[ANN] ICO - Blockbid: Bringing Stockmarket Exchange Quality to Cryptocurrency

[BlockBid]

Are we going to be able to deposit right from our bank accounts? If in America, for USD?

Yes, via EFT. 

[1715045487]

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[1715045487]

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[1715045487]

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[valtum]

How do the guys that are running the exchange make money?

[SteshaScott]

What will your intended withdrawal frees for AUD and other cryptos be?

[iamsether]

Just wondering if there will be a minium increment for some trades, as in if a coin is trading at 000xxxxxx BTC sats will it be rounded to 6 or 7 decimal places to help avoid spam orders?

[BlockBid]

How do the guys that are running the exchange make money?

 People who dont buy Blockbid for free trading will pay a trading fee

We are also charging listing fees to tokens

[TwoSides]

When can we exect the launch of other alternate tokens?

[BlockBid]

What will your intended withdrawal frees for AUD and other cryptos be?

We will be utilizing Bitgo during our initial first stages and the crypto withdrawal fees will be per chain dependent on their fees.

For any fiat withdrawals/deposits there is no fee for Australian customers although until we finalize our banking partnerships overseas, a user may incur a international transfer fee by their bank.

[BlockBid]

Just wondering if there will be a minium increment for some trades, as in if a coin is trading at 000xxxxxx BTC sats will it be rounded to 6 or 7 decimal places to help avoid spam orders?

It's an interesting question, and also one of the reasons discussions about our BID token implementation will always be an ongoing topic. We have decided as a team that we will always keep the window of 30min fee-free trading as a minimum and work with the community once the exchange is live to understand that any potential benefits/value from propositions for charge. As we won't be able to fully understand all use case of the BID token until it is in use  on the platform we can only ask for all members to continue to supply potential propositions for discussion. 

[markovonline]

What will your intended withdrawal frees for AUD and other cryptos be?

We will be utilizing Bitgo during our initial first stages and the crypto withdrawal fees will be per chain dependent on their fees.

For any fiat withdrawals/deposits there is no fee for Australian customers although until we finalize our banking partnerships overseas, a user may incur a international transfer fee by their bank.

Is this legal? After all, if I'm not mistaken, working with banks and fiat in such a way can be problematic from my experience. Everything depends on the rule of law and the regulator can close or freeze at any time.

[Coins_Hiro]

Can you confirm if ELSM is approved for listing?

[BlockBid]

When can we exect the launch of other alternate tokens?

We are looking within the first bit post successful launch. 

[iamsether]

When could you transfer AUD to your company account to buy the cryptocurrency in your platform?

[CryptoClown]

Is there a way of earning BID just by being on BlockBid or do you have to buy it?

[batgrzl]

What will your intended withdrawal frees for AUD and other cryptos be?

We will be utilizing Bitgo during our initial first stages and the crypto withdrawal fees will be per chain dependent on their fees.

For any fiat withdrawals/deposits there is no fee for Australian customers although until we finalize our banking partnerships overseas, a user may incur a international transfer fee by their bank.

Is this legal? After all, if I'm not mistaken, working with banks and fiat in such a way can be problematic from my experience. Everything depends on the rule of law and the regulator can close or freeze at any time.

In my view, these are not problems. Most ICO projects are raised by means of encrypted currencies or cash. It's not much involved in regulatory issues.

[BlockBid]

What will your intended withdrawal frees for AUD and other cryptos be?

We will be utilizing Bitgo during our initial first stages and the crypto withdrawal fees will be per chain dependent on their fees.

For any fiat withdrawals/deposits there is no fee for Australian customers although until we finalize our banking partnerships overseas, a user may incur a international transfer fee by their bank.

Is this legal? After all, if I'm not mistaken, working with banks and fiat in such a way can be problematic from my experience. Everything depends on the rule of law and the regulator can close or freeze at any time.

In my view, these are not problems. Most ICO projects are raised by means of encrypted currencies or cash. It's not much involved in regulatory issues.

Yes we are focused on being fully compliant with regulators, have been approved by AUSTRAC.

https://news.bitcoin.com/australias-blockbid-exchange-granted-cryptocurrency-license-by-austrac/

[BlockBid]

When could you transfer AUD to your company account to buy the cryptocurrency in your platform?

You will be able to do this when we go live, which will be very soon...

[RodneyKings]

Has there been any consideration into getting bid tokens to be compatible with other wallets such as a desktop wallet like Exodus?

[CryptoClown]

I note you will have a 5% coin burn, but I've heard elsewhere that coin burn is not possible in Australia as it implies market manipulation. Have you heard this and does it also apply to Blockbid?

[BlockBid]

Has there been any consideration into getting bid tokens to be compatible with other wallets such as a desktop wallet like Exodus?

Since it is an ERC-20 token, you can store it in wallets such as MEW.

[BlockBid]

I note you will have a 5% coin burn, but I've heard elsewhere that coin burn is not possible in Australia as it implies market manipulation. Have you heard this and does it also apply to Blockbid?

It's not correct that coin burning is considered market manipulation, I've heard that rumor as well but it's not correct. It's no different to a share in the stockmarket performing a share consolidation. Often, a listed company will reduce the amount of shares on issue by up to 99%.