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Writer : Monazza Aarfa
Voice : Zaina Rafique United States 76 Listens
The word Cryptocurrency is in the air, and it is everywhere!!
Did you know that Africa is currently the fastest in adopting Cryptocurrency. Most of the Cryptocurrency related activity is going to Binance - one of the largest Cryptocurrencies exchange in the world, about which we shall discuss today.
What is the cryptocurrency exchange (D.C.E) ?
Cryptocurrency exchanges are online platforms where users can buy, sell or exchange cryptocurrencies for other digital currencies or fiat currencies such as the Euro or US dollar.
Exchanges in a sense act as brokers, connecting buyers and sellers and earning money through transaction fees and commissions. They are also known as digital currency exchanges or DCE's.Furthermore, A typical crypto exchange never closes implying that it operates 24/7.The majority of the exchanges require you to verify your identity and authenticity.
Different exchanges operate in different ways. Most cryptocurrency exchanges restrict their users to trading only digital assets for digital assets, but a few allow users to trade fiat currencies such as U.S. Dollars for cryptocurrencies. An investor must consider a number of factors when selecting an exchange. Such as whether the exchange is operational in your country, fees and verification.
Most Popular Digital Currency or Cryptocurrency Exchanges?
Binance, Coinbase, Gemini, and Coinsmart are some of the most popular exchanges.
Binance:Binance is a global cryptocurrency exchange that was founded in 2017. It is suitable for non-US residents and accepts a wide range of crypto currencies and tokens, including Bitcoin, Ethereum, and Litecoin. One of the advantages of this exchange is that its transaction fees are quite low. Binance was recently in the news as it has been barred from carrying out regulated activities in Japan and the United Kingdom.
Coinbase -This cryptocurrency was launched in 2012 and it is very popular in the United States. It has good security features, but one of its drawbacks is that its fees are quite high when compared to other exchanges.Coinbase is ideal for traders looking to exchange cryptocurrency for other cryptocurrencies.Dogecoin , Etereum, Bitcoin, and Cardano are among the cryptocurrencies supported by this exchange.
Another exchange on the list is Gemini. It is based in the United States and, like Coinbase, is highly secure. Some of the coins supported by Gemini include Bitcoin, Ethereum, Litecoin, Orchid, and Zcash.
Coin-Smart :And the last exchange is Coin smart which was established in 2018 and is headquartered in Toronto.On this platform, users can exchange Canadian dollars for a variety of digital currencies, including Bitcoin and Ethereum.
With Cryptocurrency having so many new users and investors, it really becomes necessary to develop a factual and correct perspective towards it. As we know, every coin has two sides and Cryptocurrency is no exception. It has some benefits as well as some drawbacks.
Benefits of Cryptocurrency:
Cryptocurrency is safe and fast. A person can send money from one corner of the world to the other. There is no barrier of region as no matter what country you are in, the value of Cryptocurrency remains the same. Well, yes it may differ in conversion and comparison with the Conventional currencies as they are different in every country. It also is a global platform for investment which is accessible to any person given the fact that that person has the required technology.
In our previous sessions, we saw that Cryptocurrency uses Hash Function and Blockchain technology which makes it a very secure or “Encrypted” medium. The data entered is converted into a code-like format which is really difficult to decipher. Hence, your transactions are safe from data theft and manipulations as well.
Since there is no middleman, you know exactly where your investments or transactions are headed to the control lying to you and the receiver.
Cryptocurrency breaks free from all the norms of Conventional currency. It is much better, faster, transparent and involves less hassles. Crypto wallet makes it even easier for a user to trade in cryptocurrency.
We also learnt that it is decentralized, no central authority to interfere with large transactions. No paperwork required, no justifications to be given. The data gets broadcasted in an encrypted form since it is a distributed ledger to replicate it so that it is not lost and everyone is aware.
Not just for businessmen and traders, it is a good investment option for laymen like us as well.
We all know the fact that corruption exists at a large scale in an economic or political setup in any country across the world. Authorities may take something under the table to approve your transaction or other activities as well. When trading happens through cryptocurrencies, the chances of corruption existing are almost negligible. If the corruption is less, the economies of the world will bloom.
Having covered the good aspects of cryptocurrency, let us now talk about the drawbacks.
First and foremost, the very basic thing that requires Cryptocurrency to function efficiently is power or electricity and that too in large amounts. For countries having areas where consistent power supply is still a dream, Cryptocurrency might not have any scope.
Let me cite a quite recent example. Iran is facing another widespread wave of power outages and the government is blaming Bitcoin miners for that. Mining is a quite energy-intensive process. This led the country to ban all Cryptocurrency mining for the next four months. It has been long disputed whether mining is the main reason for power cuts in such areas.
Do you remember that we discussed that a majority of Cryptocurrency users are young and between the age of 30-35? One of the major reasons for this is that there is some risk factor involved with Cryptocurrency. Young individuals are competitively much ready to take bold risks. They can recover the lost assets in their later years.
The market keeps changing rapidly.
In order to trade, or do mining, the availability of and the expertise to operate advanced technology is a requirement. It undoubtedly creates a lot of professional opportunities for people interested in and knowing a lot about technology. Most of the countries who can afford this tech are first world countries. It is expensive. And hence, the second and third world countries will take a lot of time, given the current economic situations, to be able to afford it on a large scale and regularize Cryptocurrency.
There is also no regulation over Cryptocurrency. Since there is no authority over it, there is no one to supervise whether it is being used in the right manner for the right reasons.
Lastly - price volatility. This simply means that the value of Bitcoin and all other Cryptocurrencies will depend on the market situation and it keeps on changing.Let’s say you buy Cryptocurrency today at a higher value and tomorrow, the value may ebb. However, if one has enough knowledge of the market and if one is well aware of current affairs, the values are predictable but only up to a certain extent.
So that’s all folks! This is a gist of what we learnt today….
We hope this information has been helpful to you. Kindly note that we do not just share personal perspectives, but our content is based on facts and we only bring the truth to you, just in a simpler form so that you can comprehend easily.
This initiative was started to impart the right knowledge to laymen. Our sessions will definitely help you understand Cryptocurrency and its important aspects in a better way.