We conducted a small interview with authors of the new ICO project – Bistox Exchange. Bistox team consists of professionals coming both from cryptocurrency niche and financial sector which guarantees a diverse view on the current events shaking the world of virtual money.
What’s going on with Bitcoin and the market generally?
In 2017 the total cryptocurrency market cap almost hit one billion dollars, with the Bitcoin price skied up to $20,000. It all seemed that the growth will never stop and the happiness will never end. Everyone was passionately arguing about Bitcoin price predictions and the famous influencer John McAfee even promised to eat his own genitalia if the Bitcoin price will not reach million dollars. But miracles do not happen. The whole market plummeted as rapidly as it was growing; and the Bitcoin by no means is responsible for it, Bistox creators claim.
What’s wrong with the current cryptocurrency exchanges?
There are more than 1.5 thousand altcoins and tokens exist in the market today, and the lion’s share of the trade is held on the top 5 cryptocurrencies exchanges. Out of this top 5 only one exchange is regulated by the US government and keeps it’s operations crystal clear for users. While the rest function behind closed doors and the majority of users have no clue how the business is managed, and who is behind it all.
Who benefits from it?
The answer is obvious, creators claim. Former miners, who made a fortune on the Bitcoin mining back in 2008. Back then it was fairly easy to mine 200-300 thousand Bitcoins in a few years, that today have turned those ex-miners into cryptocurrency millionaires. Taking into account the relatively small Bitcoin trading volume, no surprise that a few big shots can play with the exchange rate as they want. Generally, cryptocurrency market is still a village and no matter what the next blockchain project will be in terms of speed and high-technologies, nothing will change until big investors enter the market.
What do big investors need?
The largest obstacle that big guys face, when entering the crypto world is the lack of trust and security on the market. Several security breaches and hacks have shown how vulnerable the crypto-currency market is to malicious players. In 2017 the total loss from these fails have almost reached one billion dollars. Hence, it becomes obvious that no single professional investor will risk his money and will barely held more than one million dollars on the exchange system, that exist today. Does it mean that the crypto ecosystem is not ready to welcome serious investors with big sums of money? Definitely yes, Bistox creators answer.
What does Bistox team want to change?
Bistox team sets impressive and ambitious goal to systematize and set high security levels to guarantee a warm and safe welcome to institutional investors in the crypto world. Bistox is not only trying to ensure these goals achieved on the exchange, but to contribute to the crypto society as a whole, and initiate new standards in terms of security and regulations. With the clear structure and safe procedures, the cryptocurrency market has a great potential to move from the Wild West anarchy with self-defined rules to the new financial and economic milestone.
What’s the difference between Bistox and hundreds of other exchanges?
- Publicly published audits of funds and financial operations following the example of the most respectful stock exchanges.
- Bistox is registered and licensed by several jurisdictions, and has an open tax policy.
- Compliance with the latest standards of cybersecurity.
- 24/7 customer service available online, by phone and via email, in several languages.
- Semi decentralized system will allow users to trade without transferring money to Bistox wallets.
- Social trading system incorporated on Bistox will enable users to monitor successful players’ strategies, and will make the trading experience as effortless as Facebook surfing is.
- Artificial Intelligence that will play the role of the virtual assistant and will guide user to avoid mistakes and potential money loss.
To sum up
The capitalization of the cryptocurrency market is so small today that neither governmental organizations, nor institutional investment companies are interested in entering. For comparison, the capitalization of the J.P. Morgan alone is bigger than the whole cryptocurrency market cap. Thus, there is little wonder that big guys are not only bored, but there is no space on the playground to host them.
In the last two years many attempts have been made to change the cryptocurrency market, and Bistox Exchange is not different here. However, on the other side, Bistox has already shown clear marketing and dip understanding of the market needs. If Bistox exchange will fulfill their promises, there is a potential that the cryptocurrency will further develop and occupy its place in an everyday life of ordinary people.