Since the advent of bitcoin, cryptocurrencies have been on a staggering rise as more users are showing interest in the nascent technology behind it. While it is very difficult to accurately state the actual population of cryptocurrency investors or users, it is estimated that the number is still about one percent of the world’s population.
A cryptocurrency exchange is an online platform where cryptocurrencies such as bitcoin and the altcoins are traded for fiat or other cryptocurrencies. Exchanges play crucial roles in the cryptocurrency industry as they provide the platform for business interaction with other users and the gateway for fiat exit. Although there are many cryptocurrency exchanges in existence, many have failed to meet up with customers’ expectation. Issues bothering on security, fiat support, availability of wide selection of coins, site accessibility and user experience, and transaction fees are of primary concern to users.
Blockbid is poised to tackle all these issues with its expected release of Blockbid exchange platform.
Overview of BlockBid Platform
Blockbid is a secure cryptocurrency exchange based in Australia with the aim of “facilitating the highest volume of trades for the most cryptocurrencies with a single login”. Below are some of the important features of Blockbid platform.
Security first
Security is the biggest concern to cryptocurrency users. As cryptocurrency exchanges handle a lot of funds or crypto assets, they are primary targets of cybercriminals. There have been series of reported cases of successful hacks on exchanges which have cost investors their entire investments such as Mt. Gox and Youbit; Bitfinex also lost about 120,000 bitcoins to hackers.
Blockbid prioritizes and approaches security on multiple fronts with their holistic risk management method. One is the mitigation of online exposure and storage of user crypto assets as 95% of all the cryptocurrencies deposited on the platform are held in an offline multi-signature wallet vault. Secondly, Blockbid platform is one of the first exchanges to be entirely covered by cybersecurity insurance. These are proactive steps in ensuring top-notch security of users’ funds.
Regulation brings confidence
Since there are no solid regulations or regulatory frameworks in cryptocurrencies currently, some dishonest exchanges have absconded with their customers’ funds with no way of recovering these big funds. Exit scams would be difficult for a regulated and registered cryptocurrency exchange. Without regulations, there would be big uncertainty surrounding user fund security and verifiability (authenticity) of exchange owners.
Users can trade with utmost confidence as BlockBid is an authentic and registered digital currency platform in Australia operating in full compliance with AUSTRAC’s AML/CTF guidelines. This is critical to the global acceptance of Blockbid as a legal, transparent and compliant platform for crypto traders.
Wide selection of coins
One of the issues of concern to traders and investors is the limited choice of tokens to trade. The implication of this is that traders have to register on multiple exchanges in order to trade variety of coins or tokens. Blockbid aims to bring a wide array of cryptocurrencies to traders on a single platform. Traders will have more coins to trade on the exchange than is obtainable on any other exchange.
Fiat support to boost liquidity
Another imposing issue for many exchanges is the lack of liquidity. Many cryptocurrency exchanges do not support fiat-cryptocurrency trading, and in platforms where this option exists, it is often limited to one fiat and for very few coins. This has made it difficult for crypto investors and traders to the exit market at profitable prices. Blockbid plans to support multiple fiat currencies such as USD, AUD, JPY, Euro and so on, so as to create the necessary liquidity and fiat exit.
High performance and user experience
User experience on some exchanges is discouraging due to the poor speed and navigation experience. The UI of some exchanges are not easily navigable, especially for new traders and investors. As for Blockbid, the platform is built from the scratch up to be scalable to I million transactions per second and also support all categories of traders. This translates to super fast transaction speed on the platform.
Lowest Transaction Fees
One of the important reasons why bitcoin was invented was to drastically reduce the transaction fees on financial settlements. The transaction fees charged by many exchanges on each successful trade are on the high side, even for micro-withdrawals. Blockbid plans to offer the lowest rate available in the digital exchange industry with a flat rate of 0.1% on trades. This is an unprecedented low rate among cryptocurrency exchanges anywhere in the world.
The diverse features planned for release on the platform are definitely going to position it as one of the biggest exchanges in the world. Without much ado, Blockbid is the future of cryptocurrency trading.
To enjoy all these benefits in the next platform release, sign up for early BETA access at https://blockbid.io/beta
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