Thanks a lot for actively participating in the Bybit AMA held on 28th Sep 2022 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with Bybit
We have with us Abhyudoy and MS
AD - I am AD, Country Manager and Senior Communications at Bybit. I have been in the cryptocurrency industry for the last 6 years and really happy to connect with like minded communities and start-ups to take the cryptocurrency mass adoption ahead worldwide.
I am with Bybit as it is always user friendly and values its motto “Listen, care and improve”, here we consider users as our biggest contributors and value their opinion always. Please feel free to join us in this journey and make a difference together.
Happy to get connected to all of you today and discuss some interesting stuff together. Last but not the least, Thanks for inviting us here.
MS - I'm the Senior Ambassador of Bybit India, BTC maximalist and crypto enthusiast.
I started in the crypto space in 2016. I have joined bybit since 2019 and it's been a pleasure to associate with the community and talk with like-minded people. Looking forward to this AMA.
Q1. Can you please tell us more about Bybit
Bybit is a cryptocurrency exchange established in March 2018 to offer a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class.
Bybit’s founder and CEO, Ben Zhou, was formerly from XM, one of the world’s largest forex and CFD trading brokerage firms. The company comprises professionals from investment banks, tech firms, the forex industry, and early adopters of blockchain. The development team includes talents from Morgan Stanley, Baidu, Alibaba, and Tencent.
Our core values define us. We listen, care, and improve to create a faster, fairer, and more humane trading environment for our users.
As of today, Bybit is one of the most trusted, reliable, and transparent cryptocurrency derivatives platforms in the space. Please note that We are also the world's third most visited exchange at this moment.
Please sign up today and experience a whole new world of trading if you are still new to Bybit: https://www.bybit.com/en-US/register
Enjoy Zero trading fees: https://www.bybit.com/en-us/promo/global/zero-fees-spot/
Please check our recent promotional offers exclusively for our users:
A) Register and Earn: https://www.bybit.com/en-us/promo/global/register-and-earn/
B) https://www.bybit.com/en-US/vip-program/ Become the Bybit VIP today and enjoy the unparalleled experience
Q2. Why people should use Bybit rather than other exchanges
Bybit has the lowest fees than other exchanges for derivatives and spot And right now we charge zero fees.
The UI is designed in such a way that even a newbie trader can understand.
The exchange will work fine even if there’s a sudden Pump/Dump in the market but at the same time, other exchanges do face downtime.
Besides Bybit is best known for it's bonuses 🤑
Q3. What’s the planning for Bybit India and it’s goal
Bybit India is deeply focussed to listen, care and improve just like our vision.
We want to understand the problem users face and how exactly we can solve those issues. We want to educate all the new and existing users properly and make the process smooth to enter and live through the best trading experience.
We want to make sure we create a comfort zone for all types of traders, be they newbie or advanced traders. We also want to support them with the best possible rewards so that they don’t find it tough.
As our goal for India, we want to be the leader to help India get 500 million+ crypto traders in the long term and in the short term, we want to make 5 million_ pro crypto traders who knows all do and don’t of crypto trading and confident in utilizing all advanced features to get maximum return.
Also you may have noticed that we organize events all the time at our local Indian communities in Telegram, Twitter and Instagram.
Please join the communities to learn and earn regularly:
A) Twitter: https://mobile.twitter.com/bybit_india
B) Instagram: https://www.instagram.com/bybit.india/
C) Telegram: https://t.me/BybitIndian
Please join us in this journey so that we can make a difference together. Probably its not possible alone
but together with such active communities like Game of Bitcoins, we can make the crypto mass adoption a reality
Q4. Can you tell us about Bybit India community and how it help users
Bybit is really supportive to the India community and we intend to support and grow the community. We are organizing events, learning sessions and offers to support it. We deeply wish to do more with time.
Apart from it, we have a popular BYOB Campaign- where you can invite your friends to join our Telegram group and social media to earn up to Rs 80,000 or win iPhone 13, One Plus and many more. 🤑
These are just our community event examples, we have the world’s largest trading competition WSOT to win $8,000,000 prize pool and countless others.
Q5. Tell us about Bybit Launchpad, Copy Trading and Bybit NFT Marketplace
Sure, these 3 are under our key offerings hence we would love to discuss more about it.
At first about Bybit Launchpad, Bybit Launchpad is a token launch platform that allows Bybit users to have early access to new and pre-listed tokens from promising projects. Users can contribute a certain quantity of BIT/USDT to each new initiative in exchange for new tokens.
We always try to bring the best quality projects to the users. Please learn more from here: https://learn.bybit.com/bybit-earn/what-is-bybit-launchpad/
List of all our launchpads: https://www.bybit.com/en-US/trade/spot/m/launchpad/list
Mostly all of our projects have performed exceptionally till now in Launchpad, please feel free to join for early adoption of great crypto projects
now coming to Bybit Copy Trading: Bybit is the overall best crypto copy trading platform for one simple reason: It makes crypto copy trading easy. With Bybit, you can easily find traders to copy, automatically open and close the same trades they execute, and watch your crypto balance grow — all on one single, easy-to-use platform.
Principal traders can allow others to copy their strategies and trades via the Bybit platform to profit from their work. In return, they receive 10 percent of the profits earned by each follower. Unlike many crypto trading platforms, Bybit brings experienced principal traders and new traders together to create a win-win crypto trading experience for everyone.
Currently, Bybit supports up to 15 different trading pairs, including BIT/USDT, ETH/USDT, XRP/USDT, and several other highly liquid pairs. This means volume and trade execution is rarely a problem, which isn’t always the case with other platforms not found on this list of the best crypto copy trading platforms.
After selecting a principal trader to copy, you simply set the parameters (such as your preferred leverage) for your copy orders. Then, all new copy trades will automatically be initiated via a market order, according to those parameters, immediately after being placed by your chosen principal trader.
If you are a pro crypto trader, you can become a principal trader and earn from followers profit
if you are new, follow great traders by seeing their performance and earn. You get to learn as well
so I personally find it really interesting, you can get started with our grid or dca bots also
Bybit NFT Marketplace: Bybit NFT Marketplace is your one-stop destination to mint, purchase and bid on NFTs. Users and participants receive early access to cutting-edge NFT collections from creators, including exclusive projects which Bybit supports.
Bybit NFT Marketplace currently supports only the Ethereum (ETH) blockchain for minting NFTs, while Solana (SOL) blockchain NFTs can be listed and traded on the platform after being minted. Self-minting of NFTs on Bybit NFT is not currently supported. All NFTs traded on Bybit NFT Marketplace are minted via the Ethereum blockchain.
Participants can buy, sell and trade their favorite NFTs — such as digital art and collectibles, including GameFi and metaverse NFTs. The checkout process is seamless and straightforward. Simply make payments using the token in which the NFT is priced, including ETH, USDT and BIT. Please note that Bybit NFT Marketplace currently only supports images and videos.
Each NFT on Bybit NFT Marketplace is priced only with one token. For example, if an NFT uses the BitDAO (BIT) token as its pricing unit, you cannot use other tokens — such as USDT or ETH — for trade with that NFT.
Bybit NFT Mystery Boxes come at a fixed price. Each Mystery Box contains a unique, randomly selected NFT, which comes in four different rarity levels: N (Normal), R (Rare), SR (Super Rare) and SSR (Super Super Rare). The purchased Mystery Box can be opened at any time, or traded unopened in the marketplace.
Q6. At the time of trading for the operator it is important to have the necessary trading tools to perform a good analysis and therefore a good movement when operating. What tools does Bybit offer so that the trader feels comfortable when analyzing and operating in the market?
When it comes to trading Bybit offers, best industry tools for trades, apart from that we have recently launched Copy Trading, Bot trading and we keep listening to our users to update the tools as per their needs.
Bybit Partners With Genesis Volatility to Offer Traders Extra Edge, you can learn more about that here : https://announcements.bybit.com/en-US/article/-bybit-partners-with-genesis-volatility-to-offer-traders-extra-edge-blt0dcc7bd65d1e9f66
Q7. Do you have any ongoing or upcoming reward program events, please let us know in detail &do you have any ambassador program as well as your project? More communities hold events to attract more people. That is also the main thing to attract project investors
AS you all know, Bybit is always famous for bringing regular rewards for users.
We host daily competition and fun events at all our India communities. You may check our social channels for the events going on all the time on daily basis. Please join the communities to learn and earn regularly:
A) Twitter: https://mobile.twitter.com/bybit_india
B) Instagram: https://www.instagram.com/bybit.india/
C) Telegram: https://t.me/BybitIndian
For our product offering its even more fun, at WSOT 2022 we had 8 million USD prize pool. We have another very big event coming. Apart from that find the current interesting offers going on for Bybitians:
A) Register and Earn: https://www.bybit.com/en-us/promo/global/register-and-earn/
B) Earn bash: https://www.bybit.com/en-us/promo/global/bybit-earn-bash/ Enjoy 1 million USD prize pool and more
C) https://www.bybit.com/en-US/referral/ Refer and earn upto 250 USDT per referral
D) Enjoy Zero trading fees: https://www.bybit.com/en-us/promo/global/zero-fees-spot/
E) Affiliate program: https://www.bybit.com/en-US/affiliates
And a lot more always you can see once you follow our communities ❤️
Q8. What big benefit to top $Bybit holders ?What are the use cases of your token, and how are we as users motivated to buy and hold long term? Does #Bybit do anything to protect users holding tokens from being hacked?
Unfortunately Bybit doesn’t have any native token yet. But don't worry, Bit token we support from its early stage. So if you are referring to Bit token, please find more information at Bitdao official channel.
However we deeply support BIT token and its success, hence BIT token is used for multiple benefits like Byvotes, VIP program and many more. Hoping you will enjoy it.
If you have any suggestions, we are all ears. You can suggest your feedback in our weekly sentiment form in Telegram and get rewarded for exceptional feedback every week.
Q9. What makes BYBIT different from other cryptocurrency exchanges? What technologies and product features do you think will be most beneficial to BYBIT's success?
I think MS told you already how we are different but let me try to put another perspective here.
There are so many crypto exchanges and all of them are doing great. We define us as an exchange where rather than just focusing on no of users, we can focus on listening and understanding our users, solve their problems and at the same time, make their crypto trading journey easy with multiple rewards. We sometimes fail as well but we learn from it quickly. That's why we have the trust of 10 million+ users today. Please join us and we are happy to join hands with you to make crypto mass adoption.
Q10. The features expected from a crypto exchange are speed, uninterrupted transactions and a customer representative that can be reached at all times. Can Bybit offer all these features to investors?
That's a great question indeed.
We built Bybit with the passion to help crypto believers achieve their dreams and their freedom.
Bybit has no downtime even when the market is most volatile, which has been tested in past years.
Our customer support can be reached 24/7, via live chat or support ticket.
Q11. I happen to discover that ByBit has an affiliate program for its users. Can you please discuss with us the details of your affiliate program? What are the benefits and perks of becoming a collaborator of ByBit? Also, what are the requirement of becoming one?
We are running two programs: Bybit Affiliate program and KOL partnership program for all the potential Indian KOL's.
We support KOL's to grow with Bybit in many ways in the long term and as affiliate, we share upto 30% trading fee.
There are multiple other opportunities to get profited from Bybit as well.
Let me summarise
1. You can get upto 30% of the trading fee from your referrals lifetime
yes practically lifetime as affiliates ❤️
2. You can join our KOL program where you support in every ways to become a key opinion leader in the industry
Q12. How do BIT tokens play a role in the BYBIT ecosystem? What benefits will users and content producers receive when holding BIT tokens?
We deeply support BIT token and its success, hence BIT token is used for multiple benefits like Byvotes, VIP program and many more. Hoping you will enjoy it.
Q13. PARTNERS are the most important that strengthen the ecosystems of all projects. Could you tell us about your project partners and the partnership strategy it has adopted?
A) Being a crypto exchange firstly, Bybit has over 100 crypto tokens listed and over 300 spot trading pairs, including major coins like: BTC, ETH, BIT, SOL, APE, DYDX, LTC, DOGE, AVAX, MATIC, DOT and more.
B) Bybit is having Grid bot and DCA bot
C) Bybit is partnered with a lot of crypto tax tools integrated to make your tax process easy
D) 500+ top Influencer partners across 80+ countries
E)Bybit partners with UNICEF to empower girls’ education in East Asia and the Pacific
F)partnership with SignalPlus, a leading enterprise technology company offering options trading for digital and crypto assets, to provide a next level trading experience for Bybit users.
G) Proud partner of Oracle red bull F1 racing
Lets say we are little choosy
but always happy to collaborate A) which helps our users B) which supports crypto adoption C) which helps promoting decentralised tech
if you have any idea of collaboration, feel free to ping us ❤️
Q14. So can you explain a bit about your project Security?
Bybit always tries its best to protect users' accounts from hacker’s attacks and other security issues. However phishing attack and all are common hence we advise users to follow these basic rules:
1. Use strong, unique passwords. It’s highly recommended to use a password that’s at least eight characters long, containing at least one uppercase letter, one lowercase letter, one special character, and one number. We also strongly discourage reusing passwords previously utilized for other websites.
2. Use MFA authentication to have an extra layer of protection for your account.
3. Set a passcode on your device to decrease the likelihood of malicious actors obtaining your valuable information.
4. Use secure Wi-Fi. Public Wi-Fi can be risky, as cybercriminals often eavesdrop on your browsing to sniff out sensitive information such as usernames, passwords and phone numbers.
5. Regularly install, maintain, and update your antivirus software.
6. Never install unknown apps/software.
7. Do not reveal your personal and sensitive information.
8. Distrust everything. Look out for potential social engineering attacks.
9. Be extra careful when clicking on links or attachments from suspicious senders.
We also have a Bybit Learn page with plenty of articles, security guides, and information on trading cryptocurrency. Please join our India community to stay updated.
Media Channels:
1) Discord
2) Reddit
3) Youtube
4) Twitter
5) Blog
