How the exchange bx bitcoin exchange was born
The world’s largest bitcoin exchange, bx, is about to launch its own exchange in Australia.
The exchange is the brainchild of Australian entrepreneur Ben Wood, who is also the founder of the exchange Bancor.
The idea for the bx project was born after he read about an online auction where an individual bought an ounce of bitcoin for $1,000.
Wood, along with his wife and a team of entrepreneurs, decided to try to launch their own exchange, with a goal of making it easy for people to buy and sell bitcoin.
Wood explained that bx is different from other exchanges in that it is not a “distributed ledger” that records every transaction, but rather a “store of value”.
“We’re a platform that has the capacity to hold, in a very simple way, any digital currency,” he said.
“It’s a very low barrier to entry, so you can get into the market and buy bitcoin and sell it.”
The exchange also has a unique feature that allows people to store bitcoin in their own wallets.
Wood told Al Jazeera that the platform would have a feature called “token wallets”.
Token wallets are essentially wallets that store a digital wallet of a bitcoin, but with a different private key.
“This private key allows you to store your own bitcoin, which means you can store it anywhere,” Wood explained.
“So you can buy a bitcoin and buy something that you can’t sell.”
Wood said the idea for a bx marketplace came from his interest in blockchain technology, which is a set of tools that allow people to securely record and store data about transactions.
“The idea is that you could put your private key in your wallet, and the only way that I can get access to your private keys is by creating an address for you to send money to,” he explained.
Wood believes the bpX marketplace will be able to serve the “world’s largest trading platform” and offer “an easy way for people who are new to bitcoin to get in”.
“If you have a bitcoin wallet, you can spend it, but the only thing you can do with that wallet is send it somewhere else,” Wood said.
Bitcoin prices rose by over $200 US on Monday, according to CoinDesk.
It is the first bitcoin price rise since January.
The exchange also plans to launch an exchange for other digital currencies, like Ripple and Litecoin.
It said it was also working on an exchange that would be a “token exchange”.
Bx, which was launched in 2016, has a market cap of about $7.5bn.
It has raised $1.8m so far and aims to grow to $15bn in 2018.
For now, bxp has a single bitcoin wallet with $50 worth of bitcoin, along a “trusted storage” wallet, which has $5,000 worth of bitcoins in it.