Hotbit — CryptoVerse AMA
Date : 21st October 2020
Guest : Alex Zhou-CSO of Hotbit
Q: Please briefly introduce yourself and Hotbit to our community?
A: I am the Chief Strategy Officer of Hotbit, Alex.
Hotbit, as one of the most famous digital assets exchange platform, was founded in January, 2018 in Hong Kong, China and had gotten the compliance licences from Estonia, USA, Australia and Canada. We have extended our business reach to over 210 countries and regions and gained 1,000,000 registered users around the world. CoinGecko graded Hotbit 10 points in trust scoring which means we have ranked the Top 20 globally.
Hotbit is keeping following the concept of “decentralization” of the block chain, Although we are operating the platform through the company now, many features presented by our products have given the sense that it is highly similar to a “decentralized exchange platform”. I can give you some examples: firstly, 812 currencies and 1,379 trade pairs have come online on Hotbit, which makes it have the second most kinds of digital assets all over the world; secondly, we allow users to register an account through mailbox instead of KYC so as to protect everyone’s privacy; thirdly, there is no withdrawal limit of assets, so you can regard Hotbit as a wallet with mounts of currencies; what’s more, our APP only requires 4 kinds of phone permissions in order to protect users’ privacy, etc..
Q: What’s the next step for hotbit? What is the original intention of hotbit as one of the exchanges with the most trading pairs?
A: The original intention of Hotbit team is to adhere to the concept of decentralized management and strive to build Hotbit as“Amazon”of digital asset market, providing safe, professional, credible, high-quality and convenient digital asset trading services for digital asset investors.
Hotbit will deploy from the following aspects:
Firstly, Service! Hotbit will continuously optimize the trading experience and provide 7*24 hours online customer service to ensure global user trade and communication experience.
Secondly, products and technology! We will continue to develop and launch digital asset derivatives and other trading products to provide global users with more trading opportunities, such as the recently launched contract trading section and ETF section. We sincerely invite our users to experience the trade. As for technology, Hotbit focuses on safety to ensure the stable operation of system.
Thirdly, globalization! Hotbit is promoting globalization strategy. At present, Hotbit’s business has covered more than 210 countries and regions, and the number of global registered users has reached 1,000,000. It is imperative to deepen the global new market, especially India market. Hotbit’s development in Indian market also requires our users to work together.
Q: Can you explain what are the main requirements for registering Coins / Tokens on HOTBIT?
What things are required for a project to be registered on HOTBIT?
and Hotbit has excellent products and technology. Which do you focus on developing now?
A: The projects launched on Hotbit are mainly recommended by professional investment and research team. Hotbit investment and research teams will evaluate projects from several aspects, such as project quality, community activity and so on. Currently, Hotbit will still focus on technical security and product development. Technical security is to ensure the safety of users’ assets which is the top priority. Product development is to provide users with more opportunities and achieve a win-win situation.
Q: To withdraw TRC20 USDT in Hotbit, the minimal amount is 100USDT. Why that minimum, is it arbitrary? Do you think it will be lowered?
A: Currently, Hotbit supports stablecoins on four public chains， ERC20, OMNI, TRC20 and ASA. TRC20 withdrawal does not require a minimum amount and transaction fee is zero.
Q: Do you consider that Hotbit is easy to use for beginner traders or is it only focused on advanced traders?
Do you consider that Hotbit is user friendly? Can new users use it easily from the first time?
A: Hotbit is friendly to all users.
Everyone can register as a Hotbit account via email without KYC. In the process of using Hotbit, if you have any questions, you can consult the official Hotbit customer service, which is online 7*24 hours.
For new users, it is recommended to check the “FAQ” first to make it easier to use Hotbit. Link:
Q: In recent times #Hotbit is able to list most hyped projects in no time, which attracts many users to your platform.
But how are you able to keep user’s fund #Safu as many exchanges having issues with safety of funds?
A: Yes, Hotbit shows its excellent speed and vision in listing good quality projects, which has been favored by users all over the world.
The number of new registers exceeded 200,000 in just two months, and the number of registered users worldwide has reached 1,000,000.
Regarding user’s financial security, Hotbit implements the same-level multi-module architecture of IT control logic in the financial industry to ensure stable operation of the system; front-end and back-end design, multi-node and multi-module distributed deployment allows horizontal expansion capabilities which could provide more efficient service to more users. Hotbit has established a strong internal security audit team to conduct real-time online audit for users’ assets 7*24 hours throughout the year. It has also reached strategic cooperation with the industry’s top security audit team SlowWist Technology and Chengdu LianAn to monitor Hotbit potential security issues and propose quick solutions. Hotbit has maintained an impressive record of zero loss for user due to platform vulnerabilities.
Q: As a trader like me, the security of my funds is my first priority before choosing any exchange for trading. How does HOTBIT team ensure users’ assets security?
A: Security issue is the most important thing in the blockchain industry. Hotbit has been subject to various types of attacks and infiltration for a long time.
In our experience, most security issues are not at the technical level, but at the process risk control. Therefore, in addition to working with well-known security teams in the industry to do regular technical precautions, Hotbit has been constantly upgrading its risk control system based on industry lessons and its own experience, and has a dedicated risk control team to conduct 7x24 hours of round-the-clock inspections.
There is no absolute safety, and we will certainly prepare for the worst situation. For the sake of good user experience, about 10% of the assets of the mainstream currency Hotbit are dealt with in hot wallets. This part of the assets is within the financial capacity of Hotbit which can afford compensation even if there are serious problems.
Besides, Hotbit exchange security ranks 9th in overseas authoritative institutions’ evaluation, refer to the link:
Q: Do you have any referral system in your exchange? If yes, what’s the inviter will benefit from inviting friends to register a Hotbit account?
A: Referral system, yes!
Hotbit supports two levels inviting system which makes sure that both inviter and invitee are able to get rebates. If users hold HTB, they can get more rebates.
You could check your invitees and rebates here: Share a link:
Q: There are so many Exchange growing strongly, so why should we choose #HOTBIT and not others? What are the highlights of Hotbit?
A: Let’s talk about why you should choose Hotbit and what the “Hotbit Four Bests” are.
I will explain from four aspects.
1. Security and stability: Hotbit implements the same-level multi-module architecture of IT control logic in the financial industry to ensure stable operation of the system; front-end and back-end design, multi-node and multi-module distributed deployment allows horizontal expansion capabilities which could provide more efficient service to more users.
2. Diversified options: Hotbit has set up several trading areas which support trading of 810+ tokens/coins, 1379+ pairs and nearly one hundred of public chains.
3. Better user experience: Hotbit supports six languages and provides 7*24 hours of uninterrupted online customer service to ensure smooth transactions for global users.
4. Compliance: Holding Estonian MTR licence, American MSB licence, Australian AUSTRAC licence and Canadian MSB licence, Hotbit’s keeping developing pabilities which could provide more efficient service to more users.
And the four bests of Hotbit are: The world’s largest mining token/coin trading platform; the world’s largest anonymous token/coin trading platform; the trading platform with most amount of tokens/coins; the trading platform with most amount of staking tokens/coins.
so why not Hotbit.
Q: Liquidity Mining and Defi is hyped recently, what does Hotbit have done in the trend?
A:Hotbit pays attention to and is actually deeply involved in liquidity mining.
Hotbit’s financing area has launched the world’s most abundant Defi financial products and includes almost every currency which can participate in liquidity mining. And Hotbit also jointly released eth’s cloud computing power products, allowing customers to participate in the current high gas cost of eth mining.
Liquidity mining is very close to the transaction mining concept that was popular in 2018. In essence, it accelerates the cold start process of a blockchain-related product and quickly gains a large number of users and funds. The disadvantage is that more than 80% of users and funds are only attracted by short-term benefits, which will cause market distortions.
Hotbit currently has stable customers and resources. By the end of this year, DeFi, Polkadot and Filecoin have achieved rapid development, so this method of cold start process is no longer needed.
However, we will absorb the entire industry experience of this liquid mining boom, and in the future we will launch products that integrate with DeFi, giving customers the most advanced choice in the industry.
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