So, you’ve taken the leap and signed up to a Bitcoin wallet and now you’re all ready to begin your journey into the world of cryptocurrency. However, which exchange do you ultimately opt to make use of?
In this article, we are going to take a look at some of the latest developments in this area, with a specific examination of how several new challengers may be setting their sights on being named the best bitcoin exchange in the world today.
here are a host of different Bitcoin exchanges now available to cryptocurrency users across the globe and, with the reputation of Bitcoin (BTC), Ethereum (ETH) and other altcoin currencies growing, more and more new services are also being introduced.
A step towards the mainstream?
One of the biggest criticisms which gets levelled at the world of cryptocurrencies is its lack of regulation, but one new exchange looks determined to change all of that. Forbes reports that the new exchange Blocktrade.com is aiming to adhere with the MiFID II framework in Europe, a move which would see it meet local regulatory requirements.
No other Bitcoin exchanges have made this step and this is seen as one reason why major institutions have chosen not to get involved in this world. As a result, an exchange which meets regulations could change the game and push cryptocurrencies in a new direction. There is even an argument to say it may be the step required for cryptocurrency to enter the mainstream and a wider number of people to buy Bitcoin.
NYSE gets involved
Another development which could see cryptocurrencies move towards the mainstream is news that the Intercontinental Exchange – which operates the New York Stock Exchange – is entering the Bitcoin exchange world.
The Verge reports that the new platform, which is set to be known as Bakkt, is seen by some as another step towards cryptocurrency being embraced by the wider financial world. In addition, as with Blocktrade.com, the service is aiming to get approval – in this case from the US Commodities Futures Trading Commission – to launch futures trading.
While cryptocurrency has taken strides in a number of ways, one area it has not yet made steps into is the world of Shariah law. This all looks set to change with ADAB Solutions set to launch First Islamic Crypto Exchange (FICE), which is expected to be the first of its kind to operate in accordance with the law.
CryptoGlobe reports that ADAB Solutions is estimating that daily trading on the platform could reach $146 million and it has the huge potential to open the world of cryptocurrencies to Muslim communities across the globe.
A range of services
There are a number of Bitcoin exchange platforms available but, as the examples above show, there remains significant scope to offer a different kind of service in the future. It will be fascinating to see how the ventures highlighted above get on and whether they have what it takes to truly challenge the biggest Bitcoin exchanges in the world.