Complete guide to staking Bix, how to earn passive income with Bibox, and why I think Bibox is a smart investment
What is Bibox and Bix?
BiBox is a large cryptocurrency exchange out of China. It is often in the top 10 exchanges worldwide based on 24-hour volume. The team leading the exchange touts it as error tolerant because of its advanced system of distributed clusters that allow it to match trades with a huge amount of traders per second. The team also has plans to make BiBox decentralized over time.
Bix is the Bibox Token, issued by the exchange. By holding the BIX token, investors can receive a share of 20% of the BiBox exchange’s profits. First listed in December 2017, the BIX token rose to a high of $4.08 in January of 2018.
How much can I earn with locking Bix?
Although initially confusing, as of January 4, 2019, BiBox has issued new guidelines and descriptions of how BIX token holders are issued rewards. Initially it was thought that a user had to trade on the exchange at least once per week, but there is absolutely no mention of that in the new documentation.
The new incentive reward encourages users to hold BIX on a daily basis. 30% of the trading fees incurred will be shared according to a one-week average locked amount percentage.
Distributions of the reward will be distributed every Friday at 5:00 P.M. (no mention of timezone).
Note: Only locked BIX is eligible for the reward, so ensure to lock all your BIX. Also, only increments of 500 BIX can be locked, so purchase a nice round number of BIX tokens.
How much should I invest in BiBox?
If you haven’t read what I say about equal position sizing, please do that first
Once you’ve decided how much you are going to put into each idea, then you already know how much you an spend on BiBox shares.
Please note: Locking Bix tokens is required in sets of 500, so in order to lock any BiBox tokens, ensure you purchase at least 500
How do I stake BiBox, and is it difficult?
Staking BiBox is very easy. BIX tokens just need to be ‘locked’ on the BiBox exchange. What that means is that they are not eligible to be traded or sold while they are locked. This helps take tokens out of circulation, and ensures rewards are paid out to BIX owners who put some skin in the game.
Step 1: First of course, is to create an account on BiBox. If you appreciate this write-up and click on this link to register, I’ll receive a small payment from BiBox for referring you.
Step 2: Purchase some BIX Tokens – remember to purchase in increments of 500 as that’s what you are allowed to lock.
Step 3: Hover on your profile icon, and click on ‘BIX Incentive Reward’
Step 4: Click on ‘Lock’ and choose how many of your BIX tokens to lock
That’s it! You’re done, now you just wait a week to start seeing your rewards.
How do I check my Bix Rewards?
To check your BIX reward incentives, you can log into your BiBox account, click on your profile icon, and choose ‘Bix Incentive Reward’
On that page, you can click on ‘Dividend Records’ to see all of the dividends/incentive rewards you’ve received.