AMA Recap — ByBit
The session of AMA ( Ask Me Anything ) with ByBit was conducted on 12 th Jan 2022 at 5:30 PM IST (12 PM UTC) and lasted for 2 hours.
MS ByBit & AD ByBit from ByBit has joined us for this AMA session.
Please tell us about yourself and the team working on Bybit?
I am active in the crypto-space for the last 4–5 years and joined Bybit as a Senior community specialist.
We are trying to help people by providing a world-class experience while trading and to be the exchange for everyone.
@MS_Bybit is our Senior Ambassador, India, opening the stage for him to introduce himself.
I am BTC maximalist and crypto enthusiast and started in the crypto space in 2016. I have joined bybit since 2019 and it's been a pleasure to associate with the community and talk with like-minded people. Looking forward to this AMA.
What is Bybit? Please provide a detailed introduction.
Bybit is a cryptocurrency exchange established in March 2018 to offer a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class.
Bybit’s founder and CEO, Ben Zhou, was formerly from XM, one of the world’s largest forex and CFD trading brokerage firms. The company comprises professionals from investment banks, tech firms, the forex industry, and early adopters of blockchain. The development team includes talents from Morgan Stanley, Baidu, Alibaba, and Tencent.
Our core values define us. We listen, care, and improve to create a faster, fairer, and more humane trading environment for our users.
As of today, Bybit is one of the most trusted, reliable, and transparent cryptocurrency derivatives platforms in the space.
How Bybit India is helping Indian traders to adopt the cryptocurrency ecosystem?
Bybit India community (t.me/bybitindian) is an initiative to listen to our users, to understand what they expect and we love to listen to our users. We organise events like Quiz and others, reward our users and help others learn. Our team regularly organise learning sessions through chat, call and video so that we can help people learn. We giveaway iPhone and others to encourage our users. We also run airdrops, bonus programs, affiliate programs and many other things. Overall we are trying to be the exchange people love and feel like it’s all about them.
People often talk about learn and earn through Bybit and Bybit India community. What is it exactly?
At Bybit We listen, We care and We improve. Therefore At Bybit we have many activities each week to make our userbase more educated while winning exciting bonuses. So it's learning and earning. These activities are designed from users feedback. For example, each we have events like Quiz which makes you learn more while earning up to 50$ bonuses, We also have weekly Price predictions and Weekly News to keep the community up to date with the latest news and hot trend in crypto. These are just a few examples, to learn more and earn more, there are many more events like this daily in the community let's join @bybitindian today.
You are supportive to Indian community right? So are you going to add some option to buy crypto ( btc or usdc through Debit cards directly or buying through banks directly is this possible to buy Direct from bank? Are you going to partnership with any banks in India?
Great to hear this question. Yes, Bybit is really supportive of the Indian community and we intend to support and grow the community. We are organising events, learning sessions and offers to support this. We deeply wish to do more with time. You can join our India group @BybitIndian to know more. We do have but crypto-like BTC and usdt with the use of debit and credit cards into the app itself now through partners. Alternatively, we are also launching P2P for India. We wish to have more options shortly.
Bybit Already has options to buy Crypto with Credit/Debit cards and other options, Which can be found here (https://www.bybit.com/fiat/purchase/crypto).
However, after receiving users feedback bybit is now launching its own P2P market where you can trade with UPI, IMPS and other bank transfers. We have just started this program and if you are a P2P trader look no further and join here (https://blog.bybit.com/en-US/post/bybit-p2p-become-a-merchant-get-up-to-5-000-usdt-blt077f9b2bc1f0e80f/).
Do the token holder have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Bybit doesn’t have a native token as of now. Bybit is an early investor of BitDao And We are committing 2.5bps of the futures trading volume to BitDAO. To learn more please go through the BitDao Website docs.bitdao.io
Is NFT the crop collective going Global? Is there a specific target region that your Bybitofficial project is currently working on?
Is there any chance of recruiting ambassadors as well?
NFTs are hot new things, some believe it's overhyped and some believe it's the future. I am personally more on NFTs future side, and Bybit is also aware of the influence NFTs has over the crypto community. So there are no definite plans as of now, but keep following bybit social media for the latest updates.
When it comes to recruiting ambassadors, Bybit is growing fast with more than 20 local communities as of now. To become one try joining @bybitindian and be active and helping. Who knows when next time recruiting ambassadors for the Indian community (http://t.me/bybitindian) needed you can be the lucky one.
Moreover, you can read all about our ambassador program here (https://blog.bybitglobal.com/post/become-an-ambassador-today-build-the-future-s-of-tomorrow-blt90e9a32dd73a46d0/). Looking forward to seeing some new faces.
I last month made a withdrawal and saw Bybit processing withdrawals 3 times a day i.e. at 08.00, 16.00 and 24.00 UTC. the withdrawal submission deadline is 30 minutes before the scheduled processing time so I mean why withdrawals in BYBIT are not daily and hourly what is the reason for BYBIT implementing such a rule? so I think it really takes a long time for those who want to make a quick withdrawal
Bybit is one of the most secure exchanges out there and we follow best industry practices. The 3 times withdrawal is there because each Bybit withdrawal gets processed after manual review, making it after for users. However after many community feedbacks like you, we have integrated wallet v2, which lets you quickly withdrawal for smaller amount of crypto within minutes. To know more about this join the community and will share the data there. Thank you for the question and feedback.
Do you have any plans for ambassador programme role for your project growth and awareness? If yes how may I apply?
Already answered here please read this.
What is Bybit advantage over other Exchanges? Is it from a security point of view or the technology you are using? Or are there other advantages? What makes you believe that Bybit Exchange is worth choosing?
We have the lowest fees than the other exchanges for both and spot. Also, the UI is designed in the best way that even a newbie trader can understand. And we have the highest liquidity for inverse perpetual than other exchanges. Also, the exchange will work fine even if there’s a sudden Pump/Dump in the market but at the same time, other exchanges do face downtime.
What is your advantage over other Indian Exchanges like Wazirx ? Is it from a security point of view or the technology you are using? Or are there other advantages? What makes you believe that your Exchange is worth choosing over others ?
Thanks for this question.
1. Bybit is already proved to be one of the best exchanges in the world with over 2 million users
2. As per our user Feedbacks, Bybit derivative trading is really unique and provides the best experience for traders.
3. We merely have zero downtime. At the peak time, you can’t see us saying, closed or paused etc.
4. We are also launching P2P by listening to our users
5. Our UI is really great
6. KYC is really easy while not mandatory as well
7. Fees are really at the low end
I see BYBIT organising a lot of AMA sessions for the Indian market. How do you evaluate the Indian market? What does BYBIT expect to receive from the community after AMA sessions?
@Jontycrypto @MS_Bybit @ADBybit
India is a magic market for any crypto projects, however, they miss an important key thing, Education. Crypto is a volatile and risky asset and people just jump into it without knowing much, Our goal here is to make the community more educated and have them grow with us.
The more AMA we host more sessions in our local community it's better for both, Users get educated and make a wise decision and we get users who are wiser and smarter, It WIN-WIN for all.
PARTNERSHIP & COLLABORATIONS are the backbone in making every project more widespread. Can you list some of ur partners with us.then you can share with us what your plan is ok?
Sure we totally agree with you. The partnership is one of the best things at Bybit, you can often see Bybit launch different joint initiatives with multiple projects to support the ecosystem. As mentioned earlier, we are also the early investor of Bitdao. We have a launchpad and launch pool where we support different projects as well. Apart from that Bybit is supported by many key partners in the crypto space.
What are the competitive advantages of your project? What advantages do you have over competitors? What would be your project secure most similar contender in the market today in terms of scalability, security, features, and adaptability?
We have the lowest fees than the other exchanges for both and spot. Also the UI is designed in the best way that even a newbie trader can understand. And we have the highest liquidity for inverse perpetual than other exchanges. Also, the exchange will work fine even if there’s a sudden Pump/Dump in the market but at the same time, other exchanges do face downtime.
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest AD ByBit & MS ByBit from ByBit. AMA Concluded at 7:30 pm IST.