In the physical world, a bank can be a lender licensed for deposits, transfer funds, and store money for the clients. Banks can legally provide the to exchange one fiat currency for another for the customers.
Within the digital world, a cryptocurrency exchange provides services much like banking for their clients; additionally, exchanges work as such as a stock exchange.
Exactly what is a cryptocurrency exchange?
A cryptocurrency exchange is often a borderline illegal online marketplace where users can exchange one form of digital asset for another using the rate in the given assets. The problem with cryptocurrency exchanges is because they often facilitate the trade of unregistered securities, are often used to launder money, and have limited, if any, AML/KYC to be able to evade the law.
Cryptocurrency exchanges played a significant role within the ICO boom of 2017. Cryptocurrency exchanges were anticipating new projects without any real enterprize model, product, or future to submit so that they could list these projects on his or her exchanges and bring in huge amounts of money in transaction fees out there trading pairs. That said, you can think of a cryptocurrency exchange being a bucket shop.
Exactly what is a cryptocurrency?
There are many features that distinguish digital currencies from cryptocurrencies.
Cryptocurrencies are coins and tokens without having real purpose-they don't have utility and so they were created for free more than speculative purposes also to facilitate crime.
Unlike digital currencies, most cryptocurrencies tend not to adhere to law; in fact, some cryptocurrencies were even designed to evade what the law states. Privacy coins are cryptocurrencies specifically designed to facilitate crime by obfuscating the path a transaction has traveled from sender to recipient.
Ultimately, cryptocurrencies are tools used to enable crime, whether that be fraud, money laundering, or racketeering, while digital currencies are protocols which allow the digitization of knowledge and cash.
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