MeterQubes Dex– The Future of Intelligent Trading
If you are reading this article, I am assuming you have heard about Blockchain and Bitcoin, or at least, you are inspired by the fascinating world of Crypto Currency!
We all know how to trade the UAE Dirham with the Australian Dollar. At some point in time, we have all been to a foreign exchange trader when traveling overseas to our favorite holiday destinations around the world. It is highly unlikely, in today’s modern times that one can come across someone who does not understand the need for convertibility of local tender into the official currency of the visiting country, unless, of course, no expenditure is intended to be incurred, while on holiday!
A Foreign Exchange (FOREX) market, is an over-the-counter market in which foreign currency of the world are traded. It has been in existence since times immemorial. It is the largest and most liquid investment market with a turnover of close to 5 trillion a day…and it is not showing any signs of deceleration. It is a market where the currency of different countries around the globe are purchased and sold with the objective of earning profits — makes sense? This currency trading is based purely on speculation and is known as speculative trading.
Speculative trading, in very simple terms, is buying and selling of a financial instrument involving high risk, in expectation of significant dividends. For example, paper currency, using market analytics (experience, newspapers, traders’ behavior, political changes, economic factors, etcetera) to optimize return on investment (ROI). The key characteristics of a good trader are alertness, decisiveness, and swiftness at the opportune moment, in order to reap potential gains from market fluctuations, of course, if he predicts market trends right!
Cryptocurrency exchanges play a similar role. Instead of converting UAE Dirham to Australian Dollar, you use Trading Pairs, an exchange between one sort of Cryptocurrency and another like Bitcoin- Ethereum, Ripple-Litecoin — simple and easy, right? If you go to a shop in Dubai to buy food, all that you need is pay 10 AED paper note and walk away. The shop keeper does not ask you where you got the 10 AED from, who gave it to you, what is the history of the 10 AED note, is it genuine…the list can go on and on… But, the fact of the matter is both, you and the food seller, trust the 10 dollar note as having the value you need to trade your needs! The moment you put the money into the hands of the food seller, they are his, now, right? Can you snatch it back from him and yet walk away with the food? Certainly not!
However, as time passed, banks and other central custodians of the 10 AED came into the arena. Today, if you want to buy something (with minimal purchase limits), you use your Debit card, which acts as a key to unlock your funds in the bank and make the payment/ or trade an asset. This does not mean that paper currency has finished, or the demand for it has diminished — definitely not! As far as I can see, we will still be using cash for our day-to-day purchases. At the time of writing this excerpt, both entities continue to exist in the real world….Banks and Paper money, and we are all using them to our advantage! However, we are also familiar with the downside of banking, how once known to be economic corridors in their entirety, are now doomed because of the banking crisis! We can enlighten ourselves by finding out what is currently happening in Greece, Portugal, Ireland, Spain, Cyprus, and Venezuela, to name a few!
The money in your wallet belongs to you! If it is not in your wallet, but in your friend’s wallet, it does not belong to you…aptly illustrated by the popular adage in the Bitcoin industry, ‘Not your Keys, Not your coins’. If you lose your debit card to a thief, it’s like losing your Cash to a pickpocket. Whoever has access to your Debit card has access to the keys to unlock your bank account, until you rush to inform your bank to block it and report it as stolen! — Can I say, “Not your Wallet, Not your Money?”
Having custodians of a currency is an oddity! It is like caging a bird, meant to fly! This is where Decentralized Exchanges, commonly known as DEX have come to the rescue. Being part of the Decentralized Exchange Ecosystem gives you the same power and control you have always had, or wanted to have, with your paper money. Cryptocurrency, so to say, by nature, are inherently decentralized. No more do you need to store your Crypto with an exchange that works like a bank. Your money is in your wallet, just like paper money. You can trade it, just like you would trade in FOREX, albeit, without the need for a trusted party or a custodial cryptocurrency exchange.
MeterQubes is one such exchange that embraced the concept of decentralization, in letter and spirit, down to its core. The MeterQubes Team is working meticulously to create the same trading environment that you have with your cash or FIAT currencies. We have a strong conviction in the notion that your money should be in your wallet, not in someone else’s wallet. We are ensuring that if you are trading on MeterQubes DEX, you have all the information, readily available at your fingertips, to make the right trading decisions.
Readers, rest assured, our technological initiatives and advances are backed by the world’s leading organizations in the cryptocurrency space. We have carefully crafted and blended them to create our unique flagship products that others will soon replicate. However, being the pioneers in the realm of Crypto, we believe we have an edge! MeterQubes will continue to propagate the cutting-edge technology in fulfillment of its vision and mission towards…The Future of Intelligent Trading with an edge.
Author: MeterQubes CTO — Fahd Saifuddin
