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BmyBit (PreICO)

Automated Trading Accross Multiple Exchanges

BmyBit approached the cryptocurrency market with an aim to provide innovative and unique solutions to the problems which traders must face every day. The platform offers Personal Automated Trading System (PATS), Automated Arbitrage System (AAS), Manual Trading, Digital Exchange, and Private Blockchain. BmyBit also allows to monitor tax expenditure and offers proprietary algo-trading technology which was built to scale globally and is available world-wide. Registering on BmyBit allows traders to connect with twelve different liquidity providers through API keys, solving the issue of having to monitor each of the exchanges at the same time. BmyBit also provides both inexperienced and experienced traders with all the necessary tools to make trading with cryptocurrencies more profitable and less time consuming. PATS can be customized for the needs of beginner, intermediate, or advanced traders, allowing them to choose different parameters according to their needs, for example the risk level, or the minimum profit. BmyBit also makes it possible to trade manually and recently introduced arbitrage for trading across multiple exchanges.

3.4
3 2 expert ratings
Benchy 3.5
Experts
3.0
3.0
3.5
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51 days 0 hours left
2018-03-26 - 2018-07-15
Starts in 52 days 0 hours
2018-07-16 - 2018-08-30
Token
BMYC
PreICO Price
1 BMYC = 0.00021223 BTC
Price
1 BMYC = 0.00035372 BTC
Bonus
Available
Bounty
Platform
Accepting
BTC
Minimum investment
0.05 BTC
Soft cap
235.437478 BTC
Hard cap
1235.90527 BTC
Country
UK
Whitelist/KYC
KYC
Restricted areas
None
More on ICO
Report

About BmyBit

Problems and Opportunities to Scale.

The cryptocurrency landscape is thriving but it is also becoming increasingly complex. At the same time, more people than ever are starting to trade with digital assets creating more need for on-demand services. Although cryptocurrency is a relatively new invention, the banking industry has already been disrupted by new and innovative Fintech companies, which are seeking opportunities in this booming field.

However, the cryptocurrency market can be difficult to understand and become familiar with, especially for people who have little experience in trading or are only acquainted with traditional currencies. There are many obstacles waiting for those who wish to begin trading with Bitcoin and other digital assets, while not enough resources exist to support new and inexperienced traders.

The never-sleeping, global market is the first problem which traders need to face, as they are simply unable to follow it 24/7. Additionally, the high volatility of the market is not taken into consideration by traditional trading systems, while alternative options are usually expensive and do not offer a solution for overcoming people’s financial incompetencies. Raising and falling prices of different currencies are difficult to follow, especially for people who are new to the market and do not possess technical knowledge about it.

Moreover, there are more than 200 digital exchanges currently operating in the market, which makes it even more confusing and difficult to navigate through the cryptocurrency landscape. Constantly switching from one exchange to another is often ineffective. Therefore, many people miss out on the benefits which trading with cryptocurrencies can bring them, losing money due to lack of knowledge and experience in trading. Furthermore, changing taxation and lack of understanding of new regulations discourage, or even prevent people from trading.

Solutions

BmyBit approached the cryptocurrency market with an aim to provide innovative and unique solutions to the problems which traders must face every day. The platform offers Personal Automated Trading System (PATS), Automated Arbitrage System (AAS), Manual Trading, Digital Exchange, and Private Blockchain. BmyBit also allows to monitor tax expenditure and offers proprietary algo-trading technology which was built to scale globally and is available world-wide.

Registering on BmyBit allows traders to connect with twelve different liquidity providers through API keys, solving the issue of having to monitor each of the exchanges at the same time. BmyBit also provides both inexperienced and experienced traders with all the necessary tools to make trading with cryptocurrencies more profitable and less time consuming. PATS can be customized for the needs of beginner, intermediate, or advanced traders, allowing them to choose different parameters according to their needs, for example the risk level, or the minimum profit. BmyBit also makes it possible to trade manually and recently introduced arbitrage for trading across multiple exchanges.

Business Model and Technology

BmyCoin (BMYC) is a crypto asset issued on the BmyBit private blockchain and is used as a form of payment for services on the platform. BMYC is exchangeable against Bitcoins on bmybit.com and via the exchanges that will list the token. It is a multichain based token with a total supply of 10,000,000.

BmyBit offers free access to its Forum and BmyFolio. Other services are charged based on initial investment, including PATS (0.5-2.5%), Arbitrage (0.125%), Exchange (0.25%) and BTC wallet (0.25%). Manual trading and REST APIs can be accessed after purchasing a license for a selected period of time (one, six, or twelve months). BmyBit users will be charged in BmyCoin only.

BmyBit Blockchain

BmyBit uses two Blockchains which are private and built over the same Multichain protocol. One blockchain issues the BmyCoin token and will be spent for streaming the multi-signatures agreements between the parties; another blockchain issues no tokens and will be spent for the AML and KYC data from clients and to elect the syndicates members.

The two blockchains will be connected via APIs and will share information about the users in order to ensure crystal clear payment system, be AML & KYC compliant, store the agreements over a distributed model, avoid third parties from escrow agreements, simplify the audit mechanisms and guarantee the thrutness of the informations shared by the users.

Bmybit Blockchain is Bitcoin compatible; it extends Bitcoin protocol, formats and APIs, including full multisignature support. Fine-grained permissions allow to optionally control who can connect, send and receive transactions, as well as create assets, streams and blocks. Each blockchain is as open or as closed as you need. Thanks to rapid deployment, only two simple steps are required to create a new blockchain, and three steps to connect to an existing one. Unlimited blockchains can be deployed per server for cross-chain application.

Millions of assets can be issued on BmyBit blockchain, all tracked and verified at the network level, along with safe multi-asset and multi-part atomic exchange transactions. Additionally, multiple key-value, time-series or identity databases can be created on the blockchain, ideal for data sharing, timestamping and encrypted archiving.

Trading Strategies

Three different trading options are available on BmyBit:

Static Algorithm: This strategy automatically places orders to buy and to sell in order to increase the amount of the digital assets involved with a chosen pair. It doesn’t follow big waves to give the full control to the customer.

Dynamic Algorithm: The Dynamic trading strategy is an improved version of the Standard trading strategy. It automatically places orders to buy and to sell in order to increase the amount of the digital assets involved with a chosen pair. It also follow the waves in order to restart the strategy every time that the price go far above the last selling price or far below the last buying price.

Arbitrage: The simultaneous buying and selling of 2 assets in different markets in order to take advantage of differing prices for the same asset.

AWS servers and Google Bigtable

BmyBit is using Amazon Web Services as a server provider for the platform. Using AWS will allow BmyBit to set itself for scalable growth while the traffic on the website increases. BmyBit chose to use Google Bigtable as its storage system for managing structured data. Bigtable helps BmyBit with running the platform more smoothly and in a more efficient way, while having the capacity to scale to a very large size.

BmyBit Concept

The idea for BmyBit is based on the concept of providing a wealth management service, which requires no deposit. The global platform will offer fast and efficient on-demand services and will include latest consumer web and device technology, as well as optimized algo-trading editor.

BmyBit will strive to become the “Uber of trading services”, where services are offered by users and BmyBit is charging a fee from their payments. However, in order to use the services customers will need to become members on the platform, which will ensure a trustworthy and professional environment for the traders. Therefore, licenses will not be required from the clients since BmyBit membership will be required to join the platform.

Having respectable clientele will be one of the key points of difference for BmyBit, along with 1-click hailing (reply in 5 minutes), ensuring fast response time (easier than calling), using high level technologies (AWS servers, Google Big Table DB, device recognition with Fing), attracting great and skillful traders (rate your trader feature), and using high-tech solutions (customer needs-aware auto dispatch).

The operating principles of BmyBit will rely on the platform being AML & KYC compliant and  having professional on-demand service, which will be customer focused and will deliver the best possible end-user experience, with record tracking of traders being part of the rating system. BmyBit will also ensure statistically optimised response time, prepaid and cashless billing system via private double speed blockchain, which will make the platform profitable by design.

BmyBit will be a cheaper on more reliable option than external traders who do not guarantee the technology and service which BmyBit provides. Next to being more efficient and even safer than a bank, BmyBit will not ask for a deposit and will be tailored towards its customer needs, keeping millennials as one if its target audiences.

BmyBit Apps and Users

Features

BmyBit will implement features such as book tracking services, show trading status and trading history. The platform will also integrate Google G-Suite for an enhanced experience, including Google Hangout, Google Maps and Google Calendar.

Customer need (tags) + language spoken → ?  

Benefits

Using BmyBit will come with various benefits such as advice and support on how to purchase Bitcoin and retrieve APIs, or about the most suitable exchanges. FX for profits and delivery, algo-trading, and tailored trading strategies will be available as well. Additionally, there will be no need for trading manually with a follow up via Google Calendars available.

User Profiles

User profiles will be divided into three ranks: beginner, intermediate and advanced traders. Depending on the traders experience and expertise, each user will be able to conduct certain actions on the platform. All user profiles will have a chance to buy support, advice, trading strategies, upgrades and BmyCoin, as well as book an exam to the next level on BmyBit. While beginner users will only be granted permission to sell BmyCoin, intermediate traders will already be allowed to sell support, advice, and BmyCoin to beginner traders; advanced users will also be permitted to sell trading strategies.  

Path and Achievements

BmyBit’s history reaches back to October 2015 when the very first prototype was being tested. The platform saw further development in 2016 when Alpha test were being conducted, followed by Beta tests throughout the year, until July 2017. Since then BmyBit has been focused on growth, further development and expansion.

Since August 2017 until February 2018, BmyBit saw more than 5 thousand users registering on the platform, and more than 350 becoming active traders (connected to PATS). The daily average profit of traders reaches 4.72% with more than 11 thousand strategies started to date and $5,500,00 in overall trading volume.

From July 2017 to March 2018 the largest markets for BmyBit included United States of America, Indonesia, India, Russia and Ukraine. Some of the target markets in which BmyBit plans to expand in the future include Brasil, the Philippines, United Kingdom, Nigeria and Bangladesh.

Potential outcomes include a best-case scenario of BmyBit becoming a market leader (ICO funding $4m; Serie D $100m), a realistic scenario of capturing 1% of the market (ICO funding $1m; Serie A $10m), and worst-case scenario of remaining an algo-trading service and a time saving platform for traders.

Competitors

BmyBit’s target audience are non-skilled users without deep, technical knowledge about trading with cryptocurrencies. The closest competitor, who appeals to a similar type of customers is Rialto.AI; other competitors which exist in the market require the user to either possess technical expertise about cryptocurrencies (Haasoline), be already competency savvy and have experience in trading (Tradeblock), or ask traders to already be very familiar with all the practices necessary necessary to make profits on trading (Gunbot, BTC Robot).

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