Cryptocurrencies are getting entrenched in the global financial system slowly and steadily, with certain companies using these to pay their employees too. Hesitancy with respect to their use is slowly ebbing, and you may run the risk of being behind the times if you don’t stay updated on the latest trends in this domain. This article lists the exchanges and wallets you should be aware of in case you want to buy or trade in cryptocurrencies.
Blockchains are riding on a wave of popularity today. Businesses are closely monitoring blockchain development platforms to ensure that this secure environment can be used for a variety of applications. Governments, too, are looking at employing blockchain technologies to harness their benefits.
Key applications of blockchains on which there is considerable research and development are:
- Cryptocurrencies and cross-border digital payments
- Smart cities
- Real-time Internet of Things (IoT) for smart appliances
- Supply chain and logistics management
- Smart contracts
- Electronic health records (EHR)
- Intellectual property rights (IPR)
- Video games and multimedia applications
- Sustainable energy
- Anti-money laundering
Recent trends in cryptocurrencies
Cryptocurrency trading is seen as extremely lucrative, particularly among the younger generation, due to the large potential for profit. There are numerous limits and rules in traditional stock market trading. In the case of cryptocurrencies, there are no such boundaries and huge profits can be made overnight. The cryptocurrency sector is also known as the ‘crypto market’, in which ‘crypto users’ trade various types of cryptocurrencies.
The price of a BitCoin (BTC) was less than one US dollar around 10 years back when it was launched. Today, its price is more than US$ 30,000. A few months ago, its price touched around US$ 60,000, proving it is a very attractive form of investment.
The market capitalisation of cryptocurrencies is around 338 million US dollars, with 13,951 BitCoin ATMs located in different parts of the world, as per a report from Statista.
Wallets and exchanges for cryptocurrencies
Currently, there are a number of exchanges in the world that offer platforms and wallets for buying and trading in cryptocurrencies. These include Web based environments as well as apps for Android, iPhone and other mobile phone platforms. Crypto users can buy and sell different currencies that are legal tender around the world with ease on these sites.
The major worldwide crypto exchanges in the world that provide wallets and Web platforms for cryptocurrency trading are listed in Table 1. In crypto exchanges, pairings refer to the pairs of cryptocurrencies that are used to buy and sell such coins.
Table 1: Top international exchanges and wallets
In the crypto world, there are two types of exchanges and wallets — centralised and decentralised.
Centralised exchanges and wallets
The centralised exchanges and wallets are owned by companies or corporate giants, which record the complete Know Your Customer (KYC) details either through video KYC or paper based KYC. Users can open accounts in these centralised exchanges and then trade in any cryptocurrency. In centralised exchanges, trading is done through the local currency that is legal tender in that specific country — for example, the Indian rupee in India. KYC is done to avoid any type of money laundering activity.
Table 2 lists popular centralised exchanges in India and their URLs.
|Exchange with wallet platform||URL|
Table 2: Top centralised wallets and exchanges in India
Decentralised exchanges and wallets
Decentralised exchanges are platforms on which the account is opened directly without any intermediate company, and trading is done directly by the crypto users. There are some misgivings about such platforms because of the anonymity of the people who use them.
Table 3 lists the world’s top decentralised platforms that offer crypto trading.
|Decentralised platform||Coins in trading|
Table 3: Top decentralised exchanges and platforms
The jury is out on the use of cryptocurrencies because these are sometimes used to circumvent the national money transfer system. Some governments prohibit their use in order to prevent money laundering.
The use of cryptocurrencies in any country necessitates legislation and protocols in order to incorporate the greatest benefits and features into a real-world setting. If cryptocurrencies are employed for real-time applications and e-governance, the benefits to society and the corporate sector can be enormous.