Tech

Cryptocurrency Exchanges: What You Need to Know

One of the great things about Cryptocurrency as a concept is that there’s really nothing stopping ANY type of coin from becoming “the next Bitcoin” if the conditions are right. As of 2018, the various forms of Cryptocurrency in existence see completely, 100% unrestricted use in 99 out of 246 countries around the globe. In a world where there are approximately 261,710 Bitcoin transactions taking place every day and there are 4.3 million Coinbase users worldwide (and growing), literally, anything is possible.

To a certain extent, that is. 

What you Need to Know

In a lot of ways, this is truly one of those situations where one of the biggest strengths of Cryptocurrency is also one of the biggest disadvantages – at least today, that is. If you look at the current variety of Cryptocurrency Exchanges that are available, you often see that even some of the biggest brands still only allow their users to trade from a select few Cryptocurrencies. By and large, these Exchanges tend to pick only those types of Coins that earn the most per transaction.

So, from that perspective, it’s a bit like pouring your heart and soul into making a movie that is objectively great… but people can only see it in one or two theaters around the country. Sure, a mass audience will enjoy it – but that mass audience is still essentially cut off from even knowing that it exists. Cryptocurrencies with a low hype rate still have an enormous amount of potential… but the current Exchange situation means that smaller communities are often doomed to stay that way.

That is to say nothing of the disadvantage this creates for people who want to trade in the first place. Not only does this lead to fewer options, but it also often creates higher trading fees for average people who are looking to get in on the ground floor of something special. All of this runs contrary to a lot of the major goals that Cryptocurrency was supposed to help people achieve in the first place. 

This is why, especially over the course of the next few years, specialized trading platforms like CurrenX and others are only going to get more important as time goes on. Not only do they help simplify the trading process by offering more options in a much more straightforward way, but they’re built upon the same principles that Cryptocurrency was designed to usher in for people around the world.

Cryptocurrency Exchanges: The Problems and Solutions

As stated, part of the problem with Cryptocurrency (and something that goes a long way towards explaining its current volatility) is the fact that investors simply must go to too many different exchanges to trade in their desired types of coins. If a particularly interesting new type of Coin springs to life but is only traded on an exchange that an investor doesn’t currently have an account for, they must create one – meaning that after a while, you’ve just taken something that was already complicated and have made it essentially impenetrable to the average person.

Not only do providers like CurrenX aim to address this type of problem head-on, but they also do so in a way that doesn’t sell short the critical user experience as well. Some of the providers that fall into this category not only offer support for nearly all types of Cryptocurrency, for example, but they’re also built on infrastructures that can sustain 700,000 to 3,800,000 orders per second. 

These types of forward-thinking exchanges also offer support for additional features like trading pairs, for example, allowing you to trade pairs of coins like BTC, ETC, CurX and more in the easiest way possible. This, coupled with hardware wallets designed to provide the very best security for Cryptocurrency investments, creates a situation where once again this type of digital currency ushers in a new era of disruption with as positive a connotation as possible.

Cryptocurrency may be a relatively new concept in the grand scheme of things, but it’s already made the type of impression that will be hard to forget anytime soon. Make no mistake: we’ve opened a door that will be impossible to close again, not that anyone would want to in the first place. But having said that, this is also one of those cases where the technology that is propelling us forward is also often holding us back – at least as far as exchanges are concerned.

But thanks to a few companies like CurrenX and others that are leading the way, we’re finally in a position where we can remove the artificial limitations on Cryptocurrency as a concept so that we can free ourselves from the limitations on 21st-century investments in general. Make no mistake, that is a very exciting position to be in for everyone involved.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Insider Financial and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Cryptocurrency Exchanges: What You Need to Know
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