An Introduction to Cryptocurrency Exchanges, The Place to Buy and Sell Cryptocurrencies
What are Cryptocurrency Exchanges?
What’s up guys! This is me with another blog post about cryptocurrencies and the CyClean token. Today, like I did yesterday, I am going to talk about something that is not directly related to CyClean but should interest you: cryptocurrencies exchanges. This is a very serious topic to talk about because which exchanges you choose will be very important for your future investments. If you are looking to participate in a cryptocurrency project, it is wise to know about these exchanges. There are probably many standards that people use when they judge the quality of exchanges. Two important aspects of exchanges that I would like to highlight today are security and user-friendliness. As you guys know, various exchanges have been hacked since the Mount Gox scandal, so let’s talk about how can this happen first, and then I will explain why user-friendliness matters as well.
How are Cryptocurrency Exchanges Hacked?
Have you heard of Mount Gox, the cryptocurrency exchange? If not, let me explain it briefly. Mount Gox was one of the earliest major cryptocurrency exchanges in the world. It was the biggest exchange at one time. However, Mount Gox was hacked a few years ago, and of course, crypto assets stored in Mount Gox were gone as well. They were stolen. A disaster like the Mount Gox scandal can happen at any time. This is why I am writing this posting to explain about the security of exchanges.
The question is how can cryptocurrencies be hacked? Yeah I know. We all have learned that it is extremely difficult to actually hack cryptocurrencies, and that is why some people prefer them over fiat money. This is true. Since cryptocurrencies are tied to blockchain, it is almost impossible to hack cryptocurrencies themselves. However, hacking exchanges is a totally different issue. Most exchanges are not on blockchain, as they are just running their servers on the Internet. This means that hacking cryptocurrency exchanges is not even harder than hacking a normal internet website. Hackers are not trying to hack crypto assets themselves, but they are targeting exchanges. To ensure the safety of your coins, you should find exchanges that offer cold wallets for your assets. Storing coins in a cold wallet is one of the safest ways of securing cryptocurrencies, so it could be in your best interest to look into exchanges that follow this practice.
Exchanges Should be Easy to Use for Everyone
If certain exchanges lack user-friendliness, you might find it difficult to register with the exchange and buy and sell coins. Some exchanges may appear overly complicated and may confuse users. Nowadays, as cell phone usage has become more universal, mobile-friendly websites are a big plus. Overall, an exchange should be easy to use for the average person, even if they may not be a cryptocurrency master. After all, don’t we all prefer simple, easy-to-use Internet websites?
In our next post, we will introduce to you the first exchange on which CyClean (CCL) will be listed. It is a secure, user-friendly exchange that will interest you. Come back tomorrow for more!
[ For more information about CyClean, please visit our website at cyclean.io ]
