Is decentralized still centralized?
Cryptocurrencies are invented for the purpose to kill the centralization of the system. But excatly cryptocurrencies just shifted the centralizatoin from the banks towards the online exchanges. Now some unregulated website control our money instead of the regulated banks. So you can ask yourself is this really a improvment?
Which exchange can you trust?
Personally i would say don't trust any exchange, but with the current market it is hard to buy crypto without them. I have to say i also use exchanges, but i just don't store my crypto there. Let me explain witch exchanges are the most secure. Look out for these things:
- How safe is the website and server? Secure exchanges are better.
- High liquidity.
- Transaction fee structure of the exchange like fixed fees, percentage
fees and spread. - Whether exchange provides transparent data of coins transactions, prices,
and volumes? - How many and which currency pairs are available to trade Bitcoin, for
example USD, Euros, and other fiat /government issued currencies, or
Altcoins? - Multiple options to buy Bitcoin like PayPal, credit card, etc.
- Are customers happy?
- Beginner-friendliness.
- Good user ratings.
- Can you depoist usd or not?
1. Coinbase
This is a US-based exchange which was founded in 2012, and it supports over 32 countries. Coinbase exchanges Bitcoin and the alternative cryptocurrencies of Ethereum and Litecoin, and it’s the largest of the exchanges, claiming $20 billion (£15 billion) in currency exchanged. In 2014 Coinbase created GDAX, the Global Digital Asset Exchange which was developed for professionals with high volumes of trading.
In their last validation Coinbase was worth 1.4 billion dollars. This is definitely the most secure exchange out their, but the fees are also higher then most exchanges. So you have to question if paying a little more fees is worth the security.
2. Bittrex
Bittrex have created a trusted exchange with volumes of millions a day. I personnally use bittrex to buy my smaller altcoins and never have had issues with it. On bittrex website they claim to have 50 years of combined crypto expierence. They also summed up why bittrex is so great:
- Secure platform – We know that security makes the difference and to that end Bittrex employs the most reliable security technologies available. As partof this approach, we leverage an elastic multi-stage wallet strategy ensuring that 80-90% of funds are offline and safe. Additionally, two-factor authentication is required for all withdrawals and API usage. At Bittrex, security will always be a key factor that impacts every development decision we make.
- Custom built trading engine – Our custom trading engine was designed to be scalable using elastic computing. The Bittrex platform processes and executes orders as soon as they are placed so you will never see a crossed order book or delay in processing of any trades.
- Fast deposits and withdrawals – Our highly efficient and automated monitoring platform allows us to give you the fastest transactions available today. This includes updates on balance, trade, and wallet information. You will never be left wondering where your funds are or if your deposits are blocked, as information is always up to date.
- Complete and easy REST API – Our full featured set of APIs allows you to withdraw as easily as you deposit, as well as trade, and exchange. Bittrex was built with high frequency trading in mind. We have designed the most complete API set for developers to build on our platform.
Bittrex is curently not accepting new users to serve their current users. I personally think that is great, because they want to give quality service.
3. Binance
Binance is one of the newest exchange. It is a Asian exchange that accepts users from almost all over the world. Recently their users sky rocketed and had 250 thousand new users a day. They are trying to keep up with the demand, but also almost can't keep track of it. Binance is on of my favourites, because they are still adding new and small coins. If you want to buy small altcoins on a secure platform Binance is the place.
Finally i want to say that if you buy coins on exchanges. Remove them to a secure wallet and don't leave them on their. This will leave you volunarble for theft and you will possibly lose all your coins on their. I recently made a post about which wallet is safe and which is not. Go check that out i will put the link below and goodluck in advance!
Wallets: https://steemit.com/crypto/@bartcardi/different-ways-to-store-your-crypto-and-keep-it-safe-bartcardi
Disclaimer: Pictures aren't mine
Written and created by Bartcardi
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