Frequently Asked Questions about BTU

Dear traders,

Bitcoin Unlimited has been recently listed on HitBTC and is being actively traded. We have received many questions from you regarding this update. We would like to provide a simple explanation so that every customer can understand how it works.

Please, check this out (clickable image):

Artboard 1 copy 2

As you can see, there are 2 currencies on the same blockchain at the moment: BTU and BTC. That’s why you receive both of them while depositing BTC. After hard fork, followed by split, there will be two separate independent networks, who share the same past. It’s like cloning a BTC network into a new one. Your funds are being cloned as well.

  • I deposit 1 BTC, receive also 1 BTU and sell it. Now I have more than 1 BTC. How’s that?
  • In case you deposit bitcoins, it reflects in BTU and BTC at the same time. These coins operate on the same blockchain, they share the same income, but they are independent. And you can operate with these parts of your deposit independently: sell BTU, sell BTC and so on. Sum of these parts equals to the amount of your deposit.
  • Do some new strategies come with these new conditions?
  • Yes, you get more possibilities in arbitrage trading! That’s our mission: to give you more tools and provide you with flexibility of choice. To illustrate possibilities of our exchange let us show you an example: you can sell your BTU, buy altcoins with BTC, withdraw them to another exchange and sell there, deposit BTC back on HitBTC, etc. (This example should not be treated as an investment advice).
  • But why altcoin prices on HitBTC are higher than average market prices?
  • Prices are always set by the market, HitBTC does not influence them in any way. As you already know, in case you deposit bitcoins, it reflects in two networks. One part shows up as BTC, another part – as BTU. Altcoin prices are shown in BTC only. So once you sell your BTU, with resulting amount of BTC you can buy as much altcoins, as you can anywhere with your initial amount of bitcoins.
  • How fast do exchange-to-exchange transactions proceed?
  • It depends on the network load and network difficulty. For example, new Ethereum block is being created every 2 minutes, BTC block – every 10 minutes. Also hashrate and number of confirmations matter. Usually the lower hashrate is – the more confirmations are required. But most currencies’ algorithms are unique, it isn’t correct to simply compare them.
  • Is there a point in buying BTU?
  • We can not provide our traders with any investment advices. HitBTC is a trading platform, which allows users to make their own forecasts and trade at their own risk. Our mission is to provide you with a freedom of choice.
  • Why have you locked BTC withdrawals?
  • Network split contains the risk of so-called replay attacks. In a nutshell, an attacker is able to carry off BTU coins while withdrawing BTC. Hardfork can happen any time and the only way to secure funds is to temporarily lock withdrawals.
  • What if hard fork never happens?
  • On March 31st a survey is going to be arranged in our Twitter. We will let our community decide, what steps should we take next. Link to the survey will be posted in this blog and sent to our users via email. Stay tuned! We consider voting due date as of April 4th.
  • I have another question.
  • Please contact us here. Also feel free to question us in the comment section!

Get ready to catch the WAVES! Live on HitBTC

HitBTC team is delighted to bring the great news to our traders – WAVES cryptocurrency is fully supported by our exchange and all users can trade WAVES/BTC pair!

The story of WAVES listing is actually nice and first HitBTC experience of the kind, by the way.
HitBTC team was fishing around for some new quality cryptocurrencies to be added, and WAVES community has shown unexpectedly strong support to the idea of HitBTC listing WAVES. As you all know, we try our best to serve the interests of our users.
So here we all are, welcoming a new pair to the exchange!

Technology and People

WAVES platform not only has open and responsive community, but it is the great technology with impressive amount of smart people working on it. It has been just a little over half of the year since WAVES hit the market, and technology it stands for is almost here. For ICO projects, which are usually annoyingly slow, WAVES team is working satisfyingly quickly.
It seems WAVES will be one of the leading technologies among next generation (3.0) of cryptocurrencies, so it’s  time for us all to understand couple of things about all the potential of the platform.

Asset Trading

Waves Platform is going to be decentralized asset marketplace with support for fiat currencies.
We all know what it is and we’ve had our fun issuing assets via NXT or Counterparty.
It is more serious and business-like with Waves.
Waves Platform works not only for regular users, who have nothing up there to back up their promises about issued assets. Platform also(and probably primarily) allows governmental institutions and banks issue assets, backed by real value and protected within regulatory jurisdiction of the institute. This all can be legal.
Wait, that means that we will be able…

Crowdfunding

Oh yes, this enables regulated crowdfunding and international fiat transfers.
This is actually the key Waves Platform feature and it explains how they got their $16 million ICO.
Traditional fiat crowdfunding with lower fees due to decentralized nature of the platform and blockchain technology behind it is a very wanted product indeed. It also doesn’t exclude Bitcoin crowdfunding(or any cryptocurrency crowdfunding), it just makes it a matter of preference.
International Transfers

This is the pain of many cryptocurrency adopters.  With every new cryptocurrency we hope it will sort out the problems we have now in the real world. Waves Platform has a good standing chance in doing that, as they target not cryptocurrency users exclusively, but banks, governments and third-party businesses.
Waves Platform team is planning to launch custom transactions, which is very neat feature to pay up dividends, for example. Cooperation is always more fruitful and more likely to happen when there is something for everybody.

WAVES as the fuel of Waves Platform

What is WAVES cryptocurrency among this cornucopia of great projects and features?
It’s just a humble intermediary which makes everything happen.
We think you should probably save some of those for the rainy day.

HitBTC Announces Support for Zcash

Dear traders,

HitBTC is happy to announce support for Zcash (ZEC), opening a new ZEC/BTC market.

What is ZCash?

Zcash is a new cryptocurrency, launched on October 28, 2016. It represents a new decentralized, open-source digital asset that offers privacy and selective transparency of transactions. Just like most of digital currencies, Zcash runs a public blockchain, but conceals transaction amounts, and allows both senders and recipients remain private.

ZCash features

Being developed and supported by a number of professional scientists, Zcash uses advanced cryptographic techniques, namely zero-knowledge proofs, to guarantee the validity of transactions without revealing additional information about them.

Despite being just released, Zcash has a long track record, and a plenty of stakeholders, including names such as Roger Ver and Barry Seibert as well as Pantera Capital. Another peculiar fact is that despite being an open source project, Zcash is set up as company, run by Zooko Wilcox, a 41 year old cryptographer. The Company, running Zcash gets 20%, which will amount to 10% of the total supply.

The Zcash total coin supply is going to be 21 million like Bitcoin, and the asset follows the same issuance rate with 21m ZEC being issued over 131 years. However, instead of having 10 minute blocks, ZCash will have a 2.5 minute block average with 4 times bigger block rewards that halve every 4 years.

All these features make ZCash a great asset. Don’t waste time, become one of the first ZCash traders!

Bitcoin in May – Price Analysis

Brexit

 

 There has been a lot going on in the month of May this year. Some terrible natural disasters and also financially concerning events. Euro has been on a decline since the start of May as Brexit draws closer. The referendum takes place on June the 23rd. Polls are currently suggesting it could go either way, bringing with it uncertainty and pushing the Euro down with it. Why is this important to us regarding the price of Bitcoin? When we see big drops in fiat currencies, Bitcoin skyrockets. Whether Britain decides to vote in or out will make the markets move significantly. In case of Britain actually doing a brexit, I’d start collecting your coins now. Continue reading

Bitcoin in April – Price Analysis

We’re gonna start giving you a monthly overview of the Bitcoin price. Technical analysis is the key to success and trading profitably. This is why we’re going to do a monthly look back on its movements and giving you info on the indicators and support and resistance levels. This will help you have insight into what the price might be up to in the near future, helping you execute more profitable trades.

Continue reading

Margin Trading

Our great exchange keeps on growing and improving. Our goal is to keep offering our beloved traders all the instruments and options that they might want, hence we aim to add lots more in the future. We’re currently working on all the bits and bobs and techy stuff to be able to provide the option of margin trading for you in the future. If you don’t yet know what margin trading is, keep reading I’ll explain it all.

  Continue reading

Ethereum Price Analysis

Although Bitcoin is still the most traded cryptocurrency, you can make awesome profits with other cryptos as well. Some move more than others, some more volatile, some less. Today I am having a look at what Ethereum has been up to this year and where it might be headed. If you’ve not traded this crypto before, that’s okay, I’ll try and give you an overview of the basics – like what the support & resistance levels are and what to look for. Ethereum too like many other cryptos is very volatile so profits can happen very quickly. And the trading of Ethereum is still in the beginning. Who knows we might see another Bitcoin price like wonder.

  Continue reading

History of Trading

Trading commodities, currencies, stocks and other financial instruments has been something that was a relatively closed circle and also seen as a glamorous field until recently. Previously you needed to have a huge capital to get into the trading game. The banks were gambling with our money as we were left to deal with the consequences.

  Continue reading