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Stars of Ireland’s Dragon’s Den Used for Bitcoin Scam Website Without Their Knowledge

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The stars of Ireland’s Dragon’s Den — Gavin Duffy, Eleanor McEvoy, and Eamonn Quinn — have been dragged into a Bitcoin scam after photos and quotes falsely attributed to them were used in a fake online ad. The advertisement is for “BitCoin Trader,” a cryptocurrency trading site that appeared on the BBC and the Guardian websites before being taken down.

The online advertorial tells a detailed but fabricated story of how the Dragons apparently made millions by investing in BitCoin Trader, but it’s all a scam. It purports that two best friends appeared on Dragon’s Den and pitched their idea for a cryptocurrency trading website which sparked a bidding frenzy among the TV stars. The ad then encourages readers to invest money in the website themselves, with the minimum stake set at £250 ($350).

Upon discovery, the three Dragons appeared on RTE’s Joe Duffy to inform the public that they never invested in the fraud and were shocked that their faces and names were used being used without permission.

Dragons Speak Out

“They’ve lifted pictures, footage and our names from RTE’s Dragon’s Den and portrayed it as if it’s on the Australian Dragon’s Den where two guys came in to pitch a Bitcoin Trader website,” one of the stars, Gavin Duffy said.

“The whole story actually reads very well if it wasn’t completely fake. I know it’s not true but I’d imagine if you’re somebody in the UK you could easily be duped by this.”

“It is a total scam. I contacted the BBC but trying to get these things down off websites, because it’s a paid for ad by the people behind this scam to give a sort of official veneer, then overnight people were kind enough to give me a heads up that it’s on the Guardian website as well.”

Fellow Dragon Eleanor McEvoy, who also featured in the false article, said:

“It’s absolutely disgraceful that these things can happen… But what do you do when these things happen and god forbid anyone has invested any money in after seeing our names, god that would be terrible.”

Bitcoin Trader

Advertisements for BitCoin Trader describe the “platform” as follows: “Bitcoin Trader is designed to allow the average person to make millions in profits with bitcoin, even if they have no investment experience at all. All the user has to do is make an initial deposit, purchase a position in bitcoin, and wait for the automated trading algorithm to work its magic. Bitcoin trader operates using artificial intelligence, and keeps learning and learning after it is activated.”

It goes on to explain how the process is supposed to work: “The platform charges a commission of 2% on any profits the user generates. They also require you to make an initial deposit of 250 pounds, which the program uses to start trading. Bitcoin Trader makes money by purchasing when the prices go up and down. This is called “short selling” and the platform does it for you automatically.”

Unfortunately, these descriptions of BitCoin Trader may have lured some unsuspecting victims in, as the information presented on the site seems authentic and straightforward. At the moment, no further details have been released regarding the scam, and it’s not clear who created it or whether or not those people were successful in making any money.

The fraudulent move comes as cyber-criminals across the globe are finding increasingly novel ways to net illegal profits by taking advantage of the mainstream media attention cryptocurrencies have been receiving over the past year. 

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Shock Bitcoin Data Reveals Stark Ethereum, Litecoin And Ripple XRP Warning

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Tech Bureau Europe

Bitcoin’s dominance, a measure of bitcoin’s value compared to the wider cryptocurrency market, is hovering around 70% after climbing this year, according to CoinMarkCap and most traditional measures—a level not seen since April 2017.

The bitcoin price has been treading water over recent months after surging higher earlier this year as many bitcoin rivals, including ethereum, litecoin and Ripple’s XRP, struggled to make similar gains.

However, the market may be even more weighted towards bitcoin than previously thought, with shock research suggesting bitcoin’s real dominance may be above 90%.

Researchers found that if bitcoin’s dominance is adjusted for liquidity by calculating the volume-weighted market capitalization it soars to over 90%, reducing the rest of the cryptocurrecy market, including major tokens ethereum, Ripple’s XRP and litecoin, to a combined less than 10%—and making their ultimate success more unlikely.

“Every day bitcoin stays ahead, it becomes less likely that any other cryptocurrency can compete as a money,” warned Bendik Norheim Schei, an analyst at Arcane Research, who carried out the study.

“That is important to understand not only for investors and those building out payment infrastructure, but also those building out solutions leveraging the security of a public blockchain.”

Bitcoin currently has a market capitalization of $180 billion, compared to ethereum’s $20 billion, litecoin’s $4.5 billion, and $11 billion for Ripple’s XRP.

“The main reason is that one could easily create a cryptocurrency with 1 billion premined coins, and do one trade at say three dollars each,” Schei wrote. “This would lead to a total market capitalization of $3 billion, which would represent 1% market dominance with today’s valuations and inflate the total market capitalization.”

“The problem is that the calculation does not take liquidity into account. One might be able to sell one token for three dollars, but what happens if you want to sell 1 million? Without accounting for liquidity, market capitalization becomes a meaningless measure.”

Researchers found similar results when looking at the 10 exchanges identified by Bitwise as those having “real” (not wash trade) volume and if using volumes as recorded on CoinMarketCap, excluding stablecoins.

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Israeli Bitcoin Holders Take on Banks

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Israeli

A freedom of information petition has been filed demanding that the banks reveal their policies on accounts for proceeds of cryptocurrency trading. Holders of digital currencies in Israel, whose numbers have been growing by leaps and bounds in recent years, have an acute problem. In many cases, the local banks refuse to allow them to open an account in which to deposit money obtained from the sale of bitcoin or other cryptocurrencies.

It appears, however, that local bitcoin holders have reached the limits of their patience. They have begun to take action against the banks’ refusal to cooperate with them. Several lawsuits have recently been filed against banks that refused to deposit customers’ money from the sale of a digital currency, people trading in bitcoins are demanding that the Bank of Israel and the commercial banks should make their policy in this matter public.

A major step on the issue was taken this week with the filing of a freedom of information petition in the Jerusalem District Court by the Israel Bitcoin Association asking that Bank of Israel should be required to disclose to the Bitcoin Association copies of policy documents from each of the banks in Israel concerning money from digital currency, sources inform “Globes.” Bitcoin Association chairman Meni Rosenfeld told “Globes” this week that the Bank of Israel had refused the Bitcoin Association’s request to require the banks to publish their policy on digital currencies, saying that this constituted “commercial secrets.”

The Bitcoin Association earlier issued a call to local holders of bitcoin asking anyone with relatively small amounts of digital currency whose bank had refused to deposit money in their accounts to contact the Bitcoin Association for the purpose of taking legal action in the matter. Holders of small amounts of digital currency were specified because these individuals usually lack motivation for taking their own action against the banks because of the heavy costs involved.

Sources further inform “Globes” that the Bitcoin Association is now funding a legal proceeding aimed at enabling a customer of Union Bank to deposit money from the sale of bitcoin in his account. This petition states: “The bank did not conduct an examination of the petitioner’s specific circumstances. As far as the bank is concerned, the fact that the money came from the sale of bitcoin is enough to rule out in advance the option of depositing it in the petitioner’s account.”

No court in Israel has yet issued a ruling requiring a bank to accommodate activity by a customer dealing in digital currencies. Nevertheless, last June, as reported by “Globes,” Bit of Gold, an Israeli company, posted a significant achievement – a compromise settlement with Bank Leumi bearing approval from the Supreme Court. Under this agreement, which reversed a ruling by the District Court, Bit of Gold can continue holding its account at the bank for purposes of digital currency trading.

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Seoul to Release Native Cryptocurrency by November in Blockchain Smart City Transition

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Seoul

Seoul is nearing several significant milestones in its journey towards becoming a blockchain smart city, blockinpress reports. By November, it aims to have the following in place:

  1. Public services accepting Korea’s national blockchain ID system as valid documentation.
  2. A blockchain system for managing part-time worker labour contracts, insurance and work history.
  3. A native city-wide cryptocurrency, dubbed S-coin.

According to blockinpress, S-coins will be redeemable for rewards and given to citizens when they use public services and participate in citizenship duties, such as paying taxes and participating in public opinion polls.

Beyond that, the potential applications of a digital currency such as S-coin are almost limitless, as a way of shaping people’s behaviour and streamlining interactions in the smart cities of the future.

The value of S-coin

To understand the value of the S-coin – the real rather than speculative value – it’s important to understand that one of the guiding principles of Seoul’s smart city program is to put engaged citizens at the centre of everything. After all, a city (and the entire planet for that matter) is for the benefit of its inhabitants first and foremost.

A native cryptocurrency is an excellent way of incentivising desirable behaviour in an organic way.

As people have previously said, government incentives have historically been oriented almost solely around punishments. Citizens behave because they get punished if they don’t. But just about every piece of behavioural research on the planet says a combination stick and carrot approach is by far the best way to instil desirable behaviour in humans and other animals.

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Iran Announces New Rules to Regulate Cryptocurrency Market

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Iran crypto

New rules have been introduced by the Iranian government for regulation of cryptocurrency market as more people become interested in mining digital coins as a way of accessing international currencies at the time US sanctions.

A bill ratified by the Iranian Cabinet and released on Sunday said that the government will not recognize as lawful any trade activity carried out inside Iran involving cryprocurrencies.

It said the government and the banking system would not view the digital coins as legal tender and the Central Bank of Iran would not guarantee their value.

However, the bill said mining digital currencies would be allowed inside Iran under certain conditions, including if miners obtain the approval of Iran’s industry ministry, do not mine the currencies inside a 30-kilometer boundary of all provincial centers except for the capital Tehran and the central city of Esfahan where tougher restrictions apply.

It said the miners should also observe rules set by Iran’s standardization and communications authorities for mining machines, adding that certain fees will be applied for the energy used for mining the currencies.

Discussing the fees, the bill said authorized mining farms should be charged for the electricity, or the natural gas used to generate electricity, based on prices applied for the export of energy from Iran.

It said mining farms would be taxed like industrial manufacturing units unless the owners return the money earned from the export of their digital currencies back to Iran’s economic cycle.

The bill said Iran’s ministry of industry shall be free to devolve its powers to authorities in special economic zones if foreigners want to set up mining farms in those areas.

The new rules comes more than a month after reports suggested that mining farms were mushrooming across Iran in places where subsidized electricity was on offer.

Authorities had hinted in the midst of a crackdown on those farms that they would recognize cryptocurrency mining as it could ease government’s access to sources of foreign currency at a time of US sanctions.

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PrimeXBT Meets Growing Demand for Bitcoin Margin Trading with New iOS App

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Over the last few years, the popularity of margin trading in the crypto industry has grown extensively and blossomed into its own competitive space of well-established crypto exchanges all vying for a slice of the pie.

But one trading platform, again and again, stands out from the rest of the pack. PrimeXBT has repeatedly taken steps to improve its value proposition to traders in the market, offering advanced trading tools, and an ever-growing list of financial assets that include crypto, forex, commodities, stock indices, and more.

PrimeXBT Launches New iOS App Following Successful Android Launch

Ahead of even more features hitting the platform with a planned copy-trading module through a partnership with Covesting, PrimeXBT has rolled out the iOS version of their mobile app, following the success of the Android app release.

After the Android app released on the Google Play store, traders voiced their desire for PrimeXBT to launch an iOS counterpart, so iOS users could access the advanced trading platform while on the go from their iPhones and iPads. Apple devices are among the best selling smartphones and tablets on the market, with hundreds of millions of customers across the globe, many of which are PrimeXBT clients.

PrimeXBT quickly responded by providing traders with the tools they need most and launched an iOS app last week.

App Launch Represents Milestone Moment for PrimeXBT

The mobile app release represents a milestone for the brand – a culmination of months of work coming to a climax. PrimeXBT has expanded from five of the most popular crypto assets – Bitcoin, Ethereum, Ripple, Litecoin, and EOS – paired against USD, to a full slate of crypto/BTC pairs, commodities, stock indices, and 18 of the world’s most popular forex currencies.

The company also secured a partnership with Covesting to bring its cutting-edge copy-trading technology to PrimeXBT through the Covesting module. Soon, traders will be able to launch their own fund, amass a following, and discover new income streams from their regular trading daily activities.

Through regular, impactful updates, listening closely to their client’s needs, and providing the most stable and secure experience in the Bitcoin-based margin trading space, PrimeXBT has seen its trading volumes surge, and new user registrations spike.

The boost is two-fold, PrimeXBT is gaining popularity through word of mouth over the trading tools, assets, and lucrative referral system, but also due to traders fleeing BitMEX over fears of shutdown or worse.

What to Expect from the PrimeXBT iOS Application

The PrimeXBT iOS app has all of the same features of the desktop experience with a slightly modified UI that’s just as simple-to-use an easy-to-understand. All available assets are included for trading at up to 100x leverage (up to 500x for forex trading), and performance can be tracked in real-time.

Traders will be able to do everything from read charts, to place and modify orders, set stops and take profit prices, and so much more.

The iOS app is available on the Apple App Store for iPhone and iPad. An Android app is also available on the Google Play Store. Both are offered to clients for free as a courtesy from PrimeXBT and a genuine urge to give their clients the best possible options for success.

Because Bitcoin-based margin trading has grown into a sort of industry and competitive space of its own, it demonstrates just how far ahead the trading platform is compared to the rest of the participants in the market.

How PrimeXBT’s iOS Stacks Up to the Crypto Competition

The main leaders in this area, are BitMEX, PrimeXBT, ByBit, and Deribit. Other platforms such as Poloniex, OKEx, and even the recent addition of merging trading on Binance, offer anywhere from 2% to 5% leverage, making them a poor option for those seeking more from a trading platform.

Out of the Bitcoin-based margin trading leaders, only PrimeXBT and Deribit offer iOS applications for their clients to manage their positions and portfolio while on the go. Oftentimes, during extreme volatility, mobile sites can be difficult to work with making a native iOS or Android mobile app extremely valuable to traders. But only PrimeXBT and Deribit make things easy for their clients.

But when comparing Deribit to PrimeXBT in terms of overall features offered, there is no competition. While Deribit may not lack an iOS app as the others do, they only offer Bitcoin trading – no additional crypto assets or financial assets are included for trading on the app, or on the platform at all for that matter.

Due to the clear advantage PrimeXBT has over the others, the addition of the iOS app is the metaphorical icing on the cake of an already attractive trading platform, designed for the world’s best and most profitable traders.

Conclusion

With PrimeXBT so far ahead of the competition both in terms of accessibility and purely from a features perspective, the trading platform becomes the most logical choice for traders seeking the most from their trading experience.

From advanced trading tools, an iOS app, to an unparalleled diversification opportunity, and so much more, PrimeXBT should be a regular part of any trader’s arsenal of profit-generating tools, and this new iOS app makes it even easier and faster to access those tools.

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Paxful Is Building Infrastructure for an Era of Finance Fueled by Bitcoin

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Paxful

Paxful has been making it easier and safer for the world to buy bitcoin since 2015. By connecting buyers and sellers to one another, Paxful cuts out the middleman while broadening payment options and is available almost everywhere in the world. In 2019, bitcoin is well on its way to becoming a universal currency, offering its users an unprecedented degree of financial control and freedom. Paxful is here to ensure that those who want bitcoin can get it safely, securely, and at a fair price.

Describing themselves as “PayPal + Uber,” Paxful is a peer-to-peer digital marketplace where people can trade bitcoin directly with one another, accommodating over 300 different payment options. Bitcoin can be purchased instantly with debit, credit, cash, PayPal, or just about any currency, as well as with a wide selection of gift cards and other digital currencies. This means that unlike traditional bitcoin exchanges, Paxful customers don’t need a bank account in order to buy and sell bitcoin. This makes it a great utility for the 2.5 billion people in the world that have limited or no access to conventional financial services.

Paxful1

Paxful isn’t just a business 

Since its inception, the Paxful team has been working hard to promote the usefulness of bitcoin as a digital monetary instrument, spreading awareness of its ability to empower those looking for alternatives to traditional banking systems. Whether it’s for investing, trading, spending, or even funding a business, Paxful is on a mission to increase understanding of the many beneficial uses of bitcoin on a global scale, providing people with a simple, fair, and secure platform for trading bitcoin in the process.

In 2018, Paxful launched the #BuiltwithBitcoin charitable initiative to demonstrate bitcoin’s ability to help people around the world. Paxful set a goal to build 100 schools, water wells, and community gardens for sustainable agriculture all across the continent of Africa and funded entirely by bitcoin donations. On July 18 of this year and in honor of Nelson Mandela International Day, Paxful donated over 13,000 South African rands worth of bitcoin to the GROW with Educare Centre project as their first charitable contribution to South Africa. 

Projects like these demonstrate the usefulness of bitcoin as not only a currency but a successful vehicle for the development of remote regions around the world.

Whenever a new customer signs up with Paxful, they receive a free digital wallet that allows them to send, receive, and store bitcoin. They are also given access to a highly responsive 24/7 customer support system, with every trade protected by Paxful’s secure escrow service. Those who are planning on introducing their friends and family to Paxful are encouraged to take advantage of their generous affiliate program, which rewards users for referring new members.

In short, Paxful is building the infrastructure for the next era of finance and economics. They are committed to bringing financial inclusion to the underbanked and unbanked through peer-to-peer finance, making the most out what Bitcoin technology has to offer. Through connecting bitcoin with several other financial systems and instruments of value, Paxful serves as a universal translator for money, rendering their goals in line with Satoshi Nakamoto’s original intentions for that which bitcoin should be used.

Opening your own Paxful account is an extremely simple and straightforward process. To get started, visit their website by clicking here and choose the “Create an Account” menu option.

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Earn Interest on Bitcoin and Other Cryptos with Amon

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Amon

Take a step back and acquire interest on your crypto wallet; whether you are holding Bitcoin or other cryptocurrencies, the Amon Earn product allows you to earn interest for simply depositing cryptos. Instead of storing assets in an exchange such as Binance or Coinbase you simply deposit them in the Amon Wallet – doing so you will earn a percentage of interest every week.

What is Amon Earn About?

With more than 95% of crypto users using digital currencies as part of their investment portfolio, a smaller number spend cryptocurrencies day to day – the future remains bright for crypto finance.

So what has Amon done to help crypto investors and users? As easy as it sounds, they created an innovative Earn Product – by placing your cryptocurrencies in the Amon Wallet you can earn interest every week.

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Whether you are adding Bitcoin (BTC), Ethereum (ETH) or LiteCoin (LTC) to your Amon Wallet it is really very simple – every Monday without fail you will receive an additional interest payment for those currencies – you can earn more with Amon.

And these are not the only cryptocurrencies, you can earn interest on more than 15 other cryptocurrencies!

How Does Amon EARN Work?

You might be wondering how Amon is able to provide interest from your deposited funds? It is quite straightforward – Amon has some great partnerships with Hedge Funds, professional trading companies that require large amounts of capital to place their trades. They borrow cryptocurrencies to third parties to pay their capital interests.

Amon keeps only 20% of the proceeds and shares 80% with the community. Amon Earn is both easy and straightforward:

  • Deposit your digital currencies in the Amon Wallet
  • You will receive interests on deposited funds every Monday
  • Want to withdraw? No problem – there is no locking period
  • 20+ Coins – Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), BitcoinCash (BCH), LiteCoin (LTC), DASH, and other coins in the pipeline.

How do I Calculate my Interest?

Wondering how much you can earn? With the Amon Calculator, you can work out the potential interests from your deposited crypto funds.

Simply insert the type of cryptocurrency you want to estimate as well as the amount and the calculator will give you an assessment of the weekly, monthly and annual yields that you could receive.

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Based on market conditions the level of interest may change a bit, on average Amon Team estimates a yearly yield of 3-10% per annum.

The rates are updated every week and displayed on the APP.

What Else Can You do with the Amon Wallet?

The Amon Wallet is not just an interest-earning wallet, it is much more. You can also use the wallet to:

  • Buy & Sell over seven cryptocurrencies
  • Deposit / Withdraw Euro with a unique Virtual IBAN
  • Exchange crypto-crypto and crypto-Euro
  • Track the performance of your coins
  • Pre-Order Card, Amon is shortly launching a debit card with a fully integrated powerful AI System to convert cryptos at the time of purchase

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Who is Behind the Amon Wallet and How Secure is it?

The Amon Wallet is secured by the SEC regulated provider BitGo. BitGo is a supplier of custodial services that works with the top blockchain companies around the globe, handling millions of transactions and crypto assets. For additional piece of mind, they are also insured for up to $100 Million against loss and hacks.

As a top-level partner known for its reliability, Amon decided to work with BitGo to provide real security for the users – your funds have never been safer in the Amon Wallet.

Who is Amon? Starting its journey in 2017, Amon raised $1.5 Million via a successful ICO – in March 2019 Amon was proud to announce that they joined the Innovation Fund of MKB Bank, the fourth largest bank in Hungary.

Amon Vision and Awards

Amon’s journey started in November 2017 when they began to build a unique Wallet that offered unrivaled services.

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Over the past year and a half Amon has been able to create different products for the needs of different crypto users:

  • By holding your cryptos you can use the Earn product and make good interests
  • You can buy Bitcoin or cryptos with Euro/swap between different cryptos – Amon is connected with a number of different exchanges and provides only the best rate for your exchange
  • Amon will also be releasing a debit card backed by the Amon AI system to optimize users spending at the point of sale

Amon is proud to announce that they were awarded the Top Disruptive Company in 2019 at the Malta Blockchain Summit in May 2019 along with two other important projects, Bitcoin.com and HoloChain.

If you have queries, please do free to drop them a line at hello@amon.tech or join the Amon community on the Amon Telegram Group.

Download the Amon App on iOS, Android or use the Web wallet.

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Exchange Token BIKI Poised to Continue Upward Surge

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Bitcoin-29000

The first half of 2019 has seen good performances from platform currencies BNB, OKB and HT. Not resting on its laurels, the BiKi token (BIKI) reached a peak of 0.1394 USDT on July 5th, an impressive increase of 44 times over the course of 6 months, an indication of investor demand and recognition of the token’s value.

Primarily used to pay for services and fees when trading on the exchange, using BIKI grants the trader discounts over using other payment methods on the exchange.

BIKI follows the 4 principles of “daily buyback, quarterly burn, tokens in locked position, steady deflation”. This motto guides the platform’s goal of bringing value to BIKI through a three-step process.

Reduced Supply from Buybacks

BiKi.com has pledged to use 100% of its platform fees to repurchase and burn the token until it decreases to a supply of 100 million from its initial token issuance of 1 billion. BiKi repurchases tokens on a daily basis and burns them quarterly.

Currently, BIKI’s apportioned repurchase is five times that of BNB and HT, an indication of BiKi’s commitment to creating value for its platform token. It is also a statement of its ambitious positioning of BIKI against other platform tokens. BiKi’s scheduled coin burn on July 1st destroyed 70 million BIKI, a market value of approximately USD 7.5 million. To date, a total of 344 million BIKI has been cumulatively burned, which accounts for 34.4% of the total supply.

Lowered Liquidity from Locked-in Partner Positions

BiKi’s Community Partner Program requires its partners to lock in at least 30,000 BIKI for 1 year (with 10% interest) to be eligible for 60% cashback on trading fees as well as a host of bonus rewards, dividends and token airdrops. The program incentives invariably attract an influx of partner members which is a good source of investor traffic to the platform. The locked position also prevents extreme inflationary pressures on BIKI prices, preventing the formation of economic bubbles. According to reports, there are presently locked-in positions of more than 50 million BIKI, accounting for 15% of the overall circulation.

Both aforementioned steps are instrumental in reducing the total token supply in circulation, thereby increasing the token’s value and subsequently creating demand for it.

Blockchain Companies Biki

Increased Demand from Additional Use Case Scenarios

The value of a platform token is intrinsically and inextricably tied to the developments on the platform and BiKi is no different. BiKi has announced that it will launch a BIKI transaction pair in the future, whereby projects will then raise funds in BIKI instead of in ETH. This move once again increases demand and value for the token simultaneously.

While many other platforms regard the fees that platform currencies bring in as profits, BiKi has devoted 100% of its fees to buybacks in a bid to raise the value of its platform currency. High quality platform coins strengthen trading platforms and attract more users and investors to the platform.

Six months into 2019, BiKi’s unique set of implemented strategies has indeed given the token a strong start thus far. Decreased supply has inevitably increased demand, and the token has established a generally upward trajectory in value and looks poised to continue its upward surge. More users and investors on the platform results in more community partners (and in turn more referrals) who believe in the rising value of the locked-in BIKI token – a self-sustaining cycle that guarantees the vitality of the platform. All of this can only be good news for listed projects who can tap into the strong framework and growing user base of the exchange.

About BiKi.com

Headquartered in Singapore, BiKi.com is a global cryptocurrency exchange that provides a digital assets platform for trading more than 100 cryptocurrencies and 220 trading pairs. Since beginning operations in June 2018, BiKi.com is considered one of the fastest-growing cryptocurrency exchanges in the world with an accumulated 1.5 million registered users, 130,000 daily active users, and daily trading volumes of USDT 20 – 100 million.

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BiKi.com Compares Favorably Against Top Exchanges Binance, OKEx and Huobi

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Exchanges

The numbers are in and fast-growing exchange BiKi.com is proving it is no flash in the pan. According to official reports, BiKi.com’s revenue figures in the second quarter exceeded USD 15 million, which is a 500% increase when compared to figures from the first quarter. This works out to one-eighth of leading exchange Binance’s reported Q2 revenues.

BiKi’s June trading fees is also currently 20% of OKEx’s. Its total registered users have now reached 1.5 million, with 130,000 daily active users, numbers which are comparable to top tier exchanges like Huobi. The trading platform now provides 220 trading pairs and ranks amongst the top 20 on exchange ranking sites such as  Feixiaohao and Mytoken.

BiKi.com has continued to forge an impressive progression since it began in June 2018 and this has attracted investments of nearly USD 10 million the past year from investment institutions and individuals the likes of Du Jun, Zhu Huaiyang (Genesis Capital), FBG Capital, and ChainUp.

Cryptocurrency exchanges generally operate within an extremely competitive environment and many exchanges undertake wash trading to maintain their competitive edge. BiKi.com claims it does not practice wash trading and attributes its success to two factors – project selection and how it gains and retains market share.

Project Selection

BiKi adopts an astute set of criteria when choosing projects to list and one of them requires that all listed projects have strong communities of token holders behind them. This is contrary to cryptocurrency exchanges who charge high listing fees and then have to rack their brains to bring in users to trade. As was the case with FCoin Exchange, the “Transaction Mining” mechanism devised by its team did indeed attract a huge user base within a short period of time. However, once the dividend period was over, it was simply a matter of time before its user base had all but dissipated.

BiKi chooses its projects wisely – listed projects on BiKi have large communities and frequent traders who possess diverse assets. Additionally, BiKi already has 5 Wechat community leaders with over 1 million followers who are community token holders and over 10 Wechat community leaders with over 100,000 followers, which contribute to 80% of the exchange’s traffic volume. By leveraging on the strengths of its projects and BiKi’s own strong Wechat communities, BiKi has managed to carve out a fast track to gaining liquidity and trading volume.

BiKi’s strategy of maintaining long term relationships with venture capitalists and investors ensures that BiKi has opportunities to either list top tier projects on a moment’s notice, or be the first exchange to list a certain project. As a result, BiKi’s users have access to a wide variety of high quality tokens to trade –  clearly a factor why BiKi has emerged as the industry dark horse.

Conversely, projects who list on BiKi see the exchange as a stepping stone to gain a new level of recognition in the industry. Listing on BiKi has become somewhat of a yardstick measure of project quality, aided in no small way by BiKi’s 130,000 daily active users who organically generate demand for their tokens.

Gaining and Retaining Market Share

The sustainability of an exchange is actually not dependent on its current profitability, but on its ability to retain its users and effectively recruit new ones. BiKi was the first exchange to acquire users through its ‘community fission’ model, which is a way of scaling communities using recommendations from present users to attract more users.

Blockchain projects cannot succeed without strong communities, and the network dynamics BiKi uses to acquire users are one of its core competitive advantages. Presently, BiKi has more than 200 official community groups, more than 100,000 community members, and is still growing at a rate of 300 new members per day.

Using its “Community Partners Programme” to attract new users daily, BiKi currently has over 1000 Community Partners and is increasing at a rate of 30 per day. BiKi’s targeted 10,000 Community Partners within 2019 is estimated to bring with them 500,000 new users to the exchange.

Similar to Chinese e-commerce platforms Yunji and Pinduoduo, BiKi’s Partner Program rewards Community Partners who introduce more active users to the platform. The ‘community fission’ model shifts the responsibility of customer acquisition to present customers themselves and its inherent network dynamics builds a base of new users that continues to ‘grow’ other users.

What is important to note, though, is that despite the program restricting the network to only two tiers of membership, the efficacy of this model speaks for itself – BiKi has managed to amass 130,000 daily active users and USD 15 million in Q2.

During a bear market, BiKi.com acquired 1.5 million registered users on the exchange, setting an industry precedent in user acquisition. BiKi’s strong base of relationships and users provides a clear value proposition that projects can tap into to reach their milestones. The exchange continues to welcome projects to join the growing community of choice projects currently listed on BiKi.com.

About BiKi.com

Headquartered in Singapore, BiKi.com is a global cryptocurrency exchange that provides a digital assets platform for trading more than 100 cryptocurrencies and 220 trading pairs. Since beginning operations in June 2018, BiKi.com is considered one of the fastest-growing cryptocurrency exchanges in the world with an accumulated 1.5 million registered users and 130,000 daily active users, ranking within the top 20 exchanges globally.

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Cuba Studying Cryptocurrency as Part of Economic Crisis Measures

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Cuba’s Communist government said on Tuesday it was studying the potential use of cryptocurrency as part of a series of measures to boost its economy amid a deepening crisis exacerbated by U.S. sanctions. Cryptocurrency, which allows financial operations to be carried out anonymously, has been used in the past to get around capital controls. Cuba’s top ally Venezuela introduced a cryptocurrency last year aiming to avoid U.S. sanctions and weather hyperinflation, although it never properly got off the ground.

Cuba’s inefficient state-run economy is facing a crisis due to a sharp decline in Venezuelan aid, lower exports and the tightening of the decades-old U.S. trade embargo under President Donald Trump.

The new measures, announced on a roundtable on state-run TV by President Miguel Diaz-Canel and his government, will raise income for around a quarter of the population and deepen market reforms of one of the world’s last Soviet-style command economy’s started by the island nation’s previous president, Raul Castro.

The aim is to raise national production and demand in order to boost growth as U.S. sanctions target tourism and foreign investment. Diaz-Canel, working to establish his legitimacy after assuming the presidency in April 2018, said the government was working on the details of the implementation.

“We are studying the potential use of cryptocurrency … in our national and international commercial transactions, and we are working on that together with academics,” Economy Minister Alejandro Gil Fernandez said.

The most popular measure in the new package will likely be the hikes in some pensions and wages for workers in public administration, social services and state-run media, bringing the medium monthly wage in those sectors up to the equivalent of $44.5 from around $25 previously.

Many Cubans say the measure still will not be sufficient to breach the gap between salaries and the cost of living. Nonetheless it should boost purchasing power, as long as inflation is kept in check.

“It’s not ideal, but it’s an advance,” said Pavel Joaquin Hernandez, 46, a general practitioner who will go from earning the equivalent of around $40 per month to $64.

Cuban economist Omar Everleny said the raise was crucial given how demotivated workers were, with many emigrating.

“For the first time, (the government) is linking the fact that everything can be achieved if workers are motivated,” he said.

Gil Fernandez said the government was also broadening a series of measures aimed at decentralizing and thus improving state-run company performance and stimulating local production, substitution of imports and increasing exports. For example, he said, financial service companies would be established to provide cash in the face of opportunity more quickly than the centralized planning system.

The government would also expand a system allowing some companies to keep a percentage of the hard currency they earn in order to reinvest it immediately rather than have to apply for credit.

State companies, agricultural entities and other economic actors that supply a growing number of firms in the Mariel Special Economic Zone, a project resembling China’s first capitalist oasis, would receive a percentage of sales in hard currency, Gil Fernandez said.

The government was also studying how to allow the growing number of small private businesses to export through the state-run businesses, he said.

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