Exchanges or bitcoin and token exchange houses have played a fundamental role in the development and evolution of the ecosystem as it is known today. An exchange is a platform where assets are exchanged, whether they are cryptocurrencies, currencies, stocks or commodities.
Cryptocurrency exchanges greatly facilitate the use of bitcoin and contribute to its massive adoption. And it is that, in a couple of clicks, anyone can make exchanges of digital assets, no matter where in the world they are. But crypto exchanges have come a long way to become the platforms they are today.
With the birth of Bitcoin in 2009, a whole world of possibilities opened up, and a real revolution in the financial system began. Few imagined the impact that the first cryptocurrency would have on an economic, political and social level. Now, how did the need to create exchange houses for this digital asset arise?
This was the beginning of bitcoin and cryptocurrency exchanges
The first exchange of bitcoin to fiat currency was made by Martti Malmi, a person known in the industry for being one of Satoshi Nakamoto’s collaborators for the development of Bitcoin. In October 2009, Malmi contributed to the creation of a platform to exchange bitcoin for US dollarsand it was called NewLibertyStandard.
Following the launch of the exchange, Malmi sent 5,050 BTC, receiving $5.05 in return. The dollars were sent by Paypal, and this transaction was the beginning of the cryptocurrency exchange platforms that are used today.
Another of the world-renowned exchanges that emerged a year after bitcoin was Mt. Gox. It was founded in 2010 thanks to Jed McCaleb, and its headquarters were located in Shibuya, Tokyo. In that same year, 70% of bitcoin transactions were made on Mt. Gox. Thus, it became the largest crypto-exchange globally.
However, problems were not long in appearing. In 2011, Mt. Gox was the victim of a hack in which funds were stolen. But that was nothing compared to the 2014 cyberattack, which led to the largest crypto heist in history. Between the two attacks, an estimated 1.35 million BTC was lost, which, at the time of writing, is roughly equivalent to $51.3 billion. That spelled the end of Mt. Gox, and its CEO, Mark Karpeles, faced criminal charges.
bitcoin exchanges today
From its beginnings to the present, the evolution of exchanges is more than evident. Gone are the days when bitcoin could only be exchanged for US dollars, and liquidity was a major issue. There are now hundreds of options when it comes to exchangescryptocurrencies and fiat currencies.
Crypto-exchanges are no longer just for trading, but also for accessing loans, staking, earning passive income by providing liquidity, and many more features. In terms of security, these platforms have taken measures to reduce the risk of cyber attacks, and thus avoid the mistakes of their predecessors.
Cryptocurrency exchange platforms keep growing and adding new features to make trading digital assets easier and more accessible for all kinds of people, not just those with advanced knowledge of Bitcoin technology.
Trading bitcoin just got easier
A clear example of the evolution of exchanges over time is CoinEx. The platform was launched on the market in 2017, with the slogan “Where innovative digital assets meet”. Its main objective at that time was for the exchange house to have the most innovative cryptocurrencies with the most potential. The team behind the company focused on looking for promising projects to expand its list of assets, but always prioritizing quality over quantity.
After five years, the market changed, and with it the needs of people in financial matters. Recognizing this, CoinEx decided to adapt and change course, what your slogan includes, which is now “Making Cryptocurrency Trading Easier”. His current goal is to make trading a simple process to attract a larger number of users and contribute to the mass adoption of bitcoin.
By designing a more user-friendly interface, CoinEx wants to offer beginners access to the world of digital assets, thus debunking the myth that Bitcoin technology, and everything related to it, is complicated and of little practical value. for common people.
The exchange wants to be a bridge between the users and the cryptocurrency trading. To do this, the platform continues to add functions specially designed for those who are getting to know bitcoin and all the possibilities that this asset offers.
There is still a long way to go to achieve the mass adoption of bitcoin, but it is clear that crypto-exchanges play a fundamental role in this process. Its adaptation to the needs of the general public and its ease of use will largely determine the number of users who will be able to access digital assets and make them part of their personal finances.