Feeling insecure can lead to trust issues. The lack of trust people have when it comes to crypto exchanges, is not something most people will take risk of. Locking funds in an exchange wallet and trusting an unknown company with your cryptocurrency funds is never a good idea. Moreover, citizens of some countries can’t register on some exchanges, which makes this process even less appealing.
The stressful process to have your account verified is another drawback of crypto exchanges. You need to upload a passport, take a selfie and wait for days. Handing over your personal data is also not a good idea.
In a global market where anyone, anywhere, can start up their own currency exchange, the market has been flooded with both good and bad service offerings. Not only that they hard to use for geographical and linguistic reasons, but the precise definition of an exchange is something that few can agree on.
Mt.Gox handled approximately 70% of all bitcoin transactions. It’s’ death spiral began in February 2014, when the company suspended trading, closed its website, and filed for bankruptcy protection.
Apparently, It has been easy to go bankrupt, get hacked, or fail to make a profitable business out of cryptocurrency exchanges. While many of these failures have affected individuals, to varying extents, each one has added something to the cryptocurrency ecosystem, and today’s new exchanges are facing more threats. No matter how secure these exchanges become, there is always a lesson to be learned.
Imagine where you can just trade cryptocurrencies without need to lock up or deposit any fund and able t trade instantly without need to wait for a seller or a buyer. No registration, no login, no fees.
Bancor Protocol is the first technological solution to solve the cryptocurrency trading problem which currently rely on “labor of market”. It is the classic problem in economics known as the “Double Coincidence of Wants Problem,” in the domain of asset exchange.
Bancor is a Decentralized Liquidity Network that allows you to hold any Ethereum token and convert it to any other token in the network, with no counter party, at an automatically calculated price.
Users can just visit app.bancor.network and trade (buy/sell) any cryptocurrency through their Metamask/Mist wallet without logging in!
Since the tokens will be instantly sent to the users Metamask/Mist wallet, there is no need to request for withdrawal. It helps eliminating fees for processing, except for the gas fees of the ethereum network.
Bancor is a Decentralized Liquidity Network that allows you to hold any Ethereum token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet.
Despite what you may have heard about cryptocurrencies and blockchain, digital tokens and their exchanges are not bulletproof. Hackers look for opportunities, and unscrupulous buyers and sellers will look to take advantage of certain payment methods. This is why it is critical to take your personal privacy and security seriously.
Ask your self these questions; How much personal information is required to set up an account? Do you really need to verify your address, identity, or phone number? While many people are okay with sending cryptocurrency exchange their ID, this is enough to invite most scammers and makes it easy for hackers to infiltrate individual user account.
With Bancor, you keep your privacy and your cryptocurrency for yourself.