Cryptocurrency exchanges are an important component of the cryptoeconomy. Without them, it is impossible to trade cryptocurrency and tokens, to ensure their liquidity. Cryptocurrency exchanges are developing along with the crypto market, they have very good prospects.
I present to your attention a review - Cryptocurrency exchanges. Part 1. The first superheroes.
Today I want to talk about the economic component of the entire blockchain and crypto industry - cryptocurrency trading platforms, namely about it "first superheroes". As often happens, at first I wanted to write just one article and a little on a different topic, but as often happens, there was a lot of information...
Let's start in order. What are cryptocurrency exchanges? (Online service for exchanging digital currencies - English. Digital currency exchanger, DCE) This is a service that provides its users with services for the exchange of digital assets for other currencies, which can be both national monetary units and other digital tokens or coins. Experienced users, excuse me for the meticulous style - I always put myself in the shoes of a complete beginner, the article should be intuitive for everyone. Agree?)
According to coinmarketcap, at the time of this writing, there are 17851 cryptocurrency exchanges, and the daily trading volume is only $ 41,525 387,043!
Just think about this figure! But I assure you, the real number of trading platforms is many times greater, because every day cryptocurrency exchanges open and close - one-day.
Not impressed? Okay, let's go ahead and start with the history of this wonderful industry.
How it all began? Which exchange was the first? Who created? I carefully studied this issue for a week: I shoveled the Internet through many search engines, looked for information on various crypto forums...and of course I'm ready to tell you all the most interesting.
The first superheroes
October 5, 2009 year, the first Bitcoin rate against the dollar was published on the exchange New liberty standard (sunk into oblivion) - $ 1 = 1309.03 BTC (how do you rate?).
As you can see in the screenshot above, on the bitcointalk forum, users are discussing a "new" approach to trading with the digital asset BTC. This topic, if desired, can still be read - fortunately, it was not transferred to the archive.
Talk about New liberty standard as a full-fledged crypto platform - lie to yourself, but the fact that the first Bitcoin price was formed here gives the full right to call this exchange the First "under" or "half" cryptocurrency exchange... in general, this progenitor of the Universe called "crypto trading".
On bitcoinwiki.org contains information about the opening of the first official exchange Bitcoin Market February 6, 2010. No matter how hard I tried, I unfortunately did not find detailed data about this miracle site. It is only known that on July 12, 2010, the price of Bitcoin rose to "unthinkable" $ 0.08 for 1 BTC (already better, yeah?).
The very first full-fledged cryptocurrency exchange is Mt.gox.
It was founded in the distant 2007 year and was engaged in trading Magic the Gathering game cards. The trading platform got its name Mt. Gox just by the first letters of the name of the game "Magic: The Gathering Online Exchange " . The creator is programmer Jed McCaleb, further known on the bitcointalk forum under the nickname mtgox.
In 2010, McCaleb first learned about the new currency BTC and realized that this line of business needed an intuitively simple buy / sell service. Jed developed his own app and hosted it on the pre-existing domain Mt. Gox. The novelty gradually began to attract investors who were interested in the new technology. Already on the first day of the exchange (July 17), it was sold 20 BTC, and almost 2 months later (October 10), the trading volumes reached 187,000 BTC.
In March 2011, McCaleb wrote that he did not have enough time to work with his "brainchild" and the site was bought by the French programmer Mark Karpeles, who is known on the bitcointalk forum as MagicalTux.
And this was the impetus for the whole industry! The exchange became the first place where you could safely trade cryptocurrency . During the first months of the exchange, on the bitcointalk forum, an average of 36 new users. In June 2010, this indicator was already equal to 286 people.
In February 2011, more than 1000 people were registered every day. In May 2011, the number of forum participants reached 31 247 people! And this is all through the efforts of Mark Karpeles, who made it possible to simply trade Bitcoin and trade cryptocurrency :)
In July 2011 via Mt. Gox accounted for 80% of all BTC sales.
In August 2013, about 47% of all transactions on the Bitcoin network were made through this platform.
As of February 2014, the exchange was closed due to the fact that funds from users and owners of the exchange were withdrawn from its accounts in the amount of 700,000 BTC.
Bitstamp Cryptocurrency Exchange
The Bitstamp trading platform originated in the distant 2011, its founders are brothers Damyan and Kodrich Merlaki, they invested only $ 1000 in the launch of their "brainchild". The exchange is registered in Slovenia, legal address in Luxembourg, and the business itself is located in the UK.
In the first years after its foundation, the project attracted about $ 14 million in investments, including the lion's share from the Pantera Capital fund. As of February 2014, the exchange was officially the largest trading platform in terms of trading volumes in the BTC / USD pair.
According to the coinmarketcap resource, at the moment, the daily trading volume on the exchange ranges from $ 50-100 million per day:
Bitstamp - the first cryptocurrency exchange that received a license to operate throughout the European Union. You can legally trade cryptocurrency on it. The work of the exchange is controlled by "Financial Sector Supervisory Commission (CSSF)"- the financial regulator of Luxembourg. The trading platform supports the KUS policy and submits reports on its financial activities on an ongoing basis.
On October 25, 2018 it became known about the acquisition of a controlling stake by a Belgian company NXMH - it, in turn, belongs to the South Korean conglomerate NXC, who owns
the Korean marketplace Korbit and the Korean-Japanese startup Nexon. Under the terms of the deal, NXMH acquires as much 84% stock exchange, Kodrich reserves 10% shares and the post of CEO. Another shareholder, Pantera Capital, retained 6%. The amount of the transaction was not disclosed, it is only known that it was carried out for cash.
Kraken Cryptocurrency Exchange
Marketplace Kraken also started its activity back in 2011. Its founder is Jesse Powell, who is the CEO to this day. For several years, the exchange did not particularly stand out against the background of competitors, but 2014 was a turning point. After the unexpected bankruptcy of the MtGox exchange, it was the management of Kraken who was tasked with investigating the "mysterious" disappearance of a huge amount of BTC. All MtGox users who wished to return the lost funds registered on the Kraken exchange and continued to work on this site (Not bad, yes?).
Further, the popularity of the exchange began to grow exponentially. The trading platform was the first to pass a cryptographic audit and, moreover, received an excellent result! Company Bloomberg even started broadcasting a summary of cryptocurrency rates.
At the time of this writing, the Kraken cryptocurrency exchange has confidently staked out its place in the top 50 trading platforms where you can trade cryptocurrency. According to the coinmarketcap resource, its daily volume is approximately $ 100 million. Despite major attacks in 2017, the legendary exchange is still alive...although far from the volume of five years ago. But time passes, technologies develop, but this is a completely different story.
I wanted to make a brief overview of several more "ancient" exchanges, but there are so many misunderstandings and "dark spots" that I don't even want to go into history and impose my opinion on readers, because even the years of origin and beginning of trading in cryptocurrencies differ in different sources for several years...
But all the same, it is worth mentioning such trading platforms where you can also trade cryptocurrency:
Paymium is a European crypto exchange that has only one BTC / EUR pair in its asset and the daily volume is approximately $ 65,522...which is quite small for such an old marketplace. According to various sources, the exchange was created between 2010 and 2013. Why such difference? Most likely, the trading platform began to trade not quite cryptocurrencies and did not work quite constantly))
The marketplace takes its roots back in 2007. Until 2010, the resource was more an electronic exchanger than an exchange, and only in 2011, after the opening of a new division, on
TheRockTrading could buy Bitcoin. At the time of this writing, the average trading volume is approximately $ 250,000. On the positive side, the exchange has never been hacked and works completely smoothly. The developers even created a "mirror" in case there are technical problems with accessing the resource.
BTCC can also be called one of the oldest crypto exchanges. It opened (like many other "leaders") in 2011 in China. For a long time it was considered one of the most influential trading platforms of the entire one and a half billion country and was remembered for the release..."physical"BTC. Does she work now? There is absolutely no data...Do not recommend...
Several dozen more similar "dinosaurs" can be described, but I do not see any point in this, because most of them no longer work with them and practically no one has played any significant role in the development of the blockchain industry. But I described the main players at the dawn of the entire crypto industry, I think their influence will never be forgotten by any crypto enthusiast. Bravo!