Will a new generation of crypto exchanges move us past Mt. Gox?
There is a rapidly growing interest in the cryptocurrency market, but there are still problems with exchanges—and that’s not just putting money in. Although most top cryptocurrency exchanges boast of a seamless customer experience, the reality is quite different. There are stories of customer accounts being hacked, lengthy withdrawal times, and crashing systems.
Exchanges have had huge problems in the past. Perhaps the most notorious story is Mt. Gox. The Japanese exchange, which had billions of dollars in turnover, went bust and left thousands of investors in the cold. The Mt. Gox effect is still being felt with trustees dumping thousands of BTC on the market and creating artificial depressions in price—much to the chagrin of the cryptocurrency investment community.
Large exchanges are not immune to problems either. Binance had a well-publicized hack some time ago, although it appears funds were not lost. There was the Coincheck hack where millions of dollars’ worth of Nano disappeared. Recently, Upbit has been investigated by South Korean authorities, so the regulatory picture is not all that rosy. Lack of regulation is something that is plaguing the industry at the moment, and exchanges appear to be in the eye of the storm.
However, there appear to be exchanges that have learned from the problems and issues associated with first-generation exchanges. One of these is Eterbase, an exchange that describes itself as compliant with all existing regulations—a breath of fresh air for the discerning investor. Learning from the mistakes that first-generation exchanges have made in the past, Eterbase claims it is creating a more robust, safe, and user-friendly exchange than anyone that’s around at the moment. Additionally, they have made powerful, institution-grade trading tools available to all and sundry.
Eterbase also claim that they are Europe’s first regulation-compliant cryptocurrency exchange, offering fast, secure trading on a clean, powerful, user interface. A visit to the website is an instructive experience for the inquisitive investor.
With second-generation exchanges coming soon, it’s only a matter of time before the industry must adapt and offer customers a much better experience. A better regulated and safer environment for cryptocurrency can only be positive as more and more people decide to join the crypto space and make the industry mainstream. An easy-to-use and safe cryptocurrency exchange is crucial to the continued expansion of the industry.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.
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