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Bibox Token (BIX Coin) Review
If you’ve never heard of Bibox before, don’t feel like you’re out of the loop. Many involved with crypto aren’t aware of the exchange or the coin that accompanies it. It’s becoming more and more popular for cryptocurrency exchanges to create a coin for use on their platform and Bibox is no exception.
The most popular exchange that has its own coin is probably Binance. Bibox will remind you a lot of Binance when you first start using it. That’s because Bibox has adopted many of the same features and qualities you’ll find on the Binance exchange.
Like Binance, Bibox has its own native token, which is what we’re focusing on today. If you want to know more about the exchange, please feel free to check out our review. The Bibox token of the same name is called BIX and offers its own features and incentives for those that hold the coin. This makes BIX appealing to those on the platform as well as cryptocurrency investors.
In the following review, we’ll take a look at the BIX coin and discuss why those considering investing in crypto might want to give it serious consideration. As always, please remember that none of the information provided is investment advice. Be sure to do your own research and come to your own conclusions.
What is Bibox?
Bibox is a cryptocurrency platform located in China. Founded in 2017, both the exchange and its native token are referred to as Bibox, which may cause some confusion. Users typically refer to the coin by its ticker name, BIX. There are several features and incentives unique to the BIX coin that make it appealing to investors and those holding the coin. We’ll talk more about that in a bit.
Based on its team of developers, Bibox is a digital currency exchange that provides enhanced encryption and security to its users. The platform makes use of cutting edge distributed cluster systems which makes it capable of handling over 10 million users at any given time. Additionally, exchange developers have created unique AI capabilities which can be used to perform analytical forecasts and calculations.
What is BIX?
BIX runs on the Ethereum network as an ERC-20 token and is the native token of the Bibox cryptocurrency exchange. The intent behind the BIX token is that it will serve as gas for the Bibox decentralized exchange.
BIX coin debuted on the Bibox exchange on November 20th, 2017. At the time of its launch, the token could only be bought using either Bitcoin or Ethereum. The BIX coin launched at a price of $0.2647, however, just a few weeks later the token was worth $2.67, a 1,000 percent increase.
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There are a total of 267,941,449 BIX tokens in circulation, however, 140,000,000 of those are locked down by the initial team present during the ICO. Each year, 20 percent of these token are unlocked, becoming available to investors and those interested in purchasing more BIX tokens.
BIX Coin Features
The token offers some interesting features and benefits to those that hold BIX. Here are some of the key features you can expect when holding the BIX token:
For those that hold the BIX coin, they receive 20% of any net profit the exchange realizes. If you take the example from the Bibox website, they state it as the following:
“The net profit of this week is 100BTC in Bibox.com, if you hold 130000BIX, you will receive (130000/130000000) *20 %* 100BTC = 0.02BTC per week. If the trading amount and operating costs of the platform stay the same, you will get 1.04 BTC a year.”
There is, however, a catch. Bibox stipulates that BIX holders have to trade at least one time a week on the platform in order to get their 20% profit payout. Still, not a bad deal for those who perform trades on a regular basis.
When holding BIX on the Bibox exchange, users receive discounts on their trading fees. These are similar to the ones you’ll find on Binance in regards to the BNB token. BIX coin follows a five-year structured plan for those invested in BIX coin. In the box below you can see how BIX trading discounts are applied.
|First Year||50% discount applied to trade fees|
|Second Year||25% discount applied to trade fees|
|Third Year||12.5% discount applied to trade fees|
|Fourth Year||6.25% discount applied to trade fees|
|Fifth Year and Up||0% discount on trade fees|
For those already holding BIX, they’ll have the ability to upgrade their current VIP status. Bibox says in its whitepaper that for users who have BIX tokens, the asset calculation for upgrading is one and a half times.
BIX uses its Buyback and Burn plan to maintain control over the coin. In its whitepaper, Bibox promises to “Use 25% of seasonal net profit to buyback BIX tokens. Once the BIX token we bought back (up to 300 million in total), it will be destroyed right away.”
However, Bibox doesn’t do a great job of explaining what it means by seasonal buyback. It would be nice if the exchange gave its users a more precise idea with terms like quarterly or annual buybacks of BIX tokens.
BIX holders get additional privileges like early access to new applications. Not only are new applications available beforehand to those holding BIX coin, but they also won’t pay fees when putting their new features to use on the Bibox exchange.
Who is BIX?
Many online personalities claim that they are part of the Bibox team, including several employees who were previously with Binance, the co-founder of OKCoin, and one of the founding members of Huobi.
Based on reports that analyzed the Bibox ICO, there are two primary business operations that are part of the exchange. One piece operates in Japan and functions as a means to change cryptocurrency into fiat currency. The other business resides in Estonia and is an exchange that focuses on trading cryptocurrencies only.
There are, however, a few team members listed, but little or no information is provided about the team. Jason serves as the CEO while Wanling Wang is a co-founder and currently presides as the Bibox Overseas President. Alicia Pan is the Vice President of Market, Estella Liu is Business Development Manager, and Jian Qin heads up the North American Region.
The Bibox exchange team launched the BIX ICO in October 2017 and was considered a success by all involved. BIX raised $19,000,000 during its ICO, which only accepted payments in the form of Ethereum. During its ICO, those purchasing BIX tokens were paying roughly 1800-2000 BIX/ETH.
Additionally, at the time of its ICO Bibox split up its tokens for use in the following manner:
- 275 million tokens intended for the ICO (55%)
- 175 million tokens allocated to the initial team (35%)
- 50 million tokens distributed to Angel investors (10%)
Of course, those holding the BIX token want to ensure that it’s going to grow and gain adoption. That’s why Bibox is implementing several different marketing strategies that will help the coin perform well over a long period of time while also outperforming its competitors.
Here are just a few of the strategies that Bibox plans on using to attract new users and ensure that its coin remains popular:
- Integrate and list popular, up-and-coming altcoins before other exchanges are able to do so
- Be active and engaging with its social media strategy
- Promote trading opportunities and advantages when holding BIX coin
- Offer holders a referral program that would allow them to earn 50% of the commissions on trades for anyone who they referred
Should I Buy BIX?
Ultimately, you’re the only person who can decide whether or not it makes sense to invest in BIX. However, here are our thoughts on the pros and cons of the BIX token:
Need some help getting BIX coin? Our Bibox exchange guide show you how.
The main difference between a token that offers no value and a token with potential is the ability to meet the needs of its users. As a token continues to address the needs of its user base, its value grows, as does its potential. From this perspective, BIX coin is a diamond in the rough.
This is primarily due to the fact that BIX solved several problems at the same time. For example, BIX tokens allow users to access Bibox VIP tools on the platform before other users get their hands on them. It also gives VIPs access to trading tools that give users on the platform a more efficient trading experience.
Having this type of advantage is a huge win as it gives investors an edge as they go about their daily trading. If and/or when investors purchase BIX to gain access to the VIP tools, it makes sense that the value of the token would move up.
The BIX token also helps to cut down on trading fees when using the Bibox exchange, which will help drive more users toward adoption fo the token. Considering that fees are a sore point for users on some exchanges, it might not be long before the price of BIX is pushed up as more users move over to the Bibox exchange and invest in the BIX token.
Finally, BIX has continually moved up the rankings based on volume. For this reason and many of the ones we addressed earlier, it’s not hard to see how BIX can become a valuable asset and a profitable token to hold.