It is a rather sad reality that ordinary people don’t care about cryptocurrencies. Why? That’s a reasonable question, and it deserves an answer. “Cryptocurrency can’t make my life easier,” is the most popular response. Therein lies the problem. To enter the world of crypto, people still need to register on an exchange and go through a KYC procedure. Thus, they must go through the same stages as they would with major financial institutions.
Most people think, “If I send money to my business partner now, he will receive it in one business day. If I try to do it via a crypto exchange, I’ll need to register, wait for authorization, my business partner must also register and, at best, wait one day for the withdrawal.” As you can imagine, they don’t see any corresponding benefits from unnecessary efforts.
Most people not prepared to put in the effort for the sake of the brilliant idea behind decentralization. Some judge it from today’s perspective and don’t look into the future of cross-border transactions.
People are not aware of all the advantages that could encourage them to use cryptocurrency. Let’s talk about this logically for a second. As an example, consider Bintex Futures. Is it new to you? Don’t worry, we’ll give you some brief but detailed intel on the basic facts about this world-class blockchain company.
Founding a decentralized trading system is a complicated task. Your team has to be extremely productive and united to meet the bulk of requirements. Constructing a productive exchange with a totally decentralized economy within the blockchain era will not only empower clients to hold control over their crypto assets but also let them freely trade and make extra profits.
“A decentralized exchange is a trade system that doesn’t depend on a third-party service to hold a customer’s assets. Rather, trades happen straightforwardly between clients (peer-to-peer) through an automated process.”
A decentralized exchange is a do-it-without-anyone-else’s-help trading system. Users don’t endow their crypto assets to a middle person or outsider. Instead, trades are executed P2P using smart contracts. Users hold responsibility for their crypto holdings and private keys. Cryptocurrencies are held on the blockchain, not in a central location. If an attack happens over the exchange, crypto assets can’t get hacked.
Problems with Today’s Exchanges
Regardless of the decentralized way of thinking Satoshi gave to the world, most of the biggest exchanges are built as centralized platforms. Take, for example, Bitfinex, Binance, Kraken, and Coinbase. They all “store” their customers’ crypto, retaining full control over them. Transactions happen fast because deposits occur outside the blockchain. Price manipulations, insider trading, and high transaction fees make for a perfect profit-making setup for private owners.
The founder of Ethereum, Vitalik Buterin, believes that exchanges are centralized because they serve as an interface between the fiat world and cryptocurrencies. The fiat world only has centralized gateways.
The problems with decentralized exchanges mainly include the following:
• Low liquidity levels and low volume
• Inefficient, slow transaction speed and poor user experience
• Limited by cross-chain trading technical problems, limited trading cryptocurrency types, etc.
• Only available for Ethereum and ERC-20 tokens
• Front running (a common practice on Ethereum-based exchanges)
The primary issue that is the association with the fundamental chain confines transaction execution, and the proficiency is low. Additionally, because of the intricacy of cross-chain transactions, cryptocurrency selections in trade is limited.
Security Is Paramount
Many exchanges have gone down because of their poor security. Most security breaches could have been prevented by taking simple precautions.
The most critical risk for an investor is losing their entire investment. Bintex Futures is built over elevated expectations, audited, and penetration tested. We have experience building financial systems to the most noteworthy security gauges and endeavor to guarantee security first. We strive to ensure that we have followed all the industry best practices when it comes to securing infrastructure and data, including ISO/IEC and the Cryptocurrency Security Standard (CCSS).
A major concern for every investor trader is the safety of their assets. Questions like, “Is it safe to endow my cash to the platform owners?” or “Can I trust the security experts behind the platform?” are perfectly reasonable. That is why we have developed our platform with a security-first mentality.
We provide different security layers, including unparalleled server-side security, hardware wallet storage, and the highest level of protection against phishing and DDoS threats.
We have studied the attack vectors and payloads used in the major and minor hacks performed in the past over exchanges and created a list of basic rules that our exchange will follow. The set includes the following:
• Web application security (OWASP Top 10)
• Internal penetration testing, risk, and vulnerability management
• Secure and most-trusted DATA center that follows the highest security standards: ISO 27001, SOC 1 and SOC 2/SSAE 16/ISAE 3402, PCI Level 1, Sarbanes-Oxley (SOX), FISMA Moderate
• Web server application firewalls and security filters
• Isolated database environment
• EV certificate SSL/HTTPS + HSTS
• Strong password policy with mandatory two-factor authentication (SMS verification, Google Authenticator)
• Modern hashes (Argon2i, bcrypt, scryptor PBKDF2) to store system keys and passcodes
• Data encryption using AES-256 encryption
It’s very common for exchanges to publicize bogus liquidity with the expectation of attracting investors and traders. Users are significantly affected by a shallow order book because it contributes to multiple risk factors, order failures, high costs for financial assets, and a lack of transparency in the exchange.
Attracting miners, investors, and large traders to a new exchange is not a small issue. It requires a professional team with deep industry experience and resources.
Over the past few years, the cryptocurrency market has constantly been growing. Because of its exponential growth, it has become a multibillion-dollar industry, engaging investors who consider it to be a stage for bringing in fast cash. In 2017, Bitcoin’s worth expanded practically 2,000%, and some cryptocurrencies saw returns of 25,000% during their ICOs.
Our goal at Bintex Futures is to ensure that all investors can be a part of this extraordinary development by providing the market’s usable, unified, productive, and secure exchange.
Distributed ledger technology (DLT) and blockchains are being recognized on a worldwide scale. Associations such as Google, Microsoft, Facebook, Amazon, and Telegram have just uncovered the use or are building up of their own blockchain technology.
Crypto trading, management, and payment systems need another model, and the business is inclining towards decentralized exchanges (DEXs) as the solution. As distributed ledger technology evolves, centralized exchanges, regulators, and governments need to accomplish more to shield crypto investors from the danger of robbery and losing reserves. DEX’s wipe out the intrinsic issues with centralized exchanges, specifically security vulnerabilities, centralized control of digital assets, custodian challenges, and more.
FORE MORE INFORMATION:
Bitcointalk profil link: https://bitcointalk.org/index.php?action=profile;u=1928531