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TOP 4 interesting facts about crypto exchanges!

3 min reading

On the crypto market there is a large number of exchanges offering the sale or purchase of virtual assets. What was the name of the first such platform? Which one of them has achieved international success? Here's a few things about it!

The first BTC exchange was

The platform was launched on 17 March 2010. It was managed by a user from a popular bitcointalk forum called dwdollar. This site showed a chart of Bitcoin's course in US dollars. Users could trade BTC coins using PayPal as a payment method. Numerous frauds contributed to the fact that the exchange closed down on 4 June 2011.

One of the largest cryptocurrencies exchanges fell due to a hacking attack

In July 2010 another exchange for Bitcoins was launched. It was called Mt. Gox. Interestingly, it was one of the largest cryptographic platforms in the world. In 2014, it handled as much as 70% of all transactions made at BTC. However, it turned out that the platform was the victim of a hacking attack, which resulted in the disappearance of 850,000 Bitcoins, which was equivalent to 450 million dollars at the time. For this reason, trade was suspended in February 2014 and liquidation proceedings were initiated in April.

It should be added that 200 thousand BTCs were later "found". However, evidence presented in 2015 indicated that most or all of the missing Bitcoins were stolen from Mt. Gox's hot wallet at the end of 2011.

Binance CEO is on the list of the richest people in the crypto world

In 2018, the CEO of Binance - Changpeng Zhao was on the Forbes list of the richest people in the crypto industry. The platform he manages has been successful in a fairly rapid pace. Today, it is among the crypto exchanges with the highest turnover volume. It is also one of the most recognizable brands. In September 2018, it was estimated that Changpeng Zhao, also known as CZ has a net value of $1.4 billion.

In addition to centralised exchanges, there are decentralised ones

According to many people, it is decentralisation that is the key to the development of cryptocurrencies. The trading of such assets continues to take place mostly on centralised exchanges. It is worth knowing, however, that there have been some decentralized ones, called DEX.

What makes these platforms stand out? Well, all transactions made on them are based on blockchain. In this case they are not controlled by companies or institutions. Moreover, the transaction fees themselves may be lower than on centralised exchanges. The downside, however, is the low volume. Decentralised exchanges are not yet that popular. They can also not be used for bots, which also results in liquidity and can be a deterrent to some investors.

An example of such a cryptocurrency exchange is, for example, McAfeeDex. It works on the Ethereum blockchain. According to John McAfee, it is the gateway to freeing people from government control. In October 2019 the British-American programmer also revealed that the platform will be open to all jurisdictions, without any restrictions.

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