Reminder: Bitcoin Doesn't Need Centralized Exchanges or Online Wallets
Decentralized exchanges and hardware wallets will make Bitcoin practical and secure. Although the current situation at MtGox does not reveal any real issues with the Bitcoin protocol, it's important to realize that, at this moment, centralized exchanges and online wallets are still necessary for someone to experience this new technology in a user-friendly manner. While many Bitcoin proponents will talk about cold storage and paper wallets all day long, the reality is using those forms of storage aren't that practical for real world situations. When you move your bitcoins to your phone, you....
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The Bitcoin ecosystem continues to be dominated by a handful of platforms and companies. Roughly 10.6% of Bitcoin’s (BTC) circulating supply is currently held on just five centralized exchanges, according to data published by Chain.info.More than 1.96 million BTC is currently held between the major exchanges Coinbase, Huobi, Binance, OKEx, and Kraken.Likely owing to its custody services, Coinbase holds by far the most, with 944,904 BTC currently spread across approximately 4.39 million different wallet addresses.Huobi ranks second with 323,665 BTC held in roughly 901,600 unique wallets,....
If you walk into a crowded place and shout Binance, there is probably someone who’s going to open their Binance app to check what’s going on. Centralized exchanges like Binance, Coinbase, and HBTC dominate the crypto space. Their reach in the market is an indication that we are already in the crypto future. Statista reported earlier in the year that collectively, Binance, HBTC, and Hydax Exchange process $54 billion worth of transactions every 24 hours, almost a third of the global exchange volume. As crypto adoption continues to rise, a corresponding surge in the decentralized....
With the decline in the price of bitcoin, there has been a lot of selling from investors. This sell-off trend has contributed to the further decline of the digital asset’s prices in recent times. However, as the bear run continues, there has been a marked reduction in the amount of BTC being sold off by the holders. The decline in the number of addresses that are sending their coins to centralized exchanges speaks volumes about this. Sellers Beginning To Cool Off Over the last year, the number of bitcoin addresses that had been sending BTC to centralized exchanges, presumably to sell their....
The recent surge in the Bitcoin price was preceded by a significant amount of BTC leaving centralized exchanges. Over the past week, investors took to exchanges to remove their BTC holdings, supposedly for safekeeping in private wallets. 30,000 BTC Leaves Exchanges On October 18, crypto analyst Ali Charts revealed that more than 30,000 BTC had […]
The Centralized Bitcoin exchanges seem to coordinate their prices across continental divides. One goes down - they all go down. The question is why the public tolerates their scam. If they were useful or desirable, they'd consider the very people who sustain the Bitcoin network, namely Bitcoin miners who, below $400, likely operate at a loss. Exchange clients and miners get whatever is happening in the busiest exchange. The exchanges' arbitrage-bots equalize prices between one another. Miners - you're the backbone of this innovation. Cryptomonkeys - you think you're trading - but your....