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BitMart Token: Everything you need to know

BMX

Source: CoinMarketCap

We have been in an era of rapid advancement in technology for a long time now and one such industry that has come up a couple of years ago and has managed to make a name for itself in the global marketplace is the cryptocurrency industry. The crypto world has had a surge in its overall growth and popularity recently, thus helping it to reach greater heights!

Having said that, I believe most of you are already familiar with the basics of the industry but, if for some reason that is still not the case, let me help you with that first.

To begin with, cryptocurrency is a form of virtual or online currency which just like physical money, can be used for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over crypto exchanges available online.

In technical terms, crypto is a blockchain-based platform that is known to be decentralized to its very core. Now, being decentralized, the crypto world becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interference as well.

Though the industry has been around for quite some time now, unlike when the industry was first introduced and people were very skeptical in respect to the return on their investments and the safety of their money, there is an entire pool of currencies for you investors to choose from today, with newer ones coming in with each passing day and tons of new investors joining in every hour.

Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in includes Ethereum, PancakeSwap, Bitcoin, Binance Coin, Dogecoin, Baby Doge, EverGrow Coin, Polkadot as well as Cardano to name just a few of course.

BMX

Source: Cointelegraph

As mentioned, the crypto industry has been more than successful in luring in potential investors from all across the globe and has marked its presence worldwide but, what we don’t really know is how exactly did it manage to catch the eye of investors so quickly.

If so, some of the major contributing factors for this huge success of the industry include its negligible response time, potability, intuitive nature, high profile margins, ease of use, the convince it offers as well as its volatility and uncertainty of course.

Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.

Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, BitMart Token. To know more, I suggest you read further!

Everything to know about BitMart Token (BMX)

BMX

Source: Medium

BitMart Token or as commonly referred to as BMX is the native cryptocurrency that has been created by BitMart and is said to be running on the popular Ethereum blockchain. In other words, BMX is an ERC20 based token that is known to be issued by BitMart Exchange.

Though the token was first issued as BMC in December 2017, BitMart changed the name of the said token about four years ago, back in January 2018 to BMX. Not just that, you should probably be aware of the fact that the team at BitMart says, they had to change the name of their token as BMC was used by another project and they wanted theirs to be different and unique.

Speaking of BitMart exchange, it is simply a global virtual asset trading platform. In addition to this, the said centralized exchange was first introduced in 2018 and is based out of the Cayman Islands. On a similar note, founded by Sheldon Xia, BitMart exchange is a top-tier trading platform for buying, exchanging as well as selling virtual assets with nearly 5.5 million users worldwide.

BMX

Source: CoinQuora

As per a report from CoinMarketCap, the said project has been categorized under the top ten exchanges, which is a huge deal as the crypto world is an extremely vast industry and making a name for yourself is not as easy as some might think it to be.

Before moving on any further, it is worth noting that, BitMart is known to operate across 123 platforms and in about 180 countries and while the platform is domiciled in the Cayman Islands, it also has its offices in South Korea, China as well as the United States.

BitMart is one such platform that is presently thriving, thus leaving its competitors behind and the reason behind the same is its amazing features that have proved to eliminate extra hassles. Furthermore, the BMX token has already been established with a total supply of 1 billion.

Apart from this, BitMart plans on using about twenty percent of their profits each quarter in order to buy back and burn BMX, until fifty percent of the total BMX supply is burned. As per the platform’s website, their vision is to make cryptocurrencies available to everyone everywhere and that the decentralized virtual currency will prove helpful in reshaping the global economy fundamentally. Such financial freedom would help in bringing further economic efficiency, innovation as well as equality to the world.

BMX

Source: Medium

As mentioned, BMX is the native utility token of the BitMart exchange and as a matter of fact, this token can be used for a variety of purposes like paying trading fees, voting for listings, and is said to act as gas for public blockchain as and when released.

Speaking of being used for paying trading fees, it is probably worth mentioning that, users on the platform will be able to receive a twenty-five percent discount on trading fees if they use BMX to make payments.

Also, if we talk about storing the BitMart Token, it is worth noting that, BMX is an ERC20 coin, which means that, any wallet that supports Ethereum will also be able to store BMX. However, you may need to point the wallet to the BMX smart contract address if you don’t really see the funds in your wallet initially.

Not just that, some of the key features which make BitMart as popular as it is today include its accessibility, being highly professional as well as extremely trustworthy to name a few of course.

Now that we have talked much about BitMart, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?

Investing in BitMart Token (BMX)

BMX

Source: Blockonomi

As of today, the price of BitMart Token is about 0.300117 US dollars with a twenty-four-hour trading volume of 11,609,110 dollars. Not just that, in just the past twenty-four hours, the value of BitMart Token has gone down by 10.72 percent, and with the current market cap of 52,135,754 US dollars, BMX is currently placed at #583 position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of BitMart Token is nearly 173,717,945 BMX coins but unfortunately the maximum lifetime supply of the token is not yet available. In just the past week alone, the price of the platform has fallen by 6.80 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in BitMart Token is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that BitMart Token can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said or sure!

BMX

Source: Nomics

If still not convinced, see it this way that, if say you buy BitMart Token worth a hundred dollars today, you will receive nearly 322.129 BMX. According to the analysis done by experts on the field, after five years of your investment, the return is expected to be about +622.26 percent and thus, your current hundred-dollar investment will be nearly 722.26 US dollars in 2026.

As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, BitMart Token does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy BitMart Token? Let me help you with that. Currently, BitMart Token is not really available on all major crypto exchanges but, it obviously is available on BitMart Exchange. Also, some virtual currencies like BitMart Token can only be purchased with another cryptocurrency on decentralized exchanges. Therefore, in order to purchase BitMart Token, you’ll need to first purchase Ethereum (ETH) and then use ETH to buy BitMart Token, and to do that, you will probably need what is known as a self-custody wallet.

In conclusion, what are your thoughts on BitMart Token? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: GateToken: Everything you need to know

 

 

 

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