Hackernoon logoWhy I Built Overbit Rewards Hub — a Game Changer for Crypto by@cl-overbit

Why I Built Overbit Rewards Hub — a Game Changer for Crypto

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Chieh Liu Hacker Noon profile picture

@cl-overbitChieh Liu

The cryptocurrency market is in the middle of transitioning into an era of mass-market flourishing, by all measures. Putting aside the fact that Bitcoin is now breaking price barriers with speed, account activity, institutional adoption, regulation — these are all pointing towards adoption.

Simultaneously, some barriers are preventing these new milestones from being reached more quickly. Entry and usage of cryptocurrencies and most platforms remain cumbersome. A large portion of would-be retail investors have lost some of their anxiety concerning the asset class, but are prevented from joining by convoluted investment processes. 

This is changing, of course, with the advent of new platforms and features, many of which Overbit is pioneering. There is no doubt that, if these obstacles were to be overcome, there would be a much higher number of investors. Whether it be an investment as a hedge or the hope for quick price growth, many investors are just waiting to be nudged into joining the market.

This will inevitably happen anyway, but the point is that the onus is on the teams, developers, and early investors to make the push for growth. 

As the founder and CEO of Overbit, I am well aware of this. One of my goals when conceptualising Overbit was this very fact: how can we make cryptocurrency investment as easy as possible for all types of investors? It goes beyond merely making wallet use, trading, and swapping easy. Users have to be educated and incentivised — they have to be informed on why the assets have so much value and driven to earn the regular rewards that are possible.

Why Did I Launch the Overbit Rewards Hub?

Before I tell you about the Rewards Hub and why it matters so much, I’d like to explain my motivation for creating it in the first place.

Not going to lie: I am a gamer at heart. This has had a profound impact on how I’ve approached the implementation of features on Overbit. I see a lot of relatability between the gaming universe and that of the cryptocurrency market. 

In fact, a keen eye will see that a lot of cryptocurrency investors have some experience with gaming. Perhaps this is because market investors tend to skew towards the younger generations, who are quite interested in gaming.

Taking ideas from the gaming space and implementing them in the trading experience can push engagement levels with respect to investing. It makes the whole process seem less like an incomprehensible numbers game and fosters a mindset that suggests, “I’m being rewarded for doing tasks that I’m supposed to.”

I am confident that there is much to be gained from gamifying the trading and investing experience. The very nature of blockchain technologies allows systems to be designed such that it seems like playing — all the while not asking for users to put capital upfront and risk losing their own money.

I believe this can have a tremendous impact on the market as a whole. After all, the very type of people that cryptocurrencies benefit the most are those who are on the wrong side of financial independence. It benefits those who need the asset the most, without asking anything more of them than their desire to see their wealth grow.

What is the Overbit Rewards Hub?

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Simply put, the Overbit Rewards Hub is a platform where traders can engage in various activities that reward them for participating in the trading experience. 

It could be something as simple as logging into the exchange every day, or executing trades, or trying their luck in a ‘Spin the Wheel’ style lottery. All of this comes at no cost to users, which is the real pull, as it gets them to try an intuitive platform without worrying about their lack of knowledge of the market. This is one of the best aspects about the Rewards Hub — new investors who find the experience intimidating or confusing need not worry about losses.

For their engagement in various activities, traders are given rewards directly in BTC or USDT, both of which are among the most popular trading assets. Additionally, they earn perks as well.

Why is this any of this important though? Believe it or not, there is more to it than just earning crypto rewards for little effort. We’ve designed Rewards Hub to be comprehensive in its offerings and accessibility.

Why Rewards Hub is More Than Just Crypto Rewards 

Now it gets even more interesting: users don’t just get crypto rewards, they also get rewards across other products. For those who don’t know, Overbit offers margin trading in Forex products in addition to crypto, as we are planning on adding other markets as well.

Besides users getting a one-time bonus for entering different markets, they are also introduced to new asset classes. As critical as cryptocurrency investments are in this day and age, users must understand the necessity of diversification. 

The gaming philosophy, coupled with the rewards, can educate users in financial literacy — an ever more important concept in a time when money seems to be printed at a whim. And that’s not to mention precarious economies aggravated by the effects of the COVID-19 pandemic. 

Furthermore, this kind of gamification is essential for the trading eco-system as it builds trust between the company and users. When users regularly receive rewards, whether, for the aforementioned activities or weekly competitions, they see a constant flow of funds towards them. We put the end-user at the heart of the platform, as it should be.

Users can earn rewards at any time — prizes and bonuses are distributed 24/7 — no matter how much or little your trading activities are with Overbit. We do not know of any other exchange that offers a reward scheme like this. 

A regular supply of rewards also helps combat the effect of volatility in the space, which, we should note, is reducing on the whole. Logging into your account daily means that users can earn cash if the market is low or high, beating the temporary losses achieved by volatility.

And let’s not forget our Tier Points System, which is the best in the market. There is a lot of value to be had here — this can accrue to a tidy sum over time and has the potential to end up being very lucrative in the long-run. 

Tier Points are earned every time a trade is executed. As more points are gathered, users can redeem them for BTC — which we all know is very likely to reach new highs in the near future. Tier Points can be redeemed in increments of 1000, with 10,000 Tier Points netting you 0.654 BTC! 

Think about it this way: you earn some assets by simply logging in and engaging in a few simple and fun activities, which themselves can be rewarding. You can then use these assets to make trades, which give you Tier Points. You can then use these Tier Points to buy more BTC!

It’s just like a video game where the resources earned from engaging in the game can be used to further your enjoyment and use of the game. It’s a feedback loop that offers you real tangible rewards that also serves as a financial learning mechanism.

The Rewards Hub can help traders achieve their goals, bit by bit, as they become more aware of how cryptocurrency trading works, and they inch their way towards their investment targets. I expect that users will quickly see the value in this system, which asks for nothing upfront, and which can eventually lead to gains, both in terms of profit and learning.

Making Trading Both Fun and Profitable

I believe that the Overbit Rewards Hub will usher in a new era where trading becomes less of an activity for an elite few and more inclusive. As our incentivised mechanisms are among the best in the market, I am optimistic that users will see the positive impact of accrued rewards on their wallets. In turn, this will pull more investors in. 

We are in a time when investing has become much easier and more accessible. It still needs a little push to attract more investors, but platforms like Overbit are pioneering solutions that will resolve the issue of accessibility. The Rewards Hub is only the start of our journey towards bringing cryptocurrencies to the broader public, who have been put in a precarious situation due to the pandemic. It is less of a luxury now and more of a necessity for people to think about investment. With the features Overbit offers, we hope to make the process easy to learn, rewarding, and fun at the same time.




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