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Bitbns introduces BidforX, a solution with bidding features for Indian crypto-enthusiasts

Simran Alphonso



Bitbns introduces BidforX, a solution with bidding features for Indian crypto-enthusiasts
Source: Pixabay

BidforX is a new website by Bitbns that auctions premium products to the highest bid amongst all bidder. The bids, in this case, are as low as 1% of the original product value and are entitled to legal wagering. According to Coincrunch, an instance would be, the phone ‘Redmi Note 5’ being sold for Rs. 10.92 [$0.16] to the winning bidder.

The Reserve Bank of India [RBI] petitioned a ban against cryptocurrencies, which prohibited banks from providing services to cryptocurrency exchanges. The ban was discussed previously in two meetings, which were held on 3rd and 20th July respectively. As per the recent reports released on 20th July, the ban had not been laid off and petition of pleadings has been moved to 11th September.

The current ban on cryptocurrencies in India has made the cryptocurrency trading difficult for the traders. Exchanges have introduced P2P [Peer-to-peer] trading services, which allows them to trade cryptocurrencies legally, despite the ban.

Instead of using the P2P route, Bitbns uses bidding. To deposit INR on Bitbns, the exchange requires the user to convert the money on the BidforX voucher. The deposited INR is then converted into redeemable vouchers, which will later be added to Bitbns’ crypto-trading platform.

Crypto Investor, a Twitterati said:

“This is how an Indian exchange (bitBns) comes up with the innovative model, shows that they’re here Long term for benefitting Indians. Now I can sleep happily without worrying about INR transfers & withdrawals. A true genius minds. Keep it up.”

Pankaj Jhadav another crypto-enthusiast said:

“Now this What’s called Thinking Out of the Box when All could see P2P as Solution, @bitbns Nailed it.”

Along with this, Pankaj also posted a picture:

Bitbns BidforX | Source: Twitter

Bitbns BidforX | Source: Twitter

Recently, Huobi OTC announced the launch of its peer-to-peer [P2P] exchange in India. The team emailed its Indian clients and explained the features on the P2P exchange for Indian crypto-traders. The exchange enables zero transaction fee for BTC, ETH, and USDT. Huobi also promised its users to seamlessly trade cryptocurrencies with 24/7 customer support.

Koinex, an Indian exchange platform followed the trail as WazirX, one of the leading cryptocurrency exchange platforms of India made an announcement regarding the exclusive and “most legal” P2P service. Both these platforms will maintain the service through an escrow account.

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Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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