Home | Press Release | BitMax.io Innovates with Trans-fee and Reverse Mining

BitMax.io Innovates with Trans-fee and Reverse Mining

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The digital currency trading field has its ups and downs rapidly over the last few years; large amounts of money have flooded in and out resulting in all kinds of overnight success stories and reversals. Only organizations that evolve quickly and possess strong technology and capital backing can come out on top.

This article analyzes a relative newcomer to the cryptocurrency trading space: the BitMax.io exchange. Can it can rely on the unique expertise of its founders and core management team, and quant trading experience accumulated over years, to dominate the industry?

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I. The exchange war

Although each cryptocurrency has tendency to decentralize, participants still need a centralized place that provides intermediary services. Digital currency exchanges have emerged and expanded rapidly in response to the expansion of digital currencies around the world.

Many contenders have briefly laid claim to being the top exchange. Mt. Gox was the first to hold the title as the world’s first digital currency exchange, followed by BTCChina, the first to conquer the Chinese market. Huobi then seized the top spot by launching a zero-fee policy. OKCoin also fought its way through futures in the bear market in 2015. Cryptopia and Poloniex took the lead with the competitive offering of wide-range currencies, while Binance built its strong brand and leading market position in 2017 with the wave of ICOs and effective operations. In the middle of 2018, FCoin rushed to the top of league table with the transaction fee (trans-fee) mining model, but just as quickly crushed down like falling meteor.

All of these platforms lost preeminence for various reasons: ineffective exchange model, decreased user interest due to fragmentation of currencies,  flawed token designs, or insufficient capital.

Predictably, every time with increasing market volatility or  a bear market, a new contender emerges. This time, it is BitMax.io with its roots in Wall Street and strong capital financial backing. Now, exactly what kind of innovative exchange strategies has it developed?

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II. Trans-fee and Reverse Mining

BitMax.io has recently announced the launch of its trans-fee mining model, the same strategy that led to the rise and fall of FCoin. At first glance this may not seem very innovative as it is not a new idea and has been mostly abandoned by the cryptocurrency market due to various design issues.

But trans-fee mining if done right is a real innovation and truly beneficial to users, especially retail investors. Trans-fee mining incentivizes trading and enables users to benefit from more trading activities.

Most of exchanges had this common issue: once they got big, they beame arrogant and forgot that they are community-based, supported by countless retail investors. They adjusted fees at will or launch new currencies randomly, and users had to live through the negative consequences.

Trans-fee mining has fundamentally changed the playing field. This model returns incurred transaction fees to the users, bringing more liquidity to the exchange and driving up user volume. While FCoin was innovative in introducing the trans-fee mining model, it suffered from the lack of a suitable stabilization mechanism. BitMax.io took thorough care in its design to make sure the same problem doesn’t happen again.

Not only has BitMax.io adopted trans-fee mining but they are also launching another separate mining model, truly innovative and one-of-a-kind: reverse mining. Users who participate in BitMax.io trans-fee mining will receive a 100% return on the fees they pay in the form of the platform token, BTMX. Reverse mining is the same operation in reverse, geared solely towards maker trades. Under Reverse Mining, users will be rewarded by the platform after placing a Maker order (user fee is -0.04%), and the same equivalent value of BTMX in the user’s account  will be deducted according to BTMX’s real-time price. The BTMX deducted will be locked uo permanently and not involved in any form of rebate on the platform, hence removed from the market supply of circulation.

Using both trans-fee and reverse mining will greatly enhance the liquidity of BTMX while managing effectively overall supply and demand of BTMX and supporting the trading of various currency pairs on the platform. At the same time, reverse mining discourages large sell orders. Those who want to quit can only do so based on their contributions to the exchange, thus creating a healthy exchange ecology.

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III. The team behind BitMax.io

The key to BitMax.io’s genius and innovative strategies is the people behind it. BitMax.io is led by founder Dr.George Cao. His many years of quantitative experience in Wall Street have been the inspiration behind the introduction of the dual trans-fee and reverse mining models.

With his Ph.D in computer science, extensive experience as a senior investor and trader on Wall Street, and the founder of BitMax.io, he is best known in the cryptocurrency world for his outstanding customer service. “Everything for the user” is his mantra. After all, only by serving users and being client-centric can the business grow bigger and stronger.

The technicians of BitMax.io are all from successful Wall Street institutions with in-depth expertise in building institutional-grade platform architecture to avoid system crash, downtime and trading delay, etc.

BitMax.io also has strong capital support from top-tier institutions such as Matrix Partners China, Bitmain FBG Capital, and Danhua Capital, etc. . Strong funding is another indicator of the capabilities of the BitMax.io team and another differentiating advantage in the competitive crypto exchange space.

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IV. User experience

The user experience of BitMax.io platform is generally smooth and fast, but still with room for improvement.

BitMax.io’s customer service department operates around the clock, providing answers to questions in real-time, and patiently guiding users who are unfamiliar with the platform. This is in sharp contrast to the customer services of other domestic platforms with very negative feedback from the user communities.

There are also rumors that BitMax.io returned private sale quota to some small investors. Could this actually be true in cryptocurrency, where money is often regarded as the high and almighty end goal? According to an insider, BitMax.io has already achieved higher profits than predicted in a short amount of time, and will lead the way to the creation of a truly transparent, sustainable and efficient third-generation digital asset exchange platform.

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V. Conclusion

It is undeniable that BitMax.io has key competitive advantages that differentiate it from the thousands of exchanges out there. As it continues to make its mark in the crypto exchange space, the real moment of truth will come on the day that BitMax.io launches its innovative trans-fee and reverse mining combined trading models, and we will be continuously keeping up to speed with its newest updates.

For more information, follow BitMax.io on:

Website: http://www.BitMax.io

Twitter: https://twitter.com/BitMax_Official

Reddit: https://www.reddit.com/r/BitMax/

Telegram: https://t.me/BitMaxioEnglishOfficial

Medium: https://medium.com/bitmax-io

John Asher

John Asher

I am a crypto-enthusiast that likes to write about the blockchain industry. Mostly, I'm interested in the gaming industry and how it will revolutionize in-game asset ownership.

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