The crypto and blockchain scene is a dynamic one, ever since the appearance of Bitcoin has shifted the way money is used and spent, with brokers and trading services experiencing record-breaking numbers.
Why are cryptocurrencies remodeling the finance world? The main reasons are: blockchain technology, low fees and versatility.
The Major Impact of Blockchain Technology
Due to recent
economic strife, people are generally more hesitant and even reluctant to rely on banks and institutions. All of this is possible since the introduction of blockchain technology.
A blockchain is a digitized public ledger of all cryptocurrency transactions. It allows market participants to keep track of their digital financial activity without needing the use of central recordkeeping. All online activities are arranged into chunks of data named blocks, which are linked to one another forming a blockchain. Basically, this system reinforces transparency, it builds trust and makes transactions more secure.
Since its emersion, blockchain technology evolved, and other features appeared, allowing different cryptocurrencies to be launched.
A notable example is
Cobinhood, which has embraced all the benefits of this cutting-edge technology focusing on how to maximize traders’ profits, providing a
Daap center, transparency and
real-time trading in support of businesses everywhere.
Moreover, Cobinhood has become so confident in its underwriting service and cryptocurrency platform, that it launched its very own ICO – COB, in order to support the online community and to offer great advantages for their users. To be more precise, users will be eligible for several privileges: 50% off margin trading loan interest when paying with COB tokens which are undervalued at the moment, along with getting future ICO tokens at significantly lower rates.
Just as important,
Cobinhood is a cryptocurrency service platform for the modern blockchain ecosystem, and as a consequence, COB is based on the
Ethereum ERC20 token standard, and the tokens issued by the ICO can only be purchased with Ethereum.
Low Fees and Versatility
In order to properly understand different layers regarding digital money, some basics need to be covered. In a nutshell, cryptocurrency is an online currency that is not controlled by any government, not even a single company, and the monetary value is higher than in the traditional context. This leading-edge concept opened up the world of ICOs and digital currencies like Bitcoin, Ethereum, Cobinhood and many others.
The cryptocurrency market cap grew by more than 1,200% in 2017. The dominant participants being Bitcoin and Ethereum in these colossal gains. For the year, Bitcoin and Ethereum
posted returns of 1,318% and 9,162%, respectively.
However, right now, there are over
4500 crypto-coins going around, and each was designed to serve a specific purpose, making the dominant digital coins take side roles. For instance,
Monero focuses on privacy – using the ring signature technology, plus it is ‘secure, private and untraceable’.
Ripple, on the other hand, is actually a real-time gross settlement system, currency exchange, and remittance network, that focuses mainly on bank marketing.
What do these digital currencies have in common? Low transaction fees. Since no one likes paying fees, this is a major driving factor for people to join the crypto world. Banks charge you a lot for holding your money or making money off of an investment, giving nothing in return. With virtual currencies, the financial part is drastically improved.
Consider that on average, the top 30 crypto exchanges charge 0.2% trading fees which impact traders’ profits greatly. But it can get even better. If you are wondering how a new crypto is grabbing all the attention by introducing 0 trading fees –
Cobinhood.
COBINHOOD – Solving Existing Problems of Virtual Exchanges
The CEO, Popo Chen, explained that before launching this platform, he looked into the real issues impacting the current online exchange system, and found problems regarding low liquidity, real-time trading, asset security issues, shut down without warning, low FIAT currencies, and many others. His main goal was to introduce Coinhood to show that all these issues can be solved in a professional and responsible manner, while also bringing in the bonus feature – 0 transactional costs.
But how can they take care of the previously mentioned obstacles? Through the right features, that I will only mention a few: 100% reserve guarantee, offline multisig wallet security system, crypto assets backed by insurance, distributed order matching engine, along with a wide range of FIAT currencies supported.
Since
Cobinhood is capable of high-frequency trading, it will stimulate large investments banks, hedge funds, and institutional investors to enter the crypto trading market, revolutionizing the trading ecosystem – another major goal behind this business.
In a vast and uplifting context, Cobinhood plans to lead by example, clearing unwanted issues, bringing in upfront solutions, and a ‘YES, it can be done’, even with zero trading fees. If you are interested in finding more details about Coinhood, have a look at their
white paper.
To know more about Cobinhood,
click here!
