Cryptsy – The Reigning King of Altcoins

Founded by Paul Vernon, Cryptsy is a Florida-based exchange platform that trades in over 130 Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. According to Vernon he created Cryptsy as a response to the demand that arose from mining various Altcoins. As miners found themselves holding various different Altcoins, they struggled with finding ways to convert those digital currencies into bitcoins or fiat currency. Starting first with adding Litecoin and Feathercoin trading into bitcoins, Cryptsy has grown into one of the main exchanges miners use to find Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term for lesser known Altcoins.

Due to its growth in terms of catering to so many currencies as well as attracting new users, Cryptsy has been the subject of questionable service with many users complaining of long delays for transactions of both deposits and withdrawals . However the company has responded that it is simply a problem of growing so fast and has been implementing updates to cater to additional users. Among specific coins experiencing growth has been with Dogecoins, which have become the most actively traded Altcoin during 2014.

Having begun as a digital currency to digital currency only exchange, Cryptsy has recently launched fiat trading for limited coins. In anticipation of the fiat launch, a number of Cryptsy employees underwent anti-money laundering training in order to be able to better detect and prevent money laundering.

According to data released from Cryptsy, trading regularly exceeds 2000 BTC, making it the largest crypto-to-crypto exchange platform of Altcoins. The firms has also recently announced that they have over 70,000 active users of their platform.

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