Bibox is a cryptocurrency exchange platform that was established in China and has since expanded to the USA. The company offers high-speed trading, low fees, and security for traders.
Bibox is a cryptocurrency exchange that has been operating since 2017. It uses the BIX Coin as its token.
Caldwell, Justin contributed to this article. 31 March 2019
If you’ve never heard of Bibox before, don’t worry: you’re not alone. Many engaged with crypto aren’t aware of the exchange or the currency that accompanies it. Cryptocurrency exchanges are increasingly creating their own coins for usage on their platforms, and Bibox is no different.
Binance is arguably the most popular exchange with its own currency. When you first start using Bibox, it will remind you a lot of Binance. Because Bibox has adopted many of the same features and characteristics as the Binance exchange, this is the case.
Bibox, like Binance, has its own native coin, which we’ll be looking at today. If you’re interested in learning more about the exchange, please read our evaluation. The BIX token, which has the same name as the Bibox token, has its own set of characteristics and benefits for people who possess it. As a result, BIX is attractive to both platform users and cryptocurrency speculators.
In the following review, we’ll look at the BIX coin and explain why people thinking about investing in cryptocurrency should think about it. Please keep in mind that none of the material given constitutes financial advice. Make certain you do your own research and draw your own findings.
What exactly is Bibox?
Bibox is a Chinese-based cryptocurrency exchange. Bibox, the exchange and its native coin, were both founded in 2017, which may create some misunderstanding. The coin is often referred to by its ticker symbol, BIX. Investors and holders of the BIX currency benefit from various features and incentives that are unique to the coin. In a moment, we’ll go through it in more detail.
Bibox is a digital currency exchange run by a team of engineers that offers improved encryption and security to its customers. The platform employs cutting-edge distributed cluster technologies, allowing it to handle over 10 million users at any one moment. Developers of the exchange have also developed unique AI capabilities that may be utilized to conduct analytical predictions and computations.
What exactly is BIX?
The Bibox cryptocurrency exchange’s native token, BIX, is an ERC-20 token that operates on the Ethereum network. The BIX token’s purpose is to provide as a source of gas for the Bibox decentralized exchange.
On November 20th, 2017, the Bibox exchange launched the BIX currency. The token could only be purchased using Bitcoin or Ethereum at the time of its introduction. The BIX coin began trading for $0.2647, but only a few weeks later, it was worth $2.67, a 1,000 percent gain.
There are a total of 267,941,449 BIX tokens in circulation, however the original team present during the ICO has locked down 140,000,000 of them. Every year, 20% of these tokens are unlocked, making them accessible to investors and anyone looking to buy additional BIX tokens.
Features of the BIX Coin
Those who own BIX may take use of certain unique features and advantages. The following are some of the main benefits of owning the BIX token:
Holders of the BIX currency get 20% of any net profit made by the exchange. If you take the Bibox website as an example, they state:
“This week’s net profit in Bibox.com is 100BTC; if you own 130000BIX, you’ll get (130000/130000000) *20 percent * 100BTC = 0.02BTC each week. If the trade volume and platform running expenses remain constant, you will get 1.04 BTC each year.”
However, there is a snag. Bibox requires BIX holders to trade on the platform at least once a week in order to get their 20% profit payment. Still, for those that trade on a daily basis, it’s not a terrible bargain.
Discounts are traded
Users who possess BIX on the Bibox exchange may save money on their trading costs. In terms of the BNB token, they are identical to the ones you’ll see on Binance. For individuals that invest in BIX currency, a five-year organized strategy is followed. You can observe how BIX trading discounts are implemented in the box below.
|The first year in college||Trade fees are eligible for a 50% reduction.|
|Second-year students||A 25% reduction is given to trade fees.|
|Third-year students||Trade costs are discounted by 12.5 percent.|
|Fourth-year students||Trade costs are discounted by 6.25 percent.|
|Up until the fifth year||Trade costs are discounted by 0%.|
Those who already own BIX will be able to enhance their existing VIP status. According to Bibox’s whitepaper, the asset calculation for upgrading is one and a half times for customers who hold BIX tokens.
To keep control of the currency, BIX employs its Buyback and Burn strategy. Bibox pledges in its whitepaper that it would “use 25% of seasonal net profit to repurchase BIX tokens.” The BIX tokens we purchased back (up to 300 million total) will be immediately destroyed.”
Bibox, on the other hand, does a poor job of describing what seasonal buyback entails. It would be great if the exchange provided more specific information to its customers, such as quarterly or yearly BIX token buybacks.
Applications that are new
BIX holders are entitled to special benefits such as early access to new apps. Holders of BIX currency not only have first access to new apps, but they also don’t have to pay any fees while using their new features on the Bibox exchange.
What exactly is BIX?
Many internet personalities claim to be members of the Bibox team, including many former Binance workers, the co-founder of OKCoin, and one of Huobi’s founding members.
According to publications that looked into the Bibox ICO, the exchange has two main business activities. One piece is based in Japan and serves as a method of converting bitcoin to fiat money. The other company is an exchange that exclusively trades cryptocurrencies and is based in Estonia.
There are a few team members mentioned, but little or no information about the squad is given. Wanling Wang is a co-founder and now serves as the Bibox Overseas President. Jason is the CEO. Vice President of Market Alicia Pan, Business Development Manager Estella Liu, and North American Region Manager Jian Qin lead the company.
The BIX ICO was launched by the Bibox exchange team in October 2017 and was deemed a success by all parties involved. BIX raised $19 million during its initial coin offering (ICO), which exclusively took Ethereum as payment. Those who bought BIX tokens during the ICO paid about 1800-2000 BIX/ETH.
Bibox also divided up its tokens for usage in the following way at the time of its ICO:
- The ICO is expected to generate 275 million tokens (55 percent )
- The first squad was given 175 million tokens (35 percent )
- Angel investors received 50 million tokens (10 percent )
Those who own the BIX token, of course, want to see it expand and become more widely accepted. That is why Bibox is using a variety of marketing tactics in order to assist the currency perform successfully over time while also surpassing its rivals.
Here are a few of the methods Bibox intends to use in order to attract new users and maintain the popularity of its coin:
- Integrate and list popular, up-and-coming cryptocurrencies ahead of time, before other exchanges can.
- Maintain a social media strategy that is dynamic and engaging.
- When carrying the BIX currency, promote trade possibilities and benefits.
- Offer holders a referral program in which they may earn 50% of the commissions on transactions made by anybody they recommend.
Should I Invest in BIX?
In the end, you’re the only one who can determine whether or not BIX is a good investment. However, here are our views on the BIX token’s advantages and disadvantages:
One of the best things about BIX currency is that it allows you to make money while you sleep. The BIX currency, as well as the Bibox exchange, provide significant advantages to holders. When it comes to the Bibox exchange, if you opt to invest in BIX, you’ll be doing it on a platform that is dependable, safe, and has a significant amount of daily volume.
Bibox also allows users to vote on new currencies before they are posted. You may vote when the exchange wishes to add new cryptocurrencies on its platform if you have at least 200 BIX. Within seven business days, the coins with the most votes will be listed on the exchange.
Don’t forget about the fantastic incentives and prizes available to BIX holders. Those who invest in BIX will benefit from both the profit payment and the trading discounts. Depending on how much you trade on a daily basis, your costs may decrease to nothing.
Bibox is a relatively new business, but it has assembled a team of seasoned engineers and executives. BIX already has a functioning exchange that it can show prospective investors, which distinguishes it from some of its rivals. It has a modest value and has an active and engaged community.
One major disadvantage of the BIX token is that its value is heavily reliant on the Bibox exchange’s development and acceptance. Binance, which is seen as a direct rival to Bibox, is already well-known among crypto consumers. However, there are additional factors to consider that may affect the value of BIX.
For example, competition from digital currency exchanges such as Binance may eat into Bibox’s market share. As a result, fewer people are able to buy and utilize BIX tokens for trading reasons. Another factor to consider is the possibility of a cyber-attack on the Bibox website. While this has not yet occurred, it would almost certainly have a negative effect on the BIX currency if it did.
Finally, although this isn’t a major disadvantage for people who trade often, you must trade BIX at least once a week to qualify for the exchange’s incentives. Although some may argue that they should not be required to log into the exchange in order to get their bonus, it is understandable that Bibox would like to have frequent visitors to their exchange.
Do you need assistance in obtaining BIX coin? Our Bibox exchange instructions will teach you how to do it.
The capacity to fulfill the requirements of its users is the fundamental distinction between a token with no value and one with potential. A token’s worth and potential increase as it continues to meet the requirements of its user base. BIX currency is a gem in the rough from this viewpoint.
This is mainly due to BIX’s ability to tackle many issues at once. BIX tokens, for example, enable users to get access to Bibox VIP features on the site before other users. It also provides VIPs with access to trading tools that help customers on the site trade more efficiently.
Having this kind of advantage is a big plus since it offers investors a leg up on the competition when it comes to day-to-day trading. If and/or when investors buy BIX in order to get access to the VIP tools, the token’s value should rise.
When utilizing the Bibox exchange, the BIX token also helps to reduce trading costs, which will encourage more users to use the token. Given that fees on certain exchanges irritate consumers, it may not be long until the price of BIX rises as more users migrate to the Bibox exchange and invest in the BIX token.
Finally, BIX has steadily risen in the ranks as a result of its high volume. For this reason, as well as many others we’ve discussed, it’s easy to see how BIX might become a desirable asset and lucrative token to own.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
Justin has an MBA from Baker University and is interested in learning more about the real-world uses of blockchain and cryptocurrencies. He is a bitcoin investor with a long history of writing experience. Justin has his own Medium site, https://medium.com/crypto-pilgrim, where you may follow him.
Bibox Token (BIX Coin) is a cryptocurrency that was created in 2017. It can be used to trade on the Qryptos exchange. Quoine is a company that provides services for this token. Reference: quoine review.
Frequently Asked Questions
Is Bibox a good exchange?
Bibox is a good exchange.
Is Bibox available in USA?
Yes, Bibox is available in the United States.
How much will Pundix be worth?
Pundix is currently worth $0.0025 per token.
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