The sad fact is, the history of cryptocurrency exchanges has been problematic at best.
The very first exchange, MTGox started life as a site for Magic: The Gathering game enthusiasts to trade cards. It transformed into a Bitcoin trading site, and for a while it dominated the Bitcoin market before imploding in spectacular fashion. That event likely contributed to the long crypto-winter of 2014-2016.
After that debacle, there followed a string of hacks, exit scams, and legal actions that plagued and eventually ‘disappeared’ many exchanges. All of this just underscores both the difficulty and importance of security.
Even professional, regulated, and well-funded exchanges have had their problems. Coinbase and their GDX platform spectacularly buckled under the pressure of new demand during the run-up to 20,000 dollars at the end of 2017. Their platform wasn’t originally designed for that kind of volume, and scaling up can be hard.
What this means is that though crypto-infrastructure has progressed by leaps-and-bounds in the last few years in terms of both security and usability, there is still an enormous opportunity for upstarts to come in and improve on what has already been built. ProBit, a new exchange currently launching out of South Korea, is seeking to do just that.
The ProBit Advantage
First movers often have an advantage of low competition which means they can expand quickly – it also means that they can make the most obvious mistakes. MySpace and Friendster were good platforms that looked well-positioned, that got completely overtaken by upstarts that learned from the first-movers’ mistakes.
ProBit is taking a number of steps to make sure that funds entrusted with them are safe. First and foremost, 95 percent of all coins will be stored in offline cold wallets with no connection to the internet. So, even if the site was to be hacked, there would be no way for the hackers to siphon off more than a fraction of the funds.
Further, customers’ information and all private keys will be encrypted with multiple passes of the strongest encryption practical. Even were a hacker able to get customer information files, they would have no way to access the data inside.
Finally, ProBit allows users to use hardware security keys – USB dongles that you need to plug into the computer when approving a transaction. No hacker will be able to manipulate any customer’s account if they don’t have that hardware key. For users who don’t want to use that kind of key, 2FA such as Google Authenticator is also an option.
This is a real point of pride for the people at ProBit. They have designed a trading engine that can handle up to 1.5 million trades a second. When the next Bull Run happens, they are ready, willing, and able to make sure your trade goes through when and how you want.
Initially, ProBit will be a coin-to-coin exchange, though fiat currency pairs may be added later. As a coin-to-coin exchange, though, they boast an impressive 157 listed coins – perfect for the trader looking to capture some profit off the rise and fall of altcoins, large and small. Traders will also be able to conduct market, limit, stop, and stop-limit orders. More features like margin trading and futures are planned.
ProBit Bonus and Lottery
From November 5-30, ProBit will be running a Bonus and Lottery to encourage people to onboard.
EOS and Galaxy 9 Lottery
Each day for the lottery period, Probit will be rewarding ten users with 10 EOS coins.
Each week, they are awarding one very lucky user with a Galaxy 9 phone.
Tickets are awarded for the following actions:
- Register: 10 tickets
- Referral: 10 tickets
- Join the Telegram group: 10 tickets
- Follow on Facebook or Twitter: 10 tickets
Tickets do not expire throughout the lottery period, and users can win as many times as their number comes up!
ProBit is also offering a generous reward of 40,000 USDT to be distributed to those who promote the service on social media. Bonus points can be earned by:
- Getting friends to join the Telegram group
- Linking posts to Twitter or Facebook
- Creating pro-ProBit content for personal blogs and major platforms like Medium, Steemit, YouTube, etc.
ProBit Coin (PROB)
ProBit also has their own utility token for use on the platform. Use of the token will entitle the holder to a number of benefits:
- Discounts on trading fees
- Voting rights for listing of new tokens
- Early access to new platform features
PROBs can be purchased or mined. During the mining period, they are automatically generated during trades at the rate of 80% of the trade fee at the current market value of the coin.
Before the Trade Mining phase, there is a Pre-Sale period where participants can purchase PROB at a 10% bonus.
Right now the whole of the crypto-sphere is under intense development. To those looking in from the outside, it seems like we are still trapped in the market slump after the huge increase at the end of 2017, but if you are paying attention to all the building going on, it is really clear that the whole market is poised for a huge breakout.
ProBit is positioning itself to ride the next cryptocurrency wave into mass adoption.
ProBit is currently holding a Pre-Sale Event where participants can purchase ProBit Tokens (PROB) at a 10% Bonus. Visit this link to learn more about PROB: //www.probit.com/en-us/token
Official ProBit Telegram Group: