BitForex to run the reward system


As the cryptocurrency market expands, cryptocurrency exchanges are in cutthroat competition. The exchanges are looking to draw in customers with each of their own differentiated strategies. One of these strategies and services is ‘transaction mining’. Some exchanges provide self-issued tokens to customers as a reward for their transaction.

However, some worry about transaction mining saying that the indiscriminate issuing of coins will lead to heavy consequences. Some exchanges actually failed after introducing transaction mining.

COO Garrett Jin of BitForex, which is the exchange that introduced the transaction mining system, argues that the exchange’s reward to customers is also a meaningful model in the cryptocurrency world and when it is well-coordinated, it will be effective at the VIP reception of “Tokenizeit 2018 fall”, global block-chain conference held in Seoul, Korea from 9 to 11th September.

He announces the number of tokens issued from the mining will decrease at the time when transaction mining is continued for 3 months straight according to BitForex demonstration monitoring. It is because transactions targeting tokens due to mining is to be reduced around after three months, under the assumption of transaction being sustainable.

The system of BitForex is designed to be given 120% of the transaction interest fee in BitForex self-issued BF token.

“Since August 1st of this year when BitForex introduced the transaction mining system for rewarding, its creative transaction mining system has been running well,” he stressed.

A second key success factor for sustainable transaction mining system, he pointed out the repurchase plan. “A thorough observation after launching the system, BitForex has decided that 80% of the transaction mining fee will be used to repurchase BF Token back from the market.” He added that the BF repurchased will be locked up aimed at securing the scarcity of BF token.

“We are able to read from the monitoring that most important key to succeeding in this system is how quickly you change with decency to keep the profit of users,” Mr. Garrett explained. And he promised that BitForex values every user and tries their best to support all project participants.

BitForex is a fast-growing global exchange positioned as top 3 in terms of daily trading volume. It provides service to users in 186 countries. BitForex focuses on localizing the product and services to provide better service. In line with this strategy, it moves fast when deciding on localization in certain markets. Also, it prefers to run a foreign branch with 100% ownership because of strategic alignment.


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Betty Tűndik
Betty Tűndik
Hi everyone! Nice to e-meet you! Here are a few things you should know about me. I am a conscientious, open-minded, adaptable to new experiences, and ambitious Business Development Manager with a Bachelor's Degree in Economics - Banking, Finance, and Accountancy. Through my studies, I've also obtained many naturopathic and nutrition degrees as well. Part-time jobs have added marketing, network marketing, event management, and store management skills to my experience throughout my career. Throughout my career, I have also been a Hotel Manager and owned a Bar/Restaurant & Internet Cafe. My online marketing and social media interactivity experience was gained when I and my husband started a business with an online/organic webshop & healthy lifestyle consultancy. I've improved my English at Cambridge Academy of English - 2003, in Cambridge. I live a conscious lifestyle, and try to protect the ecosystem. Animal lover and capable of helping others without judgment or negative reactions, this is thanked my knowledge in holistic therapies and the naturopathy courses I've followed. I cannot leave for my spiritual growth and the continuous development in alternative and holistic therapies, so I'm learning at Kyron School of New Consciousness, receiving a Bio Energo-therapist diploma. Thanks to all my experiences I've decided to venture into publishing and writing, while also continuing to learn many new things daily. I hope you enjoy reading my hand-picked news and check back for my weekly articles.