One of the holy books in the world states that there is nothing new under the sun. In as much as this may arguably be true, experiences are different for each generation.
This is the third part of the series, closely examining the mining features of BitMax.io. Click here for parts 1 and 2.
Digital exchanges have recently gained popularity as a result of the growth in the cryptocurrency industry. They function more or less like traditional exchanges, but they are different in more ways than one. Even among the digital asset exchanges, there are a few differences as one study each individually. Some bear more advantages for the traders while other promotes the development of the platform more than the trader.
This may be found in the fine print of most of these exchanges. However, one platform is breaking this norm and is declaring outright its purpose for its existence within the digital exchange space, and that is to serve traders within its platform. BitMax.io is standing uniquely tall among its peers as it is running a digital exchange where trade is virtually free. They have a unique set up that rewards participants within their platform to gain from the trading activities they participate.
Trans-Fee-Mining
Mining, in the traditional understanding in the digital space, refers to the use of energy to unearth tokens belonging to various platforms. It is usually associated with the use of powerful computers and subsequently the use of much power for one to obtain a unit of the desired token. BitMax.io is changing more than just the digital exchange scene; it is also redefining mining through its platform.
BitMax.io is using to make trading much more enjoyable for its clients by being the industry first reverse-mining. Usually, in traditional exchanges, traders are charged certain fees whenever they carry out any trading activity whether successful or unsuccessful. Transactional costs and other costs are generally factored in by these exchanges for them to make some profit out of trading activities. BitMax.io redefines this by rewarding its trading members with BTMX, the native token of the BitMax.io platform, whenever they carry out successful transactions. The amount of BTMX rewards is usually equivalent to the transaction fee that was charged during the trade. This, therefore, means that trading activities within BitMax.io are virtually free as the BTMX tokens can be used to pay for other services within BitMax.io.
This move by BitMax.io makes for the best argument as to why traders should consider BitMax.io over any other traditional digital asset exchange platform.
How Trans-Fee-Mining Works
Basically, instead of just charging traders for trading activities within BitMax.io, traders’ accounts are credited with an equivalent amount of BTMX. This encourages traders to participate more in trading activities that result to them gaining more BTMX, therefore, being able to virtually transact within BitMax.io for free!
BTMX has more uses within BitMax.io than just settling transaction bills. It can also be traded for other cryptocurrencies that support BTMX. This, therefore, means that traders can make even more while using BitMax.io’s platform. Trading in BitMax.io creates more than one source of revenue for traders which is an enticing and legitimate reason why any cryptocurrency trader should consider using BitMax.io as their primary trading platform.
BitMax.io’s Mining Specifications
A trader has various options when it comes to using BitMax.io as a tool for trading. There is the Regular Trading which is trading the traditional way where a percentage of the trading amount is charged a transaction fee. Traders can opt into or out of this trading program. The other trading program is Trans-fee-mining which involves mining of BTMX through trading activities within BitMax.io’s platform. Traders get rewarded with BTMX after payment of transaction fees. The reward is equivalent to the transaction fees paid by traders.
Within Trans-fee-mining, there is Reverse Mining which is a reserve for Makers where BitMax.io will pay for transaction fees for a trade executed within the platform in exchange for BTMX of equal value to the transaction fees paid.
Makers here refer to those traders who make their orders and these orders make it to the order book where they can be matched. Makers differ from Takers in that takers make orders that are wholly or partially filled before they make it to the order book.
Design Specifics for Trans-fee-mining
Trans-fee-mining may easily lead to a loss in value of BTMX if not controlled or regulated. Therefore BitMax.io came up with details of how this reward system will work. They include but are not limited to:
Token supply regarding output and mining will be monitored to preserve the value of the BTMX token.
BitMax.io wants to encourage trading methods that will promote liquidity within the platform. Therefore innovative ways are being crafted to support such types of trading within the BitMax.io platform.
Mandatory lock-ups will be enforced where large trades have occurred to safeguard the value of BTMX.
Various methods will be used to encourage the holding of BTMX which will also help in improving or maintaining its value.
There are various ways BTMX can be utilized within BitMax.io and BitMax.io has made sure of that by making it the only utility token useful in its platform.
In order to find further information on BitMax.io’s mining features, please follow this link.
#BitMax.io #Testnet #Mining #Publictest
Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advise in any situation. Please remember to DYOR before making any decisions??
♂️Hi, my name’s Sal.
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