A Quick Look at Withbit and Why It’s a Crypto Platform Created With Utmost Convenience!
The Withbit Exchange is a cryptocurrency exchange that has been generated with the intentions of ridding common problems faced by existing exchanges. In particular, it is said to be designed in a way that supports its users, while giving a significant amount of decision-making authority to said users.
What differentiates the Withbit exchange from its competitors, is its dual-purpose platform. In addition to supporting cryptocurrency-trading, Initial Coin Offering (ICO) projects will also be found. In other words, it is a single platform that permits one to trade, while having access to DApp performance and one’s overall participation in upcoming projects.
According to a Medium post that outlined the different areas that Withbit will be targeting, it appears that most of them revolve around current issues within the crypto sphere and they are as follows:
1. Lack Of Liquidity
The lack of liquidity is a mounting concern, as it presents a limitation when it comes to one’s trading experience. In particular, failure to address the problem of liquidity will increase wait times during trading, which might be disadvantageous to users, as they are more likely to miss out on price deals.
In order to ease the lack of liquidity, Withbit plans to use existing liquidity tools that will help to stimulate stability.
2. Lack Of Decision-Making Authority Given To Users
Most crypto exchanges support a wide range of tokens without getting opinions from its users. This will not constrict one’s trading experience but would be considered “meaningless” to users if they do not see their values being reflected in an exchange they are supporting. As user base decreases, exchanges will be left at square one, i.e. liquidity problem.
Withbit has made it their goal to include users and investors in discussions related to upcoming token listings. Upon understanding what’s shared, further evaluation processes will underway to see the potential such cryptocurrencies have.
3. Security Flaws
Many cryptocurrency exchanges have been faced with multiple hack attempts and successes. This not only destroys the reputation of said exchange, but users will also start to lose confidence. With most exchanges requiring users to save their private keys on their computers or devices, the likelihood of compromising such information is high. Hence, Withbit plans to store cryptocurrencies in both hot and cold wallets, while storing others in “a database format”.
4. Inconvenient Designs
Lastly, when it comes to trading, the exchange’s overall design is important to consider. Since the notion of “middlemen” typically does not exist in crypto trading, most platforms are designed in a complex way. This is problematic for users, especially those who are new to the crypto sphere. Withbit plans to eliminate this barrier by streamlining trading procedures.
What Can Be Said About With bit’s Native Token?
The Withbit exchange will house its native token dubbed, Metacoin Token (MTC), which will play a significant role in the ICO projects present. More details as to the token’s usefulness is yet to be revealed. For the time being, there still remains nine days until its pre-sale, where token value will sit at USD$0.10 and can be bought through either Bitcoin [BTC] or Ethereum [ETH].
For more information, go to:
- Website: https://metacoin.network
- Whitelist Sign Up: https://metacoin.network/sign/in
- Telegram: https://metacoin.network/sign/in
- Facebook: https://www.facebook.com/metacoinnetwork