BQX coin is the new token of democracy in the market. After Bitcoin opened the lid on Blockchain technology, the race to make new altcoins is gaining momentum.
Even as the industry continues growing, the underlying challenges such as poor accessibility, adoption, and centralized ownership are suppressing its ability to reach full potential and maximum adoption. Ethos coin is designed to address these problems and help the industry grow faster.
This review is a comprehensive analysis of BQX to establish its structures and answer pertinent questions such as “How does BQX work?” and “Should you invest in Bitquence coin?”
What is Bitquence Coin?
Bitquence Coin is a people-powered cryptocurrency platform for all. The coin is an ERC-20-based token which implies that it runs on the powerful Ethereum blockchain.
The platform was founded in 2017 by Adam Lavine who is an expert in mobile banking and mobile apps development. In the Bitquence Whitepaper, Lavine indicates that the goal of Bitquence is to create a people-powered economy platform that makes the crypto market easily accessible and trustworthy to all users.
The BQX platform is a functional token used for helping users access different features on the Bitquence platform and pay transaction fees. The development team also wants to use BQX to help rebalance individual portfolios when trading different currency pairs.
BQX coin was rebranded to Ethos coin when the company changed the name from Bitquence to Ethos in November 2017. The change was meant to help Bitquence platform emphasize the core mission of helping make the Blockchain easily accessible. This change saw the price of BQX explode to $10.41 in the first week of 2018.
Prior to the above price explosion, the value had started at $0.03 in July 2017 and grew progressively to hit $1.4 in mid-December 2017. Like other cryptocurrencies such as Bitcoin and Ripple, BQX price experienced a bullish trend in the last week of 2017 culminating to a high of $10.41 in early January 2018.
However, the positive BQX price did not last. Between January 2018 and early April 2018, the price took a downward trend to $1.86. The downward trend continued to mid-August 2018 when it hit $0.3 before stabilizing at between $0.3 and $0.4.
Bitquence Coin: A 4.3 Rated Coin
The design of the BQX platform has finally shone a ray of hope for addressing issues such as low scalability that had refused to go away. People are excited about the ability of the BQX platform to facilitate access and management of their coins via the wallet.
The high rating also stems from the ability to converge cryptocurrencies and conventional currencies. This implies that users in the industry will be able to easily buy BQX or other coins and use them for direct payments of goods and services.
For the Ethos development team, the commitment to the progressive development of the network is remarkable. The enthusiasm to introduce new features such as the Ethos Verified Wallet and Watchfolio for portfolio tracking, is keeping users glued to the platform.
How Does BQX Work
Bitquence platform was created to facilitate the creation of a new economy where cryptocurrencies and fiat currencies can converge for greater convenience. The platform is also designed to allow the creation of mobile payment apps for mass adoption. To achieve the core mission, Bitquence used three core components:
- The Universal Wallet
This is a wallet management system that allows users to interact with their coins on the Blockchain. Users can easily view, send, and receive coins in the wallet. Because the universal wallet is decentralized, users have total control over their private keys.
To make the wallet unique and appealing to users, Bitquence puts a lot of emphasis on mobile access so that users can access their coins on the go. Other features of the wallet include managed keys and ShapeShift exchange integration which helps in buying other coins faster.
- One-Click Diversification
This feature is used in the Bitquence platform to help users diversify their portfolios across various digital coins. People will have the opportunity to allocate funds to different assets and use the one-click diversification feature to manage them.
To entice more people in joining the industry, the one-click diversification feature also helps to aggregate insightful data from experts and market. This makes it easy for traders to pick potential coins for holding or trading.
- The Bitquence Settlement Layer
This layer is used to actualize the one-click-diversification feature. Note that Bitquence does not act as a day-trading portfolio. Rather, it creates an easy way to diversify investment in cryptos by reaching different coins.
The settlement layer acts as an engine for executing orders in the Bitquence platform. When diversifying investment on Bitquence, it provides the estimated conversion rate under which the order will be implemented.
The Bitquence Whitepaper also indicates that the platform will be used as a social media platform. The main objective is to allow users to share expertise and get rewards for assisting new users in understanding the cryptocurrency space.
Where to Buy BQX Tokens?
Are you planning to buy BQX tokens? The coins, like other digital currencies such as Bitcoin and Ethereum, are traded in the exchanges. Note that unlike the BQX platform which is a completely decentralized platform, the exchanges are centralized. Here is the process of purchasing BQX from exchanges such as Binance, Latoken, and Cobinhood.
- Select the preferred exchange and register for an account by providing your email and name.
- Verify the trading account with additional personal information such as proof of address and phone number.
- Fund the account. Before you can purchase the BQX tokens, you will be required to deposit some funds in the account.
- Buy BQX tokens. At this point, you will be required to pair the funds deposited in the exchange account with BQX and execute a trade.
The video below demonstrates how to buy Ethos coins using the Binance platform:
If you aim to purchase the Bitquence tokens and hold them, it is advisable to withdraw from the exchange account to your wallet immediately. The exchanges are considered high-risk platforms that should only be used for trading, as opposed to storing the native BQX tokens.
Is BQX Secure?
The Bitquence platform was created at a time when insecurity was becoming a serious threat to the growth of the crypto industry. For example, Bitcoin Gold which was created around the same time as BQX, suffered an attack when it was only a few days old.
To guarantee users of extra security of their assets and information, Bitquence used the following strategies:
- The native coins are based on Ethereum blockchain. This helps in taking advantage of the advanced security features developed by the Ethereum team. For example, all transactions using BQX have to be verified by miners on the Ethereum platform.
- The Bitquence does not hold users’ information when they acquire wallets. This implies that only the user can control the coins. However, it is important to be extra careful because it might be impossible to recover the coins in case of a loss.
- The Bitquence development team progressively reviews the network and releases upgrades to address vulnerabilities.
The Summary Of BQX Cryptocurrency
Bitquence token and its native platform are carefully thought and implemented, to help make the founder’s vision of mass adoption of Blockchain technology a reality. Here is a summary of the coin’s pros and cons:
- The BQX platform allows users to diversify to other cryptocurrencies.
- The platform is led by a highly enthusiastic team.
- The platform has integrated with ShapeShift exchange that allows users to trade their coins promptly.
- Bitquence’s native coin has been performing well in the market. Users are now looking forward to better returns.
- The platform has impressive features such as mobile access and an aggressive team always working on progressive improvement.
- The BQX token is relatively new in the market. This implies that most of its features are still being tested and it will take about five years before they are confirmed to be stable.
- The BQX token is an ERC-20 token which means that the platform is still dependent on the Ethereum platform.
For about ten years now, starting from 2009 when Satoshi Nakamoto founded Bitcoin, the crypto industry has faced serious challenges that are slowing down mass adoption of digital coins. BQX platform has demonstrated the capability to help the industry increase adoption in the market.
Though the platform is relatively new in the market, the impressive architecture, positive price performance, and growing community, are good indications of its potential. This Ethos review established that the development team is actively working on more features to facilitate more scalability and enhance its security.
If you have been looking forward to joining a cryptocurrency network, BQX Cryptocurrency is a good option. However, always remember to take into consideration the following best practices when joining cryptocurrency networks:
- Only invest what you can afford to lose.
- Try to spread the investment as opposed to concentrating it on one token.
- Where possible, try to keep the tokens on a cold wallet.