An Overview to an Exchange Token- BTSE's Token
The world's bi-ti-esi cryptocurrency exchange.
Let's enter upon with a disclaimer. This article is not about financial advice. To invest in BTSE tokens or not, please DYOR.
Short Intro
You may have come across various articles plotting the token sale of BTSE tokens sold in just four hours , how good or bad it can be. The language of exchange manipulation can be decoded by a few, and I will put it as a mere 50% of today’s entire crypto market crowd.
Are these investors will be the so-called Noobs, which just arrive at the hype on Social Media and articles or at the project based on pure perception, which is shaped by the various positive or negative factors he sees or experiences in his crypto journey.
Usually, a Noobs participated in a Token Sale when he saw several good news about the project on Social Media, or it's either a friend told him to invest and he just went along. You may find him a dumbass but, yes he sure thus.
But to understand the value of BTSE Tokens, it is essential to understand the role of BTSE exchange and its various ecosystems. In my previous article, I talked about the futures and spot trading features of this exchange, and with today’s article, I am trying to find the value and deficiency of BTSE Exchange and Tokens from a noob perceptive and how BTSE exchange and BTSE tokens will gained a stable place in the minds of most of the professional, whales and newcomers in the crypto sphere.
Where they all started?
Before Binance and Okex, there was the Mt. Gox and then the infamous hack happened, and from the ashes of this exchange, new exchanges like Coinbase, Bittrex and Kraken were born. Till 2018, a majority of trade happened in these exchanges. Then BTSE happened.
BTSE began its operations in 2019 but it was originally founded in 2018, and on March 5, a big event on the BTSE exchange road map commenced raising $2,000,000 from the market. This was done via a public token sale route in a Bitcoin Sidechain, the Liquid Network , where BTSE token was offered at the rate of $2 in a open order book-style.
BTSE currently supports trading in bitcoin, ethereum, litecoin and monero, as well as stablecoins tether, TrueUSD and USD Coin.
Within the short period of time since it’s market launch, BTSE was propelled to the top 79th place in terms of declared volumes.
The success of BTSE in such short time was attributed to various factors, some of them were
- BTSE exchange has created an exchange engine that could process 2 millions transactions per second. This is a pleasant experience in this time, as most of our exchanges were slow and complacent when it came to platform performance that leaves the traders assets lost because they cannot submit orders in time. According to BTSE CEO Jonathan Leong in a recent interview, he highlighted that the system has needs to be built to support high frequency trading in order to to achieve high liquidity and attract volume.
- Joining and Trading in BTSE Exchange is relatively easy, as it just needs a working email. KYC when you deposit Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Monero (XMR), in addition to three different stablecoins—Tether (USDT), True USD (TUSD) and USD Coin (USDC) is not made mandatory unless you want to Deposit fiat.
- One of its greatest strengths was its neat and simple interface. For a newcomer, trading in BTSE is a cakewalk since the major parts of the exchange platform can be accessed from the header menu. BTSE also provides the user a separate educational platform known as BTSE Academy, which includes a heap of content designed to help traders grow their skills and knowledge, in addition to regular news and general trading-related tutorials.
- BTSE has one of the best security infrastructures in the market. Currently, does regular engagement with penetration and cyber security testers as part of an ongoing system wide security audit. It also uses advanced AI, and single tenant servers collocated in a safe location with 24/7 DDoS protection and a state of the art firewall. These afford flexibility to customize hardware and define the system’s architecture for enhanced performance to protect the users.
- The exchange has also established fiat gateways for currencies from over 50 countries, and it was among the first to list Monero futures trading.
- BTSE as a newcomer friendly exchange, offers testnet trading platform which allow the users to test the features of the exchange or if they’re not sure of their trading abilities, this will be done without losing any money.
- Apart from the technical advantages and other factors, what sets BTSE apart is the leadership of its CEO, which you can always reach on Twitter where he is always on.
What's with the BTSE Token?
The BTSE token is a utility token of BTSE Exchange which was launched in March 2020 as an ERC20 token. The main purpose of BTSE was to act as a Utility token providing its holders with the option to use BTSE to pay various fees and trading discounts in BTSE Exchange Platform, and has a strict limit of maximum 200 million BTSE tokens.
BTSE Token explained
The BTSE token is expected to fuel the operations of the BTSE exchange and its ecosystem. It supports multiple utilities on the BTSE ecosystem, which includes paying and saving up to 60% on the trading fees, increased referral rate up to 40%, claim bonuses for campaigns and contests, listing fees, purchase advanced trading functions on the BTSE Exchange, trade on BTSE’s spot market, place margin and collateral on all your trades, get OTC services benefits, and any other fees on the BTSE exchange including debit card.
In addition, right after the token sale, BTSE got listed and be the first exchange token running on Liquid which come into benefits:
This concept was new and besides most of the users were looking for an option to get less fee and discount.
BTSE platform also has a repurchase plan, under which it will use 30% of its profits from platform fees and its OTC desk, as well as a foray into crypto mining to buy back BTSE tokens three months from the token launch , and burn/destroy them until a maximum of 50%, or 100 million, BTSE tokens are bought back. This process will leave only 100 million BTSE tokens in circulation, serving it to maintain a substantial value.
Unlike other tokensale’s today, BTSE Token was able to offer its users a clear use case and an instant benefit for holding.
"I am confident that BTSE has a bright future ahead, and we can’t wait to reveal more about our plans to the community, including OTC, asset management, and lending services - to name a few. The BTSE token will play an important role in our ever-expanding suite of services. I look forward to continuing on our path of collaborating, building and learning alongside each and every one of you." -Jonathan Leong Co-Founder & CEO, BTSE
Critics
Even though the launch of BTSE tokens received a lot of criticism on its early announcement in December 2019 because, as mentioned earlier, it is essentially a smart contract which will be used in Ethereum Blockchain. It is easy to imitate and There are also Rumors that it is just an imitation of Binace native token the BNB.
While some Bitcoiners abandoned this new exchange, BTSE is still operating and the team takes over.
As a result, BTSE $2m fund raising succeeded despite its rocky and current uncharted waters. As always, only time will tell us the truth but for now, BTSE is here and whooping the Cryptocurrency Sphere.
