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Bitxmi Exchange: A Faster and Secure Cryptocurrency Exchange Site

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BitXmi is a cryptocurrency exchange based in Singapore and has operations performing globally. BitXMi launched its native cryptocurrency the BMXI token back in August 2020 and is one of the most secure global digital asset exchanges for users to trade on.

BXMI aims to facilitate trading activities that include more than 40plus coin pairs with famous cryptocurrencies such as Bitcoin, Ethereum, and many more.

It is one of the few exchanges that manifest themselves into faster crypto transactions. While there are hundreds of trading sites that are expanding digitally across the globe, BitXmi promises to ensure fair and faster services in trading.

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To gain some deeper insights, let’s understand some of the key features of BitXmi:

Funds on BitXmi are insured

At BitXmi, insurance and security of funds are at the topmost priority. Its features include several safety measures to protect its users from any kind of bothering experience. Funds are insured and are given proper attention in providing their users with a seamless experience.

Fee Rebates offered for high volume traders and whales

BitXmi exchange increases fee rebates for its high-volume traders and whales.  It involves reducing the transaction fees paid by a customer or by making a scheduled refund to these categories of traders.

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Trading Limits 

As a highly liquid exchange, BitXmi allows high trading limits of up to $1500 per day for news users and  99BTC for its verified users.

Efficiency

The BitXmi exchanges offer a quick and efficient order matching system involving buying and selling of cryptocurrencies.

Faster Trading on API protocols 

BitXmi exchanges are infused with faster and easy-to-understand API protocols. It emphasizes smoother trading irrespective of IOS and Android users.

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Safety Measures 

BitXmi servers are backed by the best security measures in the industry. BitXmi exchanges utilize cold wallets to store funds of traders and all the funds are insured.

Being one of the best exchanges in Singapore, BitXmi is fully committed to ensuring that its platforms are not used for any kind of money laundering, terrorism funding, or indulging in the facilitation of any crime.

All the customer’s digital assets are stored in cold wallets which further prevent them from any kind of data tampering or hack.

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Moreover, the exchange has recruited a Money Laundering Reporting Officer (MLRO) who works at a senior level, independent, and above all procedures. The officer checks and ensures that trading meets the industry rules and requirements.

What are the benefits to BitXmi Token Holders?

The BitXmi team will provide a financial report for the users at the end of the year. Considering the report, 12% of BitXmi yearly income will be shared between the first owners bxmi tokens(if a user will sell or send tokens to another user, the bonus wouldn’t work anymore)

It would be calculated as follows:

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12% of BitXmi yearly income / whole amount tokens sold on token sale * amount of tokens held by the user. 

Discounts Offered 

Bxmi token holders will receive special discounts on platforms and services. However, the discount amount would entirely depend on the number of held tokens and the period of token held time.

Additionally, BitXmi token holders would have the ability to pay platform fees with tokens. The BitXmi team will also organize special meetups with the biggest BXMI holders, and additional information will be provided on the website soon.

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This Is What Jack Dorsey’s Cryptic ‘705742’ Tweet Might Mean

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A simple but cryptic tweet from Jack Dorsey, Founder and CEO of Twitter and payments firm Square, has sparked a debate about the meaning of the post, and whether the well-known Bitcoin (BTC) advocate has any BTC-related plans that have yet to be announced.

As pointed out by many users replying to the thread, the tweet, saying just “705742,” likely refers to a block number on the Bitcoin blockchain. A block with that number was indeed mined on Tuesday at 20:14 UTC, but it is still unknown what else is special about the particular block.

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Twitter users were quick to pull up the bitcoin block explorer to see if there was anything unusual about block 705742, which at that point had yet to be mined. However, little out of the ordinary could be found.

Others, meanwhile, joked that the number could be Dorsey’s “[end of year] price target for bitcoin,” or that it could be somehow related to “Moscow time,” – bitcoin slang for the value of 1 USD in satoshis.

Speculating further, one user on Reddit suggested that the block number could be the first block to be mined by a new mining system that Dorsey has proposed.

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“Maybe the first block that Square mined as part of their [research & development] for a potential public mining platform,” the user wrote, before adding that it looks like the wallet that received the block reward already has both in and outbound transactions worth almost USD 2bn. “Seems like a plausible volume for Square/Cashapp,” the user added.

However, according to various Bitcoin blockchain explorers, the block in question included 2,787 transactions and was actually mined by the BTC.com pool. Moreover, the block was mined almost an hour after the tweet was published.

In either case, as reported, the latest tweet from the Twitter CEO followed another thread from last Friday, where Dorsey said that Square is considering building “a bitcoin mining system based on custom silicon and open source.” 

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“Mining needs to be more distributed” and it “should be as easy as plugging a rig into a power source,” Dorsey wrote, asking his followers what the biggest barriers are for people who want to run miners.

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Facebook Finally Launches Digital Currency Wallet Novi but Senators Want to Close This Project

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Amid the Facebook Novi launch, some federal legislators want the social media giant to discontinue the project.

Facebook Inc (NASDAQ: FB) has launched the pilot phase of its digital currency wallet Novi in the US and Guatemala using stablecoin Paxos. Facebook finally launches Novi and is going with Paxos’ USDP after its own native crypto Diem failed to secure regulatory approval. Furthermore, the social media giant heralded the pilot launch in a blog post on Tuesday.

Novi’s pilot launch is more than two years after it was first announced. The wallet will facilitate fast, secure, and free fund transfers between users via mobile smartphone apps. However, all users must register with government-issued identification.

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For now, Paxos’ stablecoin will serve as Novi’s transactional currency, while powerhouse exchange Coinbase will provide custodial services. According to David Marcus, head of Facebook’s Novi wallet, this pilot phase will, “test core feature functions, and operational capabilities in customer care and compliance.” Furthermore, it will test the viability of stablecoins as a valid and sustainable form of payment.

Facebook Launches Novi to the Disapproval of US Congress

Amid the Facebook Novi launch, some federal legislators are calling for the social media giant to discontinue the project. Senate Democrats addressed a letter to Facebook CEO Mark Zuckerberg on Tuesday questioning the company’s credibility with crypto. In their own words, Facebook “cannot be trusted to manage cryptocurrency”. The senators base this conviction on the social media company’s past inadequacies in handling cyber risks and keeping consumers protected. Signed by Senators Brian Schatz, Sherrod Brown, Elizabeth Warren, and others, the letter read:

“Facebook is once again pursuing digital currency plans on an aggressive timeline and has already launched a pilot for a payments infrastructure network, even though these plans are incompatible with the actual financial regulatory landscape — not only for Diem specifically, but also for stablecoins in general.”

Part of the Congress letter to Facebook further states:

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“We urge you to immediately discontinue your Novi pilot and to commit that you will not bring Diem to market.”

Facebook responded to the Senators’ query through a spokesperson for Novi, suggesting that the company would address the issues raised therein.

Facebook Has a Long-Running History with Federal Lawmakers over Its Operational Practices

In recent times, Zuckerberg and Facebook have locked horns more frequently with Congress. Back in 2019, Congress summoned the Facebook CEO to provide testimony on the Diem project (then called Libra). Zuckerberg’s summoning was the culmination of weeks of tussling, between Facebook and the federal lawmakers, who were skeptical of the project. In addition, the Zuckerberg hearing came just a year after Facebook’s Cambridge Analytica scandal. This may have been another reason federal legislators were agitated against the company.

Another recent red flag raised against Facebook was earlier this month from whistleblower Frances Haugen. Haugen appeared before the Senate Commerce Committee to testify on the threat Facebook posed to users. Some of these include the usage of Facebook itself and other affiliated services, such as photo and video-sharing behemoth Instagram.

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Australian Parliamentary Committee Sets Guidelines to Give Crypto Industry a Big Push

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Australia’s parliamentary committee on crypto-assets aims to bring concrete regulatory and policy changes to give a major push to the crypto industry in the country. The committee believes Australia needs a robust policy and regulatory changes to help it compete against the global leaders. The said committee released a draft report on 20th October outlining the need for encouraging investors and ensuring protection against frauds.

Some of the key recommendations in the draft report include,

  • Establishing a market licensing regime for Digital Currency Exchanges, including capital adequacy, auditing, and responsible person tests under the Treasury portfolio
  • Establishing a custody or depository regime for digital assets with minimum standards under the Treasury portfolio
  • Conducting a token mapping exercise to determine the best way to characterize the various types of digital asset tokens in Australia

Andrew Bragg, a senator from the conservative Liberal Party and chair of the committee said that the recommendations in the draft would help Australia set a new regulatory framework for the highly popular crypto industry which will, in turn, help Australia compete against the likes of Singapore and UK. He said,

“The draft recommendations are a big push to detail a cryptocurrency framework for Australia, which would allow us to compete with the U.K. and Singapore,”

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Crypto Market Has Become Too Big to Ignore

The Crypto market was primarily seen as a speculative ecosystem for the most past of its life, but that perception has changed quite fast over the past year. Governments have now realized that the crypto market has become too big to ignore as a fad. This is why the likes of El Salvador have made Bitcoin a legal tender, while Paraguay passed a law to legalize the use of Bitcoin and Ethereum in the financial market.

The United States’s policymakers who were adamant about keeping the crypto market at bay have finally approved the first-ever Bitcoin Futures ETF. This shows how the sentiment around the crypto market has changed as it became a $2.5 trillion industry again in October.

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