What is the BIT.TEAM ecosystem?
15 years is a significant period of time in terms of human life, but in terms of civilization it’s just a moment, a second. Bitcoin appeared 15 years ago, and it took another 5 years for this initiative to lose the “mono” prefix. The further evolution of cryptocurrencies was carried out according to exponential laws, and currently it is a highly developed market with a huge capitalization and an extensive infrastructure.
An important component of this infrastructure, that has brought the digital asset niche to such a success, are crypto exchanges. It was they who proposed the simplest and most affordable way to exchange cryptocurrencies between their owners, being intermediaries in transactions of this kind, their guarantors. But as the ecosystem of blockchains and cryptocurrencies developed, users had new opportunities and tools for their implementation. At first, they were scattered, and this created additional inconveniences for the crypto community. But the market is the market, and large crypto exchanges have begun to expand the list of services provided, trying to offer their customers maximum opportunities “here and now”.
The modern cryptocurrency exchange is no longer just a platform used exclusively for the exchange of tokens. In addition to an extensive toolkit that provides the opportunity to dispose of digital assets at your discretion, such a service allows you to perform many other operations – to make P2P transactions, buy, exchange and sell digital collectible works of art, staking, spot trading, etc.
Using the example of BIT.TEAM, we will describe what the ecosystem of a modern cryptocurrency exchange can be.
BTT Service Token
The concept of “ecosystem” presupposes the presence of its own economic component. BIT.TEAM, like most other large crypto exchanges, has its own service token, BTT, as the basis of the economy. It is called official because it is used mainly within the internal infrastructure – to pay transaction fees with minimal interest, to purchase PRO accounts that provide customers with a number of additional preferences. The BTT token can also be used to pay for BOOST ads during spot trading of crypto assets.
In other words, our service token provides crypto exchange clients with a certain set of motivational solutions within the service, including for providing investment mechanisms.
Let’s take a closer look at how you can use the BTT token within the BIT.TEAM crypto exchange.
Discount for transaction fees
The more BTT you have on your wallet, the larger the discount amount:
100-500K BTT – the discount amount is 10%
500000-1000000 BTT – 25% discount;
Over 1 million BTT – 50%.
PRO account
Using our service tokens, you can purchase a PRO account that provides service customers with a number of preferences: guaranteed faster closing of transactions (within 1 hour), the ability to enable the BOOST function, which provides the opportunity to raise your ad 10 times during the day, priority service support (guaranteed response within 5 minutes).
The cost of a PRO account depends on the length of service of a regular account:
for clients who registered on the crypto exchange a month ago – 10K BTT;
users with experience of 6 months – 55K BTT;
users with experience of 12 months – 100K BTT.
BOOST Feature
Allows you to raise the ad to the 1st place, where it will be located until another client of the service displaces it using the same function.
The cost of activating the function is 1000 BTT, the validity period is 1 day. You can reactivate BOOST at any time and an unlimited number of times.
Changing the user name
In some cases, this opportunity will not be superfluous. At least, this is better than registering a new account, if there is such a need, the cost of such a service is 100,000 BTT.
The BTT token, like most other utility tokens, uses a deflationary development model. In total, it is planned to issue 500 million BTT, at the time of writing, 460 million coins were issued. Since the token operates on the Decimal blockchain, the DEL cryptocurrency is used as a reserve. And this is the main cryptocurrency for this network. At the time of writing, the reserve was 3.885 million DEL, the current value can be found in the explorer.
The deflationary model assumes periodic burning of an asset to maintain its value. BIT.TEAM burns BTT quarterly in the amount of 20% of the income received.
Those coins that remained after the planned burning are distributed among the clients of the crypto exchange (through bonus / referral programs, through airdrops, as a bonus for subscriptions to channels / chats).
Cryptocurrency Exchange
Of course, the most important component of the ecosystem of any crypto exchange is the exchange of digital assets. Following the preliminary announcements, BIT.TEAM launched a crypto exchange in early 2022, which is designed to simplify the execution of operations with digital assets for the service’s customers.
Having carefully studied the needs and preferences of crypto investors and traders, we have created a platform that allows us to satisfy the desires of our clients, regardless of their experience and financial capabilities. You can buy cryptocurrency on BIT.TEAM, making payments in several ways, from simple exchange to payment by any available method (payment card, bank transfer, using online payment systems).
Currently, 13 popular cryptocurrencies are available for purchase/exchange/sale, which can be purchased using about 80 payment systems and 6 national currencies (dollars, euros, rubles, hryvnia, white rubles, tenge).
Our clients are offered a simple and intuitive interface, not overloaded with graphic elements, available both in Russian and English.
Spot crypto trading on BIT.TEAM provides users with a number of advantages:
minimum transaction fees (0.2%);
round-the-clock technical support;
tools for analytics and statistics collection (over 100 indicators);
no hidden fees.
NFT marketplace
The evolutionary development of the blockchain, which lasted until 2013, managed to overcome the bar separating evolution from revolution. Such an event, which radically changed the functionality of the blockchain, was the introduction of programming languages into its composition. It was they who contributed to the emergence of smart contracts that expanded the scope of use of distributed registries.
In particular, they penetrated into the sphere of art, giving young authors the opportunity to maximize their potential. Strictly speaking, the heyday of the Internet has generated a lot of collisions, simplifying the possibilities of PR for aspiring artists and writers. On the other hand, the problem of copyright protection began to play with new facets, which could not be solved in a centralized network.
With the spread of the blockchain technology, it became possible to link digital works of art to a distributed registry by creating non-interchangeable (unique) tokens. And, as in the case of classic cryptocurrencies, the possession of such a token or even a part of it is absolutely unambiguous, confirming the ownership of an NFT object.
NFT Marketplace, operating on the BIT.TEAM ecosystem, has brought together masters of digital art and crypto enthusiasts, providing the opportunity to create and trade NFT using the wallet you work with, performing operations with cryptocurrency.
The interface of the marketplace is simple and intuitive, like a classic online store. NFT objects are presented in 7 categories:
Art;
Collections;
Gaming NFT;
Collectible cards;
Domain names;
Sports;
Music;
Training.
All NFT objects have a set of characteristics: a brief description, name of the art object and price. When adding your NFT to the marketplace, you need to specify these parameters and upload the image itself, made in one of the acceptable formats. Both the object itself and its metadata are stored in the DecimalChain blockchain, that is, they are reliably protected from copying.
The purchase/sale of NFT is carried out through the DEL token, the base for DecimalChain.
P2P exchange
Many users are wary of crypto exchanges, preferring to perform operations with tokens directly. By and large, such prejudice is a consequence of various collisions that shake the crypto community from time to time. Suffice it to recall the recent case of the FTX crypto exchange bankruptcy, which has become a catalyst for many negative processes in the industry.
Therefore, the appearance of the peer-to-peer cryptocurrency exchange service was positively received by many BIT.TEAM customers. The positive aspects of using the P2P platform are the possibility of selling/buying tokens directly between counterparties, as well as the operation of the service offline.
Of course, our team has taken all necessary measures to protect users who prefer this type of transaction. Every one of our more than 200 thousand clients passes multi-stage verification, if he wishes to use this service.
In addition to account verification, security during P2P exchange operations is achieved by other measures.
Escrow service
A simple, but very effective way to protect the participants of the transaction from attempts of deception. The essence of the escrow service is to deposit the client’s money until the transfer is made by his counterparty. If this transfer is completed successfully, the deposited amount is sent to the addressee, if not, it is returned to the previous owner.
Seller Rating
The rating system allows you to evaluate both the reliability of the seller and the average time spent by him on performing operations. Note that a low rating does not mean that your counterparty is a fraudster, such clients are blocked after the first attempt at deception. You just need to take into account that the seller may often be absent online and you will have to wait a long time for his appearance, which is not always permissible. But if you are more than satisfied with the terms of the deal, you can, of course, wait, worry about them…
Arbitration disputes
In case of a delay in the transfer by one of the parties to the transaction, it is possible to open a dispute (not earlier than 1 hour from the moment of the first transfer by one of the parties). In such cases, the BIT.TEAM support service is responsible for solving the problem and usually the conflict can be quickly extinguished.
