Intro
Let's talk about Blockchain. A blockchain is an open and decentralized ledger consisting of a growing list of transactions, which are permanently verifiable and are linked using cryptography, with each block having a cryptographic hash of the previous block, a timestamp, and transaction data. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority.
Blockchains are the bedrock of cryptocurrencies. A cryptocurrency (or a digital asset) is a digital asset designed to work as a means of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
CRYPTOCURRENCY EXCHANGES
So now, we're getting warm. What is a crypto exchange then. Cryptocurrency exchanges are sites(whether physical or virtual) where cryptocurrencies are traded for each other or traditional fiat currencies like Euro, Pound Sterling or US Dollar.
They may be divided by many criteria, chief of which may be Modus Operandi or Central Control.
Degree of Control
Centralization of a crypto exchange suggests a central control of exchange management and resources. There are Centralized, Decentralized and Hybrid exchanges.
Centralized Exchanges
The transactions here are monitored and controlled by the owners of the exchange. Transactions can be made only through mechanisms provided and approved by the central body. Also there is no access to private keys by traders. Examples include Hitmex, Binance, Kucoin, Bittrex etc
Decentralized Exchanges
Decentralized exchanges allow peer-to-peer trading of cryptocurrencies, with no central control, with access to. private keys. Decentralized exchanges or DEX reduce the risk of hacking of exchanges. Examples are Forkdelta, TokenJar, BinanceDex etc
Hybrid Exchanges
The hybrid cryptocurrency exchange website has both decentralized and centralized properties at the same time.
Modus Operandi
The operational criterion divides crypto exchanges into the Cryptocurrency Brokers, the Direct Trading Platforms and the Trading Platforms.
Trading Platforms This makes up the bulk of crypto exchanges. These are websites that connect buyers and sellers to make a transaction and take a commission or transaction fee.
Cryptocurrency Brokers These platforms are where brokers set their cryptocurrency prices with buyers purchasing at their prices.
*Direct Trading – These platforms like Coinplace, offer direct person to person trading where individuals can trade any digital or fiat currency. These sites do not usually have a pegged or fixed market price with each seller and buyer trading at their own pre-arranged rate.
HITMEX EXCHANGE
HITMEX,located at https://hitmex.io/ is a next-generation cryptocurrency exchange noted for top-notch services.
Why trade on Hitmex?
HITMEX TOKEN
The Hitmex token, with the ticker BMEX fuels and powers the Hitmex platform. It is a unique utility token that makes it easy for people to invest and earn. The decimals of the token are 18 and the contract address is 0x1dd58E6a7ABaaAcFAa925Abd0AcCbE2a4FB2EDAd.Circulating supply of the token is 750,000,000 with a maximum supply of 1,000,000,000.
Outro
Hitmex is the exchange of the future, and it is upon us. For due diligence, head to https://hitmex.io/
About the Author
Joseph Johns is a successful Emergency Medicine Physician and an ardent cryptocurrency and Blockchain connoisseur
Bitcointalk Username: Redkop
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2743818
