Cryptocurrency Exchanges - An Introduction
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Cryptocurrency exchanges are systems that allow users to trade cryptocurrencies for digital currencies or other asset classes, such as fiat money. They can be market makers that typically take the bid/ask spreads as transaction commissions for their services or simply charge fees as a matching platform. Most wallets also have integrated exchange functions.
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Cryptocurrency Exchanges - An Introduction
- 1. kameir.com Version 1.3 (Dec 2017) Cryptocurrency Exchanges
- 2. Blockchain wallet users worldwide: ~ 15 million Cryptocurrency Wallets Worldwide
- 3. Christian Kameir Version 1.0 Taxonomy of Exchange Services ● Order Book Exchanges ● Brokerage Services ● Trading Platforms
- 4. Coinbase hits top spot on Apple’s US App Store December 7, 2017
- 5. Project objective Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua ipsum dolor sit amet.
- 7. Cryptocurrency Wallets (with exchange feature) • - Centralised exchange or brokerage model • - Integrated third-party exchange model - P2P exchange/marketplace model
- 8. Check List ❏ Geo Restrictions ❏ Banking Relationships ❏ Trading Volume ❏ Verification Requirements ❏ Payment Methods ❏ Fees ❏ Exchange Rates ❏ Reputation
- 9. 92% of exchanges use cold storage 86% Multi-Signature Support DO NOT TURN OVER CUSTODY OF YOUR FUNDS! YOU are in charge of security!
- 10. TOP 20 Exchanges by BTC Volume
- 11. Does not collect personal data “Shifty Button API” for 3rd party sites Miner Fees: BTC $44.47 / ETH $6.86
- 13. Bitcoin Futures Trading December 18th 2017 Chicago Mercantile Exchange
- 14. US has conflicting stands on cryptocurrencies
- 15. Buying a NEW token?
- 16. “Blockchain Will Do to the Financial System What the Internet Did to Media”
Editor's Notes
- - Price discovery function
- Internet Users: 3.58 billion - 15 million = 0.4% A rising tide lifts all boats (not Kennedy but Regional Chamber of Commerce, New England)
- Order Book Exchange Systems that uses a trading engine to match buy and sell orders from user. Brokerage Service Lets users conveniently acquire and/or sell cryptocurrencies at a given price. Trading Platform – System that provides a single interface for connecting to several other exchanges and/or offers leveraged trading and cryptocurrency derivatives.
- Between 6 million and 12 million wallets are estimated to be currently ‘actIve’ In contrast with exchanges, the majority of wallets do not control access to user keys.
- Coinbase is NOT an exchange - when you buy or sell on Coinbase you initiate an automated clearing house (ACH) transfer
- March 25th, 2014- IRS: Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes (https://www.irs.gov/newsroom/irs-virtual-currency-guidance) 2015: 802 people reported BTC transactions to IRS IRS demanded that Coinbase provide personal information more than one million customer accounts The IRS subsequently limited demand - transactions worth $20,000 or more
- Centralised exchange/brokerage model: wallet provider is central counterparty Integrated third-party exchange model: wallet provider partners with a third-party exchange to provide exchange services P2P exchange/marketplace model: wallet provider offers a built-in P2P exchange that lets users exchange currencies between themselves 50% of wallets provide a currency exchange feature 80% offer a fiat to cryptocurrency exchange In contrast with exchanges, the majority of wallets do not control access to user keys.
- https://blockgeeks.com/guides/best-cryptocurrency-exchanges/
- Average exchange has a dozen employees and 1/5 exchanges have been hacked
- There are 147 exchanges - TOP 20 make up 95% of trading volume
- company founded in 2013 in Switzerland seed-stage investment by Roger Ver and Barry Silbert
- “Bitcoin Mercantile Exchange”
- The world's largest futures exchange: Chicago Mercantile Exchange CME, announces it has completed self-certification with the Commodity Futures Trading Commission to launch its bitcoin futures contract on Dec. 18. Several smaller exchanges are already trading bitcoin futures.