Crypto trading is now a very common term known to millions, if not billions, of people across the world. Most of the people who are engaged in Bitcoin trading do it through a platform called an exchange. When it comes to crypto exchanges, we now have hundreds of options, literally. So, how does Shiftal, a relatively newer yet innovative crypto exchange, set itself apart from the mainstream crypto exchanges and become one of the best ways to buy BTC? Let’s find out.
What do regular crypto exchanges lack?
The history of crypto exchanges is as old as bitcoin itself, which is not very old. Still, it has been more than 10 years since the first crypto exchange was launched. And we have surely come a long way from there. Today, there are over 1100 crypto exchanges, according to blockspot.io, of which more than 300 have been verified and listed on the Coinmarketcap.com website.
Now, most of these exchanges are platform-dependent. We call them traditional exchanges because they act like your regular stock changes where all the trades are managed by the platform itself. This was the only method to buy cryptocurrencies like BTC and ETH until peer-to-peer exchanges were introduced a few years back.
So, how does a regular crypto exchange differ from a P2P exchange?
Well, for one, regular crypto exchanges are fully or partly managed by third parties or owners, who may have full control over the user data, transactions, accounts, etc. Moreover, traditional exchanges have a fixed format of trading. Most of them work as an intermediary between people who want to trade. They help complete the trade, and in exchange, charge a commission.
Traditional crypto exchanges are easy to use, almost reliable and highly secure, but they lack the personal touch of interacting with humans. Also, there is the concern of privacy when you are sharing your data with a third-party or middleman. Moreover, the fee charged by these platforms can be significant, depending on the trade value.
These limitations of traditional exchange gave birth to the need for a new kind of crypto trading mechanism, which is more personalized. Called peer-to-peer exchanges, these platforms allow traders to interact and trade directly with each other. Read more