ICO FAQ

What is an ICO?

An ICO (Initial Coin Offering) is a new crowdsale concept in the cryptocurrency and Blockchain industries.
It’s important to understand, what is special about them, what is the difference between ICO and other coins.

  • Initial Coin Offering

    • ICO is a form of crowdfunding, used by startups. Imagine a team of developers who are working on a new promising project. They might need to raise money from public, so they create their own cryptocurrency. Those who want to support the project, would buy the rights of token possession during the initial crowdsale phase. As a result, the project gets the capital to fund development, and the audience members get their tokens’ shares.
    • What is an IOU?
      It’s very important to understand that during the initial phase new coins don’t exist yet, people are buying IOU (“i owe you”) – not the coins themselves, but the obligations. As soon as fundraising phase is over, IOUs are being transformed into usual tokens.
  • How can I deposit ICO coins or sell them?

    ICO coins basically don’t exist until the issue date. There’s no blockchain for them. That’s why it’s not possible to perform transactions, send coins somewhere – for example, deposit your HitBTC account with them.

    Until the moment the tokens are released, only verified market makers and ICO communities, who chose our site for primary placement, are able to deposit ICO to HitBTC.

  • What exactly does HitBTC provide then?

    Check out the “ICO” tab in the “Instruments” section on our exchange. You are able to buy IOU directly from us and store them on your HitBTC account. As soon as tokens are released, you’ll be able to trade, deposit/withdraw them – it’s exactly the same deal as with every other coin.

  • Why it’s convenient to participate in ICO on HitBTC?

    You don’t need to spend time looking for new promising ICOs and figuring out how to join them – the most interesting tools are already here. You don’t even need to leave HitBTC – our familiar interfaces are here for you, participating in ICO feels exactly the same as buying any other coin.
    As tokens are released, you are the first to trade them right here, on HitBTC, which also is great.


There’s a whole set of ICO coins listed on HitBTC. 
SNM, CVC, SNT, BNT and a lot more, and there will be more!
The next post in our blog we will tell you about new ICO projects!

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More coins on HitBTC

In a constant strive to encourage the cryptocurrency market growth, HitBTC is pleased to add the new instruments to our trading pairs list.

Enjoy trading!

CVC
Civic’s model allows for on-demand, secure and lower cost access to identity verification via the blockchain. Background and personal information verification checks may no longer need to be undertaken from the ground up every time a new institution or application requires one. Civic already has a working identity verification product that is available worldwide.

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CFI
Cofound.it is a distributed global platform that connects exceptional startups, experts and investors worldwide. It will first be built by the blockchain community for the blockchain community — and then for the whole world. The service built for the crowdsales of today could grow to support the startups of tomorrow, worldwide, capturing a significant percentage of the total investments.

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ETC
Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. Ethereum Classic is a continuation of the original Ethereum blockchain – the classic version preserving untampered history; free from external interference and subjective tampering of transactions.

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FYN

FundYourselfNow a platform to allow project creators/promoters to raise funds for their projects using cryptocurrencies without the need of technical knowledge. Fund Yourself Now improves on traditional crowdfunding sites by allowing more control once funds and distributed; providing support/mentors and lowering transaction costs.

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NXC
Beyond the Void is the real-time strategy video game that created their own token called Nexium within the Ethereum Blockchain. The free-to-play model is widely used in video games because it is easily profitable. Business model is based on a strategy similar to “League of Legends”, which is the most-played game in the world, the most streamed and one of the most profitable.

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PLBT
Polybius is a modern banking institution which uses cutting-edge technologies, such as SSL-backed OAuth2, smart contracts and applied AI, to name a few, in order to provide a range of reliable, secure, and easy-to-use financial services.

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SNM

SONM is a decentralized worldwide fog supercomputer for any general purpose computing − from site hosting to scientific calculations. SONM plan to be the smartest, the cheapest and the largest decentralized computing system with strong rules regarding morality and loyalty, due to SONM’s reputation system and self-learning neural network.

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SNT

Status is an open source messaging platform and mobile browser to interact with decentralized applications that run on the Ethereum Network.

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Bancor – New record of ICO

The other day Bancor project managed to raise 396720 ETH within three hours – approx. 156 million dollars.
This is the largest ICO ever!
They aim to create a new generation of cryptocurrencies called Smart Tokens.

Bancor BNT ICO

4 types of Smart Tokens provide the opportunity to implement new types of monetary models, applications, value networks such as local currencies, project tokens, decentralized index funds and much more. 

  • Token changers
    Token changers are smart tokens that can be used to exchange between other standard ERC20 tokens that are held in their reserve.
  • Token baskets
    Token baskets are smart tokens that hold multiple standard ERC20 tokens in their reserve, enabling holding a portfolio of tokens by holding a single smart token.
  • Project and protocol tokens
    Smart tokens can be used for crypto-crowdfunding initiatives, where participants receive tokens which are liquid and automatically market-priced.
  • Complementary currencies
    Smart tokens enable anyone to issue new, liquid currencies for their group. There are many examples of user-generated currencies, such as complementary currencies, loyalty points, B2B barter, and more recently, blockchain protocol tokens.

Bancor seriously decreases the threshold of the entrance to the ICO world. Anyone can create their own token and launch ICO simply by answering a few questions.

We have listed $BNT/$BTC trading pair.
Enjoy!

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