The cryptocurrency exchange is a special platform offering users of the crypto network a wide range of functions. Here you can exchange virtual coins between each other and for fiat money, buy and sell, earn money on the difference in exchange rates. Unlike exchange offices, exchange participants get more opportunities from the position of benefits and functionality. Many services allow not only to carry out operations with cryptocurrency, but also to store it on internal wallets. Below we will consider what are the features of such sites, how they appeared and what types there are. Let's talk about the principles of the services and highlight the best of them for December 2018.
In 2009, the first Bitcoin cryptocurrency appeared, which differs from fiat money in its special construction, anonymity, high transaction speed and low commission. With the growing popularity, there was a need for cryptocurrency exchanges — special platforms where users exchanged some virtual coins for others or for fiat money (US dollars, rubles, yuan and others). The participants of the crypto network mined coins using mining, and then converted them on a special platform.
Today, every member of the cryptocurrency community knows about the existence of cryptocurrency exchanges, what it is, and what are the features. In simple words— it is a place for profitable conversion of virtual coins in different directions. At the same time, the functionality directly depends on the exchange platform and its type.
The first exchange platform appeared on February 6, 2010 and was called Bitcoin Market. This service was a "pen breakdown" and had limited capabilities, so representatives of the cryptocurrency community consider the Mt.Gox exchange, opened on July 17, 2010, to be a "pioneer". Its creator is Jack McCaleb. As soon as he heard about Bitcoin, he immediately made an application and marked it up on a special domain. Mt.Gox exchange has become the only service for buying/selling and exchanging virtual currency.
The innovation interested a number of large investors who appreciated the potential of the cryptocurrency market. Every day the exchange gained momentum, the activity of trading increased, the demand for virtual currency increased. Already on the first day of the platform's appearance, only 20 BTC were sold, and three months later the turnover increased almost 10 times (up to 200 thousand coins). 50,000 BTC participated in purchase/sale transactions every week, and a year later (in the fall of 2011) the daily trading volume reached the mark of 27.5 thousand Bitcoins.
Despite the growing popularity, McCaleb decided to quit the project, and in the spring of 2011 announced his desire to pursue other projects. Mark Karpeles, a programmer from France, became the new owner.
In the future, with the growing popularity of Bitcoin, the number of cryptocurrency platforms has also increased, and today their number is several dozen.
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