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Back
Crypto-Confusion and the Use of Multiple Exchanges
5 minutes ago
masteranibal44 in crypto
CryptoExchange.png
Crypto
Cryptocurrency is an amazing world full of exploration and most importantly, confusion.
I love cryptocurrencies and I'm always telling people to invest what they can into coins such as Ethereum and Bitcoin. (I consider them as "safe" coins since they are popular). But even with these "safe" coins, there is still a lot of confusion with them. For example, my friends and I use Ethereum as a currency when we send each other payments. But we don't actually use the Ethereum Virtual Machine, EVM, or know a lot about the technology behind the coin. I'm pretty sure many people are the same. There is so much technology behind many of the coins, but most investors probably don't spend a lot of time researching them.
Another thing that made my mind go crazy is when I realized just how many coins there are available for trading. I used to only focus on Bitcoin and Ethereum. Pretty Simple. It wasn't until I got on Steemit that I started seeing names such as ZCash, Dash, Dogecoin, EOS, NEO, Golem, Antshares, Ripple, etc... And these are just a FEW of them! How does one keep track of so many coins! I honestly started to go crazy to try to get my feet wet in at least a few of the coins. I have experience with crypto so I didn't find it too overwhelming. But for someone that does not have any experience with cryptocurrencies, hearing and seeing info about so many coins and crypto-technologies can get very overwhelming!
Exchanges
I began my journey in the crypto-world with Coinbase. As of right now, the only platforms that I use are Coinbase, Jaxx, and Shapeshift and these are sufficient for what I do. The problem comes when my interest is peaked on a new coin and I want to buy (example is Golem). Since I only use Coinbase to buy and sell coins, I can't buy Golem directly. I'm sure many others face this problem with other coins and platforms.
There are quite a few exchanges available to us! Kracken, Coinbase, Bitfinex, Poloniex, etc... And worse yet, each exchange platform has different coins available for trading. So if an investor wishes to diversify their portfolio, they will most likely have to have accounts on multiple platforms or wait until their preferred coin becomes available on their preferred platform. This doesn't make sense to me, but it's just how it is.
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I'm pretty sure that eventually, there will be some kind of regulations so that worthless new coins don't come around. Let's be honestly, a lot of the new ICOs don't last for even a year. If less "worthless" coins come around, that would mean less clutter in the crypto world. As for the exchanges, i'm looking forward to the day that there will be an easy to use exchange platform that has every coin available. Until then, many of us investors will have to resort to either having multiple accounts or seeing other coins get hype on an exchange we don't have an account on.
Best Wishes!