There are many cryptocurrency exchanges running on the cryptocurrency market that offer purchase or sale of virtual assets. Which platform was the very first? Which market has achieved international success? Learn some more interesting facts about cryptocrrency exchanges!
Bitcoinmarket.com was the first Bitcoin exchange
The exchange was launched on 17th of March, 2010. It was managed by the popular user from bitcointalk forum. His name was dwdollar. The website has shown BTC charts in USD. Users were allowed to trade Bitcoins with use of PayPal as a payment method. There were many scams, which contributed to the fact of exchange shutdown on 4th of June, 2011.
One of the biggest cryptocurrency exchanges collapsed due to hacker attack
Shortly after Bitcoinmarket was launched, another cryptocurrency exchange was created. It was called Mt. Gox. By that time, it was one of the biggest cryptocurrency exchanges on the world. It handled more than 70% of all Bitcoin transactions that were conducted. It turned out, that Mt. Gox was the victim of hacker attack. As a result of an attack, about 850 000 Bitcoins were stolen. By that time, virtual assets were worth more than 450 million USD. In February 2014 exchange got suspended. All of the stolen funds remain on cryptocurrency wallet not moved.
It's worth mentioning, that around 200 000 of BTCs were found. There were evidences presented in 2015, but still most of the stolen funds from Mt. Gox's hot wallet remain unfound.
CEO of Binance is one of the richest people in cryptocurrency world
Changpeng Zhao, CEO of Binance, was listed by Forbes, as one of the richest people from cryptocurrency world. He managed Binance, which achieved great success in such a short period of time. Until this day, his platform is placed among the cryptocurrency exchanges with the highest trading volumes. Moreover, Binance is one of the most recognizable brands in cryptocurrency industry. In September 2018, it was said, that Changpeng Zhao holds about 1.4 billion USD worth.
Decentralized cryptocurrency exchanges
Most of cryptocurrency ehtusiasts and lovers believe, that decentralization is key to cryptocurrency development. Trading such type of assets still take places on centralized exchanges mostly. It's worth saying, that there are some decentralized exchanges like DEX.
What are the pros of this kind of exchanges? All of the traeds carried out on exchanges are based on blockchain. Moveover, transaction fees are relatively lower than in case of centralized exchanges. They are not yet that popular, but they are still gaining more and more popularity.
As an example of DEX exchange we can point McAfeeDex, which works on Ethereum Blockchain. According to John Mcafee, his exchange is a gate which frees people from goverment control. Moreover, McAfee said, that this platform will be open to all jurisdictions and will have no restrictions.