In 2008, Satoshi Nakamoto published a whitepaper titled “Bitcoin: A Peer-to-Peer Digital Cash System.” The system based on blockchain technology enables online payments to be initiated by one party and paid to the other without any financial institutions acting as intermediaries. This document is widely considered to have started the blockchain movement.
With the development of Bitcoin over the past decade, its underlying application technology, blockchain, has become widely known, researched, and applied. According to statistics, there are currently over 2,000 types of digital currencies worldwide.
With the popularity of Bitcoin and the rapid development of blockchain technology, the expansion of the digital cryptocurrency industry was inevitable. Furthermore, cryptocurrencies have become one of the hottest investment assets in the world today.
Along with the popularity and development of digital currencies, digital exchanges have also emerged in huge numbers. As of 2018, competition among exchanges has grown increasingly fierce as demonstrated first from Binance’s, Huobi’s and OK’s innovative mechanisms for distributing bonuses and listing tokens to FCoin’s now allowing one to receive bonuses for holding coins— exchanges are getting increasingly creative in terms of how they attract users. As an important entry and ecological center for blockchain projects, exchanges have become an important battleground for large capital funds as well. There are currently numerous ways to utilize exchanges to one’s economic advantage, further demonstrating the intense competition among exchanges.
However, many problems in the industry have also been exposed due to the focus on it. For example, trading platforms are chaotic; investors don’t know how to choose from the overwhelming selection of products offered in the market; and high transaction fees, complicated usage processes and various types of security risks still plague investors. Similar to the rise of the internet, the positive side-effects of competition are that they introduce a formal and steady development process for the entire industry until quality, user-friendly products emerge.BitcloudPro_Whitepaper_2.01