Trends in the cryptosphere
Privacy was one of the original purposes behind the conception of cryptocurrency. People want the ease of digital transactions, but with the privacy and discretion of cash. While all transactions are recorded on the blockchain for anyone with access to view, identities do not have to be attached to Bitcoin addresses. This allows for a modicum of privacy for consumers, but possibly not as much as they wish. Cryptocurrency experts along with blockchain startups, have taken this demand for privacy as a prompt to perfect discrete transactions. Coins like Monero which boast of their private nature have taken off in popularity and have inspired other blockchain startups to prioritize the pursuit of privacy.
Bitcoin’s history, and in turn the history of most altcoins, have been defined by a volatile nature, highlighted by enormous price swings in short periods of time. Much to the pleasure of holders, Bitcoin has progressed in price compared to US dollars each year of its existence; but, each time we see a huge jump, a sell off occurs afterwards, much to the chagrin of traders.
After seeing unbelievable growth from a penny to $31 in the beginning 2011, Bitcoin fell back to $2 only a few months later. Similarly, in 2013 Bitcoin rose to nearly $300, only to fall back under $100 a month later. Quick rises and dips defined not only Bitcoin, but the entire crypto market all the way through the historic run to $20,000 and the crash that followed.
Decentralization is one of the most important goals in the crypto sector. With decentralization being an ultimate objective, why should cryptocurrency exchanges not comply with the growing demand for decentralized services?
Centralized exchanges have been under heat after being hacked and robbed of nearly a billion in the last year alone. Their centralized nature made them virtual sitting duck targets for hackers who made off with millions, and also leave them vulnerable to price manipulation. Bithemoth intends to be a leading force in the movement towards decentralization. The exchange will allow for decentralized exchange of coins and tokens in an attempt to curb manipulation. Plus, with the coins in possession of users rather than being held by the exchange, Bithemoth would not be vulnerable to the multi hundred million dollar breaches that have occurred in the past. The crypto world should expect to see decentralized exchanges become widely discussed in coming months.
Enjoyed reading this article? Show us some love by clapping and sharing this to your social media feed. To stay up-to-date with all Bithemoth related news, follow our profiles located below. Thanks for reading!
