A story of old friends

BYDFiii Writing Contest

My old friend BYDFi!

Happy 3rd birthday, amigo!

How many things I owe to BYDFi in the last three years!

Yeah! BYDFi. Habemus new brand!

I made my account at BYDFi in 2020 (it was called BitYard back then), and I started a very fun path in trading. The little I know about trading I learned at BYDFi, basically with the Copy Trading tool, which I didn't know until then. Many exchanges today offer copy trading, and in fact, I don't want to say that BYDFi invented it, I'm just saying that I found out about it thanks to BYDFi, and that was almost three years ago.

"BUIDL Your Dream Finance (BYDF)", followed by an “i” representing the individual. BUIDL instead of BUILD makes its belonging to the crypto world very clear, through an "error" that no one is unaware of at this point in the game. Good marketing move. Speaking of marketing, you can take a look at the head of marketing Michael Hung

I participated in the first contest that PUBLISH0X organized and I won a good prize with this post “Trading Contracts for Old Rockers”. In total, I won $226.32 with this post between the tips and the contest prize.

At that time I emphasized that BYDFi was more of a platform for trading futures and options, rather than buying BTC or ETH. The exchange was conceptually intended as a platform to “buy contracts” for cryptocurrencies, making an effort to reach the general public in the fascinating world of options, futures, perpetual, and derivatives in general. The main products offered by BYDFi are leveraged trading instruments of numerous cryptocurrency pairs. These instruments are basically CFDs (Contract for Difference), so there is no order book at BYDFi. When you trade you are placing a trade that is matched by the exchange itself. The benefit of this is that you won't get any order slippage on your trades. When you make a trade in BYDFi, you make it “on the margin”, which means that you are placing a fraction of the total trade, which implies a leveraged trade, and the leverage can reach 100x.

A CFD is a contract whereby two parties agree to exchange the difference between the entry price and the exit price of the underlying asset. These contracts are becoming very popular in the crypto sphere since they allow you to take advantage of the differences in the prices of cryptocurrencies, which usually have large fluctuations, without having to buy them. With an investment of less than what it would take to buy the cryptocurrency, similar profits could be obtained.

For its part, a perpetual contract works in a very similar way to how a traditional futures contract works, but with the enormous difference that it does not have an expiration date. A trader investing in a perpetual contract has no need to display the underlying asset, and the lack of an expiration or execution date means that even when prices move against your position, you are not immediately liquidated with a losing trade. If you can hold your position, you can wait until prices move back in your favor.

BYDFi offers two types of perpetual contracts, the USDT-M in which the contract margin is USDT, and COIN-M in which the corresponding currency is used as margin. An extensive description of the rules that BYDFi uses for this very sophisticated perpetual operation can be found on the site and in the app. There are also several tutorials that explain what trading is (positions, closing, and the like), lite contracts, Stop Loss and Take Profit settings, and Inverse Perpetual Contracts.

There is also, of course, the possibility of trading cryptocurrencies in the spot market in BYDFi, as in any exchange, but derivatives operations have always marked a big difference between BYDFi and other exchanges. We could say that BYDFi was always at the forefront of crypto trading. It is difficult to find an operation as sophisticated as the ones that can be done in BYDFi on another exchange.

Then came the second contest organized by Publish0x for BYDFi in 2022, in which I also won a good prize with the post “A Tale of Two Metaverses”. In total, I won $40.49 with this post between the tips and the contest prize.

In this post, I focused on “looking at the maze from above”. When one is inside the maze, it is very difficult to see the exit, and one tends to despair. When one looks at the maze from above, the exit is clearly seen, and one can weigh oneself more easily. In any case, it was BYDFi that made me think in this sense, always through the Copy Trading tool.

BYDFi is committed from its inception to making the complex intricacies of futures, options, perpetual, and derivatives trading simply by making the maze look from above. The slogan “Complex Contracts, Simple Trade” should be taken as the motto of the platform since its inception three years ago. This is BYDFi's main differential when compared to other exchanges.

Now re-energized, BYDFi is apparently poised to take a strong position in the Internet money industry. According to its LinkedIn page

BYDFi is a one-stop social trading platform for global investors. It has continued to bring professional, convenient, and new trading services to global users since 2020. With the slogan "BUIDL Your Dream Finance" and a fundamentally improved user interface, take cryptocurrency trading to a whole new level, providing users with a better trading experience. BYDFi aspires for its platform to afford users autonomy and leave a permanent imprint on the sector's progress.

Headquartered in Singapore, BYDFi is available in more than 150 countries and has more than 100,000 active users, offering contract trading services including CFDs and perpetual contracts, which include many asset types such as cryptocurrencies, forex currencies, indices, and commodities. It also provides over 80 crypto spot pairs of digital currency, copy trading, and grid trading tools.

BYDFi has only been around since 2019, nonetheless, it already holds four important licenses in the US, the EU, Australia, and Singapore.

• The American Money Services Business (“MSB”).
• Estonian Financial Regulatory Authority (“MTR”).
• Australian Transaction Reporting and Analysis Center (AUSTRAC).
• Business Administration of Singapore (“ACRA”).

Regarding security, the platform conducts regular stress tests and security audits to ensure compliance with the strictest security standards, providing global clients with the industry's top security protection.

In terms of Account security, I have to say that I had problems when I wanted to incorporate 2FA into the new mobile application. I couldn't correctly chain the code sent by mail with the one from the authenticator, even after trying several times. A bug that must be observed and repaired. And speaking of things that need to be redone, when I tried to switch to the Spanish language, the translation was horrible!

The security of the wallet is very robust. Cryptocurrencies are kept in BYDFi's offline deep cold storage wallets. In addition, BYDFi uses multiple signature technology access for deposits and withdrawals for the first time ever, both to defend against attacks and to defend against losing access to keys or facilities.

Something very good about BYDFI is that they have a number of promotions and bonuses that allow you to earn free cryptocurrency. This crypto is earned from just doing a number of elementary things on the platform. These include things like setting up a username, binding an email or a phone number, conducting a simple demo trade, surpassing certain volumes of trades, and the like.

On August 22 I wrote a post here at Publish0x about the competitive map of the exchange sector, in which BYDFi did not appear among the first 6 places that I was interested in analyzing for my map, not even with its old name of BitYard. Now, consulting CoingeckoCoinMarketCap, I see that BYDFi is not listed anywhere. Almost certainly this is due to the rebranding event, according to what I was able to find out with the Coinmarket admission rules and criteria. This needs to be fixed immediately, as BYDFi already has the volume to compete in the big leagues. Let's go, team guys! Put your batteries on and correct this situation.

Competitive map of CEXs 8 months ago

As we move into the new stage of the economy where fiat will no longer have the power it has today to impose conditions on players who freely trade with each other, a simple analysis shows that exchanges will continue to be greatly needed as they facilitate traders the ramp from fiat to crypto assets and vice versa. In short, today we all need fiat for living. The transition will not happen very quickly for reasons that transcend this post. Therefore, both CEXs and DEXs will continue to be of fundamental importance to the crypto sphere.

The excessive size of BINANCE with respect to the very close followers shows a quasi-monopoly of this platform. However, as is basic to business strategy, size does not necessarily mean better profitability. Any player can do excellent business, even if they are not among the first six competitors that give shape and entity to an industry.

In that case, BYDFi may have a great opportunity by positioning itself as the leading exchange for futures, derivatives, and perpetual contracts. While it is true that most exchanges offer futures and derivatives trading, no one has “owned” that market, with BYDFi coming closest to doing so in the short term. BYDFi should offer all the services offered by the main players in the sector, but it should make every effort to seize leadership in complex contracts and be indisputably the best in the minds of consumers of that product. In this way, the business volume would not matter, but the functionality of the platform and the robustness of the product to achieve profitability and brand recognition. I say all this because we are witnessing a brand change, aka rebranding, and that is always a problem for markets and consumers. Marketing is very explicit in this regard.

Rebranding is a marketing strategy that aims to produce significant changes in the perception that the target audience has of a brand and the company that supports it. The objective of a rebranding is to redefine or build the corporate image again. It can include a change of logo, renewal of the product offer, launch in new markets, change in communication, and the like.

When is a rebranding recommended? When it is necessary to repair a deteriorated image, when prejudices and paradigms must be eliminated, or when an extension or change of the target audience is intended. I do not know the details of BYDFi's decision to face this rebranding, but it would seem that the first two criteria do not apply to BYDFi and that then the intention is to broaden the target and incorporate new clients into the platform. In other words, bring many more people (normally excluded from the perverse financial system of fiat and MMT) to the world of crypto finance.

I repeat this should be done by clearly positioning itself in a segment or niche that is that of futures, derivatives, and perpetual. BYDFi should undoubtedly be the undisputed leader in this sector. I say this as a friend who wants to see his friend grow after three years of relationship.

There are many risks in rebranding. It may be that the new brand does not represent the values of the new public to which it is intended to reach. The popularity and prestige of the old brand may be lost, causing distrust of the new brand. It may be that the communication of the new brand is not addressed through the appropriate channels, or that it is not adequately decoded by the people it is intended to reach.

In short, the question in a rebranding ends up being "Was a rebranding needed?"

I believe and wish BYDFi management has thoroughly studied the issue and made the right decision in this regard.

Once again I wish BYDFi a very happy 3rd birthday and here's to a long time operating together.

We are experiencing a time of dizzying and revolutionary change. I think that at this point, no one doubts that cryptographic and blockchain technology not only has to do with economics but with all aspects of our lives, including the way we think about the government and the relationship with power. Several times I said that I felt chosen to belong to this generation that sees the world change like no other before it.

A TREMENDOUS AMOUNT OF MONEY IS GOING TO TRANSFER FROM OTHER INDUSTRIES TO THE CRYPTOCURRENCY INDUSTRY

In my perception, we are going to see in the next ten years a massive shift from debt represented by fiat money to assets represented by serious cryptocurrency projects. According to CoinGecko, the global cryptocurrency market cap is today (9/Apr/2023) $1.24 Trillion. If we take a macro view, the volume of world economies today represents around $100 trillion. Little as we think, we see an unbelievably large room for growth in the crypto sphere as we move towards the ultimate eradication of cancer represented by MMT and fiat money. As has been said, exchanges are the first step to entering the crypto sphere, so the business in the coming years is very large for the sector. BYDFi has a huge business ahead of it to take advantage of profitably.

If you don't have a BYDFi account, consider doing so with my referral link:

https://www.bydfi.com/invite?ru=BDmrHD

Or also with my referral code: BDmrHD

Enter the world of crypto futures and derivatives, and be at the forefront. BYDFi continues to be the best place to learn to trade using Copy Trading and analyzing the futures, options, perpetual, and derivatives market.

Thank you for reading! Decentralize yourselves as much as you can, and much more! Work for yourselves, not for others. When you work for someone else, they pay you what YOUR POSITION is worth, when you work for yourself, they pay you what YOU are worth. No one achieves financial independence by working as an employee. Live long and prosper!

Never forget:

As usual, none of the things written in this post are financial advice and are not intended to replace personal research. My sole intention in writing this post is informative. Several of the things discussed here could be wrong, so in no way can this post be construed as financial advice, and in no way should it replace your own research.

If you have any questions or comments, please feel free to leave them down below

You can also contact me at [email protected]

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https://www.publish0x.com/?a=J0dNkpAveL

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