Will the WhiteBIT (BIT) Token make Money?
The WhiteBIT (BIT) Token was CoinMarketCap’s third-most trending cryptocurrency on 24 July 2023.
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WhiteBIT’s popularity is interesting because this financial protocol’s business model runs counter to traditional cryptocurrency practices. To explain, WhiteBIT embraces the financial system and works with it. For example, WhiteBIT’s platform performs free Anti-Money Laundering?(AML) checks.
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Furthermore WhiteBIT requires Know-Your-Customer (KYC) verification to participate in its cryptocurrency exchange. Hence, WhiteBIT requires compliance with financial regulations to participate.
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WhiteBIT (BIT) AML and KYC
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To explain, AML refer?laws, processes, and regulations designed to prevent illegally obtained money?from entering the financial system. Money laundering is a slang term for disguising crime proceeds as legitimate income. AML solutions try to detect dirty money and keep it out.
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Know-Your-Customer or Know-Your-Client?(KYC) procedures are banking processes that investigate and verify customers’ identities. The purpose of KYC is to deter fraud, theft, and money laundering by identifying crooks before they commit crimes.
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Normally, it takes 14 days to uphold WBT tokens because of the KYC and AML. However, users who pay a 10% fee can uphold immediately. Upholding means that you can receive rewards for liquidity.
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Hence, WBT’s developers are trying to comply with regulations to tap all the financial markets with strict regulations. In particular, the European Union, the People’s Republic of China, and the United Kingdom.
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WBT Pricing in Tether (USDT)
Another way they integrate WhiteBIT (WBT)?with the financial system is to price WhiteBit in Tether (USDT). For example, one WhiteBIT token cost 5.547 USDT on 24 July 2023.
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Tether is the world’s most popular stablecoin and the third most trending cryptocurrency. Notably, Tether had the largest 24-Hour Market Volume of $18.06 billion on 25 July 2023. Tether also had a Coin Price of 99.99? and a Market Cap of $83.8 billion on 25?July 2023.
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Tether pays in the US Dollar, the world’s reserve currency. The reserve currency is the fiat currency financial institutions use for cross-border transactions. For example, the US dollar comprised 59% of foreign exchange reserves in 2022, the International Monetary Fund (IMF) estimates.*
Notably, people outside the US held $44.7 billion in US dollar banknotes?on 31 March 2021, the Federal Reserve estimates. Furthermore, 79.1% of export invoices outside Europe were in US dollars in 2019, the Federal Reserve estimates. Plus, 60.8% of international and foreign banking claims and liabilities were in US dollars in 2020, the Federal reserve estimates.*
?Hence, WBT integrates with the world’s most popular and widely used currency through Tether. I think this is a smart move.
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The WhiteBIT (WBT) Exchange and Ecosystem
WhiteBIT’s ecosystem comprises the WhiteBIT exchange and other WhiteBIT platforms and services.
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They claim WhiteBIT operates the largest crypto exchange in Europe. WBT owners become part of?the exchange’s community. Owners can receive fee discounts on the exchange.
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The WhiteBIT token and exchange offer free Ethereum Request for Comment (ERC-20) withdrawal. ERC-20 is the world’s most popular standard for cryptocurrencies. Popular ERC-20 tokens include?Ethereum (ETH) and Tether (USDT). The second and third largest cryptocurrencies.
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The WhiteBIT Token is popular. They claimed there were 145.11 million WBT tokens in circulation on 24 July 2023. Interestingly, they have burned 29.886 billion WBT tokens to preserve WhiteBIT’s value.
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The WhiteBIT Card
Another way WhiteBIT integrates with the financial system is the WhiteBIT Card. This instruement is a Visa-Branded PayUnicard.
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A PayUnicard combines a plastic Visa card with a digital wallet they call the UNIWallet. The UNIWallet is an all-in-one app that integrates with the card. This app offers confidential fund management, free transfers to accounts, free transfers to the wallet, a preferred currency policy, online payments, free bank transfers, cashback, a preferred currency priority, and transfers directly to Visa and MasterCards. Users can also use UniPoints loyalty points with WhiteBIT.
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The WhiteBIT Card allows users to withdraw cash from Visa-compatible ATMs worldwide. WhiteBIT card can make payments in three currencies: the US Dollar (USD), the Euro (EUR) and the GEL. The Gel is the Georgian Lari. Georgia is a small republic on the Black Sea, which was part of the Soviet Union until 1991.
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WhiteBIT’s Brilliant Business Model
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Visa (V)?operates the world’s largest card payment system. Visa’s network processed 164.733 billion transactions in 2021 and 255.4 billion transactions in 2022, Enterprise Apps Today estimates. Visa had a $14 trillion payment volume in 2022.*
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Over 80 million merchants in almost 200 countries and regions accept Visa cards. Theoretically, you can use the WhiteBIT Card anywhere in the world.
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Importantly, using Visa enables WhiteBIT to integrate with Apple Pay and Google Pay. They claim this enables WhiteBIT Card Holders to make contactless payments all over the world. Consequently, users can withdraw cash using WhiteBIT cards and Apple Pay or Google Pay at many American ATMs.
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Hence, WhiteBIT integrates with fiat currency through the WhiteBIT. Therefore, WhiteBIT leverages fiat currency instead of trying to relace it. Thus, WhiteBIT turns the traditional cryptocurrency model on its head. That model is to create alternatives to fiat currencies.
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I think this business strategy is brilliant because most people use fiat currency. Moreover, most people spend fiat currency through cards, digital payments, and cash. WhiteBIT offers easy access to all three payment methods.
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For example, it offers card payments through the WhiteBIT Card and digital payments through the WhiteBIT digital card. Plus, users can access cash through WhiteBIT Card and ATMs.
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What Value does WhiteBIT (WBT) Offer?
Mr. Market thinks the WhiteBIT Token (WBT) has value. For example, WhiteBIT had a $5.54 Coin Price, a $342.33 million Market Capitalization, a $2.13 billion Fully Diluted Market Cap, and a $10.1 million 24-Hour Market Volume on 25 July 2023.
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They base those numbers on a 400 billion WBT Total Supply, a 385.29 million WBT Maximum Supply, and a 61.8 million WBT Self-reported Circulating Supply on 24 July 2023.
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WBT users get privileges and discounts on the WhiteBIT exchange. For example, owners of 400 WBT can get a 10% maker fee discount, and a 5% taker fee discount on the WhiteBIT exchange. The more WBT you own, the higher the fee. For example, an owner of three million WBT gets a 100% discount on maker fees and a 90% discount on taker fees.
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Similarly, people hold over 200 WBT receive 100% market fee discount. Plus, they pay a rising referral rate to holders of more-and-more WBT. For example, holders of 200 WBT receive a 40%, holders of 30,000 WBT receive a 46% referral rate, and holders over two million WBT can receive 50% referral rate. The referral rate is the amount of rewards users receive for referring customers to WhiteBIT.
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I think WhiteBIT could achieve enormous values because of its developers’ willingness to integrate with the financial system. WhiteBIT could achieve wide use because its developers realize most consumers use fiat currency through ATMs, cards, and digital payments. By embracing and leveraging legal financial realties, WhiteBIT could make enormous amounts of money.
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*https://ctmfile.com/story/the-us-dollars-dominance-in-global-trade-and-finance-is-steadily-declining
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*https://www.federalreserve.gov/econres/notes/feds-notes/the-international-role-of-the-u-s-dollar-accessible-20211006.htm#fig6
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*https://www.enterpriseappstoday.com/stats/visa-statistics.html#:~:text=In%202022%2C%20Visa%20handled%20around,in%20the%20financial%20year%202022.
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