What is BitMax? Interview with George Cao with Grace Pham

By Le Thanh | Interview / AMAs

What is BitMax

Last week, Coin98 had an exciting AMA with George Cao - CEO and co-founder of BitMax.io.

The following are key contents summarized from the last AMA session.

Shortly after earning a doctorate in computer science from the University of Chicago, George Cao joined Wall Street because he always had a passion for finance.

The first job George did was work in an asset management company. After a year, he realized that the market was in a state of no liquidity. Two weeks before the financial crisis, he quit his job and joined Knight as a quant trader.

George was interested in cryptocurrency trading in 2017, when Bitcoin began to increase sharply. From there, George began researching BTC transactions.

George himself sees many of the shortcomings of current trading platforms. Including system, reliability, safety, transparency ... Therefore, after about 6 months of planning, George decided to start establishing and operating BitMax. He wanted to build a bridge between the west and the east, a bridge between the traditional financial world and the cryptocurrency world.

What is BitMax?

BitMax is a Singapore-based cryptocurrency exchange for customers ranging from retail investors to institutional investors. BitMax Launched in July 07, there are currently 2018 trading pairs with a total volume ranked 91 above Coinmarketcap.

Many sources believe that Bitmain is behind backing for BitMax to compete directly with Binance and BitMEX.

What is BitMax Token (BTMX)?

BitMax Token (BTMX) is the token of the BitMax exchange. BTMX is considered as a payment and exchange unit among participants of BitMax trading platform.

According to information from BitMax, BTMX does not represent any shares, interests, ownership, participants or any company or business.

The BitMax exchange is the one that has Transaction Mining. So, you can earn BitMax Token by making transactions on this exchange.

What does the name BitMax mean?

BitMax does not mean anything in particular. According to the CEO, they want to be the biggest exchange. That is why they use the word "max".

Why did BitMax stop transaction mining and reverse mining?

According to the floor CEO, there are three reasons as follows:

  1. Western institutions do not fully understand transaction mining. Stopping the transaction mining feature gives BitMax the opportunity to work more with large organizations.
  2. Transaction mining causes BTMX tokens to become daily inflation, putting a lot of pressure on prices. After stopping this feature and switching to deflation mode, the BTMX holder will be beneficial in the long run.

What are the benefits of participating in a deflationary regime?

After stopping the transaction mining feature, the supply of BTMX decreased from 10 billion to 791 million, decreased by 92%. And the supply of 791 million tokens is still not the final number. It is still likely to decrease over time.

Benefits of participating in deflation are:

  1. Reduced supply every day creates market value in a more natural way.
  2. Along with the deflation mode, BTMX holders still enjoy a 35% reward.
  3. Deflation + data reward makes BitMax a unique cryptocurrency project on the market.

What is the difference between BitMax.io and other market exchanges?

According to the CEO, BitMax has its own advantages that no one else has:

  1. Loyal user community.
  2. BitMax.io offers the lowest transaction fees and no fees.
  3. BitMax.io awarded 80% commission to BTMX holders.
  4. BitMax's margin regime is also different from its competitors.
  5. 24/7 customer support.

What is the BTMX economic token model?

Currently, BTMX holders still get 80% commission sharing.

New token issuance method is: For every 2 BTMX tokens consumed, BitMax issues 1 more token. This ensures total supply always decreases during this period.

What will users get when holding BTMX?

By locking the BTMC token, you are sharing 80% of the commission. The current APY is about 35%, paid in USDT daily.

Security, scalability and data security are three very important aspects at the enterprize level. How does Bitmax handle these issues?

In terms of scalability, BitMax currently processes 100 million messages per day. Their system is designed to be flexible so that they can handle messages more than 6 times without any problems.

How long does it take to register and verify KYC on BitMax?

BitMax usually handles KYC in 48 hours.

In the future, does BitMax have any plans to increase the acceptance of the BMTX token?

BitMax is continuing to develop more features into BTMX and bring more value to this token.

Latest updates on BitMax.io

Reconciling the strategic plan from March 03, BitMax.io has met and exceeded all the milestones they had planned for 2018 years ago. They have also started exploring transaction mining and reverse mining, as well as building communities and attracting new users.

BitMax.io has enabled margin trading and listed a number of high quality projects. At the moment, BitMax has stopped trading mining and turned itself into an exchange. It is also the only transaction mining exchange that has successfully been transformed into a regular trading platform.

Additionally, the BTMX token is currently in deflation mode. They have reduced their maximum supply from 10 billion to 791 million and continue to decrease daily.

BitMax's plan for the next few months is listed as follows:

  1. Operate a better OTC trading platform, allowing fast legal trading.
  2. Future contract development is under development. It is likely that BitMax will start trading futures contracts this year.
  3. Development of derivative products and staking systems

Le Thanh

Cryptocurrency is a type of high-risk investment that yields high returns. Get involved with venture capital and always consider it before investing.