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Cryptocurrency Exchange and Portfolio Provider Abra is trying to add a little bit of joy to the holidays in the bear bear market by giving away Bitcoin.
This morning, in an e-mail to customers, Abra announced a promotion that would see the new investors of its exchange-traded fund-style BIT10 token (ETF) receive $ 25 of Bitcoin BTC at no cost. But in this life nothing ever comes for free, and this is no different.
Astonishingly hidden in the small print are the terms and conditions, one of which states that "any investment in BIT10 for an amount less than $ 1,000 equivalent during the promotion period will not be considered eligible for this reward."
So, to qualify for free Bitcoin you must purchase $ 1,000 of the BIT10 token – before December 31 – making it a 2.5% reward. It looks a little ok, but considering it's only available if you buy with $ 1,000, it seems unattainable for a large amount of hobbyist investors.
It is also worth considering what the BIT10 token is. If you have not heard of it, the BIT10 is a token of the market monitoring index maintained by Bitwise Asset Management and keeps track of the top 10 cryptocurrencies every month. If the market grows, the value of BIT10 increases, and of course the opposite can also happen. The BIT10 is a native of Abra, which means it can only be bought and sold in the Abra app.
Considering that the entire cryptocurrency market has suffered a nose dive from the start of this year, market monitoring tokens are not a great idea at the moment. If you buy this token you must be very sure that the market is about to go up. Of course, nobody can ever be sure.
Published December 14th 2018 at 11:26 UTC
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