime within the network or the servers. Because BitMax's hosting structure is spread out via nodes there is almost no chance there will be any downtime. Also, because all transactions are handled at a peer to peer level there is no need for a monitor and also no need for insane trading fees.
This is great for boosting privacy while also enhancing transparency. Which leads me to the second strength.
Focus on building a society - When BitMax was founded the creators hoped to create a fairer world, a world where is equal distribution of resources. This is why they let the community members handle every important aspect of the platform, from taking part in project voting, to taking part in the development of the ecosystem to participating in transaction mining, community members have it all.
Speaking of transaction mining, on 16th September 2018, the company announced that transaction mining is now an incentive for trading meaning participating in the transaction mining is going to be rewarded with BTMX utility tokens. The hourly transaction fee paid out by an individual user divided by the - current -price of BTMX is what will equal the number of BTMX tokens returned to the user. Which makes so much sense.
Even with all that BitMax does have its fair share of weaknesses.
1. Traditionally decentralized exchanges have been coming up short especially in terms of liquidity of markets and lower trade volumes as compared to centralized exchanges. BitMax is breaking down this barrier by partnering up with local and international miners, trading funds and investment funds to begin trading on the platform from day one to provide the liquidity required. After all, without liquidity it would be difficult to buy or sell any assets
2. Coming from traditional trading perspective going into the world of crypto-trading, with their volatile currencies and unregulated markets, you might need a high degree of technical know-how to overcome these difficulties. Luckily BitMax has simplified it's exchange as possible getting rid of all the unnecessary flack and leaving only the important elements. The fact that real time settlement is also built in helps make trading that much simpler to do.
3. This might be a turn off to some people and a non-issue to most people but DCE only accepts cryptocurrencies. But with all the major currencies supported (Bitcoin, Libra, Ziliqa, Bitcoin Cash Ethereum, Tether and Litecoin) i don't think this fact should be a deal breaker to any serious trader.
Opportunities.
Centralized exchanges will always be a threat to a company like BitMax, because of their popularity and suite of services. But recent hacking scandals are leading people away with most preferring to settle for better security. This is the perfect opportunity for BitMax to strike and with its user-friendly exchange, top notch security standards, transparent nature and real time trade settlements feature, the sky is only the limit.
Have i convinced you to invest in BitMax yet?
If no, maybe the whitepaper can help - Official whitepaper
If yes, here are links you're sure to find very useful. You can check in on them to find out the latest news and BTMX information.
On Telegram
On Twitter
Update & Help Centre
If you’d like to also witness the simple and intuitive trading platform I was talking about before you can check it out here – BitMax Exchange
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Bitcoin Username: @Sammygye
Disclaimer: Every article on this blog is written from personal opinion and therefore should not be taken as a financial advice by any means. Like in every other investments opportunity, Do Your Own Research (DYOR).
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