Published On: Thu, Oct 12th, 2017

Decentralized Cryptocurrency Exchanges Are the Next Big Thing

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After many cryptocurrency exchanges have become targets of hacks, users are looking for a decentralized alternative in order to protect their assets.
Eliminating Risks

Over the past few months, the cryptocurrency market had an impressive growth rate, reaching a total market capitalization of $176 billion at its peak. Such rapid growth has not only garnered the attention of investors and speculators, however. With the increased interest in cryptocurrency trading, more and more criminals have focused on hacking crypto exchanges, which often times hold millions dollars worth of user funds.
The biggest appeal for hackers is the fact that once they gain access to the coins they can easily launder them through “mixers” and thus make very difficult for law enforcement agencies to track the stolen funds. The most famous example of such a hack was the Mt. Gox incident, where hackers were able to steal over 650,000 Bitcoins that, today, have a current valuation of $3.13 Billion. Since most centralized cryptocurrencies have potential security risks, many users have decided to trade on new decentralized exchanges.
Decentralized Exchanges to the Rescue

Some cryptocurrency exchanges store their private keys on centralized servers and thus it is a potential security risk for …

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