Blockbid aims to create a multi-cryptocurrency trading platform. To develop that platform, Blockbid has launched an ICO. Learn more today in our review.
What Is Blockbid?
Blockbid is a software development company that recently announced plans to launch a cryptocurrency exchange. The cryptocurrency exchange will reportedly run on Australia’s fastest exchange network, which offers direct datalink to over 180 co-location facilities on 5 continents. The exchange will also offer a user-friendly front end. The Blockbid ICO launches on October 22.
Blockbid aims to compete with other cryptocurrency exchanges by offering a greater number of fiat and cryptocurrency pairs than its competitors. It also has a unique transaction fee structure: Blockbid token holders can enjoy free trading (with no transaction fees) during the first year. After the first year, token holders can access a 50% discount on transaction fees during trading. You spend a single BID token to access 30 minutes of free or discounted trading.
What Problems Does Blockbid Seek To Solve?
Obviously, there are already dozens of major cryptocurrency exchanges available today. What makes Blockbid different from its competitors? How does Blockbid plan to differentiate itself from the competition? Blockbid aims to help traders overcome three main problems, including:
Traders today face the inconvenience of signing up for multiple exchanges in order to trade different currencies. They need to go through separate verification procedures to buy different coins.
Customers face unease with having coins scattered across multiple exchanges, including exchanges that are potentially untrustworthy.
Missed Investment Opportunities:
Blockbid claims traders experience missed investment opportunities “caused by time lapses in transferring funds between different platforms.”
These are the problems listed by Blockbid in their press release and on their website. Obviously, these problems aren’t quite as dramatic as Blockbid wants you to think. Unless you’re trading obscure altcoins, the major exchanges support most major cryptocurrency pairs. Furthermore, after your money is deposited into an exchange, you can enjoy fast trading.
Nevertheless, Blockbid believes these are serious problems in the community, and they see an opportunity to solve these problems.
How Does Blockbid Work?
Blockbid aims to solve the above problems by allowing users “to consolidate their many user accounts into one easy to administer account on the Blockbid trading exchange.”
With that in mind, Blockbid promises to offer a greater number of cryptocurrency pairs and fiat currency pairs than any other platform in the world. They aim to end the practice of people being forced to use multiple exchanges when trading multiple cryptocurrency pairs or fiat pairs.
Blockbid also aims to offer fast transaction speeds (a platform capable of processing 1 million tx/second) and an easy-to-use UI.
With that in mind, let’s take a closer look at some of Blockbid’s core features.
Blockbid aims to offer all of the following features:
- Fiat Currencies: Blockbid will support “mainstream fiat currencies” to allow customers from around the world to participate more easily.
- Cryptocurrencies: Blockbid aims to provide more cryptocurrency pairs available for trading “than any other exchange” in the world.
- Easy Access: The platform is designed for traders of all experience levels.
- Secure: Blockbid claims to store 95% of all crypto asset deposits in an offline, multi-signature hardware vault.
- The Best Rates: Blockbid offers flat 0.1% transaction fees and the lowest rates available, according to the website. Additionally, those who participate in the ICO can get a 100% discount on fees for the first year.
- Insured: Blockbid claims that their exchange is “one of the first to be fully covered by cybersecurity insurance” – although it’s not totally clear what that means.
- Speed: Blockbid claims that its exchange can process 1 million transactions per second.
- AML/CTL Guidelines: Blockbid aims to follow Australia’s AML/CTF guidelines. The Anti-Money Laundering and Counter-Terrorism Financing Act of 2006 was designed to deter the use of Australian money for illegal activities. Blockbid will be complaint with AML/CTF guidelines.
Who’s Behind Blockbid?
Blockbid is led by a team that claims to have over 150 years of combined experience. That team includes, according to the official website, “one of Australia’s top ASX traders, a brokerage specialist, well known blockchain experts, a former owner of a popular stock market research website, senior developers and experienced legal advisors.”
Key members of the team include Ben Sapper (CEO), Gabriel Govinda (Director), Matt Youill (CSO), Toby Tremayne (CTO), and Emma Hoffman (CMO).
The exchange announced itself online at the beginning of October 2017. By Q4 2017, they aim to complete beta testing, with a public launch scheduled for Q1 2018. Fiat currency trading will launch in Q3 2018, and mobile app trading will launch in Q4 2018.
The core Blockbid development team is based in Melbourne.
The Blockbid Token Sale
The Blockbid token (BID) sale starts on October 22, 2017.
The rate is set at 1 ETH = 360 BID tokens during the first week of the ICO, rising to 1 ETH = 300 BID during the last week. There’s a minimum contribution amount of 0.1 ETH and a maximum contribution of 100 ETH per transaction.
Blockbid has set a soft cap of 1 million tokens. No more than 30 million Blockbid tokens will be created.
80% of the total supply of tokens is available during the crowdsale. 12% is reserved for the founders and 8% for bounties.
How Do Blockbid Tokens Work?
Blockbid tokens can be used to reduce transaction costs on the Blockbid exchange. Token holders will receive a 100% discount on transaction costs during the first year of operation, with a 50% discount every year thereafter.
The tokens will not be used on a per-trade basis. Instead, the tokens give you a time window during which you’re permitted to trader as many times as you like for a discount. 1 Blockbid token gives you a 30 minute window.
Traders can use that trading window however they like. They can stack multiple tokens together to extend the trading window. So if you spend 6 BID tokens, you’ll enjoy no fee trading for 3 hours.
Blockbid is a new cryptocurrency exchange preparing to launch before the end of the year. The Australian-based exchange aims to offer superior service, speed, and transaction fees compared to other exchanges on the market. It also aims to offer a greater number of fiat currency pairs and cryptocurrency pairs than any other exchange in the world.
Overall, Blockbid seems to have very ambitious goals in mind. The company claims its exchange can process 1 million transactions per second. Plus, Blockbid token holders won’t need to pay transaction fees. You spend a Blockbid token, then receive free trading during a 30 minute window. After the first year, Blockbid token holders will get a 50% discount on trading fees (which are set at just 0.10% to begin with).
Ultimately, if Blockbid is successful, it could become one of the world’s most popular and successful cryptocurrency exchanges. However, there’s no publicly available platform at the moment, so it’s hard to verify the claims made by Blockbid at this point.