Help with Cryptocurrency Exchange Issues
Cryptocurrency exchanges have come a long way, from the 1st bitcoin excchange " The Bitcoin Market " in 2013 there was a few very well known exchanges, like MtGox ( started in 2011 ), Cryptsy ( started in 2013 ), AllCrypt ( 2013 ) , Mintpal ( 2013 ) which aren't any longer with us, due to either being a scam, hacked, or open to exploitation.
There are various types of exchanges now:
- Bitcoin Only Exchanges - Exchanges that only allow Bitcoin to be traded.
- Bitcoin & Altcoin Exchange - Exchanges that allow both Bitcoin & A selection of Altcoins to be traded.
- Contractual Exchange - Like a job market but with smart contracts, which come from D.A.O.s - Decentralized Autonomus Organizations.
- Mining Exchange - Mining contracts can be exchanged along with bitcoin & altcoins
If you take away anything from this page, let's make it " Do not put that much money in ANY exchange at any period of time that you're not comfortable loosing ". I say this with experience and knowledge from watching MANY of the exchanges that once were HUGE fall and leave their clients high and dry. Think of it like having cash on your as opposed to having it in a bank, if something goes bad or there is a run on the banking system for whatever means, you already have your cash and don't have to wait in line or stress out that you need to get funds out, you already have them. However if you just have your debit card or checks, you're going to have to wait and there isn't a guarantee you'll get your money. This applies to exchanges highly, because they are not always backed by insurance and even though you might have the law on your side, that doesn't mean you will recover 100% of your funds, Often times you recover 25% - 75% of funds from any type of reparations recovered if they even find the guilty party.
Still interested in using a Cryptocurrency Exchanges? Click to view the most popular and still active exchanges