BlockbasisGeneral Q&A

How Blockbasis is making cryptocurrency available to the masses

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.