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Bittrex Crypto Exchange Terms You Should Know

These terms are often used when exchanges decide to engage in activities that are called forks, stakes, airdrops and even giveaways. It is difficult to differentiate them especially when the users cannot tell when one is used instead of the other. The confusion sometimes is bigger when the terms are used interchangeably yet they may mean different things in different contexts.

Here is a list of the definitions of each of the terms:

  • Fork: Forks are situations where a rule change is made to the common rules used to maintain the history and security of a blockchain. In some cases, forks are initiated to add new features to a blockchain or to repair technical issues. Typically, a fork is not considered contentious and is a standard part of blockchain development. Forks may also present situations where the intention is to create a new token.

 

  • Airdrop: Airdrops occur when token creators decide to distribute free tokens to holders of other established tokens. Airdrops may be used to create a community of token holders who can begin trading a token and create a market for wider adoption of the token.

 

  • Claims: Claims refer to the process by which one retrieves tokens through airdrops, giveaways and other promotions.

 

  • Stakes: Stakes refer to tokens that rely on proof-of-stake distribution, whereby tokens are distributed based on how many tokens a user already has.

 

  • Giveaways or Promotions: Giveaways or Promotions are similar to airdrops, but the criteria often do not require recipients to own established tokens. Giveaways may require recipients to use specific wallets.

 

To participate or not?

The main aim of Bittrex is to provide a secure, reliable exchange for our customers. There are factors that are considered before engaging in any of the above activities. The considerations range from potential risks, technological issues, preparation, to backend support involved.

 

Below is a list of some of the criteria used to evaluate new token features and programs.

  • Whether a development team exists, with publicly-identifiable developers, and has contacted Bittrex to request support for new features, programs or forks

 

  • Whether the new token features have a Testnet to ensure the blockchain is operating properly

 

  • Whether the code is publicly available

 

  • Whether it’s a premise or the developers have released the token in a fair manner

 

  • In regard to forks, whether it has strong industry-wide support, participation, and consensus

 

As far as Bittrex responsibility is concerned, it provides a secure, reliable exchange for its customers. We are not responsible for helping users participate in token claims or promotions.

 

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