Bitcoin’s date of birth is January 3, 2009, the day when the first transaction was recorded on Bitcoin’s blockchain. It is almost eleven years to date and in these 11 years, more than ten thousand cryptocurrencies have come into existence. Each of those wished and claimed to become another bitcoin. Yet no currency has succeeded to do so.
This article will help you to understand the creation of a good and reliable cryptocurrency and will explain what components are needed to make it a success? Buxcoin (a fascinating coin nowadays) will be our case study project for today’s discussion.
With over 10,000 cryptocurrencies currently in the market, it seems that a new digital currency is launching almost daily. In such a competitive environment a coin should come up with a purpose and objective. If a coin doesn’t have a use other than to be traded on an exchange — it will die.
Buxcoin started with a clear objective of creating solutions for Forex problems. Buxcoin is working on week aspects of the world’s biggest financial industry with a daily trading volume of 6.6 Trillion dollars. From fixing the payment gateway issues to Blockchain-based secure forex trading, Buxcoin is well equipped.
A real coin should have its own blockchain. The other important aspect is to offer some exclusive benefits to consumers. Buxcoin have its own blockchain with the following significant advantages for consumers, besides the standard features.
- Faster transactions — On 19 December 2016, Ethereum exceeded one million transactions in a single day for the first time. This event fetched attraction for Ethereum and enhanced the users’ trust for Ethereum blockchain – Buxcoin is also prepared for such an event in the year 2020. Its blockchain can handle 7,000 transactions per second and aiming to perform the highest number of transactions in a single day through its forex-based utilities.
- Providing transparency — The cryptocurrency market is very new and facing frequent challenges every day. One of the core problems with cryptocurrency is transparency. There is no trusted ecosystem to accumulate accurate trade volume for cryptocurrencies. Considering the lack of regulatory control, many cryptocurrencies tried to manipulate the prices by reporting fake volumes.
Buxcoin has created forex-based utilities. So, the trade volume for Buxcoin will be regulated as forex is entirely a regulated industry. Proof of legitimate trading volume will make Buxcoin more reliable and transparent as compared to other coins.
- Smart Contracts — Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way
- Eliminating fraud risks — Buxcoin is impossible to counterfeit and no party can reverse past transactions.
- Providing transaction anonymity — customers decide what exactly they want sellers to know about them.
- Cutting down operating costs — Buxcoin is free from the exchange or interest rates, as well as the transaction charges.
- Offering immediate transactions — state holidays, business hours or geographic location of the parties don’t affect Buxcoin.
- Ensuring an immediate pool of potential customers — with Buxcoin you can make business with those without an access to traditional exchange resources. No more trade restrictions in any markets.
- Providing security for their funds — since Buxcoin is a decentralized system, there is no Big Brother figure like banks or government institution that can seize or freeze your assets.
One of the challenges when creating a new cryptocurrency is figuring out what the distribution model is going to be. Who is going to receive the currency units, at what time, and what is the mechanism that decides?
Buxcoin completed the distribution phases successfully for pre-minded Buxcoins. The last phase will be completed until December 31, 2019. Right now, 136K individuals from 33 different countries are holding Buxcoins. More people with lower supplies is an achievement for a cryptocurrency with only 500 million coins.
One of the key thresholds for new coins is getting listed on an exchange. Even if you’ve launched your token on a decentralized exchange, it always helps to add it to more exchanges. It makes buying and selling the coin leaps and bounds easier, as well as conferring legitimacy.
Buxcoin is going to be listed on P2PB2B Exchange, one of the Top 10 exchanges in coinmarketcap.
- UTILITIES AND USABILITY
If a coin doesn’t have a use other than to be traded on an exchange — it will die. Do you think you would want Dollars if all you could do is trade them for Euros? Nope. You would just go get Euros instead.
Buxcoin provides unique ways for people to use their assets. Buxcoin has created multiple real-life utilities including traditional MT4 trading, Social Trading, Binary Trading, Blockchain-based MT4 trading, Online Shopping Store, Entertainment Portal and an Educational platform.