Many of us have heard the term cryptocurrency, but have a hard time truly understanding what it is all about. As you can’t invest in something unless you understand it, we end up not wanting to take the risk. However, as per the Crypto exchange development companies, cryptocurrency is a trend that’s not too easy to understand. Cryptocurrency works like digital currency created through the use of advanced encryption techniques such as cryptography. The concept which began as a mere concept has now become an industry worth millions of dollars. After beginning in 2009, through the creation of Bitcoin, this concept has taken over the world of business and finance, becoming an industry that revolutionized the way we trade and buy stocks. So what is crypto exchange development and why is it so important? Here’s a look at the importance of cryptocurrency, currency exchanges, and some of the top crypto exchange development companies in India.
What is cryptocurrency?
Cryptocurrency such as Bitcoin act as decentralized currencies that work on peer-to-peer technology, making it easier to process and verify the transaction. The concept is powered by blockchain technology and crypto exchange development companies which ensure maximum security and clarity. This also ensures that cryptocurrencies remain free from government manipulation and corruption. The downside to this, however, is that it makes it difficult to set standardized practices as there is no authority to provide guidelines. These coins and bits are mined through digital processes, and around 25 coins are mined every 10 minutes all around the world.
Future of Cryptocurrency
Experts believe that those advancements in technology will bring forth some major changes in the field of cryptocurrency. Furthermore, there are talks of such currencies entering the NASDAQ as a proper stock that buyers can buy and sell through the market. Such a move will also help in improving the reliability and credibility of blockchain and all such currencies. One of the biggest reasons people tend to stay away from such forms of currency is because they feel it is as “real” or trustworthy as conventional currencies. However, all this will change with the setting up of verifiable online exchanges which follow strict rules with regards to exchanges and trades.
Characteristics of Cryptocurrencies
- Highly decentralized and not government-controlled.
- No regulation from banks.
- It requires an extremely robust and secure framework to trade.
- No upper limit for issuance around the world.
- No support mechanisms or insurance.
- Value depends on the buyer’s intent and market standing.
- Requires high-end processing.
- It provides transaction anonymity.
- Growing visibility.
- Limited by the danger of security breaches.
- Growing acceptance from local vendors.
Major Cryptocurrencies
- Bitcoin- The one that started the whole cryptocurrency bubble way back in 2009. The most highly valued currency with the highest market share, this currency requires high processing power to mine.
- Litecoin – Regarded Bitcoin’s biggest rival, Litecoin works well when it comes to processing smaller, shorter transactions at faster rates. It came out two years after the Bitcoin and requires lesser processing power to mine, making it a more accessible cryptocurrency to many.
- Ripple – Ripple came out in 2012 and is headed by entrepreneur Chris Larsen. Just like the Bitcoin, Ripple works as both a currency and a payment portal, with the currency going by the name XRP.
- MintChip – Powered by a governmental organization, unlike the rest, MintChip is an initiative of the Royal Canadian Mint. It comes with a smartcard which can be used for transactions, while also offering personal anonymity like the Bitcoin.
What do Crypto Exchange Development Companies do?
The ever-growing crypto market presents investors with an opportunity to make some quick money. Similarly, it is also very profitable to run a crypto exchange website, as these people get paid a commission fee for every transaction made through their website. Therefore, around the world, there is a huge competition when it comes to crypto exchange development companies and websites. These endeavors provide various services by utilizing their experience of working with Blockchain Technology. White label crypto exchange development services help you provide users with a highly secure platform to make their transactions on. Such development companies work with exchange owners to understand the needs of their users and then custom design a website that maximizes efficiency and accelerates processing time. Some of these companies also help businesses develop their own exchange from scratch!
Services Offered by Crypto Exchange Development Companies in India
- Boost the Transaction per second rate to ensure better processing time.
- Built-in trade engine which can streamline the entire transaction.
- Secure storage of data.
- Several layers of advanced security and encryption.
- Various referral and reward schemes.
- Multiple language support for people in need.
- Security through HTTP authentication.
- Protection from DoS, DDoS, SSRF, and CSRF attacks.