What Is The Oldest Crypto Exchange In The World?
Cryptocurrency is a relatively new industry and many crypto businesses are constantly striving to survive and swiftly adapt in a rapidly changing business environment. In the traditional banking system, fiat currencies are often exchanged for one another. The same currency exchange principle applies to digital currencies and even between digital and fiat currencies. The crypto exchange is where crypto users can buy and sell cryptocurrencies for other digital currencies or fiat currencies like the dollar, euro, or pound. Many crypto exchanges have existed in the past but could not survive the rigor poised by the rapidly changing crypto industry.
We are here today to acknowledge the longest-standing crypto exchange in the world and also pay our tribute to fallen business giants in the crypto space. We acknowledge that doing business is not easy, especially in an industry like crypto which is literally evolving every day. So far, Bitstamp has proven to be the oldest crypto exchange that is still in business today. It is easy to marvel at how Bitstamp was able to survive since 2011 whereas many other crypto exchanges could not. Bitstamp is not just the oldest crypto exchange in the world today, it is still in business with active users on its platform. Let’s dive in and check out which cryptocurrencies Bitstamp offers and its trading conditions.
The Longest-Standing Crypto Exchange In The World
Bitstamp is one of the oldest crypto exchanges in the world today. This is a great feat that must be a result of talent and persistence. As a crypto user, it is very important to trade with reputable crypto exchanges in your region. You have probably heard of some popular crypto exchanges like Binance and Coinbase. These popular ones are not the oldest crypto exchanges as Binance was founded in 2017 while Coinbase was founded in 2012. Bitstamp was actually founded in 2011 and is still trusted by its clients today. Binance is the largest cryptocurrency exchange in the world in terms of its daily trading volume and allows the trading of more than 500 cryptos for its 28.6 million active users. While Bitstamp (the oldest crypto exchange) allows access to trade about 80 crypto assets ranging from defi, NFTs, and stablecoins for its 3 million active users. Some popular cryptocurrencies you can buy and sell on Bitstamp are bitcoin, cardano, polygon, algorand, chainlink, and tether USDT.
This crypto exchange prides itself on its ability to make trading easy, fast, and reliable. Also, crypto users trading or staking with Bitstamp have access to 24/7 customer support. Bitstamp offers a very user-friendly platform that even beginners with no prior experience can easily figure out how to buy and sell cryptocurrencies. If you choose to trade with Bitstamp, you get access to very competitive fees starting at 0.50% which reduces with higher trading volume. With over a decade of experience in the crypto industry, Bitstamp has proven to be a trusted crypto exchange. Despite being a trusted and experienced crypto exchange, its staking features are limited as the platform only supports two currency pairs with a max of 4.5 % APY. Also, Bitstamp does not offer margin trading, unlike some competitors.
A Tribute To Fallen Giants
There are some crypto exchanges that existed before Bitstamp that are no longer in existence today. If these crypto exchanges did not go out of business, Bitstamp will not be recognized as the oldest standing crypto exchange in the world today. The reasons behind the closure of these crypto exchanges range from shutdown by the government to filing for bankruptcy and some even voluntary shutdowns. Gold Age is a notable US digital currency exchange business that was shut down in 2006 by the US secret service after operating since 2002. Arthur Budovsky and Vladimir Kats (Gold Age business operators) were indicted "on charges of operating an illegal digital currency exchange and money transmittal business". E-Gold is another digital currency that stopped operating in 2009 due to indictments and a US government order that forced them to close down accounts of prominent users which in turn forced the business owner to liquidate the seized assets. It is important to know that there are other digital currency exchanges that came into existence after Bitstamp that have also gone out of existence today. This shows that it takes a lot of effort, persistence, and maybe a bit of luck to stay long in business in a very dynamic and rapidly evolving crypto industry.
Conclusion On The Oldest Crypto Exchange In The World
As of today, we need crypto exchanges to buy and sell cryptocurrencies. We can never tell how digital currency exchange will evolve in the coming decades as the crypto industry is evolving at an amazing pace. Since the inception of digital currencies, we have seen the rise and fall of many cryptocurrency exchanges. Some of which, we may never know their names because they were not popular enough among crypto users. Bitstamp has succeeded in emerging as the oldest crypto exchange in the world with over a decade of crypto experience. It is time to wonder which crypto exchange will survive the next decade of intense innovation in the crypto industry.