OOOBTC Exchange Review

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INTRODUCTION

The cryptocurrency market seems to be growing in popularity every day. With the astronomical rise of cryptocurrencies like Bitcoin and Ethereum, there seems to be an influx of people into the market. Many cryptocurrency exchanges cannot even afford to have their account creation feature open all the time. Such is the demand for entry into the market that trading account creation for new customers is periodically disabled. The average daily trading volume of the market is usually in trillions of dollars. The total market cap of the entire market stands at more than half a trillion dollars which is an astonishing feat considering the market is less than a decade old. However, despite all of these large numbers, there are a number of major problems that plague the market. To use these numbers solely as an appraisal index of the state of the market would present a false narrative. There are structural and functional issues that affect the market. These problems stem from a variety of reasons such as the infant nature of the market, lack of understanding of the cryptocurrency space, and some peculiar economics of cryptocurrencies. The following are some of the major problems in the cryptocurrency market.

● Price Manipulation By far the biggest issue in the cryptocurrency market is the excessive volatility. The prices of cryptocurrencies on exchange platforms rise and fall dramatically over a short period of time. When a tradable asset can drop by as much as 49 percent in less than 24 hours, then the volatility of the market is high. There are a number of reasons that contribute to the excessive volatility in the market but perhaps the biggest contributor is the activities of “whales.”

● Whales are individuals that have large cryptocurrency holdings. They are able to swing the market by manipulating the price of a cryptocurrency. They do this by means of “buy and sell walls.” A buy wall is simply when a “buy position” worth a lot of money (probably running into millions of dollars) is opened on a crypto trading platform. Regular investors who trade in small amounts will notice this big buy position that has been opened and interpret it to mean an imminent price increase. Once this happens, the price of the cryptocurrency will inevitably go up.

● Pump and Dump ICO Schemes ICOs have emerged to become an integral part of the cryptocurrency market. Many tokens are introduced steps that need to be carried out.

● Lack of Price Uniformity to the market via ICOs with investors buying these tokens in exchange for fiat money. Pump and dump ICO schemes continue to be a problem for the market due to the lack of regulation. During the ICO, the entrepreneurs behind the token speculate massively on the coin, driving the prices up and getting investors attracted. Once this is done, they cash out, leaving the investors with worthless coins that have little or no value.

● The Activities of Cybercriminals The cryptocurrency market has right from its inception been beset by the activities of hackers and cybercriminals. There have been a number of high-profile cryptocurrency hacks and heists that have resulted in millions of dollars being stolen. Traders and investors have lost funds and some platforms have ceased to operate. In the aftermath of these hacks, the price of particular cryptocurrencies has dropped considerably. In a bid to counter the activities of these cybercriminals, traders and platform operators have to take a number of precautionary measures. While some of these measures are indeed helpful, they create bottlenecks that hamper the cryptocurrency trading process. This then creates a trade-off between security and efficiency. Take for instance, the need to provide adequate security for cryptocurrency held in wallet storage. Due to the activities of hackers, some traders prefer to store the bulk of their cryptocurrency holdings in offline wallets.

This means that anytime they wish to trade, they have to move from offline storage to online storage before participating in the trade. This constitutes another hassle in an already convoluted trading environment. Transactions on a blockchain are immutable and as such if funds get stolen, there is little chance of ever recovering such funds. Cryptocurrency trading platforms constantly have to improve their security framework in order to stay ahead of the hackers and thieves. Many of these upgrades also make the trading process a lot more cumbersome with all the authentication Price charting is an essential part of asset/commodity trading. It is often necessary to develop price charts in order to carry out investment analysis and develop trading strategies. The problem here is the price of a cryptocurrency can vary considerably on the different exchange platforms. With such extreme price differences for the same cryptocurrency, price charting becomes a difficult endeavor. Add to this, the sheer degree of volatility in the market and the problem becomes even more exacerbated.

● Transaction Delays The cryptocurrency market is plagued with a litany of delays across almost every type of transaction. From opening a trading account to verifying your identity and being able to make deposits and withdrawals, the system seems to be quite slow. Blockchain technology ought to make transactions occur faster but it seems to take forever for transactions to be approved on the various chains. Issues having to do with scalability have been identified by experts as being the cause of transaction delays. As the blockchains become longer, more transactions are being held up in the queue awaiting approval. The market is volatile and as such, delays can be costly. Traders end up missing out on favorable positions because the transaction didn’t get posted on time.These are just some of the nagging issues in the cryptocurrency market that threaten to affect the quality of the trading experience. It is vital that key stakeholders in the market continue to work on efforts to combat these issues. As the market grows and evolves, it is hoped that some of these issues will become a thing of the past.

● High Trading Fees The Encrybit survey reveals traders address trading fees as one of the three biggest issues with crypto exchanges. Many well-known crypto exchanges ask a fee between 0.25% to 3% whereas OOOBTC exchange mostly requires no fee or a small fixed fee.

● Poor technical architecture Many exchanges are “put together quickly”, by good tech people, but who have little or no experience in finance or in operating an exchange. They often choose the simplest approach to get the system up and running. While this may work well in the beginning, as traffic grows, the system will not able to handle the increased load. Exchange systems need to be engineered from the ground up with security, efficiency, speed, and scalability in mind. This often slows down the initial development, but is critical for long-term success. Our team has decades of combined experience building and maintaining world class financial systems that shape the economy. We understand how these systems are built from the ground up.

● Insecure platform There are hundreds of exchanges that went down due to being hacked1.Binance is built to high standards, audited, and penetration tested. We haveexperience building financial systems to the highest security standards and strive to ensure security first.

● Poor market liquidity Professional traders and normal users are significantly affected by this.Having a shallow orderbook means high slippage when trading, which is very expensive for traders. Getting miners, institutional investors and large traders into a new exchange is a chicken and egg problem, and requires a team with deep industry resources. ooobtc team have been in both the finance and crypto industry for many years. The team has worked on and operated a number of exchanges, and have accumulated a large network of partners in this space. These partners will be key in bootstrapping the exchange .

● Poor customer service Traders are a different breed when it comes to users. Understanding the trader mentality is vital for running a successful exchange. Money is literally on-the-line. Many exchanges service traders as if they were running a social media site. A 3-second delay in seeing your friends’ status update would hardly be noticed, but on an exchange, the same would be unacceptable, resulting in a torrent of user complaints.In additional to the technology stack, ooobtc is built with service in mind. ooobtc shares support responsibilities across the entire staff and company. When a trader has a problem, they get an answer directly from someone who knows the system and not someone reading from a script.

● Poor internationalization and language support Blockchains have no borders. Most exchanges focus only on one language or one country. Our international multi-lingual team has extensive working experience in North America, Europe and Asia, and we are able to smoothly support the global market.

OOOBTC is a digital asset exchange or crypto exchange that serves the crypto space via no less than 28 active markets. An OOOBTC exchange review also shows that they offer trading access to various cryptocurrency pairs. The main cryptocurrencies listed are Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).

An OOOBTC exchange review shows that in terms of security, they seem to use a combination of two factor authentication (2FA) and cold wallet storage. In addition, they seem to use encryption technology to protect both the personal account info and digital assets of users. The latter in terms of users that make use of the wallet app provided by OOOBTC to store cryptocurrencies or digital assets. The OOOBTC app or wallet also allows users to keep track of transactions and manage funds. It also seems to offer an opportunity to win cryptocurrencies by spinning a “lucky trade wheel.”

It seems that OOOBTC also supports atomic cross-chain swaps or transactions. This allows for the convenient and secure exchange of digital assets across different networks or blockchains. Furthermore, an OOOBTC exchange review shows that they have their own platform token, namely OOOBTC Token (Ticker symbol: OBX). OBX seems to be an ERC20 token with a total supply of 3 billion tokens.

In addition, it seems that a healthy 35% was airdropped at no charge to users in the community. Use cases for OBX token include voting, value-added services, game center consumption, pay by credit card, offline store consumption, charitable donation, pay the list fee and to earn dividends.

We hope that after reviewing this page, you will be able to determine whether or not OOOBTC is a scam.

24h Trading Volume: 79796.465 BTC
Headquater: Singapore