The advent of cryptocurrency is indeed a signiﬁcant contribution toward a decentralized world.
During the early stage of cryptocurrencies, there were only a few hundred coins and a few options to trade/exchange them. As of June ‘22, there are more than 19,000 cryptocurrencies worldwide, and the numbers are still increasing!
Last year, El-Salvador became the ﬁrst country to adopt crypto as a legal tender. Following it, many governments and organizations are in deep talks to normalize crypto payments and transfers. Recently, the Central African Republic adopted Bitcoin (the world’s 1st crypto) as its ofﬁcial currency.
Around 15,000 businesses accept cryptocurrency as a mode of payment. Of them, nearly 2,000 belong to the United States. Canada, Israel, Australia, and European countries are some of the others accepting digital currency payments.
Isn’t this enough to showcase the immense growth of digital currencies among people?
Cryptocurrencies have the potential to end the monopoly created by some ﬁnancial institutions and big system players. Thus, people can get a hands-off transaction system.
Several countries have not yet legalized cryptocurrencies, and some of them have imposed taxes on crypto transactions. But certainly, they cannot pass or stop the crypto tide that easily. However, the time will come when we will be independent of centralized control and intermediaries, thereby saving huge costs and attaining 100% privacy.
Every industry is prone to threats, and the crypto market is no exception. The popularity of cryptocurrencies made them prey to cyberattacks. Though cryptos are developed using blockchain technology, improper use of the technology led many
exchange platforms such as Mt.Gox, BitMart, KuCoin, and CoinCheck to be a victim of hacking. Overall, more than $4 billion worth of crypto has been stolen till 2021.
In the past, people were recorded saying that loss of trust and irregular trading patterns are the primary reasons for not preferring cryptos. But that didn’t stop businesses from creating crypto exchange platforms. Since 2021, the successful hacking attempts on exchanges have decreased drastically.
Cryptocurrency exchanges are the core for infusing trust in digital currencies.
Along with cryptocurrencies, the evolution of crypto exchange platforms has also risen to a great extent. Initially developed only for trading activities, these platforms now facilitate seamless operations like swapping, buying, selling, investing, staking, and lending of various digital assets.
A few decades back, the stock market was also in the same position as the crypto market is in now. As time passed, the stock market industry extended across the globe and created trust. This proves that the crypto market will also reach a peak position in the coming years.
In comparison to stocks, cryptocurrencies can yield huge proﬁts in a short time. For example, a user investing in the crypto market can get a proﬁt in 1 day that will be equivalent to what a user gets over a week or even a month in the stock market.
To obtain broad and practical knowledge about crypto exchanges, we approached one of the best blockchain and crypto enthusiasts, Mr.Salman Parcy, Head Of Global Business Development. Let us share them with you!
Would it be advantageous for a business to create its own crypto exchange platform?
SP: Nowadays, people around the globe have got access to the internet using their smartphones. Keeping the rapid growth of cryptocurrency and the evolution of mobile devices in mind, creating your own exchange platform will be a sureﬁre way to position yourself on the success path. It will unlock numerous business opportunities and make your business accessible to worldwide audiences.
Additionally, there are endless possibilities to earn from exchange platforms. From a business perspective, an exchange platform makes money when users perform transactions (trading fees), companies list their coins/tokens (listing fees), and when users deposit/withdraw funds from their wallets (usage fees).
As the best cryptocurrency exchange development company, Blockchain Firm delivers excellent, customizable crypto exchange services to businesses. Our expert team assists companies in building a top-notch exchange platform with a built-in crypto wallet, risk-free trading, and other features based on the requirements.
What other services can an exchange platform give customers to earn their trust?
SP: In recent years, many novice crypto traders have been unable to proﬁt due to poor trading patterns and lack of knowledge. Crypto indeed brings more returns than other
assets, but they need to understand the market conditions & movements, analyze the risks, and make decisions. So to gain users’ trust, exchange platforms can offer additional services like extra security features, multiple investment plans, and other activities to enhance their trading experiences.
Web3 wallets are a step ahead of regular crypto wallets because they provide exceptional security features to crypto assets. Such wallets will put an end to the malware attacks and data breaches that happened over these years.
Is there any one-size-ﬁts-all crypto exchange solution for businesses?
SP: Practically speaking, No! Each business requirement will vary from the other and their solutions too. If they are not clear about their needs themselves, it will be good to get a consultation from a Blockchain consulting ﬁrm.
Lastly, what are your thoughts on cyber attacks on cryptocurrency exchange platforms?
SP: It is possible to seal the loopholes for various cybersecurity threats. However, it is achievable only with the incorporation of cutting-edge technologies. At Blockchain Firm, we integrate high-level security features into cryptocurrency exchange platforms. So, hackers can’t break our multiple walls of security.
The road ahead to global scale growth!
Who knows, physical currency may even become obsolete one day!
But the expansion of the crypto industry will not end until the supremacy of the internet is maintained. Hence, this will be the ideal time to step into the digital world
by making use of our best cryptocurrency exchange development services. Also, this will simultaneously pave the way for adapting to future advancements like Web3 and Metaverse.