Crypto exchange markets are right now on a bullish streak. What we are witnessing is a crypto market on steroids, literally.
This has been fueled by many factors. The United States Federal Reserve has been pumping out dollars like there is no tomorrow for many projects related to the current world events, including stimulus checks for businesses and families. This has weakened the purchasing power of greenbacks, pushing people to other assets to protect their savings.
Moreover, many financial institutions are giving in to the pressure of adopting cryptocurrency as solid investment assets, increasing their demand and desirability. And finally, some economies have entered periods of dire uncertainty, which drives investors away from traditional assets, such as real estate or long term investments, yet want to make sure their capital still generates value over time.
Unless you´ve been living under a rock for the past 15 years, you should at least have heard of blockchain assets. However, people are still apprehensive when it comes to buying or dealing with cryptocurrency. This is not only because of its intangibility, and the fact that you never see a physical version of a BitCoin. It also has a lot to do with the fact that people who trade or deal in cryptos are never clear on how they do it.
Now that BitCoin is at an all-time high, and we don't want it to stop ANYTIME SOON, it is a great time to start massively educating consumers about their advantages. Or, at least, creating tools that make crypto exchange and purchasing a breeze.
Peer-to-peer trading platforms have been the go-to places for traders for years now. But they tend to have a steep learning curve and their UI is a real turn-off for consumers who just want to see what the fuss is about.
The most popular platform would be LocalBitcoins. However, it is kind of difficult to actually know what's going on right off the bat. The good thing about these services is that they allow you to contact crypto sellers and buyers directly with total transparency. LocalBitcoins also doubles as an escrow service, adding an extra layer of security to your crypto exchange transactions. However, it does not provide any of the tools you will need to actually keep your coins safe.
I personally recommend SoFi and Robinhood as they are simple to use and get you started in trading in a few seconds. Their interface is intuitive, they offer wallet services and they offer very low transaction fees overall. The drawbacks are that you must be living in the US, and you can´t transfer your coins to other wallets. So they´re only crypto exchange platforms. CoinBase is also very popular and can be accessed from all over the world, which is great. It also has its downsides, though. Fees are a little steep, and you are limited to keeping your coins locked in their wallet as well.
Now, there are other services that allow you to enter the more complicated, yet more exciting, world of escrow marketplaces. There, you can spend your cryptocurrencies or even sell actual stuff and get paid in crypto balance. This is a booming side of the crypto exchange world and here is where I see incredible potential for growth. The more products and services we can access with our coins, the faster they will grow in value and stability.
I know it is bold to say this but, I do not think cryptocurrencies will lose steam anytime soon. And if we make a small effort, and get more people interested in protecting their hard-earned money by using solid assets, BitCoin and other currencies will reach values that not even John McAffee ever dreamt of.