What are the Apps of Ethereum? - GetBit Exchange #20QuestionsAboutBlockchain Ep13

1. Decentralized Autonomous Organizations (DAO) – using a combination of smart contracts, the rules and structure can be drafted to run a leaderless company.

#crypto #Ethereum #blockchain https://t.co/pEY2YUNXAI

Announcement

Dear Users, This is to inform you all that GetBit now have online customer support to attend to your technical issues and mostly about withdrawal, and deposit. Feel free to chat with the online customer support with your GetBit App. Don't forget more upgrade are coming up! Thanks for your continuous support & understanding.

So far BTC dominance chart consolidates sideway around 233 EMA (black line). Higher lows, lower highs. Will breakout soon, but in which direction... Nothing anyone can say for sure out of current information. All I can advise is be careful and if you plan to buy anything better have dip orders than jump on a running train in FOMO.

@CryptoTrades #Dominance

How is EOS different? - GetBit Exchange #20QuestionsAboutBlockchain Ep15

While there are already a number of blockchain-based networks like Ethereum, which facilitates decentralized applications, EOS focuses on critical pain-points of blockchain and attempts to solve the problem of speed, scalability, and flexibility that often become a bottleneck for such blockchain-based systems.

With the size of the DApps ecosystem increasing with every passing day on a particular blockchain network, it often suffers due to limited availability of resources on the network. They include problems like spamming apps, slow speed of execution, and limited computing power available across the network.

EOS.IO attempts to address these problems by offering more scalability, flexibility, and usability through its unique mechanism. It claims to be able to support thousands of commercial-scale DApps without hitting performance bottlenecks through the use of parallel execution and asynchronous communication methodology across the network. The efficiency is further boosted by separating the various modules involved in the working of DApps.

https://youtu.be/qxzy3TYcXHE

Solution To GetBit Exchange Withdrawal

Dear GetBit Exchange Users, due to the complaints of inability to withdraw some assets (EOS), we have provided the right solution to help complete the withdrawal.

The issues is caused by

- Wrong withdrawal address
- The language (English) of online servers which make feedbacks difficult to understand

Solution

Any one still having withdrawal issues should submit their ID and the team will check and make the appropriate steps to help fix the issue

Note: All pending deposit should be solved when users check the system for confirmation. Submit ID to any of the admins

What is a stablecoin? - GetBit Exchange #20QuestionsAboutBlockchain

A stablecoin is a new class of cryptocurrencies that attempts to offer price stability and are backed by a reserve asset.
https://youtu.be/Vbae5F_WZNs

What is DeFi? - GetBit Exchange #20QuestionsAboutBlockchain Ep18

DeFi is short for “decentralized finance,” an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries.

DeFi draws inspiration from blockchain, the technology behind the digital currency bitcoin, which allows several entities to hold a copy of a history of transactions, meaning it isn’t controlled by a single, central source. That’s important because centralized systems and human gatekeepers can limit the speed and sophistication of transactions while offering users less direct control over their money. DeFi is distinct because it expands the use of blockchain from simple value transfer to more complex financial use cases.

The most popular types of DeFi applications include: Decentralized exchanges (DEXs), stablecoins, lending platforms, "wrapped" bitcoins (WBTC) and prediction markets.
https://twitter.com/GetBit14/status/1354430772720111621?s=19

GETBIT SUPPORT CENTER

Dear GetBit community member, kindly direct all concern regarding withdrawal or any other issue to Live support/chat provided on the GetBit Exchange platform homepage or through the customer email.

Note that:

- The marked box at the top right side is where the live chat support is located

- All enquiries will be addressed with utmost speed as soon as it is received by our personnel

Kindly make sure to use this means to solve all issues as telegram is not the right source to provide needed support.
Contact Live Support by clicking the indicated red mark.
Or send mail to
support@getbit.in

What are the core benefits of DeFi? - GetBit Exchange #20QuestionsAboutBlockchain #Ep19

DeFi is built on top of a blockchain. Often the blockchain is referred to as a general infrastructure layer, consequently, DeFi can be viewed as a cluster of second layer applications. This allows DeFi to inherent the core property of decentralization. It is important to note, that this only holds if the blockchain itself is decentralized. Fulfilling this pre-condition, the core benefits of opening finance are shared with the core benefits of blockchain:

True decentralization allows censorship resistance, worldwide participation regardless of social status and dispenses trusted third parties. Utilizing blockchain as technological infrastructure allows relatively speedy and low-cost transactions/settlement, the immutability of the financial contracts, and contract automation. DeFi applications generally allow that the user remains in possession of the private keys. This is referred to as non-custodial in the blockchain ecosystem. The user is in full control of the money without a trusted third-party. Increased ecosystem transparency and thus price and market efficiency. Minimal principal-agent risks, as asymmetric information is non-existent and the personal interests are governed by a transparent protocol.
https://youtu.be/NwucwQBkqU0

Why do we need DeFi? - GetBit Exchange #20QuestionsAboutBlockchain #20


DeFi has a unique opportunity to craft a unique niche for itself in the space. There are currently 1.7 billion people around the world who don’t have access to essential financial services. However, with a simple internet connection, they will be able to access smart contracts and experience immense financial growth and security with DeFi.
Since cryptocurrencies like Bitcoin are already decentralized and borderless, in nature, why do we need DeFi? There are 4 reasons:

A.    Comparing pure cryptocurrencies with DeFi is like comparing US Dollars to loans. DeFi is a financial service that can have multiple use cases.
B.    Old school cryptocurrencies have decentralized the act of issuing and storing money. However, they haven’t decentralized the core financial system in itself.
C.    Cryptocurrencies are still dependent on centralized exchanges for their use. DeFi brings in decentralized exchanges to make sure that there no centralized point-of-failures within the ecosystem.
D.    Centralized organizations manage the majority of the cryptocurrencies.
https://youtu.be/VuktEtQVQz4

IMPORTANT NOTICE TO OUR COMMUNITY

Dear GetBit Exchange Community members, we will like to inform you in advance of our recent decision to close down the exchange in 3 days time.

This decision though a tough one has been made due to many unforeseen circumstances encountered which cannot be easily resolved as expected.

Users will be able to withdraw there funds before the end of the 3 days period and all will be processed as soon as possible.

No need to panic as funds are safe until all are withdrawn and wishing you all the best in Cryptocurrency trading arena.

The GetBit English group will also be closed in next 2days at 10pm UTC. So make sure you drop all issues in the group and withdraw your funds now as no support in group will reply you.!!!

IMPORTANT NOTICE TO OUR COMMUNITY

Dear GetBit Exchange Community members, we will like to inform you in advance of our recent decision to close down the exchange in 3 days time.

This decision though a tough one has been made due to many unforeseen circumstances encountered which cannot be easily resolved as expected.

Users will be able to withdraw there funds before the end of the 3 days period and all will be processed as soon as possible.

No need to panic as funds are safe until all are withdrawn and wishing you all the best in Cryptocurrency trading arena.

The GetBit English group will also be closed in next 2days at 10pm UTC. So make sure you drop all issues in the group and withdraw your funds now as no support in group will reply you.!!!

IMPORTANT NOTICE TO OUR COMMUNITY

Dear GetBit Exchange Community members, we will like to inform you in advance of our recent decision to close down the exchange in 3 days time.

This decision though a tough one has been made due to many unforeseen circumstances encountered which cannot be easily resolved as expected.

Users will be able to withdraw there funds before the end of the 3 days period and all will be processed as soon as possible.

No need to panic as funds are safe until all are withdrawn and wishing you all the best in Cryptocurrency trading arena.

📌Your GNB token will be converted to USDT if you withdraw it during this time frame before the lock of the exchange.

Any correct wallet will be able to withdraw. (If you can't withdraw, send your account ID and email to the group chat)

The GetBit English group will also be closed in next 2days at 10pm UTC. So make sure you drop all issues in the group and withdraw your funds now as no support in group will reply you.!!!

Hey guys, for some of you who's still New to the #DeFi era & #NFTs, @HazelinCrypto just made a video about #Gamify make sure to subscribe & leave your comment of what you think. Feel free to share to friends
https://youtu.be/zv4sUgiXSFI