Discovering Bybit: what is it and how does it work?
Bybit is one of the most revolutionary exchanges in recent years, it has features that set it apart from typical exchange platforms: let’s see in detail how it works.
Bybit’s strengths allow it to enter and express itself in the industry in a new different way.
In the article we will delve well into the features that make the platform a breath of fresh air in the industry.
Moreover, among the many new features that Bybit brings to the cryptocurrency ecosystem, the platform has recently allowed itself to release its Proof of Reserve (PoR), an optimal display of transparency.
- A close look at the Bybit exchange: how the platform works
- The exchange’s user base has increased 104% in the past year
A close look at the Bybit exchange: how the platform works
As mentioned earlier, Bybit is a cryptocurrency exchange platform, it was born in 2018 and is based in the British Virgin Islands.
Since its inception, the exchange platform has aimed to revolutionize the industry, trying to merge the positive aspects of the crypto market with those of the traditional financial market.
The platform can be described as very advanced, complete with the right features for asset and derivative trading, which can be described as very exclusive in the exchange industry.
The platform has long since surpassed 5 million users, and for some time it was even included in the top10 of CoinMarketCap. Bybit’s strengths are mainly expressed in trading futures on USDT, BTC and many others.
In addition, Bybit certainly does not exclude the spot market, with other very useful and continuously expanding services: staking, Launchpad or the NFT marketplace.
Spot trading on Bybit gives the ability to set up buy and sell orders either at limit or market.
The platform also provides the functionality of conditional orders, which allow the setting of trades that will be executed only when particular market conditions occur.
One thing that makes Bybit different from others is definitely the derivatives solution. Indeed, the platform allows for more speculative trading, using tools such as leverage of up to 100x.
Thus, Bybit’s leverage allows trading with 100 times more than one’s available capital either in Cross (using all the capital available) or in Isolated Margin (using a margin, which can be raised depending on risk).
In terms of Bybit’s fees, the exchange ventured not to use excessive fees. This is another reason why this “new” platform is popular, especially for those who can afford to move large amounts of money.
Among the most interesting features, Bybit also offers its Launchpad, which allows users of the platform to participate in new project launches by locking in a limited amount of BIT tokens.
Several interesting projects have already been launched from Bybit’s Launchpad, such as, Genopets (GENE), Pintu (PTU), and KASTA. Projects that are very diversified from play-to-earn games to crypto payment apps.
The launchpad section is very easy to use indeed, which is also why it is one of the spearheads of the platform.
One of the latest features launched, but not the last in importance is definitely its own NFT marketplace. The year 2023 will probably be the year that will once again boost the NFT market, encompassing the world of collectibles, along with the metaverse, art, and gaming.
Bybit wanted to enter the market, dedicating a section exclusively to NFTs, which can be purchased directly with the funds held on the platform’s account, expanding the option of purchasing with ETH, USDT and BTC.
Bybit’s security standards are very high, giving also the possibility of storing cryptocurrencies in cold wallets offline, to prevent any network attacks. It also recently released its Proof of Reserve, which gives the clear-eyed view of the platform’s available liquidity.
The exchange’s user base has increased 104% in the past year
In 2022 alone, the Bybit exchange platform has seen its user cap skyrocket by 104 percent. The exchange announced in a Twitter post that it had reached 10 million users, with 160 countries available.
These milestones have been achieved, improving its efficiency and speed, and showing the proper transparency that the industry needs:
“We have also reduced the loading time of our website by 48.3 percent and improved our charting capabilities so that we can enjoy a faster, smoother and more seamless trading experience.”
What should we expect from Bybit in 2023?
The future is very clear for Bybit executives who want to launch many new features on their platform, which can be described as “revolutionary.”
In the coming months, the company will implement the Unified Trading Account (UTA) solution, which allows users to trade spot, perpetual, and options contracts from a single subaccount.
Also included in the news will be the introduction of the Bybit Card, which will give traders on the platform the ability to automatically convert their crypto assets into fiat currencies.
The card will have other features and benefits, which have not been revealed as yet.
Bybit is definitely one of the most interesting platforms in the industry. If 2022 was for all intents and purposes the year of its launch, 2023 could be the year of its consolidation.
Its strengths, innovations, and such a revolutionary shaping will really take the exchange platform to new heights.
For the time being, we at The Cryptonomist have explained the exchange’s most important features and functionalities, so as to give you a complete picture of what to choose for your crypto-themed 2023.