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Author : Crypto Income Staff 9 January 2018
Most of the cryptocurrency exchanges out there are what can be described as coin-to-coin trading platforms. Investors need to be aware of this reality, because such platforms have serious limitations, and can be more expensive than alternatives. A coin-to-coin exchange only accepts payments in cryptocurrency, usually Bitcoin, or specific fiat currencies like the U.S. Dollar. Such a venue will only pay out in cryptocurrency, almost always Bitcoin, or major fiat currencies like Euros and Dollars. To make life more difficult, many coin-to-coin exchanges will not accept credit or debit card payments or bank transfers. This can be a real problem for average people because they may not be able to access funds right away. Users can also lose money at coin-to-coin exchanges, because they may incur fees from selling altcoins, or converting them to fiat currencies. Advantages to coin-to-coin cryptocurrency exchanges. Coin-to-coin exchanges are very popular because they offer some serious advantages despite their limitations. Many traders find that these advantages will outweigh the shortages of coin-to-coin trading platforms. The biggest advantage to coin-to-coin altcoin exchanges is a greater level of privacy. You will not have to provide banking details, credit or debit card numbers, your address, your location, or your actual identity to trade on them.
This can make you harder to track, and add a layer of security. Other advantages include less bureaucracy and regulation which means coin-to-coin exchanges can be faster and easier to use. It can often take you a couple of days to set up an account at a commercial exchange. Many coin-to-coin platforms will let you open an account and start trading in a few seconds. Coin-to-coin exchanges are also decentralized so it will be harder for people to track your transactions in them. Theoretically, decentralized exchanges are supposed to be less vulnerable to cyberattacks – because there is no centralized system for the bad guys to target. DANGERS AT COIN-TO-COIN TRADING PLATFORMS. Coin-to-coin exchanges often come with a much higher level of risk than centralized trading platforms. Such exchanges can be amateurish and poorly organized which can make them vulnerable to hack. A related danger is that there is often little or no customer service and nobody to complain to if something goes wrong. There might be nobody available to fix a problem or plug a security hole, as there can be at a well-run centralized exchange. Customer service at some coin-to-coin exchanges consists of an email that somebody is supposed to check. A greater risk is that accounts at coin-to-coin solutions might not be insured. That means if money is lost or stolen it is gone forever.
A final risk is entanglements with regulators or tax collectors. Despite the claims of coin-to-coin platform operators, it is entirely possible that governments can track transactions on such platforms. That means accountholders might find their accounts blocked at some point. COIN-TO-COIN EXCHANGES ARE NOT FOR EVERYBODY. The bottom line here is that coin-to-coin exchanges are not for everybody. If you cannot afford to lose your investment, you should not put it into a coin-to-coin platform. Yet for persons with extra money, a coin-to-coin platform can be a great alternative. Those who understand their limitations can make money through these mechanisms. There are a number of excellent Coin-to-Coin trading solutions out there. Below is an examination of some of them. BITTEREX. Bitterex at https://bittrex.com/ is a popular USA-based platform aimed at serious traders. The big advantage to Bitterex is that you can trade a wide variety of altcoins through it including some very obscure ones – such as Gridcoin, Cannabis Coin, and Gambit. The platform claims to offer trading in more than 190 cryptocurrencies. Serious traders will like Bitterex because it offers a wide variety of markets and numerous currency pairs. It also offers Forex-type trading involving the U.S. Dollar and many cryptocurrencies.
Read more about Bitcoin and The BitClub Network at https://mypr.co.za/how-to-easily-convert-bitcoin-into-cash-part-3/.
From: Clyde Thorburn