Thanks a lot for actively participating in the Bybit AMA held on 22nd Sep 2021 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 MS and Conor
Conor - Sure, I'm a Community Manager over at Bybit. Have been in crypto for quite a few years, and not selling until Bitcoin reaches 1million dollars 😉
Q1. We would like to touch on the issue of security. People surrender their capital to platforms. What measures do you take to ensure safety?
I'll take this one. Security is one of the most important issues in the crypto space... as for security and our user's private data, we take it extremely seriously and utilize best practices and technologies to protect funds all data associated with our traders.
Therefore we utilize both hot and cold wallets for withdrawals. For small withdrawals users can withdraw instantly but for bigger amounts we do manual verification for each transactions and process withdrawals from cold wallet 3 times a day. You can see the limits below (2.0 is instant)
Q2. Many users are still inexperienced and do not know how to control the risks. Do you have any suggestions for inexperienced users to participate in Bybit trading?
Thats good one, Let me take that.
Risk management is key and of course we strive to educate our traders on this. The derivatives market is certainly aimed at more experienced traders, so we always urge our users to try our testnet risk-free first, so they can get comfortable with the mechanics of trading on Bybit.
In addition to this, we have lots of useful resources for new and experienced traders alike, such as Bybit Learn and our Help Center, where traders can find a wealth of information on trading, risk management and many other topics concerning crypto.
Our YouTube channel also has great tutorial videos to get users up to speed on the fee structure, implications of using leverage (which is offered up to 100x) and other elements of trading on the platform.
Q3. In market crash every exchange show their issues and don't trigger stoploss, and also won't allow us to add more money so does #Bybit has any advantage?
We understand that trader confidence is key and have seen some of the issues that other major CEXs have faced, so we've put some safeguards in place to protect our traders.
Firstly, Bybit always executes trades. The liquidity on the platform is top-notch to allow for smooth trading & of course you'll always be able to deposit funds when you want to. Even during huge market volatility, Bybit won't go down. Crypto doesn't stop and neither does Bybit.
One of our most important safeguards for derivatives traders in our dual-price mechanism. This protects against price manipulations, and you can read about it here.
If price gyrations cause your position to be unfairly closed, Bybit will compensate you back to the fair market price. Another big advantage is our multilingual, around the clock support team including a Live Chat feature so you're not left hanging.
Q4. What steps you are following to built a strong and big community? How will this benefit both to the company and to the community?
Since Bybit’s launch in 2018 our goal has been to build strong communities for our traders. We have quite a few campaigns and events we do with our global community and our 13 local communities. Educational, games, discussions and more.
Moreover with all these activities we reward our community members with bonuses which they can use later for trading.
Also we have a lot of educational materials on learn.bybit.com as mentioned before, where traders can learn and improve their trading skills and crypto knowledge.
Besides that we provide risk-free environment (demo accounts) on testnet.bybit.com where traders can learn and test their trading strategies.
Overall, we’re delighted with the growth of our communities over the past few years, and we now have over 1.6million traders currently using our platform!
Q5. I want to know about Referral program & Affiliate program of BYBIT platform. What is the difference between Referral program & Affiliate program? Which criteria's will you consider to name as a qualified/valid referee or valid Affiliate?
The referral program for retail traders offers $20 per qualified referral for you and your mates, & a chance to win reward cards of up to $500! More details on the program and requirements for qualified referees can be found here.
The affiliate program provides an opportunity to partner with Bybit. Whether you're an influencer, a community owner, a blogger or a content creator, or even a trader with an extensive network of crypto contacts, you can earn lifetime commissions up to 30% by promoting and referring Bybit.
All of our affiliate partners have access to a dedicated account manager who can support them in their marketing efforts. All details on the affiliate program can be found here.
Q6. Do you have user manual or short videos that would guide potential users of project to safely navigate your platform?
We provide risk-free environment (demo accounts) on testnet.bybit.com where traders can learn and test their trading strategies.
You can also check out Youtube channel where you will find lots of useful videos.
Q7. Are you planning to promote your project in countries / regions where English is not good? Do you have a local communnity for them to better understand your project?
Absolutely! We have lots of local communities spread all across the world from India to Indonesia, to Russia to Spain and many more. We recently started a Malaysian community too. In total now we have 13 local communities and many of them are non-English speaking.
They all have great events with bonuses to be won and are a great place to meet other traders and analyse the markets!
Q8. One of the features that interest me in Bybit Exchange is the ByFi center in which it is said to be the gateway of Cloud mining. So, can you tell us how does this feature works in your platform? How does the Cloud mining being implemented in Bybit?
Cloud mining is a way of getting the benefits of mining without having to purchase the hardware or run up huge electricity bills. Simply put it is practice of utilizing a remote data center with shared computing power to mine crypto. You can purchase hashing power from Bybit to mine crypto assets without having to run your own hardware. You can read more about it here.
Q9. Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one ?
Yes correct, Ambassadors do play important role, and you can find about more here.
https://blog.bybitglobal.com/en-us/news-bulletin/become-a-bybit-ambassador/amp/
Big shoutout to the ambassadors, they do great work! 💪
Q10. How safety is the fund that is going to be kept on #Bybit? Does #Bybit have an insurance fund to cover loss of its users when in the even it is hack?
We take security really seriously. Bybit has never had a hack or compromise of user funds and we don't plan on letting this happen! Only small amounts of crypto are eligible for instant withdrawals and the rest are kept in a multi-sig cold wallet and manually verified and processed for withdrawals three times a day.
We do have an insurance fund but that serves a slightly different purpose. The insurance fund covers the excessive losses (negative equity) caused by positions closed at worse than bankruptcy prices. It mitigates the risk of auto-deleveraging. You can read about how it works here
Q11. Where I can get the latest updates or more information about the project?
Telegram:
to name a few
