Since the beginning of time, buying and selling were in existence and most people usually did that using the trade and barter system where goods can be exchanged for either goods or services. And these respective trades weren't always accurate, trusted, and safe. But with the introduction of money (which came in various forms like gold, shells, wheat, and salt) to the world, these little shortcomings were overcome. Since money allows you to exchange what you own for the same measure of what you don't, providing security and trust between the consenting parties.
MONEY
This like we said above has completely replaced the ancient trade by barter system of the world with a whole new system of trading where consenting parties exchange objects with values attached to them for food items or traveling expenses.
FIAT MONEY
The fiat here represents "decree" or lawful meaning that the value of that currency is only based on the existing law of the country. And it is more convenient to carry around as compared to carrying about a tank full of salts (supposing you were paid with that), what are your chances of making it in one piece to the exchange site if it rains or something happens that the salt gets punctured. But looking on the bright side, the existence of fiat money makes it more comfortable to carry around large sums of money.
SHORTCOMINGS
And like they say "Every advantage must always have a disadvantage". The same way fiat money is more convenient to carry around, it is also centralized and practically has an unlimited supply. It is centralized in the sense that central or lone authority has power over it because its existence is solely based on a decree in that country or place. While the unlimited supply flaw is based on the basic economic principle on demand and supply which says that the higher the supply the lower the value assuming demand is constant and vice versa. So if the government decides to print more dollar notes and with the same demand for it the value will drastically reduce.
CRYPTOCURRENCIES AND ITS EXCHANGE MARKETS
CRYPTOCURRENCIES
And looking at the above challenges individuals sought out means to battle this flaw and this lead to the creation of cryptocurrencies.
All these went back to the early 1990s when David Chaum an American cryptographer created what was considered to be the kind of online money in the Netherlands, DigiCash. He created this as an extension of an encryption algorithm that was considered popular during those times.
Again in 2009, an anonymous person or group that goes by the name Satoshi Nakamoto published a white paper that contained, among other things, the source code, technology, and concept of what is now called the blockchain. And with the blockchain, he created the first and backbone of all the cryptocurrencies which is known as " BITCOIN". Since then the creations of other currencies have come into play.
BENEFITS
Exclusive Supply
The existing cryptocurrencies in the world today have a fixed supply giving it better leverage than the fiat currencies which the government can easily manipulate.Portability
Since cryptocurrencies are stored on the internet, that means they can be carried and transacted anywhere anytime no matter the distance so long as a good network is provided.Improved Storage Value
The decentralized nature of these currencies makes it a better option to store over time. And this is done by a fundamental analysis which takes note of the quantitative and qualitative aspect of the currency.Tight Security
Activities / Transactions carried out on the blockchain network are strictly monitored encouraging transparency, All transactions are made with the use of a smart contract which verifies transactions at lightning speed providing instantaneous transactions from one individual to another.
CRYPTO EXCHANGE MARKETS
Just like how other assets can be exchanged cryptocurrencies are not left out in this.
There are various crypto exchange sites today but I'm interested in telling us about the most unique of them all WhalesHeaven.
WHALESHEAVEN- A Peer-to-peer Decentralized Exchange Platform.
WhalesHeaven is a peer-to-peer platform that gives cryptocurrency owners a means of exchanging their coins for either fiat or other currencies.
What Makes Them Unique?
Accuracy
WhalesHeaven terminates any transaction error that may have arisen from omission with the use of a smart contract agreement.
Instantaneous Transaction Speed.
WhalesHeaven makes transactions on their platform easy and stress-free by employing the use of smart contracts.
Reduced Transaction Fee
WhalesHeaven tries to make the transaction fee as low as possible for its stoners.
Transparency
WhalesHeaven offers total transparency in its dealings by using the blockchain network to record and store all transactions on the platform.
Security
WhalesHeaven proposes a system free of third party interference to prevent loss of funds on the users' account. And with the use of blockchain technology security of users' funds is improved.
LAST WORDS
WhalesHeavenhas proven to be able to surpass other exchange platforms and with its unique features provide a safe haven for users to exchange different currencies to either fiat or cryptocurrency.
USEFUL LINKS
WhalesHeaven has made themselves readily available on every platform for users to find and further complaints.