Anyone familiar with the crypto market will understand that most traders cannot do without using cryptocurrency exchanges to transact. But, how well do we know these exchanges? Thinking you know much about exchanges already, the following facts will make you have a rethink. They are both interesting and informative.
Number One: There 255 Cryptocurrency Exchanges Listed on CoinMarketCap
The total number of crypto exchanges worldwide is not known. But it can be estimated using CoinMarketCap platform as reference. CoinMarketCap currently listed 255 cryptocurrency exchanges on its platform.
Number Two: Five of the 255 Cryptocurrency Exchanges Generate More Than $25 billion in Trade Volume Every Month
Five of the 255 trade more than $25 billion worth of cryptocurrency within 30 days. Among the five, OKEX generates the highest volume of trade ― $35 921 003 100, while Huobi Global generates the least ― $25 288 796 654. The other three in this category include Binance (second), DigiFinex (Third) and HitBTC (fourth).
Number Three: On average, All of The Exchanges With Top Ten Trade Volume Generate $62M/mo
The volume of trade processed is the main factor that determines exchanges business profit. They are not affected by the cryptocurrency market pricing.
Exchange platforms handling the Top 10 global trade volumes earn on average $62 million monthly / $400 million daily volume, while those handling the Top 50 and Top 100 trade volumes generate about $26 million monthly / $170 million daily volume and $13 million monthly / $86 million daily volume respectively.
Number Four: Bitcoinmarket.com is the first exchange platform ever
The platform suspected to belong to a Bitcointalk forum user named “dwdollar” is the first exchange platform. He announced Bitcoinmarket.com on January 15th, 2010 during the time when Bitcoin was valued against the dollar at 0.0003 (1BTC/$0.003).
Number Five: Malta Government Welcomed Binance via Twitter
Binance was originally located in China. It moved its operation to Japan after it was banned by the Chinese government. It also became banned in Japan and again moved to Malta.
Binance which is one of the largest exchange platforms can be assumed to be well welcomed in Malta because the government took to Twitter to express their delight in having them.
Number Six: Former Largest Global Exchange Platform Went Bankrupt Due to Stolen BTC
Magic the Gathering (Mt. Gox) before going bankrupt in 2014 was the largest exchange platform in the world. At the time, it handled about 70 percent of the total Bitcoin transaction worldwide. The platform was hacked and more than 850,000 bitcoins were stolen, forcing it to file bankruptcy and closing its door. Only 200,000 of this has been found so far.
Number Seven: A Sell Order That Affected the General Market Price Was Placed in 2014
The cryptocurrency market was shocked on October 6th, 2014 when a seller under the pseudonym “BearWhale” placed an order of 30,000 BTC at the rate of $300/1BTC. During the time, the price was $350/$1. After the BearWhale’s bitcoins were completely sold, the general market in price was unstable for 6 hours before returning to normal.
Number Eight: Exchange Can Be Used to Lauder Dollars
Literally, it is easy to imagine the use of bitcoin as a means to siphon dollars. BTC-e, an exchange platform that was handling about 3 percent of the global trade was accused by the US government on July 26th, 2017 of operating an international money laundering scheme. Its founder, Alexander Vinnik was also accused to have participated in the Mt. Gox hack. The platform domain has been seized by the US government.
Number Nine: Monero is The Most Preferred Crypto-Coin in The “Deep Web”
Cryptocoins are not totally anonymous. It is possible to read block transaction history. If you knowingly or unknowingly transact with an account that has been blacklisted, merchants and exchanges will reject your coin. Monero (an altcoin) is the most accepted coin in the deep web because it blocks access to any attempt to check block transaction history.
Number Ten: Binance Exchange CEO is Worth More Than $1 Billion
Ripple co-founder, Chris Larsen, is the richest crypto billionaire with about $7.5 billion, followed by Joseph Lubin with a net worth of $1-$5 billion. Changpeng Zhao (CZ), the CEO of Binance is the third on the list with about $1.1-$2 billion. CZ built Binance and grew it to become one of the largest exchange platforms in the world within 180 days.