Help with Cryptocurrency Exchange Issues
Using a cryptocurrency exchange IS A RISK! Remember one thing over all, they JUST want your money
Altcoin Exchanges Will:
1. Add altcoins ONLY when they are hyped up, but WILL REMOVE THEM WHEN THEY SLOW DOWN, FORCING YOUR HAND TO SELL FOR THOSE FEES THEY LOVE
2. NOT CARE ENOUGH TO PROTECT YOUR SECURITY PROPERLY AND PROMPTLY, ( They're just like banks folks, so use and withdrawl or risk your funds not being usable )
3. Not focus on smaller blockchains enough and will discontinue them with the slightest problem from devs
4. ACT like they are doing enough, but really, they need you to act on emotion, they only make the best money, when your about to lose it
5. Adopt newer technology ( new flashy altcoins ) that aren't yet viable, leading to security risks and your altcoin's price downtrend.
So, Why tell you this? It's not because we don't want you to use altcoin exchanges, or believe there are " good ones ", it's to protect yourself, going into something, with knowledge of these things, can help YOU, avoid a dramatic loss of your cryptocurrency!
We at Altcurrencyhelp care about our users, and want to educate them to spread the POSITIVE word of cryptocurrency.
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