The inevitable expansion of the cryptocurrency industry has led to increased demand for services that enable people to convert fiat currencies to crypto assets. This has enhanced the development of the centralized platforms for exchange such as Qurrex. Control of ownership of the decentralized currency is being transferred by the members of the blockchain community to centralized exchanges. This is done so that there can be ease of access to the services of converting cryptocurrency to fiat currency and vice versa. Many people now use these centralized platforms to store their cryptocurrency and fiat funds.
There is a new opportunity opened with the spread of using centralized exchanges. The exchanges have become a magnet attracting both genuine operators and unscrupulous activities. This has led to a loss of a lot of money on these platforms. Cryptocurrencies of more than five million dollars have been lost. Fraud has been observed on nearly every centralized platform for exchange. People who own crypto assets on such platforms are losing. This is the very problem that the inventor of Bitcoin was trying to solve when he invented Bitcoin.
The security issue has caused a lot of disturbance to developers who have had sleepless nights trying to solve it. This was the main reason as to why decentralized platforms were invented. It is projected that in the near future; the decentralized way will overthrow the centralized system of sending money and kick it out of the market. People behind the centralized systems have not yet given up and succumbed to defeat. They are still innovating ways on how they can defend themselves and keep criminals out of their grasp. If they manage to come up with ways to enhance security, they might even thrive more in the market. This is what Qurrex is working towards; protecting funds and making sure there is the aspect of confidentiality.
The issues of the blockchain technology
The blockchain technology has managed to solve various issues when it comes to exchanging of money. Some of the issues solved are: a secure way of funds storage, exchanging different types of cryptocurrencies, transparency and many more. This does not mean that the blockchain way doesn’t have issues. Still, there are problems such as:
Speed
The speed of carrying out operations on the blockchain technology depends on the speed of the blockchain network. If the speed of the blockchain is low then operations will be slow and vice versa.
Liquidity issue
Liquidity on the blockchain technology is still low. This is something that needs to be addressed.
Collateral
The participant should provide guaranteed collateral for transactions if high speed of execution is needed.
Matching of algorithms
Significant time is needed to finish a deal if a direct transaction takes place via massaging. Automated systems may lead to a delay to achieve the consensus on the price choice.
All these are problems associated with the blockchain way of sending funds. Qurrex will address all these issues and make sure that the platform gives users the best experience.
Website link: https://qurrex.com/
Whitepaper link: https://drive.google.com/file/d/1klzZPHdjCBnurHCJjJbjwsed_5rx4W1U/view
Facebook link: https://www.facebook.com/qurrex/
Reddit link: https://www.reddit.com/r/QurrexOfficial/
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=2028190