There has been a craze around crypto recently leaving many to dive into trading and exchanging different cryptocurrencies. While Blockbasis sees cryptocurrency as an alternative to fiat currency and the existing financial system that presents a viable way to transfer value for payments of goods and services, we understand that cryptocurrency is still at the early stage of this revolution.
We originally set out to allow users to transfer cryptocurrency from one user to another instantly and for free, similar to the way PayPal allows users to transfer digital fiat currency. The number one feedback from our loyal users was to allow trading, so users not only could transfer crypto for free, but also exchange their coins in real time. This is why we introduced a decentralised exchange on Blockbasis using Bitshares’ well-documented and open-source DEX, not a centralised exchange.
With a decentralised trading feature added, users will have access to a greater variety of coins and will be able to exchange coins instantaneously on the DEX. As always, we welcome feedback so we can continue to make improvements for our users.
You asked, we listened!
Blockbasis wants to make blockchain and cryptocurrency available for the masses and easy to use. Facebook is a common tool for connecting and communicating, which is also why we decided from the beginning to implement our login and customer service features on top of a familiar service, like Facebook.
Shortly after launching, it became clear that the number one feature the growing Blockbasis user base requested was logging in with email instead of Facebook.
As a consequence, we have now added the option for logging into your Blockbasis account using an email address and password. The Facebook login remains for users who prefer to login with their Facebook profile.
With the growing concern about privacy and the right to be forgotten, regardless if you sign up on Blockbasis with your email account or Facebook, one thing is sure.. the only information we store at Blockbasis is your email address in order to facilitate transactions between users.
For more information, visit “Why do I login with Facebook or email?”
Blockbasis has officially launched the first version of the web platform, making cryptocurrency available to the masses by allowing users to send and receive cryptocurrency with just an email or phone number.
The problem we face with cryptocurrency is boiled down to a few barriers:
- Hard to use (what is a public key? what is a private key?)
- Expensive (transaction fees)
- Slow (transaction time)
VISA is able to process 56,000 transactions per second while the most successful cryptocurrency, Bitcoin, can process 3-4 transactions per second, and the second-largest cryptocurrency, Ethereum, can process 20 transactions per second! At the same time, transaction fees are skyrocketing, approaching $30 USD to send any amount of Bitcoin! That sure doesn’t sound like a step forward.
This is why services need to be built on top of these decentralised currencies, otherwise they will never stand a chance against the fiat-based currencies issued by central banks, a system that has been optimized for centuries. It’s David and Goliath, and David is about to get warmed up.
Blockbasis is launching with an audacious roadmap, but laying the foundation by launching the following services today:
- Storage: Keep your coins safely stored with Blockbasis
- Deposit: Deposit your coins from any other wallet to Blockbasis
- Transfer: Send and receive any cryptocurrency amount to other Blockbasis users for free
- Withdraw: Withdraw any amount of coins on your balance to another wallet
We look forward to see how the initial feedback from the community is, and we are excited to roll out the next features as stated in the whitepaper, to make cryptocurrency available for the masses!
In the meantime, we encourage you to look through our discussion posts to contribute to our community and share your thoughts and opinions as well as explore our support section if you have any questions regarding digital currencies, blockchain, or creating an account on Blockbasis.