Cryptocurrencies are the talk of the town. And why not, Cryptocurrencies have US $500 billion market share in the world! It has seen highest ever growth rate in recent past months. Cryptocurrencies are traded at Cryptocurrency exchanges online. When we talk about Cryptocurrency, we can’t forget talking on Bitcoin and Blockchain technology. Bitcoin is the first Cryptocurrency of the world developed by using Blockchain technology. It is a decentralized application (App). Data decentralization and cryptography makes it highly secured technology.
Decentralization of data has made the hackers frustrated. The Blockchain data are stored in millions of PCs worldwide. Hacking few system data can’t disturb the whole Blockchain system. Hacked data can be recovered with other active nodes. When new data enter in a Blockchain all the nodes get updated. Even hacked data can’t be decrypted due to the advanced encryption methodology of cryptography. Data once entered in the Blockchain can’t be modified by anyone or can’t be theft. This is the real power of Blockchain technology. Obviously most people of the world want to take leverage of this fabulous technology.
Worldwide there are less than 800 Cryptocurrencies and less than 100 Cryptocurrency exchanges. And, the market capital of the Crypto-world is US $500 billion. These data suggest there is a very high traffic on the Cryptocurrency exchanges. Everyday news comes of failure of Cryptocurrency exchanges due to failure of load balancing. Though some has proved stability, traffic load is still optimum. Sometimes even stable Cryptocurrency exchanges need to stop new registrations. This is a pitiable situation in the technology world. Has the world no technology solution!
This is not the case; the world has technology solution to cater it. Most of the Cryptocurrency exchanges were in hurry to provide the solution. By this, they might have compromised with the system engineering. They might have just focused on Cryptocurrency exchange development and overlooked the small things. Those small things of system engineering had to be taken care. It should not be brought to the world in this hurry. Second most important thing few Cryptocurrency exchanges are missing is security measures. Often news of DDoS attack on Cryptocurrency exchanges surfaced. This is due to the poor architecture of system.
Another problem of Cryptocurrency exchanges is the poor support system. Due to the high volume of traders and low number of support staff creates this situation. Measures should be taken for a better support system to the consumers. Even after the challenges faced by the Cryptocurrency exchanges people have mushroomed to them. This is due to the lucrative opportunity of Cryptocurrency trading. Cryptocurrency exchanges must upgrade themselves for better user experience overall.
Alternative is, bring more Cryptocurrencies and Cryptocurrency exchanges to the surface. By this, demand and supply will be distributed and users will have far better experience. At first, more Cryptocurrency exchanges are in requirement to meet the requirement of the world. Yes, with quality offcourse!