The common man's interest in cryptocurrencies spiked following the incredible bull run of Bitcoin. In 2017, Bitcoin witnessed a fantastic growth rate where the crypto rose from $1000 and peaked at $19,784! This led to an unprecedented increase in the usage of this financial instrument.Interestingly, this growth was majorly powered by cryptocurrency exchanges. They can simply be understood as online platforms that facilitate the buying and selling of different digital currencies. Their functioning can be compared to that of the forex market as they often offer users with similar trading options. However, unlike conventional exchanges, crypto platforms allow users to organize trade without any geographic or time restrictions. Today, it is relatively easy to build Cryptocurrency exchange software by approaching a development company. However, it is essential to understand the nuances of this business before proceeding. In this article, we will do just that.Types of ExchangesYou may have come across terms such as centralized or decentralized exchange, but what do they mean? They simply refer to the different models of cryptocurrency exchange. Let us see how many such models exist and what are their advantages.Centralized Exchange (CEX): A trusted intermediary manages this type of platforms. They usually support a variety of ...
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