Unless you’ve been living on the moon or under a rock for the past decade or two, you’ve likely heard of cryptocurrency. Maybe it was Bitcoin that you heard about. Perhaps it was Ripple that you’ve been hearing about. Whatever the situation is, there is no denying that cryptocurrencies are out there and they are completely changing the game. While they have seen their fair shares of up and down over the years, some physical retail stores have now started accepting cryptocurrencies as a viable means of payment. Some have even started using the currency themselves. This alone just shows you where the industry is headed or where it could potentially end up in the future.
Everything Goes Through An Exchange
Before you start learning about cryptocurrencies and how much traders are making today, you need to understand how the industry works. Cryptocurrencies are somewhat similar to stocks. It is not a physical currency that you’ll be able to hold in your hands. It is more just like a physical representation. It’s like owning stocks. When you own stocks, you don’t get a physical stock. You usually get a percentage or share of something online. Best case scenario, you might be a degree or certificate stating that you own so many shares. Nonetheless, with cryptocurrencies, you aren’t going to get physical cash that you can walk into the store and buy items with. It would be more like using a credit card.
Simply put, what this means is that when you buy and sell cryptocurrencies everything goes through an exchange, similar to that of buying and selling stocks. Everything you own will be stored online in some database, rather than you having a physical holding to it. This means if you want to buy or sell any cryptocurrency, you are going to have to go through an exchange. It’s the same process as buying and selling stocks. While there are tons of different exchanges available to choose from today that allow you to buy and sell cryptocurrencies, there is one in particular that is gaining a lot of attention. And, this exchange in Burstex.
Why Burstex Is A Different Crypto Exchange
Burstex is getting so much attention and revere because they are a completely different exchange from the competition. While they are a crypto exchange, they don’t operate like your traditional or modern exchange. For instance, they are the world’s first crowd owned crypto trading platform designed and configured on the Burst chain. This likely sounds confusing when you say it out loud, but what you need to know is that it really just means that the exchange is owned by the shareholders. And, these same shareholders receive profits from collected trading, withdrawals, and listing fees.
This is not how your typical exchanges work. Your typical exchanges are usually owned by a group of separate individuals or a single company. With Burstex, if you are a shareholder then you have a say in the company. This is extremely important today because owning an exchange in safer than other types of crypto investing that you can do.
Taking Advantage Of DEFI (Decentralized Finance)
Another thing that set Burstex apart from the competition besides them letting their customers become a shareholder is that they offer what is known as DEFI. DEFI or decentralized finance is likely something that you’ve probably heard of if you been around the crypto industry as of late. You might not completely understand it or what it means, but it goes without saying that you’ve heard this term thrown around. What you really need to know is that it is basically just conventional financial tools built on a blockchain, specifically a blockchain like Ethereum. In simple theory, DEFI is a technology revolving around the theory that everyone with the Internet has the ability to lend, borrow, and bank without the need for the middlemen. It is simply a ply to cut out the financial institutions.
This is more than good for consumers because it not only eliminates hefty fees, fines, and penalties that are oftentimes involved with financial trading, but it gives everyone an equal and fair playing field. Everyone has the opportunity to get in there and make trades without going through a broker.
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