blockster

All About Blockster – The Go-to Social Network for Crypto

Crypto Industry
• Digitex
June 3, 2021

If you’ve been keeping tabs on Digitex lately, you’ll know all about Blockfunder, our brand-new IEO platform. Through Blockfunder, we’ll be helping to fast-track and finance promising crypto projects starting with our very own in-house platform, Blockster, the go-to social network for crypto enthusiasts. 

What Is Blockster?

Blockster is a one-stop-shop for all things crypto and blockchain related, with a specific focus on making money. Driven by user-generated content, on Blockster, you can create your own profile, connect to a thriving network of like minded people, upload content on the Blockdesk blog, host video calls, create groups, and stay up-to-date with the very latest news via a Facebook-style news feed.

Blockster comes complete with Blockwatch, a cryptocurrency data aggregator like CoinMarketCap, that tracks the price action of the top 500 coins. There is also a mobile app and hot NFT marketplace coming soon where you can trade some of the most exciting digital collectibles.

There’s even a section dedicated to education and learning, called Blockademy, which is an ever-expanding knowledge base of articles, guides, and how-to videos about all things crypto. Unlike some of the tribalism and toxicity inherent in other platforms, Blockademy promotes open learning, and is the perfect place for newcomers and experts alike to converge to expand their knowledge of digital assets.

At a time when crypto is becoming increasingly more mainstream and when existing participants have to navigate various different social platforms to get the content they seek, Blockster brings everything under one roof. With a fully featured social network that will forge partnerships with all the main personalities and crypto projects in the space, and provide all the benefits of Telegram, Facebook, YouTube, Twitter, CoinMarketCap, and more, Blockster will become the go-to network for crypto.

The Blockster (BXR) Token

The Blockster (BXR) token is the native utility token of the Blockster network and will be used to settle all transactions in the ecosystem, as well as for holders to engage in staking programs to enhance their earnings. BXR will be used by advertisers who can promote their projects to a highly targeted and engaged audience, without the threat of being deplatformed or censored. BXR will also be used for other activities in the platform such as tipping content, buying NFTs and other services, and voting on key matters affecting the development of the platform.

BXR stakers will earn 20% of all the advertising revenue on the platform. The more users the network attracts, the higher the rates for advertising, and the larger the staking rewards. BXR holders can also stake their tokens through the Blockfarm yield farming platform on the Digitex exchange.

Blockster will serve to enrich the Digitex ecosystem of products and all traffic from the Blockster site will be directed to the Digitex exchange, either to trade zero fee or earn rewards through our various staking programs. This will benefit all the tokens listed on Digitex and create a continuous positive feedback loop as both the social network and exchange grow in popularity. 

BXR Token Sale

Blockster has already been under development for over a year and is now in its final testing stages. The token sale through Blockfunder will kick off on Monday, June 7, and will take place as a staggered sale over six phases.

All About Blockster - The Go-to Social Network for Crypto 1

As you can see from the above image, the earlier you participate in the BXR token sale, the better value you get for your money. The BXR token will start out at a price of $1 and gradually increase over the six phases. As one of our main aims with Blockfunder is to increase the utility of the DGTX token, throughout three of the six phases, we will only accept DGTX as payment, thus giving us the chance to collect a large amount of the circulating supply of DGTX, allowing it to recapture value.

Taking part in the BXR token sale is easy. Simply click on this link here, undergo a quick KYC check, read and sign the terms and conditions, and purchase BXR tokens with the cryptocurrency accepted during the phase of the sale.

All About Blockster - The Go-to Social Network for Crypto 2

Refer Friends to Earn BXR

We hope you love our plans for Blockster as much as we do and are looking forward to participating in the token sale on Monday. And if you want the chance to earn more BXR tokens, don’t forget to refer your friends! We have a generous referral program in which you can earn 10% of all your friends’ BXR purchases.

To take part, once you’ve signed up to Blockfunder, simply create a unique referral link to post on your social profiles or send to your friends via email, text, or chat. Each time your link is used to complete a purchase, you will receive 10% in BXR tokens.

Wrapping It Up

Blockster is the social network that the crypto space has been missing, housing all types of content and key functionality under one roof and connected to our zero-fee trading and staking platform. Don’t miss this chance to get in on this exciting project at the early stages and register for the token sale and get your referral link today.

June 3, 2021
Crypto Industry

All About Blockster – The Go-to Social Network for Crypto

Digitex
blockster

If you’ve been keeping tabs on Digitex lately, you’ll know all about Blockfunder, our brand-new IEO platform. Through Blockfunder, we’ll be helping to fast-track and finance promising crypto projects starting with our very own in-house platform, Blockster, the go-to social network for crypto enthusiasts. 

What Is Blockster?

Blockster is a one-stop-shop for all things crypto and blockchain related, with a specific focus on making money. Driven by user-generated content, on Blockster, you can create your own profile, connect to a thriving network of like minded people, upload content on the Blockdesk blog, host video calls, create groups, and stay up-to-date with the very latest news via a Facebook-style news feed.

Blockster comes complete with Blockwatch, a cryptocurrency data aggregator like CoinMarketCap, that tracks the price action of the top 500 coins. There is also a mobile app and hot NFT marketplace coming soon where you can trade some of the most exciting digital collectibles.

There’s even a section dedicated to education and learning, called Blockademy, which is an ever-expanding knowledge base of articles, guides, and how-to videos about all things crypto. Unlike some of the tribalism and toxicity inherent in other platforms, Blockademy promotes open learning, and is the perfect place for newcomers and experts alike to converge to expand their knowledge of digital assets.

At a time when crypto is becoming increasingly more mainstream and when existing participants have to navigate various different social platforms to get the content they seek, Blockster brings everything under one roof. With a fully featured social network that will forge partnerships with all the main personalities and crypto projects in the space, and provide all the benefits of Telegram, Facebook, YouTube, Twitter, CoinMarketCap, and more, Blockster will become the go-to network for crypto.

The Blockster (BXR) Token

The Blockster (BXR) token is the native utility token of the Blockster network and will be used to settle all transactions in the ecosystem, as well as for holders to engage in staking programs to enhance their earnings. BXR will be used by advertisers who can promote their projects to a highly targeted and engaged audience, without the threat of being deplatformed or censored. BXR will also be used for other activities in the platform such as tipping content, buying NFTs and other services, and voting on key matters affecting the development of the platform.

BXR stakers will earn 20% of all the advertising revenue on the platform. The more users the network attracts, the higher the rates for advertising, and the larger the staking rewards. BXR holders can also stake their tokens through the Blockfarm yield farming platform on the Digitex exchange.

Blockster will serve to enrich the Digitex ecosystem of products and all traffic from the Blockster site will be directed to the Digitex exchange, either to trade zero fee or earn rewards through our various staking programs. This will benefit all the tokens listed on Digitex and create a continuous positive feedback loop as both the social network and exchange grow in popularity. 

BXR Token Sale

Blockster has already been under development for over a year and is now in its final testing stages. The token sale through Blockfunder will kick off on Monday, June 7, and will take place as a staggered sale over six phases.

All About Blockster - The Go-to Social Network for Crypto 3

As you can see from the above image, the earlier you participate in the BXR token sale, the better value you get for your money. The BXR token will start out at a price of $1 and gradually increase over the six phases. As one of our main aims with Blockfunder is to increase the utility of the DGTX token, throughout three of the six phases, we will only accept DGTX as payment, thus giving us the chance to collect a large amount of the circulating supply of DGTX, allowing it to recapture value.

Taking part in the BXR token sale is easy. Simply click on this link here, undergo a quick KYC check, read and sign the terms and conditions, and purchase BXR tokens with the cryptocurrency accepted during the phase of the sale.

All About Blockster - The Go-to Social Network for Crypto 4

Refer Friends to Earn BXR

We hope you love our plans for Blockster as much as we do and are looking forward to participating in the token sale on Monday. And if you want the chance to earn more BXR tokens, don’t forget to refer your friends! We have a generous referral program in which you can earn 10% of all your friends’ BXR purchases.

To take part, once you’ve signed up to Blockfunder, simply create a unique referral link to post on your social profiles or send to your friends via email, text, or chat. Each time your link is used to complete a purchase, you will receive 10% in BXR tokens.

Wrapping It Up

Blockster is the social network that the crypto space has been missing, housing all types of content and key functionality under one roof and connected to our zero-fee trading and staking platform. Don’t miss this chance to get in on this exciting project at the early stages and register for the token sale and get your referral link today.

Latest News

DGTX

DGTX Minting Is Canceled – There Will Be No More Minting

Digitex
• Digitex
June 1, 2021

In December 2020, we released a mint schedule and began minting DGTX tokens on a quarterly basis. Since then, 590 million DGTX has been minted. Today, another 280 million DGTX was scheduled to be minted. However, after careful consideration and taking into account the feedback from our community, we decided to cancel the mint. There will be no more minting of DGTX today or in the future. Why? 

Why Cancel DGTX Minting?

As you know if you’ve been following our project, DGTX minting was always detailed in the original white paper as our means of supporting a zero-fee futures exchange. However, things change. The minting has proven to be hugely unpopular with our community, and we believe that it has a negative effect on the DGTX token price. 

The original plan for the token minting was to cover all the costs of our operations. As we developed and grew, new tokens were also destined to pay for our various rewards programs and market-making. Despite the benefits of rewarding our traders and providing liquidity for our markets, after six months of using this model, we can see that it simply isn’t working. Minting new DGTX is causing a negative effect and downward pressure on the DGTX token price.

Therefore, we’re happy to announce this news, and we believe that our community will be as well—especially now that we have a solution to replace the token minting model—Blockfunder.

Blockfunder Removes the Need for DGTX Minting

Blockfunder is an exciting new product for the Digitex ecosystem and it’s already live, with its first IEO on the way. Our token launching platform presents our company with a new way of generating additional income to sustain operations. With the first IEO, Blockster crypto social network, three of the six token sale phases will accept DGTX only. This has the potential to collect up to $4.5 million worth of DGTX off the market. 

Adam enthused, “We’re really excited to introduce Blockfunder as it eliminates the need for token minting and, at the same time, creates demand for DGTX. We’re also looking forward to partnering with exciting new startups that will join the Digitex ecosystem.”

A portion of every future IEO token raise will go to Blockfunder, as the token sale hosting platform, just as all other token sale platforms in the industry. And, speaking of other platforms, Blockfunder presents Digitex with an awesome new marketplace opportunity. As you probably already know, many of the trending token sale platforms right now, including Binance’s Launchpad, have a long list of startups lined up to be tokenized!

After the ICO craze died out and projects began to seek new ways to finance their endeavors, IEOs became a real viable alternative. In 2019, the average ROI from IEOs was a staggering 760%. Of course, with the lengthy bear market and dwindling interest in crypto, these numbers began to drop off. But as crypto mania awakens again, IEOs are making a fierce comeback.

The average ROI has shot up like a rocket, exceeding 6,000% on leading platforms. You just have to glance at an aggregator site like CryptoTotem to find upwards of 20 IEOs going on in a given month with an average raise per IEO in the ballpark of $4,628,856.

With all these encouraging signs, we’re very excited about the potential of Blockfunder. We’re just starting out with our first IEO, our very own in-house-built project that we will leverage for all future IEOs and Digitex products. In the meantime, we’re preparing and designing our process for scouting and listing new and innovative projects.

Enabling the Digitex Ecosystem

Yesterday’s topic on the blog was about Digitex building a self-sustaining ecosystem in which each product enriches the others. And they all provide various external revenue sources that eliminate the need for token minting.

For example, after launching new startups on Blockfunder, their tokens will then be listed on the Digitex spot exchange. Blockster will help to build their social profiles where they can share daily news and build their audience. And Blockfarm will reward their communities in staking rewards, building up more followers through our yield farming platform.

“After years of trying, we’ve now got a large, well-managed in-house development team working on building out the Digitex ecosystem. I can’t wait for the markets to figure this out and I look forward to a sharp and sudden revaluation of the DGTX token,” Adam added. 

With all these positive initiatives going on, we ask you to continue to support us as we build and fortify this ecosystem. We understand that you’ve been waiting for the DGTX token price to be in a much better position by now, especially since the exchange and our technology has so greatly improved. So, we hope that you’ll be encouraged by all our latest news. As always, we are listening, and we’re stopping the minting. Together, we will make Digitex truly great. Thank you for your support.

June 1, 2021
Digitex

DGTX Minting Is Canceled – There Will Be No More Minting

Digitex
DGTX

In December 2020, we released a mint schedule and began minting DGTX tokens on a quarterly basis. Since then, 590 million DGTX has been minted. Today, another 280 million DGTX was scheduled to be minted. However, after careful consideration and taking into account the feedback from our community, we decided to cancel the mint. There will be no more minting of DGTX today or in the future. Why? 

Why Cancel DGTX Minting?

As you know if you’ve been following our project, DGTX minting was always detailed in the original white paper as our means of supporting a zero-fee futures exchange. However, things change. The minting has proven to be hugely unpopular with our community, and we believe that it has a negative effect on the DGTX token price. 

The original plan for the token minting was to cover all the costs of our operations. As we developed and grew, new tokens were also destined to pay for our various rewards programs and market-making. Despite the benefits of rewarding our traders and providing liquidity for our markets, after six months of using this model, we can see that it simply isn’t working. Minting new DGTX is causing a negative effect and downward pressure on the DGTX token price.

Therefore, we’re happy to announce this news, and we believe that our community will be as well—especially now that we have a solution to replace the token minting model—Blockfunder.

Blockfunder Removes the Need for DGTX Minting

Blockfunder is an exciting new product for the Digitex ecosystem and it’s already live, with its first IEO on the way. Our token launching platform presents our company with a new way of generating additional income to sustain operations. With the first IEO, Blockster crypto social network, three of the six token sale phases will accept DGTX only. This has the potential to collect up to $4.5 million worth of DGTX off the market. 

Adam enthused, “We’re really excited to introduce Blockfunder as it eliminates the need for token minting and, at the same time, creates demand for DGTX. We’re also looking forward to partnering with exciting new startups that will join the Digitex ecosystem.”

A portion of every future IEO token raise will go to Blockfunder, as the token sale hosting platform, just as all other token sale platforms in the industry. And, speaking of other platforms, Blockfunder presents Digitex with an awesome new marketplace opportunity. As you probably already know, many of the trending token sale platforms right now, including Binance’s Launchpad, have a long list of startups lined up to be tokenized!

After the ICO craze died out and projects began to seek new ways to finance their endeavors, IEOs became a real viable alternative. In 2019, the average ROI from IEOs was a staggering 760%. Of course, with the lengthy bear market and dwindling interest in crypto, these numbers began to drop off. But as crypto mania awakens again, IEOs are making a fierce comeback.

The average ROI has shot up like a rocket, exceeding 6,000% on leading platforms. You just have to glance at an aggregator site like CryptoTotem to find upwards of 20 IEOs going on in a given month with an average raise per IEO in the ballpark of $4,628,856.

With all these encouraging signs, we’re very excited about the potential of Blockfunder. We’re just starting out with our first IEO, our very own in-house-built project that we will leverage for all future IEOs and Digitex products. In the meantime, we’re preparing and designing our process for scouting and listing new and innovative projects.

Enabling the Digitex Ecosystem

Yesterday’s topic on the blog was about Digitex building a self-sustaining ecosystem in which each product enriches the others. And they all provide various external revenue sources that eliminate the need for token minting.

For example, after launching new startups on Blockfunder, their tokens will then be listed on the Digitex spot exchange. Blockster will help to build their social profiles where they can share daily news and build their audience. And Blockfarm will reward their communities in staking rewards, building up more followers through our yield farming platform.

“After years of trying, we’ve now got a large, well-managed in-house development team working on building out the Digitex ecosystem. I can’t wait for the markets to figure this out and I look forward to a sharp and sudden revaluation of the DGTX token,” Adam added. 

With all these positive initiatives going on, we ask you to continue to support us as we build and fortify this ecosystem. We understand that you’ve been waiting for the DGTX token price to be in a much better position by now, especially since the exchange and our technology has so greatly improved. So, we hope that you’ll be encouraged by all our latest news. As always, we are listening, and we’re stopping the minting. Together, we will make Digitex truly great. Thank you for your support.

Latest News

crypto

Review – After the Elon Musk Crypto Crash, Will Markets Go Back Up?

Digitex
• Dave Reiter
May 19, 2021

On February 8, the Bitcoin (BTC) community received incredibly bullish news when Tesla CEO, Elon Musk announced that his company had purchased $1.5 billion worth of BTC. In the same press release, Musk also revealed that the company would accept BTC as a method of payment for its Tesla automobiles. Immediately following the press release, the price of BTC exploded to the upside, gaining $6,881 (Chart #1).

Review - After the Elon Musk Crypto Crash, Will Markets Go Back Up? 5

The announcement by Musk marked the beginning of a massive rally in Bitcoin. Over the course of the next two months, BTC increased 73%.  

Elon Musk quickly became one of the biggest supporters of the Bitcoin ecosystem. Of course, the entire crypto community was more than happy to embrace Musk as its newest member of the “family.” In addition to being CEO of Tesla, he is the wealthiest person on the planet. In fact, Tesla’s purchase of BTC was the major contributing factor to catapulting Musk ahead of Jeff Bezos as the world’s wealthiest person. Therefore, Musk was viewed as the perfect ambassador for the Bitcoin community.

Unfortunately, the happy relationship between Musk and the crypto community was short-lived. What happened? Why did Elon Musk suddenly withdraw his endorsement of the Bitcoin ecosystem? More importantly, how will this affect the future direction of Bitcoin along with the entire cryptocurrency universe? Let’s discuss the details.

Elon Musk Abruptly Changes His View on Bitcoin     

Elon Musk is one of the greatest entrepreneurs in modern American history. Musk rose to fame in the late 1990s during the internet mania, as one of the original founders of PayPal. Over the course of the past two decades, he has been responsible for creating a number of highly successful business ventures.

Musk is most famously known for his affiliation with Tesla, which was launched in July 2003. In addition to Tesla, Musk is also involved in the Boring Company and SpaceX. As mentioned, his entrepreneurial success recently turned Musk into the wealthiest person on the planet, according to Forbes Magazine.      

Over the course of the past few years, he has received an increasing amount of scrutiny from various environmental groups concerning Tesla’s commitment to producing energy-efficient vehicles. Additionally, the company’s automobile plants are closely monitored by several third parties in an effort to determine if Tesla is maintaining an eco-friendly working environment. Tesla promotes itself as an industry leader in using renewable energy to operate its manufacturing facilities. This probably explains why the company is constantly critiqued and observed by independent agencies.     

Bitcoin has come under frequent and repeated attack by a number of environmentally-friendly research groups concerning its potential damage to the environment, particularly as it relates to Bitcoin mining. These research groups claim that the Bitcoin mining process consumes a great deal of non-renewable energy and emits an ever-increasing amount of carbon into the atmosphere. They question whether Bitcoin’s damage to the environment is outweighed by its benefit as a long-term store of value. This has been an ongoing debate between Bitcoiners and environmental groups for the past few years. However, the debate has certainly intensified during the past few months.

This brings us back to Elon Musk and his endorsement of Bitcoin. Given the fact that Tesla is currently struggling with its own environmental issues, Elon and his inner circle of advisors probably determined that Tesla’s involvement with Bitcoin was a poorly-timed decision. Most likely, this explains why Musk withdrew his support of BTC as a medium of exchange.

Musk released his now-famous tweet on May 12, in which he tweeted that Tesla would no longer accept Bitcoin as a method of payment for its automobiles.

Musk cited “environmental concerns” as the reason why Tesla suspended its acceptance of Bitcoin. Immediately upon the release of Elon’s tweet, the price of BTC quickly began to roll over to the downside. By the end of the day, BTC had lost 9.5% of its value.

BTC continued to drop for the next three days, as Musk released a few additional negative comments about Bitcoin and many analysts are wondering if the bottom is in yet, after BTC briefly dove below $40,000 on May 19. So, where do we go from here? In order to answer this question, let’s examine Bitcoin based on technical analysis.

Analyzing Bitcoin Based on Technical Analysis

Bitcoin peaked @ 64,789 on April 14. During the past four weeks, BTC had dropped by more than 34% (Chart #2), only to tumble even lower below the $40,000 mark on May 19.

Review - After the Elon Musk Crypto Crash, Will Markets Go Back Up? 6

How does this sell-off compare with declines from other bull market cycles? Let’s analyze the most recent bull market cycle from 2017. BTC generated a dramatic rally in the second half of 2017, advancing 570% from September through December. However, Bitcoin also experienced two sharp declines of 39.7% and 30.0%, respectively (Chart #3).

Review - After the Elon Musk Crypto Crash, Will Markets Go Back Up? 7

Even though the current decline is certainly painful for the Bitcoin bulls, it is quite normal when compared to other historical downturns.

Despite the current decline, the daily chart pattern for Bitcoin continues to remain bullish. The first sign of trouble for the bulls would be a weekly close below 37,409 (Chart #4). The BTC chart pattern will turn decidedly bearish if 37,409 is penetrated on a weekly closing basis.      

Review - After the Elon Musk Crypto Crash, Will Markets Go Back Up? 8  

In terms of the hourly chart, the bears are in control. In order to reverse the bearish momentum, the bulls need a daily close above 59,696 (Chart #5). The most likely scenario over the course of the next few weeks is a trading range.

Review - After the Elon Musk Crypto Crash, Will Markets Go Back Up? 9

BTC could easily remain locked in a trading range for the next several weeks. The important numbers to watch are 37,409 and 59,696.

Analyzing Ethereum Based on Technical Analysis

Although Bitcoin has garnered the majority of media attention during the past few days, Elon’s comments have wreaked havoc on the entire cryptocurrency universe. Almost all coins and tokens have suffered brutal declines. Let’s briefly review Ethereum (ETH) from a technical perspective.

Prior to the Tesla news, ETH was in the middle of a dramatic rally dating back to the pandemic low in March 2020. ETH recorded a major low on 13 March 2020 @ 89.50. The cryptocurrency preceded to rally 4,783% during the next 14 months, reaching its peak on 12 May @ 4,370.76.

The very next day, Elon Musk released his tweet concerning Tesla’s plan to stop accepting Bitcoin. Although Elon’s tweet was not aimed directly at Ethereum, it nevertheless sparked a brutal sell-off in ETH. Within 72 hours, ETH had declined 28.2% (Chart #6).

Review - After the Elon Musk Crypto Crash, Will Markets Go Back Up? 10

In spite of the sharp decline, the Ethereum chart pattern remains persistently bullish. It would take a weekly close below 1,937 to flip the chart from bullish to bearish (Chart #7).

Review - After the Elon Musk Crypto Crash, Will Markets Go Back Up? 11

This type of price drop is certainly possible. However, it’s highly unlikely. Going forward, ETH will most likely remain in a trading range for the next several weeks, as it consolidates the recent sharp decline.

As long as the price stays above 1,937, ETH should easily create a new all-time high above 4,370 by the end of 2021.

All Signs Point to Higher Crypto Prices

It’s very easy for crypto traders and investors to become fixated on short-term fluctuations in the crypto markets. Many traders (particularly novice traders) have a tendency to focus only on the negative crypto news while ignoring the long-term bullish outlook.

Bitcoin, Ethereum and other cryptocurrencies have received a tremendous amount of bullish news during the past several months, particularly at the institutional level. A wave of institutional money has flooded into the crypto universe during the past nine months. This is extremely bullish from a “big picture” multi-year perspective.

While it’s certainly possible that Bitcoin and other cryptocurrencies could experience another sharp leg to the downside, this won’t change the bullish outlook from a long-term global perspective. Cryptocurrencies are in the early stages of completely disrupting industries that have been in existence for hundreds of years. There will be several bumps along the way (e.g. Elon Musk’s tweets). However, investors who can tolerate the short-term volatility will be rewarded with long-term success.

 Digitex writers and/or guest authors may or may not have a vested interest in the Digitex project and/or other businesses mentioned throughout the site. None of the content on Digitex is investment advice nor is it a replacement for advice from a certified financial planner.

May 19, 2021
Digitex

Review – After the Elon Musk Crypto Crash, Will Markets Go Back Up?

Dave Reiter
crypto

On February 8, the Bitcoin (BTC) community received incredibly bullish news when Tesla CEO, Elon Musk announced that his company had purchased $1.5 billion worth of BTC. In the same press release, Musk also revealed that the company would accept BTC as a method of payment for its Tesla automobiles. Immediately following the press release, the price of BTC exploded to the upside, gaining $6,881 (Chart #1).

Review - After the Elon Musk Crypto Crash, Will Markets Go Back Up? 12

The announcement by Musk marked the beginning of a massive rally in Bitcoin. Over the course of the next two months, BTC increased 73%.  

Elon Musk quickly became one of the biggest supporters of the Bitcoin ecosystem. Of course, the entire crypto community was more than happy to embrace Musk as its newest member of the “family.” In addition to being CEO of Tesla, he is the wealthiest person on the planet. In fact, Tesla’s purchase of BTC was the major contributing factor to catapulting Musk ahead of Jeff Bezos as the world’s wealthiest person. Therefore, Musk was viewed as the perfect ambassador for the Bitcoin community.

Unfortunately, the happy relationship between Musk and the crypto community was short-lived. What happened? Why did Elon Musk suddenly withdraw his endorsement of the Bitcoin ecosystem? More importantly, how will this affect the future direction of Bitcoin along with the entire cryptocurrency universe? Let’s discuss the details.

Elon Musk Abruptly Changes His View on Bitcoin     

Elon Musk is one of the greatest entrepreneurs in modern American history. Musk rose to fame in the late 1990s during the internet mania, as one of the original founders of PayPal. Over the course of the past two decades, he has been responsible for creating a number of highly successful business ventures.

Musk is most famously known for his affiliation with Tesla, which was launched in July 2003. In addition to Tesla, Musk is also involved in the Boring Company and SpaceX. As mentioned, his entrepreneurial success recently turned Musk into the wealthiest person on the planet, according to Forbes Magazine.      

Over the course of the past few years, he has received an increasing amount of scrutiny from various environmental groups concerning Tesla’s commitment to producing energy-efficient vehicles. Additionally, the company’s automobile plants are closely monitored by several third parties in an effort to determine if Tesla is maintaining an eco-friendly working environment. Tesla promotes itself as an industry leader in using renewable energy to operate its manufacturing facilities. This probably explains why the company is constantly critiqued and observed by independent agencies.     

Bitcoin has come under frequent and repeated attack by a number of environmentally-friendly research groups concerning its potential damage to the environment, particularly as it relates to Bitcoin mining. These research groups claim that the Bitcoin mining process consumes a great deal of non-renewable energy and emits an ever-increasing amount of carbon into the atmosphere. They question whether Bitcoin’s damage to the environment is outweighed by its benefit as a long-term store of value. This has been an ongoing debate between Bitcoiners and environmental groups for the past few years. However, the debate has certainly intensified during the past few months.

This brings us back to Elon Musk and his endorsement of Bitcoin. Given the fact that Tesla is currently struggling with its own environmental issues, Elon and his inner circle of advisors probably determined that Tesla’s involvement with Bitcoin was a poorly-timed decision. Most likely, this explains why Musk withdrew his support of BTC as a medium of exchange.

Musk released his now-famous tweet on May 12, in which he tweeted that Tesla would no longer accept Bitcoin as a method of payment for its automobiles.

Musk cited “environmental concerns” as the reason why Tesla suspended its acceptance of Bitcoin. Immediately upon the release of Elon’s tweet, the price of BTC quickly began to roll over to the downside. By the end of the day, BTC had lost 9.5% of its value.

BTC continued to drop for the next three days, as Musk released a few additional negative comments about Bitcoin and many analysts are wondering if the bottom is in yet, after BTC briefly dove below $40,000 on May 19. So, where do we go from here? In order to answer this question, let’s examine Bitcoin based on technical analysis.

Analyzing Bitcoin Based on Technical Analysis

Bitcoin peaked @ 64,789 on April 14. During the past four weeks, BTC had dropped by more than 34% (Chart #2), only to tumble even lower below the $40,000 mark on May 19.

Review - After the Elon Musk Crypto Crash, Will Markets Go Back Up? 13

How does this sell-off compare with declines from other bull market cycles? Let’s analyze the most recent bull market cycle from 2017. BTC generated a dramatic rally in the second half of 2017, advancing 570% from September through December. However, Bitcoin also experienced two sharp declines of 39.7% and 30.0%, respectively (Chart #3).

Review - After the Elon Musk Crypto Crash, Will Markets Go Back Up? 14

Even though the current decline is certainly painful for the Bitcoin bulls, it is quite normal when compared to other historical downturns.

Despite the current decline, the daily chart pattern for Bitcoin continues to remain bullish. The first sign of trouble for the bulls would be a weekly close below 37,409 (Chart #4). The BTC chart pattern will turn decidedly bearish if 37,409 is penetrated on a weekly closing basis.      

Review - After the Elon Musk Crypto Crash, Will Markets Go Back Up? 15  

In terms of the hourly chart, the bears are in control. In order to reverse the bearish momentum, the bulls need a daily close above 59,696 (Chart #5). The most likely scenario over the course of the next few weeks is a trading range.

Review - After the Elon Musk Crypto Crash, Will Markets Go Back Up? 16

BTC could easily remain locked in a trading range for the next several weeks. The important numbers to watch are 37,409 and 59,696.

Analyzing Ethereum Based on Technical Analysis

Although Bitcoin has garnered the majority of media attention during the past few days, Elon’s comments have wreaked havoc on the entire cryptocurrency universe. Almost all coins and tokens have suffered brutal declines. Let’s briefly review Ethereum (ETH) from a technical perspective.

Prior to the Tesla news, ETH was in the middle of a dramatic rally dating back to the pandemic low in March 2020. ETH recorded a major low on 13 March 2020 @ 89.50. The cryptocurrency preceded to rally 4,783% during the next 14 months, reaching its peak on 12 May @ 4,370.76.

The very next day, Elon Musk released his tweet concerning Tesla’s plan to stop accepting Bitcoin. Although Elon’s tweet was not aimed directly at Ethereum, it nevertheless sparked a brutal sell-off in ETH. Within 72 hours, ETH had declined 28.2% (Chart #6).

Review - After the Elon Musk Crypto Crash, Will Markets Go Back Up? 17

In spite of the sharp decline, the Ethereum chart pattern remains persistently bullish. It would take a weekly close below 1,937 to flip the chart from bullish to bearish (Chart #7).

Review - After the Elon Musk Crypto Crash, Will Markets Go Back Up? 18

This type of price drop is certainly possible. However, it’s highly unlikely. Going forward, ETH will most likely remain in a trading range for the next several weeks, as it consolidates the recent sharp decline.

As long as the price stays above 1,937, ETH should easily create a new all-time high above 4,370 by the end of 2021.

All Signs Point to Higher Crypto Prices

It’s very easy for crypto traders and investors to become fixated on short-term fluctuations in the crypto markets. Many traders (particularly novice traders) have a tendency to focus only on the negative crypto news while ignoring the long-term bullish outlook.

Bitcoin, Ethereum and other cryptocurrencies have received a tremendous amount of bullish news during the past several months, particularly at the institutional level. A wave of institutional money has flooded into the crypto universe during the past nine months. This is extremely bullish from a “big picture” multi-year perspective.

While it’s certainly possible that Bitcoin and other cryptocurrencies could experience another sharp leg to the downside, this won’t change the bullish outlook from a long-term global perspective. Cryptocurrencies are in the early stages of completely disrupting industries that have been in existence for hundreds of years. There will be several bumps along the way (e.g. Elon Musk’s tweets). However, investors who can tolerate the short-term volatility will be rewarded with long-term success.

 Digitex writers and/or guest authors may or may not have a vested interest in the Digitex project and/or other businesses mentioned throughout the site. None of the content on Digitex is investment advice nor is it a replacement for advice from a certified financial planner.

Latest News

blockfarm

Introducing Blockfarm – Digitex’s New Yield Farming Program

Digitex
• Digitex
May 12, 2021

We have some very exciting news to share with you today which we hope you’ll love as much as we do. Starting this Friday, Digitex users can earn rewards in different cryptocurrencies by staking DGTX through our new yield farming program, Blockfarm, built within the Digitex platform. We’re kicking off the program with just one cryptocurrencyETHbut we’ll be adding more as they get listed on our spot markets.

Through Blockfarm, it’s easy to earn a passive income on your stash rather than letting your tokens sit in a hardware wallet. And, since the majority of our users prefer spot trading and earning rewards on their crypto to trading futures, Blockfarm provides the perfect way for them to take advantage of accumulating rewards and making their money work for them. 

If you want to get ahead now, you can prestake by completing the simple KYC check on the Blockfarm platform and securing your place in the queue.

Stake DGTX and Earn Attractive ETH Rewards 

With ETH on such a tear right now, many of you are making a lot of gains. But if you want to stake your ETH to earn ETH rewards on other platforms, you’ll have to lock it up for a long period of time while we wait for the eventual arrival of ETH 2.0. 

By using Blockfarm, users can stake and unstake their DGTX at any time and earn ETH rewards with competitive APYs. That creates a double win for our users as they earn on ETH’s rapidly climbing price–and accumulate rewards as well.

Another really great feature of Blockfarm is its simplicity. Unlike many DeFi protocols that are cumbersome, complex, and difficult to interact with, it couldn’t be easier to stake your DGTX to earn rewards. Simply create an account on Digitex, purchase DGTX commission-fee on our spot markets and deposit it into your main account, complete a quick KYC check on the Blockfarm platform, and then transfer your DGTX to it. 

Keep in mind that the APY will vary depending on how many users take part. But, for some reference, we have been running a successful yield farming program via Uniswap for around six months, and the APY there ranges between 35% and 150%.

The First of Many Cryptos to Come

“The ETH staking program will be the first of many to follow as more cryptocurrencies are added to the exchange,” Adam explains. “Blockfarm is designed to build value for Digitex users… therefore, as new cryptocurrencies begin to list on our zero-fee exchange, users will also be able to earn rewards in those currencies through our Blockfarm platform.”

To celebrate the launch of Blockfarm, participants can collectively earn a massive $50,000 worth of ETH in the first 30 days. So there really couldn’t be a better way to put your DGTX to use and earn rewards back in the hottest altcoin out there right now.

We’re thrilled to provide more utility for the DGTX token and drive demand for our long-term holders. As more yield farming programs get added to Blockfarm, the more demand will be driven to DGTX.

We hope that you will take advantage of this awesome new initiative and let us know your feedback as we’d love to hear what you think. As ever, simply hit us up on our socials or contact our customer support. Happy staking!

May 12, 2021
Digitex

Introducing Blockfarm – Digitex’s New Yield Farming Program

Digitex
blockfarm

We have some very exciting news to share with you today which we hope you’ll love as much as we do. Starting this Friday, Digitex users can earn rewards in different cryptocurrencies by staking DGTX through our new yield farming program, Blockfarm, built within the Digitex platform. We’re kicking off the program with just one cryptocurrencyETHbut we’ll be adding more as they get listed on our spot markets.

Through Blockfarm, it’s easy to earn a passive income on your stash rather than letting your tokens sit in a hardware wallet. And, since the majority of our users prefer spot trading and earning rewards on their crypto to trading futures, Blockfarm provides the perfect way for them to take advantage of accumulating rewards and making their money work for them. 

If you want to get ahead now, you can prestake by completing the simple KYC check on the Blockfarm platform and securing your place in the queue.

Stake DGTX and Earn Attractive ETH Rewards 

With ETH on such a tear right now, many of you are making a lot of gains. But if you want to stake your ETH to earn ETH rewards on other platforms, you’ll have to lock it up for a long period of time while we wait for the eventual arrival of ETH 2.0. 

By using Blockfarm, users can stake and unstake their DGTX at any time and earn ETH rewards with competitive APYs. That creates a double win for our users as they earn on ETH’s rapidly climbing price–and accumulate rewards as well.

Another really great feature of Blockfarm is its simplicity. Unlike many DeFi protocols that are cumbersome, complex, and difficult to interact with, it couldn’t be easier to stake your DGTX to earn rewards. Simply create an account on Digitex, purchase DGTX commission-fee on our spot markets and deposit it into your main account, complete a quick KYC check on the Blockfarm platform, and then transfer your DGTX to it. 

Keep in mind that the APY will vary depending on how many users take part. But, for some reference, we have been running a successful yield farming program via Uniswap for around six months, and the APY there ranges between 35% and 150%.

The First of Many Cryptos to Come

“The ETH staking program will be the first of many to follow as more cryptocurrencies are added to the exchange,” Adam explains. “Blockfarm is designed to build value for Digitex users… therefore, as new cryptocurrencies begin to list on our zero-fee exchange, users will also be able to earn rewards in those currencies through our Blockfarm platform.”

To celebrate the launch of Blockfarm, participants can collectively earn a massive $50,000 worth of ETH in the first 30 days. So there really couldn’t be a better way to put your DGTX to use and earn rewards back in the hottest altcoin out there right now.

We’re thrilled to provide more utility for the DGTX token and drive demand for our long-term holders. As more yield farming programs get added to Blockfarm, the more demand will be driven to DGTX.

We hope that you will take advantage of this awesome new initiative and let us know your feedback as we’d love to hear what you think. As ever, simply hit us up on our socials or contact our customer support. Happy staking!

Latest News

digitex

Digitex Community – Your Latest Questions Answered

Digitex
• Digitex
May 3, 2021

What a start to the week! With Ether blasting its way to a massive new all-time-high above $3K and Bitcoin making some serious moves as well, don’t miss out on the action trading commission-free on Digitex.io. But first, be sure to check out this article in which we go over all your latest feedback and answer your most burning questions. 

Q. Any news about the trading bots or partnership with existing bots?

A. Going through the community’s feedback, one of the questions that’s come up a few times is about trading bots. We know that you’re really looking forward to using our bots to enhance your zero-fee strategies, and would even like to deploy existing bots on the platform. 

Rest assured, we are developing our user-configurable bots that will be built into our platform UI and we’ll be updating you on that soon. We’re also going to make connectors for two popular bots and will be adding support for Coinrule and Bitsgap in the future.

Q. How will the rewards with other tokens be paid? 

A. We are ironing out all the details right now and will be sharing this with you later this month once we release our yield farming program.

Q. Are experts with connections and crypto history being hired? 

A. Good question! Yes, of course! In fact, if you visit the exchange and start trading, you’ll already notice how smooth and robust our technology is and, with all the programs that will be slowly getting released throughout the year, no amateur would be able to pull that off! What we’ve already built and what’s to come requires the best talent all working together. We’re proud of the team we’ve built so far and are most definitely on the right track for Digitex now. 

Q. Why do you need to mint so many tokens?

A. We understand your concerns and we plan to offset the minting by introducing new utilities that will gradually create more demand for DGTX. Please, just bear with us, as everything takes time and we have plenty more exciting plans in store for you.

Q. Digitex is not as transparent as it should be. Wallets are not public, and we don’t know what the tokens are for. How will you fix this?

A. This is a valid point. Transparency  especially for the crypto audience — is very important. We can certainly consider introducing a webpage to track all our tokens’ activities. Basically, we’re open to suggestions and are strongly in favor of doing anything to support building trust and confidence.

Q. When will the mobile app be ready?

A. Our mobile app is being developed right now with a dedicated in-house team. We’ve spent a good amount of time researching the top exchanges to understand how to give our app a competitive edge. Traditionally, exchanges require lots of tools, so the mobile version will be stripped down with a lot of those key features.

Yet, since mobile traffic is huge, the app will still give us a great opportunity to reach this audience. It’s roadmapped for this year but we don’t have a release date for you yet. Just know that when we do release it, it will be the best possible quality. 

Q. Why will you not make a stablecoin?

A. We attempted this last year as you all recall. The stablecoin is excellent in theory. But, in reality, it’s a very complex system and we were nowhere near production-ready. In order for us to release all the products and features we have roadmapped, we have realized that the key is to do one thing at a time, to ensure quality and execution.

This year, we’ve made an internal priority list, and we’ve reorganized our team. We now have a very strong team of developers and project managers to make sure we release high quality products. So to answer your question, we’ve put the stablecoin on the sideline because we have many other things that need to be done first. 

We’ve improved our UI/UX, we’ve released the spot exchange, and there’s a lot more coming… but one thing at a time! We’re definitely listening to you and we haven’t abandoned the idea, but we will reevaluate the stablecoin concept at a later date. 

That’s it for now, we hope that we’ve covered your questions here. Be sure to hit us up on our socials if not or directly on our site through our live chat function. And… don’t miss out on the wild volatility while getting paid to trade on Digitex.io. It looks set to be an interesting week!

May 3, 2021
Digitex

Digitex Community – Your Latest Questions Answered

Digitex
digitex

What a start to the week! With Ether blasting its way to a massive new all-time-high above $3K and Bitcoin making some serious moves as well, don’t miss out on the action trading commission-free on Digitex.io. But first, be sure to check out this article in which we go over all your latest feedback and answer your most burning questions. 

Q. Any news about the trading bots or partnership with existing bots?

A. Going through the community’s feedback, one of the questions that’s come up a few times is about trading bots. We know that you’re really looking forward to using our bots to enhance your zero-fee strategies, and would even like to deploy existing bots on the platform. 

Rest assured, we are developing our user-configurable bots that will be built into our platform UI and we’ll be updating you on that soon. We’re also going to make connectors for two popular bots and will be adding support for Coinrule and Bitsgap in the future.

Q. How will the rewards with other tokens be paid? 

A. We are ironing out all the details right now and will be sharing this with you later this month once we release our yield farming program.

Q. Are experts with connections and crypto history being hired? 

A. Good question! Yes, of course! In fact, if you visit the exchange and start trading, you’ll already notice how smooth and robust our technology is and, with all the programs that will be slowly getting released throughout the year, no amateur would be able to pull that off! What we’ve already built and what’s to come requires the best talent all working together. We’re proud of the team we’ve built so far and are most definitely on the right track for Digitex now. 

Q. Why do you need to mint so many tokens?

A. We understand your concerns and we plan to offset the minting by introducing new utilities that will gradually create more demand for DGTX. Please, just bear with us, as everything takes time and we have plenty more exciting plans in store for you.

Q. Digitex is not as transparent as it should be. Wallets are not public, and we don’t know what the tokens are for. How will you fix this?

A. This is a valid point. Transparency  especially for the crypto audience — is very important. We can certainly consider introducing a webpage to track all our tokens’ activities. Basically, we’re open to suggestions and are strongly in favor of doing anything to support building trust and confidence.

Q. When will the mobile app be ready?

A. Our mobile app is being developed right now with a dedicated in-house team. We’ve spent a good amount of time researching the top exchanges to understand how to give our app a competitive edge. Traditionally, exchanges require lots of tools, so the mobile version will be stripped down with a lot of those key features.

Yet, since mobile traffic is huge, the app will still give us a great opportunity to reach this audience. It’s roadmapped for this year but we don’t have a release date for you yet. Just know that when we do release it, it will be the best possible quality. 

Q. Why will you not make a stablecoin?

A. We attempted this last year as you all recall. The stablecoin is excellent in theory. But, in reality, it’s a very complex system and we were nowhere near production-ready. In order for us to release all the products and features we have roadmapped, we have realized that the key is to do one thing at a time, to ensure quality and execution.

This year, we’ve made an internal priority list, and we’ve reorganized our team. We now have a very strong team of developers and project managers to make sure we release high quality products. So to answer your question, we’ve put the stablecoin on the sideline because we have many other things that need to be done first. 

We’ve improved our UI/UX, we’ve released the spot exchange, and there’s a lot more coming… but one thing at a time! We’re definitely listening to you and we haven’t abandoned the idea, but we will reevaluate the stablecoin concept at a later date. 

That’s it for now, we hope that we’ve covered your questions here. Be sure to hit us up on our socials if not or directly on our site through our live chat function. And… don’t miss out on the wild volatility while getting paid to trade on Digitex.io. It looks set to be an interesting week!

Latest News

The Role of Stablecoins in the Crypto Industry 19

The Role of Stablecoins in the Crypto Industry

Digitex
• Dave Reiter
April 27, 2021

During the past decade, several new innovative products have been created in an effort to disrupt the financial services industry. Arguably, the product that has unleashed the most disruption is stablecoins. The first stablecoin was Tether (USDT), officially launched in October 2014.

Immediately upon its introduction to the crypto industry, Tether became incredibly popular and quite useful. Since the release of Tether, over 200 stablecoins have been announced. However, the majority of these coins are still lingering in the phase of research and development (R&D). Additionally, 10% have been discontinued. Currently, 36 stablecoins are in existence with a market capitalization of $75.7 billion. Let’s examine a list of the top 5 stablecoins.

  • Tether (USDT) – $48.7 billion
  • USD Coin (USDC) – $11.3 billion
  • Binance USD (BUSD) – $5.4 billion
  • Dai – (DAI) $3.6 billion
  • TerraUSD (UST) – $1.8 billion

As you can see, Tether is clearly the leader within the stablecoin universe. In fact, Tether’s market capitalization comprises 64% of the entire industry. The top five coins represent 94% of all stablecoins. Essentially, five coins dominate the entire space.

Stablecoins Versus Traditional Cryptocurrencies

Although stablecoins share many of the same features and characteristics of cryptocurrencies, they were designed to solve some of the problems inherently rooted in cryptocurrencies. Let’s discuss the details.

When Satoshi Nakamoto launched the world’s first cryptocurrency on a decentralized ledger in January 2009, Nakamoto could not possibly have forecasted the substantial price appreciation that would transpire during the first decade of its existence. Of course, the cryptocurrency we are referring to is Bitcoin (BTC).

The dramatic increase in the value of BTC in the years following its release was both a benefit and a curse within the global crypto community. Obviously, Bitcoin’s price increase was a huge benefit because a substantial number of investors enjoyed historic rates of return. However, the extraordinary price appreciation was also a major detriment to Bitcoin investors because these price advances also included a great deal of volatility.

Many people in the crypto community were unaware that Nakamoto’s original concept for Bitcoin was a peer-to-peer payment system. In fact, the initial paragraph of the Bitcoin white paper describes “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”

As you can clearly see from the white paper, Nakamoto was enamored with the idea of an electronic P2P payment system without the need for a third-party intermediary. From 2009 through 2017, the vast majority of the crypto community supported Nakamoto’s belief that Bitcoin was designed to be a payment system that would ultimately replace Visa, Mastercard, PayPal, and other payment forms as the preferred method for daily transactions.

Following the historic rally in 2017 and subsequent collapse in early-2018, Bitcoiners came to the realization that BTC was much too volatile to be used as a method of payment for daily transactions. Beginning in 2018, the Bitcoin narrative began to change from “method of payment” to “store of value.” Based on the fact that BTC had substantially outperformed gold and all other major asset classes since its inception in 2009, the best use case for Bitcoin going forward was a store of value.

Although the Bitcoin community had successfully changed the BTC narrative in 2018, they still had to deal with the fact that cryptocurrencies were inherently volatile. In order to solve this problem, stablecoins were rolled out on a large-scale basis. Stablecoins are an excellent vehicle for performing day-to-day transactions because they are simplistic, stable, scalable, and secure. Stablecoins fulfilled the role of Nakamoto’s original intent for Bitcoin, which was a peer-to-peer payment system.

Unlike cryptocurrencies, stablecoins are not prone to dramatic price fluctuations because each stablecoin is linked to a fiat currency like the US Dollar or Euro. It is collateralized by the value of the underlying asset. Additionally, each stablecoin is pegged at a 1:1 ratio with the underlying asset. This explains how stablecoins are able to maintain price stability even if other cryptocurrencies are experiencing dramatic volatility.

Types of Stablecoins

Stablecoins can be placed in four different categories. Let’s briefly review each category.

Fiat-collateralized – The vast majority of stablecoins are fiat-collateralized. This means that the stablecoins are backed by fiat currencies like US Dollar, Euro, British Pound and other fiat currencies. As we previously mentioned, stablecoins are linked at a 1:1 ratio with the underlying fiat currency. For each stablecoin in existence, fiat currency is held in a bank account as collateral. When a trader initiates a stablecoin withdrawal, the crypto exchange transfers fiat currency to the trader’s bank account and the corresponding stablecoin is taken out of the trader’s crypto account and removed from circulation.

Commodity-collateralized – As the name implies, commodity-collateralized stablecoins are supported by interchangeable assets such as commodities. The most popular asset in this category is precious metals, specifically gold. In addition to gold, other assets include silver, crude oil and even real estate. The most attractive feature of commodity-collateralized stablecoins is that the owners of these coins hold a tangible asset with real value. This is in stark contrast to other cryptocurrencies, which typically have no tangible value.

Crypto-collateralized – These stablecoins are backed 100% by other cryptocurrencies. Many crypto investors don’t support fiat-collateralized stablecoins because they are linked to the legacy financial services industry through fiat money. Instead, these investors prefer 100% decentralized stablecoins, with all transactions conducted on the blockchain. Even though crypto-collateralized stablecoins are inherently more volatile, there is a growing list of supporters who are willing to tolerate the volatility in exchange for a purely decentralized transaction.

Non-collateralized – Even though stablecoins have been in existence since 2014, very few non-collateralized stablecoins have been issued. The demand for such a coin is relatively small because it carries the greatest amount of risk among all stablecoins. Despite its inherent risk, there is a small group of crypto investors who prefer this type of stablecoin because it is the most decentralized and independent form of stablecoin. Its decentralization stems from the fact that the coin is not collateralized to any other asset. Therefore, it avoids dealing with centralized assets such as fiat money and commodities.

Use Cases for Stablecoins

Even though stablecoins have only been in existence for six years, crypto experts have discovered several different use cases. Let’s review a few of the ways stablecoins are being used within the cryptocurrency ecosystem.

Without question, the most common use case for stablecoins is the ability of crypto traders to easily transfer their funds between various crypto assets. Prior to the introduction of stablecoins, traders were unable to move their crypto assets to a safe and secure coin. Instead, they were forced to liquidate their cryptocurrencies, convert the proceeds back to a fiat currency and also remove their funds from the crypto exchange. Thanks to the introduction of stablecoins, traders have the option of liquidating their cryptocurrencies and parking the proceeds in a stablecoin. This allows all funds to remain in the cryptocurrency ecosystem. Thanks to stablecoins, traders and investors can completely avoid the fiat system.

As stablecoins continue to gain widespread acceptance, the retail community could ultimately become the biggest beneficiary. As we previously discussed, Satoshi Nakamoto’s original use case for Bitcoin was a medium of exchange for day-to-day transactions. However, the daily use of BTC never gained widespread adoption because Bitcoin was simply too volatile. Stablecoins have solved the volatility problem. Therefore, stablecoins have the potential to be used as a daily medium of exchange, finally realizing Nakamoto’s original use case for Bitcoin.

Another use case for stablecoins involves smart contracts. During the past few years, several industries have explored the idea of using smart contracts in an effort to lower their costs by removing third party intermediaries. However, companies have been reluctant to use smart contracts because the payment method usually involved a volatile cryptocurrency like Bitcoin or Ethereum. Thanks to stablecoins, several industries are reexamining the use of smart contracts because the problem of volatility has been solved.

Crypto experts believe that we are just beginning to scratch the surface in terms of how stablecoins will be used as a bridge to connect the old legacy financial services industry with a new system based on decentralized finance. Stablecoins could easily become the fastest growing sector within the cryptocurrency universe.

 

Digitex writers and/or guest authors may or may not have a vested interest in the Digitex project and/or other businesses mentioned throughout the site. None of the content on Digitex is investment advice nor is it a replacement for advice from a certified financial planner.

April 27, 2021
Digitex

The Role of Stablecoins in the Crypto Industry

Dave Reiter
The Role of Stablecoins in the Crypto Industry 20

During the past decade, several new innovative products have been created in an effort to disrupt the financial services industry. Arguably, the product that has unleashed the most disruption is stablecoins. The first stablecoin was Tether (USDT), officially launched in October 2014.

Immediately upon its introduction to the crypto industry, Tether became incredibly popular and quite useful. Since the release of Tether, over 200 stablecoins have been announced. However, the majority of these coins are still lingering in the phase of research and development (R&D). Additionally, 10% have been discontinued. Currently, 36 stablecoins are in existence with a market capitalization of $75.7 billion. Let’s examine a list of the top 5 stablecoins.

  • Tether (USDT) – $48.7 billion
  • USD Coin (USDC) – $11.3 billion
  • Binance USD (BUSD) – $5.4 billion
  • Dai – (DAI) $3.6 billion
  • TerraUSD (UST) – $1.8 billion

As you can see, Tether is clearly the leader within the stablecoin universe. In fact, Tether’s market capitalization comprises 64% of the entire industry. The top five coins represent 94% of all stablecoins. Essentially, five coins dominate the entire space.

Stablecoins Versus Traditional Cryptocurrencies

Although stablecoins share many of the same features and characteristics of cryptocurrencies, they were designed to solve some of the problems inherently rooted in cryptocurrencies. Let’s discuss the details.

When Satoshi Nakamoto launched the world’s first cryptocurrency on a decentralized ledger in January 2009, Nakamoto could not possibly have forecasted the substantial price appreciation that would transpire during the first decade of its existence. Of course, the cryptocurrency we are referring to is Bitcoin (BTC).

The dramatic increase in the value of BTC in the years following its release was both a benefit and a curse within the global crypto community. Obviously, Bitcoin’s price increase was a huge benefit because a substantial number of investors enjoyed historic rates of return. However, the extraordinary price appreciation was also a major detriment to Bitcoin investors because these price advances also included a great deal of volatility.

Many people in the crypto community were unaware that Nakamoto’s original concept for Bitcoin was a peer-to-peer payment system. In fact, the initial paragraph of the Bitcoin white paper describes “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”

As you can clearly see from the white paper, Nakamoto was enamored with the idea of an electronic P2P payment system without the need for a third-party intermediary. From 2009 through 2017, the vast majority of the crypto community supported Nakamoto’s belief that Bitcoin was designed to be a payment system that would ultimately replace Visa, Mastercard, PayPal, and other payment forms as the preferred method for daily transactions.

Following the historic rally in 2017 and subsequent collapse in early-2018, Bitcoiners came to the realization that BTC was much too volatile to be used as a method of payment for daily transactions. Beginning in 2018, the Bitcoin narrative began to change from “method of payment” to “store of value.” Based on the fact that BTC had substantially outperformed gold and all other major asset classes since its inception in 2009, the best use case for Bitcoin going forward was a store of value.

Although the Bitcoin community had successfully changed the BTC narrative in 2018, they still had to deal with the fact that cryptocurrencies were inherently volatile. In order to solve this problem, stablecoins were rolled out on a large-scale basis. Stablecoins are an excellent vehicle for performing day-to-day transactions because they are simplistic, stable, scalable, and secure. Stablecoins fulfilled the role of Nakamoto’s original intent for Bitcoin, which was a peer-to-peer payment system.

Unlike cryptocurrencies, stablecoins are not prone to dramatic price fluctuations because each stablecoin is linked to a fiat currency like the US Dollar or Euro. It is collateralized by the value of the underlying asset. Additionally, each stablecoin is pegged at a 1:1 ratio with the underlying asset. This explains how stablecoins are able to maintain price stability even if other cryptocurrencies are experiencing dramatic volatility.

Types of Stablecoins

Stablecoins can be placed in four different categories. Let’s briefly review each category.

Fiat-collateralized – The vast majority of stablecoins are fiat-collateralized. This means that the stablecoins are backed by fiat currencies like US Dollar, Euro, British Pound and other fiat currencies. As we previously mentioned, stablecoins are linked at a 1:1 ratio with the underlying fiat currency. For each stablecoin in existence, fiat currency is held in a bank account as collateral. When a trader initiates a stablecoin withdrawal, the crypto exchange transfers fiat currency to the trader’s bank account and the corresponding stablecoin is taken out of the trader’s crypto account and removed from circulation.

Commodity-collateralized – As the name implies, commodity-collateralized stablecoins are supported by interchangeable assets such as commodities. The most popular asset in this category is precious metals, specifically gold. In addition to gold, other assets include silver, crude oil and even real estate. The most attractive feature of commodity-collateralized stablecoins is that the owners of these coins hold a tangible asset with real value. This is in stark contrast to other cryptocurrencies, which typically have no tangible value.

Crypto-collateralized – These stablecoins are backed 100% by other cryptocurrencies. Many crypto investors don’t support fiat-collateralized stablecoins because they are linked to the legacy financial services industry through fiat money. Instead, these investors prefer 100% decentralized stablecoins, with all transactions conducted on the blockchain. Even though crypto-collateralized stablecoins are inherently more volatile, there is a growing list of supporters who are willing to tolerate the volatility in exchange for a purely decentralized transaction.

Non-collateralized – Even though stablecoins have been in existence since 2014, very few non-collateralized stablecoins have been issued. The demand for such a coin is relatively small because it carries the greatest amount of risk among all stablecoins. Despite its inherent risk, there is a small group of crypto investors who prefer this type of stablecoin because it is the most decentralized and independent form of stablecoin. Its decentralization stems from the fact that the coin is not collateralized to any other asset. Therefore, it avoids dealing with centralized assets such as fiat money and commodities.

Use Cases for Stablecoins

Even though stablecoins have only been in existence for six years, crypto experts have discovered several different use cases. Let’s review a few of the ways stablecoins are being used within the cryptocurrency ecosystem.

Without question, the most common use case for stablecoins is the ability of crypto traders to easily transfer their funds between various crypto assets. Prior to the introduction of stablecoins, traders were unable to move their crypto assets to a safe and secure coin. Instead, they were forced to liquidate their cryptocurrencies, convert the proceeds back to a fiat currency and also remove their funds from the crypto exchange. Thanks to the introduction of stablecoins, traders have the option of liquidating their cryptocurrencies and parking the proceeds in a stablecoin. This allows all funds to remain in the cryptocurrency ecosystem. Thanks to stablecoins, traders and investors can completely avoid the fiat system.

As stablecoins continue to gain widespread acceptance, the retail community could ultimately become the biggest beneficiary. As we previously discussed, Satoshi Nakamoto’s original use case for Bitcoin was a medium of exchange for day-to-day transactions. However, the daily use of BTC never gained widespread adoption because Bitcoin was simply too volatile. Stablecoins have solved the volatility problem. Therefore, stablecoins have the potential to be used as a daily medium of exchange, finally realizing Nakamoto’s original use case for Bitcoin.

Another use case for stablecoins involves smart contracts. During the past few years, several industries have explored the idea of using smart contracts in an effort to lower their costs by removing third party intermediaries. However, companies have been reluctant to use smart contracts because the payment method usually involved a volatile cryptocurrency like Bitcoin or Ethereum. Thanks to stablecoins, several industries are reexamining the use of smart contracts because the problem of volatility has been solved.

Crypto experts believe that we are just beginning to scratch the surface in terms of how stablecoins will be used as a bridge to connect the old legacy financial services industry with a new system based on decentralized finance. Stablecoins could easily become the fastest growing sector within the cryptocurrency universe.

 

Digitex writers and/or guest authors may or may not have a vested interest in the Digitex project and/or other businesses mentioned throughout the site. None of the content on Digitex is investment advice nor is it a replacement for advice from a certified financial planner.

Latest News

Crypto

What Cryptocurrencies Are Available to Buy and Sell on Digitex?

Digitex
Cryptocurrency
• Digitex
April 26, 2021

Since our mainnet launch, Digitex has operated as a Bitcoin derivatives exchange allowing users to buy and sell cryptocurrency futures contracts without any trading fees.

However, as part of Digitex’s evolution, we rolled out our spot exchange last week to provide an optimized trading experience to all traders on the platform.

As a result, you can now enjoy a zero-fee crypto trading experience for digital asset pairs on both the spot and derivatives markets.

In this upgrade, we have also expanded our list with new trading pairs, which means you can now gain exposure to more digital assets on Digitex.

We have collected all the cryptocurrencies you can trade on the next-generation Digitex trading platform in this article. Check them out below.

Bitcoin (BTC)

Rank: 1st

Market capitalization: $1.059 trillion

YTD ROI: +96.45%

Launched in 2009 by the anonymous Satoshi Nakamoto, Bitcoin is the first cryptocurrency ever created and also the largest by market cap.

Created in the aftermath of the 2007-2008 financial crisis, Bitcoin features a peer-to-peer (P2P) electronic cash system that allows users to hold, receive, and send cryptocurrency without any intermediaries, according to the original BTC whitepaper.

That said, due to its limited supply and the deflationary mechanism that cuts the newly mined BTC supply in half every four years, Bitcoin also serves as an excellent store of value.

On Digitex, you can gain exposure to both spot market and Bitcoin derivatives trading pairs:

  • DGTX/BTC (spot)
  • ETH/BTC (spot)
  • BTC/USDC (spot)
  • BTC/USD (futures)

Ethereum (ETH)

Rank: 2nd

Market capitalization: $257 billion

YTD ROI: +201.87%

Launched in July 2015, Ethereum has introduced smart contracts – self-executing digital agreements between two or more parties – to the digital asset industry.

As a result, developers can program, deploy, and run their own decentralized applications (DApps) as well as create tokens and launch Initial Coin Offerings (ICOs) on top of the Ethereum blockchain.

For these reasons, Ethereum has been among the most active blockchain networks on the market that facilitated the ICO, decentralized finance (DeFi), and non-fungible token (NFT) booms.

You can trade ETH via the following trading pairs on Digitex:

  • DGTX/ETH (spot)
  • ETH/BTC (spot)
  • ETH/USDC (spot)
  • ETH/USD (futures)

USDC

Rank: 15th

Market capitalization: $11.3 billion

USDC is a stablecoin with a 1:1 peg to the USD’s value.

For that reason, while non-stablecoin cryptocurrencies often experience high levels of volatility with extreme price swings, USDC is able to maintain a relatively stable value.

This allows USDC to retain most of the benefits of cryptocurrencies – such as P2P transfers, cost-efficient fees, and fast transactions – while offering users the ability to trade digital asset pairs without exchanging their funds into fiat currencies.

Launched as the project of the global technology firm Circle, USDC quickly became the second-largest stablecoin by market capitalization just after Tether (USDT).

Digitex offers users the following USDC-based trading pairs on its platform:

  • DGTX/USDC (spot)
  • BTC/USDC (spot)
  • ETH/USDC (spot)

DGTX

Rank: 883rd

Market capitalization: $16.4 million

YTD ROI: +63.28%

DGTX is the native exchange token of the revolutionary crypto trading platform Digitex.

Since raising $5.2 million in 17 minutes during the Digitex token sale in January 2018, DGTX has played a vital role in our ecosystem.

DGTX is the cryptocurrency that allows our users to benefit from zero-fee crypto trading while powering the Digitex liquidity mining and DGTX rewards programs, which both offer traders new ways to earn crypto.

Thanks to our new spot exchange, you can now buy and sell DGTX without using third-party services. We offer traders the following DGTX trading pairs on Digitex:

  • DGTX/BTC (spot)
  • DGTX/ETH (spot)
  • DGTX/USDC (spot)

Enjoy Commission-Free Crypto Trading on Digitex

By introducing our new spot exchange, Digitex users can now trade an increased number of cryptocurrency pairs without any fees.

In addition to the ones currently offered on the exchange platform, we will be gradually adding new trading pairs based on demand and user feedback.

In the meantime, be sure to test your crypto trading strategies on the Digitex spot market.

And don’t forget to grab some DGTX instantly for USDC, ETH, or BTC via our digital asset exchange platform.

April 26, 2021
Digitex
Cryptocurrency

What Cryptocurrencies Are Available to Buy and Sell on Digitex?

Digitex
Crypto

Since our mainnet launch, Digitex has operated as a Bitcoin derivatives exchange allowing users to buy and sell cryptocurrency futures contracts without any trading fees.

However, as part of Digitex’s evolution, we rolled out our spot exchange last week to provide an optimized trading experience to all traders on the platform.

As a result, you can now enjoy a zero-fee crypto trading experience for digital asset pairs on both the spot and derivatives markets.

In this upgrade, we have also expanded our list with new trading pairs, which means you can now gain exposure to more digital assets on Digitex.

We have collected all the cryptocurrencies you can trade on the next-generation Digitex trading platform in this article. Check them out below.

Bitcoin (BTC)

Rank: 1st

Market capitalization: $1.059 trillion

YTD ROI: +96.45%

Launched in 2009 by the anonymous Satoshi Nakamoto, Bitcoin is the first cryptocurrency ever created and also the largest by market cap.

Created in the aftermath of the 2007-2008 financial crisis, Bitcoin features a peer-to-peer (P2P) electronic cash system that allows users to hold, receive, and send cryptocurrency without any intermediaries, according to the original BTC whitepaper.

That said, due to its limited supply and the deflationary mechanism that cuts the newly mined BTC supply in half every four years, Bitcoin also serves as an excellent store of value.

On Digitex, you can gain exposure to both spot market and Bitcoin derivatives trading pairs:

  • DGTX/BTC (spot)
  • ETH/BTC (spot)
  • BTC/USDC (spot)
  • BTC/USD (futures)

Ethereum (ETH)

Rank: 2nd

Market capitalization: $257 billion

YTD ROI: +201.87%

Launched in July 2015, Ethereum has introduced smart contracts – self-executing digital agreements between two or more parties – to the digital asset industry.

As a result, developers can program, deploy, and run their own decentralized applications (DApps) as well as create tokens and launch Initial Coin Offerings (ICOs) on top of the Ethereum blockchain.

For these reasons, Ethereum has been among the most active blockchain networks on the market that facilitated the ICO, decentralized finance (DeFi), and non-fungible token (NFT) booms.

You can trade ETH via the following trading pairs on Digitex:

  • DGTX/ETH (spot)
  • ETH/BTC (spot)
  • ETH/USDC (spot)
  • ETH/USD (futures)

USDC

Rank: 15th

Market capitalization: $11.3 billion

USDC is a stablecoin with a 1:1 peg to the USD’s value.

For that reason, while non-stablecoin cryptocurrencies often experience high levels of volatility with extreme price swings, USDC is able to maintain a relatively stable value.

This allows USDC to retain most of the benefits of cryptocurrencies – such as P2P transfers, cost-efficient fees, and fast transactions – while offering users the ability to trade digital asset pairs without exchanging their funds into fiat currencies.

Launched as the project of the global technology firm Circle, USDC quickly became the second-largest stablecoin by market capitalization just after Tether (USDT).

Digitex offers users the following USDC-based trading pairs on its platform:

  • DGTX/USDC (spot)
  • BTC/USDC (spot)
  • ETH/USDC (spot)

DGTX

Rank: 883rd

Market capitalization: $16.4 million

YTD ROI: +63.28%

DGTX is the native exchange token of the revolutionary crypto trading platform Digitex.

Since raising $5.2 million in 17 minutes during the Digitex token sale in January 2018, DGTX has played a vital role in our ecosystem.

DGTX is the cryptocurrency that allows our users to benefit from zero-fee crypto trading while powering the Digitex liquidity mining and DGTX rewards programs, which both offer traders new ways to earn crypto.

Thanks to our new spot exchange, you can now buy and sell DGTX without using third-party services. We offer traders the following DGTX trading pairs on Digitex:

  • DGTX/BTC (spot)
  • DGTX/ETH (spot)
  • DGTX/USDC (spot)

Enjoy Commission-Free Crypto Trading on Digitex

By introducing our new spot exchange, Digitex users can now trade an increased number of cryptocurrency pairs without any fees.

In addition to the ones currently offered on the exchange platform, we will be gradually adding new trading pairs based on demand and user feedback.

In the meantime, be sure to test your crypto trading strategies on the Digitex spot market.

And don’t forget to grab some DGTX instantly for USDC, ETH, or BTC via our digital asset exchange platform.

Latest News

digitex

The New Digitex Spot Exchange Is Live

Digitex
• Digitex
April 15, 2021

We’re thrilled to announce that, after much anticipation, the new Digitex spot exchange is officially live and open for business. Traders can now buy DGTX instantly and securely straight from our exchange without having to go to a third party platform. This will optimize the trading experience when time is of the essence, save traders from paying trading and withdrawal fees elsewhere, and streamline the new user onboarding process, among other benefits.

All in One Exchange

Our zero-fee spot markets also mean that traders on the exchange can choose to convert their earnings into stablecoin USDC if they wish without leaving the exchange. This will be especially attractive to traders with larger positions looking to avoid the volatility of holding their earnings in cryptocurrencies like DGTX. 

Another huge advantage of the spot markets is that it opens our doors to a wider net of users. Digitex is no longer just a futures exchange but a place where spot traders can place as many trades and transactions as they like without incurring a single fee. They can also withdraw their funds completely free of charge unlike any other cryptocurrency exchange on the market.

We’re starting out with six trading pairs — DGTX/BTC, DGTX/ETH, ETH/BTC, BTC/USDC, ETH/USDC, DGTX/USDC — and will be gradually adding more according to demand. 

We’re excited about this significant upgrade to the Digitex exchange for several other reasons as well. The convenience of trading spot and futures from one universal trading wallet with no KYC requirement makes for a superlative UX, which is something, as you probably know, that our CEO Adam has always been tirelessly obsessed about!

“We want to offer our traders an experience they won’t find anywhere else. So not only have we removed ALL fees, zero trading and zero withdrawal fees, but we’ve also really improved our UX and UI on this latest release. By allowing traders to trade cryptocurrencies and futures from one universal wallet, they can interact with our markets in a faster and more convenient way,” Adam enthused. 

“The overall trading experience on Digitex is totally optimized, allowing traders to walk away with real profit. That’s what it’s all about, delivering real value to users.” 

The Evolution of Digitex

The launching of our spot markets marks the latest evolution for Digitex as we expand our user base and improve our exchange constantly — without losing sight of what makes us so special. Digitex, with its unique zero-fee model that uses the DGTX token for all interactions on the exchange, is the only platform that enables high-frequency trading strategies. With the hefty commissions on fee-charging exchanges, taking advantage of small price movements through scalping is simply impossible.

Digitex provides a true zero-fee trading experience creating the most optimal environment for traders to generate and, more importantly, keep their profits. The Digitex matching engine has been battle-hardened on live markets with thousands of real users through extreme BTC volatility since 2019 and has proved itself capable of handling over 22 billion contracts in a 24-hour period — on the crypto industry’s first and only single-click ladder interface.

“You’ve all witnessed my rollercoaster experience trying to develop this platform,” Adam said candidly. “It’s been challenging yet also extremely rewarding. One of the greatest lessons I’ve learned is that my most prized possession is the team I have now. I wouldn’t trade them in for anything. I’m really happy that we’re delivering the high-quality spot exchange at just the start of Q2, because there’s so much more to come for the remainder of the year.” 

Liquidity Mining

Our Liquidity Mining program in which we pay traders to act as market makers on our exchange, means that, in addition to making trading gains, we actually pay them while they trade. With unfilled orders, traders are lending liquidity to Digitex’s markets, and keeping our spread tight. 

In exchange for this, we take a snapshot of the order book every minute at a random time, and distribute up to 290 DGTX rewards proportionally to those traders whose unmatched orders are the closest to the spot price at that time. This amounts to a massive 417,600 DGTX paid out daily!

Currently, Digitex traders collectively make over $10,000 worth of DGTX daily through the Liquidity Mining program. Each spot market will pay traders 25 DGTX per minute, which comes to 36,000 DGTX per day per spot market, click this link to learn more about the program, and read the following article on our blog to get started with bot trading to maximize your liquidity mining rewards.

Additional Features

With the upgrade to Digitex.io, we’ll soon be adding another new feature to the exchange that allows users to instantly send crypto to any email address without paying fees. The receiving users don’t even have to have a Digitex account to receive money! 

We’re making it as simple as possible to trade, earn, and send crypto, and we’re looking forward to seeing you on the new exchange! Sign up for an account now and get started right away on the only platform built with its users’ interests in mind.

April 15, 2021
Digitex

The New Digitex Spot Exchange Is Live

Digitex
digitex

We’re thrilled to announce that, after much anticipation, the new Digitex spot exchange is officially live and open for business. Traders can now buy DGTX instantly and securely straight from our exchange without having to go to a third party platform. This will optimize the trading experience when time is of the essence, save traders from paying trading and withdrawal fees elsewhere, and streamline the new user onboarding process, among other benefits.

All in One Exchange

Our zero-fee spot markets also mean that traders on the exchange can choose to convert their earnings into stablecoin USDC if they wish without leaving the exchange. This will be especially attractive to traders with larger positions looking to avoid the volatility of holding their earnings in cryptocurrencies like DGTX. 

Another huge advantage of the spot markets is that it opens our doors to a wider net of users. Digitex is no longer just a futures exchange but a place where spot traders can place as many trades and transactions as they like without incurring a single fee. They can also withdraw their funds completely free of charge unlike any other cryptocurrency exchange on the market.

We’re starting out with six trading pairs — DGTX/BTC, DGTX/ETH, ETH/BTC, BTC/USDC, ETH/USDC, DGTX/USDC — and will be gradually adding more according to demand. 

We’re excited about this significant upgrade to the Digitex exchange for several other reasons as well. The convenience of trading spot and futures from one universal trading wallet with no KYC requirement makes for a superlative UX, which is something, as you probably know, that our CEO Adam has always been tirelessly obsessed about!

“We want to offer our traders an experience they won’t find anywhere else. So not only have we removed ALL fees, zero trading and zero withdrawal fees, but we’ve also really improved our UX and UI on this latest release. By allowing traders to trade cryptocurrencies and futures from one universal wallet, they can interact with our markets in a faster and more convenient way,” Adam enthused. 

“The overall trading experience on Digitex is totally optimized, allowing traders to walk away with real profit. That’s what it’s all about, delivering real value to users.” 

The Evolution of Digitex

The launching of our spot markets marks the latest evolution for Digitex as we expand our user base and improve our exchange constantly — without losing sight of what makes us so special. Digitex, with its unique zero-fee model that uses the DGTX token for all interactions on the exchange, is the only platform that enables high-frequency trading strategies. With the hefty commissions on fee-charging exchanges, taking advantage of small price movements through scalping is simply impossible.

Digitex provides a true zero-fee trading experience creating the most optimal environment for traders to generate and, more importantly, keep their profits. The Digitex matching engine has been battle-hardened on live markets with thousands of real users through extreme BTC volatility since 2019 and has proved itself capable of handling over 22 billion contracts in a 24-hour period — on the crypto industry’s first and only single-click ladder interface.

“You’ve all witnessed my rollercoaster experience trying to develop this platform,” Adam said candidly. “It’s been challenging yet also extremely rewarding. One of the greatest lessons I’ve learned is that my most prized possession is the team I have now. I wouldn’t trade them in for anything. I’m really happy that we’re delivering the high-quality spot exchange at just the start of Q2, because there’s so much more to come for the remainder of the year.” 

Liquidity Mining

Our Liquidity Mining program in which we pay traders to act as market makers on our exchange, means that, in addition to making trading gains, we actually pay them while they trade. With unfilled orders, traders are lending liquidity to Digitex’s markets, and keeping our spread tight. 

In exchange for this, we take a snapshot of the order book every minute at a random time, and distribute up to 290 DGTX rewards proportionally to those traders whose unmatched orders are the closest to the spot price at that time. This amounts to a massive 417,600 DGTX paid out daily!

Currently, Digitex traders collectively make over $10,000 worth of DGTX daily through the Liquidity Mining program. Each spot market will pay traders 25 DGTX per minute, which comes to 36,000 DGTX per day per spot market, click this link to learn more about the program, and read the following article on our blog to get started with bot trading to maximize your liquidity mining rewards.

Additional Features

With the upgrade to Digitex.io, we’ll soon be adding another new feature to the exchange that allows users to instantly send crypto to any email address without paying fees. The receiving users don’t even have to have a Digitex account to receive money! 

We’re making it as simple as possible to trade, earn, and send crypto, and we’re looking forward to seeing you on the new exchange! Sign up for an account now and get started right away on the only platform built with its users’ interests in mind.

Latest News

digitex

Awesome Community Videos About the Digitex Platform

Digitex Futures
Trading
• Christina Comben
April 14, 2021

We’re thrilled to see the Digitex exchange gaining traction. In a raging bull market with bitcoin (BTC) and ether (ETH) making staggering gains and marking new all-time highs, there really has never been a better time to take advantage of the volatility by trading commission-free. Digitex allows you to keep all your profit and even pays you while you  trade through our Liquidity Mining program. Check out some of these awesome videos to get a better taste of the platform and find out what the community is saying.

Digitex Futures Is the Best 0% Fee Exchange of 2021

Of course, you already know how much we love our platform. But don’t just take our word for it. In this super-bullish video by Danny at UP NEXT CRYPTO, he takes a look at promising meme coin $DOGIRA and then focuses on Digitex (from 08:12), calling it “the best zero-fee exchange of 2021!” Check it out: 

Danny says Bitcoin futures trading is made so simple on Digitex thanks to zero fees, high liquidity, and a one-click interface. He also says that Digitex is one of the most beautiful platforms he has ever seen for trading. “I think this is going to be my daily use platform for trading,” he enthuses. 

He focuses on the interface, and looks at the graphs, charts, order books, contracts, and UI that “is just so clean.” And he briefly shows us where we can see all our open positions and unmatched orders, where to set market, limit, and stop orders, and where to adjust the leverage. 

Danny explains how the exchange is powered by the DGTX token and, as such, you’ll need to own DGTX if you want to trade on the platform. “The zero fees thing is really really important. They’re saving you a lot of money by not having to pay these fees,” he adds. 

He also points out that zero fees let you execute trading strategies that you simply can’t on any other exchange; “not Huobi, not Binance, not Bybit, not BTSE… none of these huge platforms have trading with zero fees.”

Danny loves the benefits of one-click trading, saying that Digitex has “gone above and beyond” to enhance the trading experience. He also speaks about the Liquidity Mining program that pays you to trade, saying, “This is a feature I have not seen before.”

He emphasizes the importance of our “battle tested” matching engine that’s been working since 2019 and proven itself capable of handling over 22 billion contracts in 24 hours on crypto’s first trading ladder interface. 

“This has to be one of my top picks for 2021 for any platform for you guys to start trading on, the cleanest-looking cheapest platform for your trading needs.” 

How to Place Stop Loss on Digitex Futures

Next up, we have another awesome video from Digitex frequent trader CoinCollector, whose latest walkthrough of the Digitex platform we featured last week. In this short informative clip, you can see how to place a stop loss on Digitex Futures. Check it out:

Stop loss orders are extremely important when trading in volatile markets to protect yourself from heavy losses in the event of the price quickly moving against you. CoinCollector says that he has seen a few traders struggling to set up their stop loss on Digitex, even though it is “pretty straightforward.” So he walks us through the steps very simply in his video.

He gives two examples of how to do this, on a long position and on a short position. Starting with a long position, you go into a market long position and then click on “Stop Market” and click on “Sell” — this is because you will want to sell your position at some point to ensure you don’t get liquidated if the market turns bearish.

In his first example, he enters the long position at $58005. So, he will type in the sell price at $57995. He then clicks on “Set Sell Stop” and the order will be automatically  triggered once this price is reached, to get out of the position with a small loss, “saving you from a big loss.”

It’s exactly the same with a short position, except that you place a stop loss to the upside. “We want to protect ourselves if the BTC price rises too high.” To do this, we click on “Buy” and we protect ourselves to the upside. CoinCollector goes in at $57935 and wants to protect himself by buying at $57960. He clicks on “Set Buy Stop.” It’s as simple as that. The order will be triggered if the price goes against you. If you still have questions, CoinCollector says to feel free to type your comments below the video.

Fast, Zero Fees Bitcoin Futures Trading on Digitex | Full Exchange Review

Finally, if you haven’t seen long-time Digitex trader Mika’s video yet on the exchange be sure to check it out. Once again he delivers an enthusiastic and bullish review, walking through the website, the features of the exchange, the trading UI, and the fact that the spot markets are coming soon. 

He places particular focus on the amount of money you can save through our zero-fee model, especially when using leverage. The standard 0.075% quickly becomes a large percent of your profits (7.5%!) which makes short-term scalping extremely hard and even impossible on other exchanges. 

He’s very thoughtfully recorded his video in English and in Russian so you can choose the version that suits you best below.

English:

Russian: 

Thanks so much to Danny, CoinCollector, and Mika, and to all the traders who trade on the Digitex platform. We’re so happy to hear you’re loving it and we’re working to make it even better all the time. Many thanks for the amazing videos, and for all your continued support. Don’t forget that you can always let us know if you have any comments or feedback. Until then, happy trading!

April 14, 2021
Digitex Futures
Trading

Awesome Community Videos About the Digitex Platform

Christina Comben
digitex

We’re thrilled to see the Digitex exchange gaining traction. In a raging bull market with bitcoin (BTC) and ether (ETH) making staggering gains and marking new all-time highs, there really has never been a better time to take advantage of the volatility by trading commission-free. Digitex allows you to keep all your profit and even pays you while you  trade through our Liquidity Mining program. Check out some of these awesome videos to get a better taste of the platform and find out what the community is saying.

Digitex Futures Is the Best 0% Fee Exchange of 2021

Of course, you already know how much we love our platform. But don’t just take our word for it. In this super-bullish video by Danny at UP NEXT CRYPTO, he takes a look at promising meme coin $DOGIRA and then focuses on Digitex (from 08:12), calling it “the best zero-fee exchange of 2021!” Check it out: 

Danny says Bitcoin futures trading is made so simple on Digitex thanks to zero fees, high liquidity, and a one-click interface. He also says that Digitex is one of the most beautiful platforms he has ever seen for trading. “I think this is going to be my daily use platform for trading,” he enthuses. 

He focuses on the interface, and looks at the graphs, charts, order books, contracts, and UI that “is just so clean.” And he briefly shows us where we can see all our open positions and unmatched orders, where to set market, limit, and stop orders, and where to adjust the leverage. 

Danny explains how the exchange is powered by the DGTX token and, as such, you’ll need to own DGTX if you want to trade on the platform. “The zero fees thing is really really important. They’re saving you a lot of money by not having to pay these fees,” he adds. 

He also points out that zero fees let you execute trading strategies that you simply can’t on any other exchange; “not Huobi, not Binance, not Bybit, not BTSE… none of these huge platforms have trading with zero fees.”

Danny loves the benefits of one-click trading, saying that Digitex has “gone above and beyond” to enhance the trading experience. He also speaks about the Liquidity Mining program that pays you to trade, saying, “This is a feature I have not seen before.”

He emphasizes the importance of our “battle tested” matching engine that’s been working since 2019 and proven itself capable of handling over 22 billion contracts in 24 hours on crypto’s first trading ladder interface. 

“This has to be one of my top picks for 2021 for any platform for you guys to start trading on, the cleanest-looking cheapest platform for your trading needs.” 

How to Place Stop Loss on Digitex Futures

Next up, we have another awesome video from Digitex frequent trader CoinCollector, whose latest walkthrough of the Digitex platform we featured last week. In this short informative clip, you can see how to place a stop loss on Digitex Futures. Check it out:

Stop loss orders are extremely important when trading in volatile markets to protect yourself from heavy losses in the event of the price quickly moving against you. CoinCollector says that he has seen a few traders struggling to set up their stop loss on Digitex, even though it is “pretty straightforward.” So he walks us through the steps very simply in his video.

He gives two examples of how to do this, on a long position and on a short position. Starting with a long position, you go into a market long position and then click on “Stop Market” and click on “Sell” — this is because you will want to sell your position at some point to ensure you don’t get liquidated if the market turns bearish.

In his first example, he enters the long position at $58005. So, he will type in the sell price at $57995. He then clicks on “Set Sell Stop” and the order will be automatically  triggered once this price is reached, to get out of the position with a small loss, “saving you from a big loss.”

It’s exactly the same with a short position, except that you place a stop loss to the upside. “We want to protect ourselves if the BTC price rises too high.” To do this, we click on “Buy” and we protect ourselves to the upside. CoinCollector goes in at $57935 and wants to protect himself by buying at $57960. He clicks on “Set Buy Stop.” It’s as simple as that. The order will be triggered if the price goes against you. If you still have questions, CoinCollector says to feel free to type your comments below the video.

Fast, Zero Fees Bitcoin Futures Trading on Digitex | Full Exchange Review

Finally, if you haven’t seen long-time Digitex trader Mika’s video yet on the exchange be sure to check it out. Once again he delivers an enthusiastic and bullish review, walking through the website, the features of the exchange, the trading UI, and the fact that the spot markets are coming soon. 

He places particular focus on the amount of money you can save through our zero-fee model, especially when using leverage. The standard 0.075% quickly becomes a large percent of your profits (7.5%!) which makes short-term scalping extremely hard and even impossible on other exchanges. 

He’s very thoughtfully recorded his video in English and in Russian so you can choose the version that suits you best below.

English:

Russian: 

Thanks so much to Danny, CoinCollector, and Mika, and to all the traders who trade on the Digitex platform. We’re so happy to hear you’re loving it and we’re working to make it even better all the time. Many thanks for the amazing videos, and for all your continued support. Don’t forget that you can always let us know if you have any comments or feedback. Until then, happy trading!

Latest News

The Top 5 Mistakes of Beginner Crypto Traders 21

The Top 5 Mistakes of Beginner Crypto Traders

Trading
• Digitex

With an over $2 trillion size, the current cryptocurrency bull market provides great opportunities for many investors and traders.

However, as with other asset classes, crypto is not a get-rich-quick scheme in which you put your money to see over 1,000% returns a day after (it can happen, but it’s highly unlikely).

Instead, you have to research assets to pick the right ones, gather knowledge about the market, as well as create and implement a viable crypto trading strategy to succeed.

That said, many newbies have failed to achieve the above, causing them severe losses after pouring money into digital assets.

For that reason, we have collected the top 5 mistakes of beginner crypto traders and some tips to avoid them in this article.

1. Trading Without the Necessary Knowledge

It’s tempting to jump right into day trading crypto without having the necessary trading or market knowledge.

While you may achieve good returns at first, it’s the result of pure luck in most cases. Even worse, when your luck goes away, you will likely face serious losses.

For you to succeed in day trading crypto, you need at least a basic knowledge of cryptocurrencies, market mechanisms, as well as trading assets in general.

If you have acquired that, you will know how to use fundamental analysis, technical analysis, or the combination of the two to spot crypto trading signals and pick the right ones to make decent returns on your trades.

Fortunately, the digital asset industry has tons of guides, tutorials, and even full-fledged courses that you can use to learn crypto trading.

The Digitex Blog is an excellent starting point to read beginner-friendly articles on crypto trading; we highly recommend checking it out!

2. Lack of Crypto Trading Strategies

Even those who have extensive market knowledge often fail to develop their crypto trading strategies before jumping into a trade.

The lack of a decent plan will lead to impulsive trading, which can be best compared to visiting the supermarket hungry without a grocery shopping list and buying all the food you find there.

While both cases lead to spending significantly more money than you would have planned, impulsive decisions in trading can cause severe financial losses.

For that reason, you need a good crypto trading strategy, which includes strict rules to enter and exit trades, tactics to manage your risks, as well as the tools and indicators to research assets and find decent opportunities to trade.

3. Panic Selling

When you are trading cryptocurrencies – or basically any other asset class –, it’s hard to keep your emotions in control.

Greed, fear, hope, and excitement are some of those emotions that prevent traders from making the right decisions.

If you can’t control your emotions, you will likely face the issue of panic selling, in which traders or investors sell a cryptocurrency as soon as it experiences significant losses.

While it makes sense to cut your losses sometimes, you should remember that you will only lose money on a long trade after selling the asset.

If your crypto trading strategy is a great one, you will know when to enter and exit trades, and you won’t experience the panic that would make you sell your digital asset holdings when prices hit bottom.

4. Revenge Trading

One of the most common mistakes of beginner crypto traders is revenge trading, in which one loses funds in a trade and enters into a new, riskier position in an attempt to recover his losses.

In such a case, the trader takes too much risks while his decision is driven by frustration and fear. For these reasons, it’s very likely to lead to further, more significant losses.

Being disciplined, keeping your emotions in control, and leveraging a decent crypto trading strategy is an excellent way to overcome revenge trading.

5. Paying High Exchange Fees

A common misconception among beginner crypto traders is that you have a 50-50% chance to win or lose a trade.

However, in practice, it’s (almost) never true.

Since crypto exchanges impose fees on your trades right after entering a position, you will start trading crypto with a loss.

And things will get worse when you margin trade crypto – a 0.10% fee becomes 10% in case of a 100x leverage – or pick a service provider that features higher costs than average.

The lower the fees, the higher your chances for winning trades; you should remember that.

At Digitex, our top priority is to offer the best crypto trading experience to our traders. For that reason, we have completely eliminated fees, allowing all our users to have access to free crypto trading.

As a result, you can limit their risks and maximize your chances for winning trades while keeping 100% of the profit you make on the platform.

Start trading crypto on Digitex now!

April 14, 2021
Trading

The Top 5 Mistakes of Beginner Crypto Traders

Digitex
The Top 5 Mistakes of Beginner Crypto Traders 22

With an over $2 trillion size, the current cryptocurrency bull market provides great opportunities for many investors and traders.

However, as with other asset classes, crypto is not a get-rich-quick scheme in which you put your money to see over 1,000% returns a day after (it can happen, but it’s highly unlikely).

Instead, you have to research assets to pick the right ones, gather knowledge about the market, as well as create and implement a viable crypto trading strategy to succeed.

That said, many newbies have failed to achieve the above, causing them severe losses after pouring money into digital assets.

For that reason, we have collected the top 5 mistakes of beginner crypto traders and some tips to avoid them in this article.

1. Trading Without the Necessary Knowledge

It’s tempting to jump right into day trading crypto without having the necessary trading or market knowledge.

While you may achieve good returns at first, it’s the result of pure luck in most cases. Even worse, when your luck goes away, you will likely face serious losses.

For you to succeed in day trading crypto, you need at least a basic knowledge of cryptocurrencies, market mechanisms, as well as trading assets in general.

If you have acquired that, you will know how to use fundamental analysis, technical analysis, or the combination of the two to spot crypto trading signals and pick the right ones to make decent returns on your trades.

Fortunately, the digital asset industry has tons of guides, tutorials, and even full-fledged courses that you can use to learn crypto trading.

The Digitex Blog is an excellent starting point to read beginner-friendly articles on crypto trading; we highly recommend checking it out!

2. Lack of Crypto Trading Strategies

Even those who have extensive market knowledge often fail to develop their crypto trading strategies before jumping into a trade.

The lack of a decent plan will lead to impulsive trading, which can be best compared to visiting the supermarket hungry without a grocery shopping list and buying all the food you find there.

While both cases lead to spending significantly more money than you would have planned, impulsive decisions in trading can cause severe financial losses.

For that reason, you need a good crypto trading strategy, which includes strict rules to enter and exit trades, tactics to manage your risks, as well as the tools and indicators to research assets and find decent opportunities to trade.

3. Panic Selling

When you are trading cryptocurrencies – or basically any other asset class –, it’s hard to keep your emotions in control.

Greed, fear, hope, and excitement are some of those emotions that prevent traders from making the right decisions.

If you can’t control your emotions, you will likely face the issue of panic selling, in which traders or investors sell a cryptocurrency as soon as it experiences significant losses.

While it makes sense to cut your losses sometimes, you should remember that you will only lose money on a long trade after selling the asset.

If your crypto trading strategy is a great one, you will know when to enter and exit trades, and you won’t experience the panic that would make you sell your digital asset holdings when prices hit bottom.

4. Revenge Trading

One of the most common mistakes of beginner crypto traders is revenge trading, in which one loses funds in a trade and enters into a new, riskier position in an attempt to recover his losses.

In such a case, the trader takes too much risks while his decision is driven by frustration and fear. For these reasons, it’s very likely to lead to further, more significant losses.

Being disciplined, keeping your emotions in control, and leveraging a decent crypto trading strategy is an excellent way to overcome revenge trading.

5. Paying High Exchange Fees

A common misconception among beginner crypto traders is that you have a 50-50% chance to win or lose a trade.

However, in practice, it’s (almost) never true.

Since crypto exchanges impose fees on your trades right after entering a position, you will start trading crypto with a loss.

And things will get worse when you margin trade crypto – a 0.10% fee becomes 10% in case of a 100x leverage – or pick a service provider that features higher costs than average.

The lower the fees, the higher your chances for winning trades; you should remember that.

At Digitex, our top priority is to offer the best crypto trading experience to our traders. For that reason, we have completely eliminated fees, allowing all our users to have access to free crypto trading.

As a result, you can limit their risks and maximize your chances for winning trades while keeping 100% of the profit you make on the platform.

Start trading crypto on Digitex now!

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