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Banking is one of the most basic financial products that we use in our daily lives. Yet, it has largely remained unchanged since it was invented around 2000 years ago in Assyria and Sumeria. Banking like it or not has always been connected to the politics and economics of the day. In many countries banks are owned directly or indirectly by national governments and in others governments have intervened at times of crisis to either take over banks or to force their liquidation or merger. Take Cyprus for example in the 2008 banking crisis, which led to the closure of the Cyprus Popular Bank (Laiki Bank) or even Iceland which saw Glitnir being nationalised. In many ways banks themselves were responsible for causing the fiasco of 2008 as the BBC reported on Icelandic banks and how they got into the predicament in the first place, “It found the assets of the banks and the loans had been extended into a cobweb: firm A owns firm B, which owns firm C and, sometimes firm C owns firm A. There was virtually very little or no equity in those businesses. The operations are entirely dependent on credit from the banks. What also came to light was that those who owned these pyramids of corporations were in the ownership of the largest shareholders of the banks themselves.”
In that respect the time is now ripe for disruption in the banking sector. This would require the use of new technologies and a new radical thinking that would free the banks from political interference and make them immune against macroeconomic turmoil. Bitstrades Coin is a digital currency that is capitalising on blockchain technology to create banking and lending services that are free from the perils of traditional banking.
What is Bitstrades Coin?
Imagine holding on to a cryptocurrency that would provide you regular returns on a daily basis. Bitstrades Coin will do that but it will also provide investors a chance to profit from investment in an associated lending platform which utilises the currency. As with other cryptocurrencies users of the coin would also be able to trade the currency and profit as well. Mining Bitstrades Coin is also possible for earning revenue and for participating on the platform. So in essence Bitstrades frees up possibilities surrounding staking, investing, trading and mining for all users. Bitstrades is based on peer-to-peer technology and is free from intermediaries and it is the users themselves who are facilitating activities surrounding the coin. Transactions on the platform would be instantaneous and in real time. Since the coin will have high functionality, there is expected to be a demand based appreciation in value over time.
Bitstrades fits in with a lending platform
Bitstrade coin owners can use their dashboard to invest in Bitstrades lending platform. Users benefit depending on the investment option that they select. The investment capital is managed by transactional bots and volatility software and the invested capital is returned to the user after the period has transpired. The investment period is based on how much capital is invested in the first place and can be seen from the illustration:
Investors can deposit Bitcoins to begin using the Bitstrades lending platform and then purchase Bitstrades Coins from the BSS exchange. These coins can be utilised for investment purposes.
Beyond just banking and lending
Bitstrades is a comprehensive platform that incorporates an inclusive approach. Not only can the users use cryptocurrency to benefit in terms of interest or lend money and become investors, they can also utilise the BSS exchange to liquidate their holdings for other cryptocurrencies or Euro. The exchange also functions as a portal that allows users to use Bitcoin or Euro to enter the lending platform or just purchase Bistrades Coin so that they can gain interest benefits. In order to better inform participants on their platform Bistrades have also incorporated news on their website. The news page carries blockchain and cryptocurrency news and also provides information like price analysis of cryptocurrency, charts, guides and listings so that investors can make informed decisions.
Bitstrades has taken an interesting approach of bringing in some of the benefits of traditional banking to cryptocurrency. They have then gone beyond and also facilitated lending and credit related activities so that the gap between investors and borrowers can be bridged. The in-house exchange makes it easier for users of the platform to utilise the system but also to get access to fiat as and when required. The news service is the icing on the cake as it helps users get information on the latest happenings in the crypto world and is in a way a service that compliments the overall platform.
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