Byte Decentralized Exchange (Byte DEX) is a decentralized exchange that
As of April 2021, when this paper was published, crypto-assets were introduced to our life by somebody some persons with the moniker Satoshi Nakamato had a market volume of 1.5 trillion dollars globally.
The universe of crypto assets, of which Bitcoin is the most well-known, is growing by the day, and along with it, payment systems and infrastructures are expanding at a breakneck pace. When it comes to purchasing and purchasing crypto assets, changing hands, or converting them into any products or services, exchanging crypto assets is extremely important in the crypto industry.
Our country has risen to the top of the global demand for crypto assets, with the total crypto asset transaction in Turkey reaching 218 billion Turkish Liras as of February 2021. (Approximately 27 Billion Dollars). (2021, Reuters Chain analysis). 91 percent of crypto assets shift hands in Turkey through crypto exchanges, according to the CoinGecko website's "2021 Turkey Crypto Currency Awareness" study, which analyses crypto assets and crypto exchanges transacted on exchanges across the world.
Crypto exchanges handle around $27 billion in Turkey's crypto-asset transactions. According to the same research, although 61 percent of Turkish users trade with Binance, the residual market share is split between BTCTurk, Paribu, Thodex, and other major and small exchanges. With 949 trading pairs, Binance is now the stock exchange with one of the most trading options in the world, whereas BTCTürk, the Turkish exchange with the most trading pairs, can only provide 55 trading pairs.
Turkey's ban on the use of cryptocurrencies in the purchase of goods and services, as well as the trading of cryptocurrencies by companies with payment point licenses, took effect on April 15, 2021, and had a negative impact on our country's stock exchanges and the payment points that also provide solutions to these exchanges.
Unfortunately, foreign exchanges account for approximately 70% of the crypto money trade in our nation. (Two days after this paper was released, the proprietor of the second-largest crypto exchange ran away with more than 110 million dollars in crypto money.) One day later, another exchange abruptly ceased operations, and Masak (the Turkish government's anti-financial-crime agency) froze the exchange's bank accounts, resulting in still another exchange's closure. These transactions were all centralized.)
In this case, our crypto-asset capital, which is a cash value, is evaluated abroad due to constantly modifying legal regulations in our country, rumors that tax will be charged, the stock exchange infrastructures in our country are not flexible and diverse, and the repeatedly experienced capacity and collapse problems.
It is impossible to establish limitations on crypto assets in today's environment of rapidly evolving technology and globalization. For the reasons stated above, it is feasible to overcome these issues using the technology that is always evolving. At Bytedex, we aim to give our country a fresh start based on our previous experiences and by utilizing the most advanced blockchain technology available.
We think that by launching our services locally, we will be able to expand into the global market and eventually establish ByteDex as one of the world's major crypto-asset exchanges.
At Bytedex, we aim to give our country a fresh start based on our previous experiences and by utilizing the most advanced blockchain technology available.
Visit to know more :
Website: https://bytedex.io
Facebook: https://www.facebook.com/ByteDecentralizedExchange
Twitter: https://twitter.com/ByteExchange
Telegram: https://t.me/ByteDexGlobal
Medium: https://bytedex.medium.com
Linkedin: https://www.linkedin.com/company/bytedex
Youtube: https://youtube.com/channel/UCw8wl0SXHhLI0xn0JPWFMtw
Reddit: https://www.reddit.com/user/ByteDex
Whitepaper: https://bytedex.io/wp-content/uploads/2021/06/bytedex_EN-2.pdf
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