Speaker : Mr. Alex (CSO Of Hotbit)
Date : Friday, Nov, 5th 2020
THERE ARE 3 SESSION FOR AMA
1. PROJECT INTRODUCTION
2. FORWARD BEST QUESTION
3. FREE ASKING
Hello everyone, welcome to AMA ID Crypto with Hotbit Exchange
Tonight we have a distinguished guest, Alex (CSO Of Hotbit Exchange)
who will explain the AMA theme and answer some of your questions.
hello Mr. Alex @hotbit_alexzhou
welcome to our community, we are glad to be with you here.
Thanks very much. It’s my honor to be here with you.
We have 3 sessions of the AMA, where each of your sessions will have questions to answer, and when you are done explaining, please say “done”
Are you ready sir ?
I’m ready. Let’s move on.
But before we start the first session, can you please introduce yourself and your background to us first? @hotbit_alexzhou
Sure. I am Alex, CSO of Hotbit. I stepped into crypto world about 4 years ago when I saw the great potential and bright future of blockchain and cryptocurrecy industry. I was CEO of CoinW. And I joined Hotbit as CSO later.
wow you have your own project. so glad to know that
Okay let’s start to the first session, and don’t forget to say done when you done to explain
Okay let’s start to the first session, PROJECT INTRODUCTION
Could you please briefly introduce Hotbit to IDCrypto Community ? @hotbit_alexzhou
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 licence 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.
Our website is www.hotbit.io, if you has not experience it, welcome to register an account to enjoy your crypto journey with us.
Very cool. in 2 years you can reach the top 20 ranking
We did a lot of things and have a clear plan.
I hope all plans can be realized well sir,
We are doing great step by step.
Okay next question from me.
Can you explain why we should use Hotbit, please state the advantages that you have so that we have to use Hotbit to start investing?
Hotbit has some attractive features. Let me tell you one by one.
- High-efficient: Hotbit provides year-round 7*24-hour customer service. Should you have any concerns or inquiries, you can contact Hotbit’s customer service staff through any channels such as submitting a support ticket, Hotbit’s official Chinese WeChat group, Hotbit’s official Chinese and English Telegram channels, Hotbit’s official Twitter account, Hotbit’s official Facebook account etc. Hotbit guarantees to provide all its users with the best and most efficient services and supports.
- Diverse: Hotbit is a cryptocurrency trading platform which has greatest amount of mining tokens/coins, greatest amount of anonymous tokens/coins and the greatest amount of staking tokens/coins among all cryptocurrency trading platforms. Besides, Hotbit is known as the cryptocurrency platform that lists the greatest number of token projects worldwide.
- Secure: Hotbit has powerful internal security audit team provides year-round 7*24-hour real-time online audit services for all users’ assets. Meanwhile, Hotbit has also established strategic partnership with two top audit teams in the industry, namely SlowMist and Beosin, who are responsible for the detection of potential existing security problems of Hotbit exchange and the provision of relevant one-stop solutions. According to the data provided by relevant authorities, the security rating of Hotbit is classified as B+ (which is the same as Binance).
detailed explanation. I hope the community can understand your answer, sir
thank you for introducing us to Hotbit, let’s move on to the second session which is the question that has been selected from twitter, are you ready sir?
I’m ready. i will do my best.
SESSION 2 FORWARD BEST QUESTIN
Okay nice ??
- From @chacha37066778
Huobi, Binance, and even several other exchanges in the same industry have deployed exchange public chains. Hotbit has been silent for a long time, and no relevant progress has been reported until now. What is the current situation of Hotbit’s public chain?
Hotbit has not planned to deploy its own public chain for now. And whether Hotbit will launch a public chain in the future or not depends on the development of both exchange and crypto industry. Actually, as a cryptocurrency trading platform. The most important things for us are asset security, products variety and user experience, instead of an exchange public chain.
Public chain will increase the cost for transferring tokens/coins. According to the current industry development, developing a Hotbit public chain is not in the priority. We will consider this suggestion when the time is good to do it. Stay tuned.
- From @mylhe
I have such not so good experience of Hotbit because of withrawal process takes long and the fee is quite high. So how does your platform address this kind of problem? What steps are you taken to gain some trust from your users especially in withdrawal transaction?
Firstly, I’d apologize for your inconvenient experience on Hotbit. Hotbit has been striven on providing better service for our users. We supports six languages and provides 7*24 hours online support to ensure quick and high-efficient service for our global users.
You mentioned that withdrawal time is long. This is because there is a strict risk control system for withdrawals for the security of users’ assets. Therefore, some part of withdrawals are required for a relatively long time. If your withdrawal is not transferred to your account in a long period of time, you could submit a support ticket to our support team. They will deal with your request as soon as possible.
As for withdrawal fee, it mainly depends on each project’s network situation. For example, during the DeFi booming, Etherscan network faced serious congestion which lead to the gas fee for transfers continues to rise. Under this situation, the original gas fee standard is not enough to support the transaction. However, if users choose to transfer through TRC20, no transaction fee is required. Transferring funds within Hotbit will cost 20 HTB(Hotbit Token) (just $0.09) . If you think any tokens/coins’ withdrawal fee is unreasonable, you could also submit a support ticket, we will check it and adjust it according to standards. Due to the fluctuations in gas prices, we will continue to check the chain for reasonable adjustments.
long withdrawal but maximum and safe. your answer is very good, I hope those who send this question are here to see your answer ?
- From @h7sqm851dtafubd
Recently, some large exchanges have encountered supervision and caused market panic. Can you analyze the similarities and differences between domestic and overseas cryptocurrency supervision based on years of overseas experience? How will Hotbit avoid such risks in the future?
Yes, the recent supervision does have some influence on cryptocurrency market, but the influence is limited without causing resonance phenomenon on global cryptocurrency market. There was a short time of price dropping, but as you could see today, #BTC hits another historical high. Supervision on cryptocurrency market around the world is an inexorable trend, it is also a good signal for this industry.
Policies and regulations in different countries and regions are various. Governments also shows different attitudes to this industry. What we can do is to follow and abide by the local regulations. We have gotten the compliance licence from Estonia, USA, Australia and Canada. We will explore more new markets in the future.
- From @michalina987
The crypto industry is a fast-paced industry, how flexible is Hotbit to change quickly and keep pace with technology trends? Are you sure that Hotbit can keep pace with emerging crypto world?
Sure, there is no doubt that Hotbit could keep pace with the quickly developed crypto world!
Hotbit holds the belief to explore good-quality projects and improve technology in advance. Hotbit catched the trend very quickly and shown its great vision in choosing projects. Hotbit listed a lot of “hidden gem” on September and October when marketing was booming. We found and listed these good projects more quickly than other exchanges. Our companion exchanges usually follows us to list projects at that time. I think this is enough to show Hotbit’s strength and energy in keeping pave with trend.
- From @yensantosdrena
How did Hotbit see the pros & cons of a project before it actually entered the Hotbit market? because in my opinion Hotbit is the foremost exchange to enter new tokens.
All projects will be evaluated and researched by an investment and research department before listing. The investment and research department will analyze the projects, provide listing information and plan for avoiding risks. This is to protect Hotbit’s global users. Hotbit has made best efforts to choose the cryptocurrency projects with high quality, but all investment on cryptocurrency projects is subject to high market risks, users need to do your research and control risk before investment.
You are very excited in the second session, sir, thank you for answering the questions in detail.
I hope the community can understand your explanation.
Okay let’s move on to the third session, in this session I will open the chat and all participants are free to ask, but you only need to answer the 5 best questions in your opinion.
SESSION 3 FREE ASKING
Could you share with us what does Hotbit have achieved in the past few years? What makes today’s Hotbit?
For this question, I don’t want to show boring data with you, instead, I’d like to share with you more specific things.
Firstly, Hotbit has established partnership with multiple powerful partners such as F2pool, Spark Pool, Mytoken, Slow Mist, HashQuark etc.
Secondly, Hotbit always possesses a strategically prospective view when it comes to the listing of new types of cryptocurrency tokens with qualities, such as HOT (Holochain), Beam, NEXO, QKC, TOMO and FTM. Hotbit listed these tokens far ahead of top leading exchanges like Binance. According to the data provided by relevant third-party organization in September, 2019, the performance of Hotbit’s ROI (Return on Investment) is only lower than that of Binance, OKEX, Huobi and Gate.io. Please refer to the link here for relevant information.
Thirdly, starting from April 2019, Hotbit started to distribute current deposit interests for its users, which means that Hotbit was the first cryptocurrency exchange in the world to offer daily current deposit interests to its users with no token lockup or freeze required. On October 13th, 2019, Hotbit launched daily open purchase and redeemable fixed-term deposit, which was initially available to BTC, ETH, ATOM and PCX and has been purchased by a huge number of users since its launch.
What is your strategy to attract new traders to trade on Hotbit instead of other CEX ?
There are a lot of projects that have launched on DEX. One the most representative DEX is Uniswap. However, we also see that many high-quality projects choose to be listed simultaneously on CEX and DEX, or even only on CEX. The reason for this is that there are many bad projects or even MLM projects on DEX. Hotbit has professional investment and research team to conduct professional analysis on project before listing.
As for users, the amount of users of DEX is still not on par with CEX’s. There is no deny that DEX may become a development trend in the future, but realizing a completely decentralized trend still has a long way to go. This is not only because the limitation of basic technical factors, but also users’ trading habits.
Hotbit has always been following blockchain’s concept of “decentralization”. Compared with other CEX, Hotbit is more like a “decentralized” platform with its features, such as no KYC.
As a regular trader I need high security, fast liquidity and low transaction fees. Can HOTBIT fulfill the above requirements? Please share me about this. Thank you.
Since Hotbit was officially launched in 2018, Hotbit has maintained an impressive record of zero loss for user due to platform vulnerabilities. This record is achieved by Hotbit’s attention on platform security and its responsible attitude towards users’ asset security.
As for projects’ liquidity, it’s normal that there are projects with good liquidity while some other projects with poor liquidity. Hotbit tries its best to provide users with satisfactory services and encourage projectors’ to provide good liquidity.
As for transfer fees, it mainly depends on each project’s network situation. For example, during the DeFi booming, Ethercan network faced serious congestion which lead to the gas fee for transfers continues to rise. Under this situation, the original gas fee standard is not enough to support the transaction. However, if users choose to transfer through TRC20, no transaction fee is required. Transferring funds within Hotbit will cost 20 HTB(Hotbit Token) (just $0.09) . All HTB tokens which collected as transaction fee will be burned which benefits HTB holders.
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?
Security issue is the most important thing in the blockchain industry, and Hotbit has been subject to various types of attacks and infiltrations 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 7×24 hours of round-the-clock inspections.
There is no absolute safety, and we will certainly prepare for the worst. 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.
Hotbit exchange security ranks 9th in overseas authoritative institutions’ evaluation,
Refer to the link: HERE
To withdraw TRC20 USDT in Hotbit, the minimal amount is 100USDT. Why that minimum, is it arbitrary? Do you think it will be lowered?
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.
5 questions have been answered.
thanks you for your answer ?
Do you have anything to say to us.
We are very happy to hear all of your answers @hotbit_alexzhou
It’s very nice to chat with you today. And Your advice means a lot to us. Welcome to come to experience our website and follow our account to get some airdrop. Wish you well.
Thank you sir, because you are with us tonight with this great AMA.
Have a good day, and hopefully Hotbit will be better known and become the number one top exchange in the world