Understanding cryptocurrency competitions
Establishing the trading program or browser version of several cryptocurrency exchanges will more often than not, lead to you seeing a banner using a crypto trading competition. We aim to deal with the question”Cryptocurrency trading competitions: who benefits, and the issue of competitions in a regulated market”.
In the time of composing Binance is flashing a large red banner ad a BitTorrent trading contest using 100m BTT up for grabs. Binance are not the only trade with such a contest operating, OKEX has just one for TKT and a lot of different exchanges have them ongoing.
Which are crypto trading contests
Crypto trading contests reward those dealers with the maximum trading volume (buys and sells) of a specific coin for the whole period of the trading contest. Some trades have a set rate decoration system, rewarding the Top-10 or even Top-50 dealers a pre decided prize. Binance BTT trading contest rewards have another decoration discuss supply:
Top 100 dealers Get a share of this 100m BTT based on the following formula:
(Each consumer’s trading volume / Top100 consumers’ trading volume) x 100,000,000 BTT
Can you trade and win in the Binance BTT trading competition? Well we can’t possibly look into your wallets but Binance is kind enough to produce a leader-board for you to judge for yourselves.
Binance BTT trading competition current leader-board at time of writing;
ac***@***.fund amount traded 36,280,590,721 BTT
13***@***. com amount traded 6,487,815,631 BTT
ar***@***. com amount traded 6,456,291,117 BTT
One thing is for sure, our pockets aren’t deep enough to compete with the top-3 and it looks like nr.2 and 3 aren’t big enough to compete with the leader (Who’s email address interestingly ends in .fund which could lead you to think that this is an organised trading fund/group).
Of course Binance will argue that anyone can win a prize as they are also offering a “Lucky draw” prize as well. 50 lucky Binancians will win 1m BTT in a random draw (must have traded 5m BTT in the trading competition period to qualify).
Why would crypto regulation affect these trading competitions
This is purely supposition on our part, but trading competitions create an artificial market for the duration, and some investors will over stretch their resources in an attempt to “win” a prize. With the price of the BTT token primarily ranging between 24 and 26 sats (briefly touching 23 and 27 sats), and the sheer volume of trading being done by the nr.1 in the leader-board, the price is effectively being traded within a 14% profit and 14% loss range. If and when the main trader decides they have traded enough to win the lions share of the prize (and have collected enough BTC trading profit in the process), smaller traders can be left with holdings they cannot easily get rid of at the prices they have purchased them at.
A 14% loss would be a significant loss for a small time investor to incur, and with the main traders almost certainly employing trading bots they can turn on and off at will, it will certainly trap many.
As we mentioned earlier, online casinos and poker rooms offered similar promotions, and this resulted in huge losses for the smaller guy trying to scoop a prize as they would stretch their normal capabilities and wallets to try and win big. This sort of competition preyed on the human competitive nature and produced an artificially added gambling component. Many countries have initiated laws to combat this.
The UK gambling commission (UKGC) has clamped down on the online gambling industry as a whole. Such competitions were deemed to create reckless gambling and were banned, along with certain kinds of”incentive” advertising. They went one step further as many people ended up with significant problems due to these practices and introduced GAMSTOP, a system of self-exclusion for problem gamblers, and restricting rogue casinos from obtaining a licence from accepting UK players.
France has regulated their market under the Arjel program, and Sweden (SpelPaus) has followed the UKGC, and the Netherlands is introducing CRUKS along the same lines.
Any regulated cryptocurrency market would almost certainly clamp down on these practices, certainly in countries mentioned above, as they remove the”safe and fair trading” environments from normal purchases and traders for the duration. An article on medium by”Cryptokanoon” coated the scenario as observed in India, and we all believe that this will likely be replicated by a lot more nations as regulations become more widespread.
Will trading contests evaporate entirely
Almost certainly not, since we’ve observed in the gaming business, it’s likely to exclude citizens of regulating states from all competitions. Exchanges operating in controlled nations will just have the ability to exclude these residents from these types of competitions and so bypass governed regions.
Final notice on crypto trading contests
In case you’ve got the deep pockets required and understand the dangers, then by all means enjoy the contests. Personally we stay far from them from buying the coins through these contests as a result of artificiality of cost. No matter what you decide, please make sure you DYOR and exchange safely and within your means.
Bitcoin competitions explained
There are lots of BTC competitions which are being conducted on the site from time to time. You will always have the ability to find a person. The only difference is, you will find variations in the kind of competitions which are being held. You may enjoy and enjoy you, but the second time you login into your account and proceed into the opponents page, it may be gone.
Regardless, you may again have the ability to measure over precisely the exact same kind of contest at another moment. This keeps changing, but the aim of all of these BTC contests stays the same: to amuse the customers while they earn any gains.
There are a couple things you have to know before you opt to enter into a BTC contest.
We enter contests to win. When it is Bitcoin, we enter contests to win and bring in too. So, 1 way of making through these Bitcoin contests, aside from being a participant in the contest, is by becoming an affiliate. Just have a look at the site at and get an affiliate connection now. Every time somebody enters some Bitcoin contest on this code and produces a triumph, you’re likely to make some free cash.
Entering any Bitcoin contest does need a login id. Thus, you have to first login in the homepage. Should you also possess some referral connection to produce this login, you can acquire fine rebates while still trading.
Bracket Order Competitions: Although BTC competitions continue changing to the stage, you will continue to have the ability to come across some bracket order contests happening constantly. In addition, this is performed with a view to instruct new dealers on the advantages of bracket dictate trading. Competitions are an enjoyable way to understand and therefore are also a powerful motivation to try out something new. Numbers say that lots of dealers in cryptocurrency remain not educated about mount order competitions. So it has invented this in the shape of fun BTC contests to completely explain and induce the notion home to new dealers.
It includes a powerful system of preventing algorithms and robots to engage, or to mechanically control competition outcomes. Thus, it’s a much more powerful system. The contest can be obtained mostly for scalp traders as well as the top 20 will win in this particular lot.
Participating from the contest is simple. You require a login and precise deposits of $888 or $8,888to input into one of those 2 amounts (depending upon which one you select ).
Aside from the heavy prize cash, It’s good to engage in BTC contests because of the following reasons:
The program further alleviates out the involvement from the contest. The interface is totally easy to incorporate and easy to use.
The expense to share in the contest is rather reasonable; only $888 or $8,888 that is a reasonable quantity of money awarded the worthiness of Bitcoin as a crypto token.
Bots can’t change the outcomes, so tiny players that perform manually have an equal prospect of a triumph.
There are ensured prizes even should you not make it at the best 20 players at the trading contest.
This is a superb way to build confidence in a trading market, since it offers you one of the cheapest trading charges to Bitcoin traders.
All of the information about the competition and the method by which in which the result is determined is exhibited very transparently about the site competitors page. Thus, it’s a clear and a reasonable system.
Not only are you able to learn much about BTC trading from these contests, you may even produce a good deal of profit from it. BTC contests are exceptional in the sense they are geared towards the very best and also the least researched categories from the cryptocurrency market. Best because those are most rewarding from a money-making perspective and explored because many other crypto advisers don’t offer you such contest categories generally. One thing which we are able to easily categorize asdifferent in the audience.