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      "body": "Congratulations @argongroup! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@argongroup/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@argongroup) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=argongroup)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemfest-meet-the-stemians-contest-the-mysterious-rule-revealed\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmasWw4jQHwxng82DKxY6Q6tVg9mWcto4xcDURs8knFgCa/image.png\"></a></td><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemfest-meet-the-stemians-contest-the-mysterious-rule-revealed\">SteemFest Meet The Stemians Contest - The mysterious rule revealed</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "body": "Congratulations @argongroup! You have received a personal award!\n\n[![](https://steemitimages.com/70x70/http://steemitboard.com/@argongroup/birthday1.png)](http://steemitboard.com/@argongroup)  1 Year on Steemit\n<sub>_Click on the badge to view your Board of Honor._</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemfest3-and-steemitboard-meet-the-steemians-contest\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmeLukvNFRsa7RURqsFpiLGEZZD49MiU52JtWmjS5S2wtW/image.png\"></a></td><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemfest3-and-steemitboard-meet-the-steemians-contest\">SteemFest3 and SteemitBoard - Meet the Steemians Contest</a></td></tr></table>\n\n> Support [SteemitBoard's project](https://steemit.com/@steemitboard)! **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
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      "parent_permlink": "cryptocurrency",
      "author": "argongroup",
      "permlink": "explained-decentralized-exchanges",
      "title": "Explained: Decentralized Exchanges",
      "body": "![header](https://cdn-images-1.medium.com/max/1600/1*1FWXJIMRmBRZnFf_s_DtFg.png)\nIf you’ve been involved with blockchain technology and cryptocurrencies, you’ve probably already heard about crypto exchanges such as Binance, Poloniex, Bittrex, and Coinbase.\nNow, there is a new generation of exchanges emerging that are gaining traction and attention from the crypto community.\nIn this piece, we explain what decentralized exchanges are, why and how they are better than current solutions, and what problems they currently face.\n\n## Key Takeaways\n- Decentralized exchanges work as fully autonomous, decentralized applications (DApps), which allow traders to transact without giving control over their money to a trusted central authority, as is the case with their traditional centralized counterparts.\n- The main benefits are increased privacy, security, and control over the funds.\n- Drawbacks include low liquidity as well as reduced usability and speed.\n\n## What is a decentralized exchange?\n![header](https://cdn-images-1.medium.com/max/1600/1*sSw-T0YcJ1LiSQbhWrGaKw.jpeg)\nA decentralized exchange is a trading pair matching system that allows people to place orders and trade cryptocurrencies without relying on an intermediary institution to manage the ledger and hold customers’ funds. Instead, trades occur directly between users (peer to peer) through an automated process. This decentralized application (DApp) utilizes blockchain technology to keep the order books and facilitates trades using smart contracts.\nThis system is in contrast with the current dominant centralized model in which users deposit their funds and the exchange issues an IOU that can be freely traded on the platform. When orders a withdraw of his funds, these IOU’s are converted back into cryptocurrency and sent to their owner.\n\n## Advantages of decentralized exchanges\n![header](https://cdn-images-1.medium.com/max/1600/1*D041VgBgQJg1ZUN0hJf8Yw.jpeg)\nIt is somewhat paradox to rely on centralized entities to trade cryptocurrencies when the entire industry is built upon the idea of disintermediating middlemen. Apart from the ideological reason, decentralized exchanges also feature concrete benefits to its users.\n\n### 1) Privacy\nMost decentralized exchanges do not require any form of sign-up process and thus do not collect any of your personal data. As these exchanges are DApps running without a central entity, there is no intermediary that qualifies as a money transmitter, meaning there are no KYC/AML requirements to comply with government regulations and restrictions.\nIt remains to be seen if the current regulatory environment will adapt to this new kind of exchange, especially if damages occur, resulting from a poorly written smart contract or security flaw. But for the moment, it’s possible to anonymously trade on decentralized exchanges.\n\n### 2) Security\nIf you’ve been following the news lately, you have most likely heard plenty about centralized exchanges being hacked or losing vast amounts of customer funds. Major events include the $72M Bitfinex hack, the famous $472M Mt. Gox security breach or this year’s record-breaking $530M Coincheck theft, just to name a few.\nWhile the specific reasons for each hack vary, there is a structural problem that can be associated with all of them. Every centralized exchange today is custodial, meaning they themselves hold the users’ funds. Having large amounts of cryptocurrency concentrated, it’s no wonder centralized exchanges are a prime target for black-hat hackers.\nDecentralized exchanges don’t hold funds and are therefore not targets for malicious actors looking to steal a huge amount of money in a large-scale heist. The custody is distributed across the entire user-base making attacks a lot more costly and less lucrative.\n\n### 3) Control over funds\nHaving the funds fully controlled by the individual users does not only vastly increase security from hackers, it also gives complete freedom and power over these funds to the traders. Issues, such as exchanges freezing customers’ funds and delaying or even denying withdrawals of these funds is a thing of the past. With decentralized exchanges, users transact directly with their peers without the need for a centralized platform that is in possession of order books and custody.\n\n## Drawbacks of decentralized exchanges\n![header](https://cdn-images-1.medium.com/max/1600/1*yN0fbp8G1YtJGJEf3lQDDA.jpeg)\nIf decentralized exchanges are so much better than their centralized counterparts, why isn’t everybody using them already? These are the disadvantages that we need to address in order to paint the full picture.\n\n### 1) Low liquidity\nDecentralized exchanges are still in their early days and only a small percentage of users have switched to trading on these platforms. This is in part due to usability issues still prevalent with current decentralized solutions (see below). As a results, decentralized exchanges only represent about 1% of the total crypto trading volume.\n\n![header](https://cdn-images-1.medium.com/max/1600/0*hYN1o5EZ94ogfhi0)\nToday, there is not nearly enough liquidity to allow for high-volume trading. Also, low liquidity creates further negative effects such as price slippages, potential for manipulations and generally higher volatility.\nOne possible way to mitigate these problems is by pooling together various liquidity sources, which is the main objective of the 0x Project.\n\n### 2) Usability\nCreating an account on a centralized exchange in 2018 is a fairly straightforward process. Anyone that can open a Facebook account should also be able to sign up for a crypto exchange and start trading. On the other hand, decentralized exchanges often require users to familiarize themselves with browser extensions (i.e. Metamask), smart contracts and just generally clumsy user-interfaces.\nWhile decentralized exchanges still try to figure out how to improve the user experience for the most basic trading features, their centralized counterparts often provide traders with sophisticated and easy-to-use features such as technical analysis tools, margin trading and stop-loss orders.\nThe main reason for the missing user-friendliness is the very nature of these exchanges: decentralization. Even though decentralization results in significant benefits, this also means that the design, development, testing and deployment of new features and user-experience advancements takes significantly more time than with traditional exchanges.\n\n### 3) Speed\nObviously, when placing a trade on an exchange, it should be executed as close to real-time as possible. Otherwise, you risk missing out on unique investment opportunities.\nUnfortunately, order processing times are (so far) rather slow on decentralized exchanges. Every trade intention needs to be broadcasted to the network and receive confirmation by miners. The delay between the time an order is placed and when it actually gets executed increases the potential for price-slippages caused by low liquidity further.\nEven worse, this delay opens the doors for malicious actors to take advantage of the transparent nature of blockchain technology. Attackers can use the knowledge of certain trades still pending confirmation to place counter-trades with a higher gas amount which are then executed faster than the original trade (“front-running”).\n\n## Which decentralized exchanges are there?\n![header](https://cdn-images-1.medium.com/max/1600/1*GzWCzCIOx47WfsQdF6mB7Q.jpeg)\nWhile decentralized exchanges only make up a tiny percentage of the overall market trading volume, there are still numerous projects in the space.\nIDEX, EtherDelta and Waves DEX are arguably the most established representatives of this category today, however, they also inherent some first-generation usability issues. More recent entrants include Bancor and 0x, which feature greater flexibility, more trading pairs and improved user-experience.\nHere’s a full list of the major decentralized exchanges operational today: https://github.com/distribuyed/index\n\n## Conclusion\nEven though decentralized exchanges are still in their infancies, they show a promising development in the cryptocurrency ecosystem. However, some future technology advancements, such as atomic swaps or the lightning network, might be able to speed up the adoption. Although it doesn’t seem that decentralized exchanges might be replacing their centralized counterparts anytime soon, they are still an important piece of the crypto landscape and show some promising properties that are currently missing in the market.\n\n## The End\n![header](https://cdn-images-1.medium.com/max/1600/1*-nmDf5GpwkSdlC6fXN8w8Q.jpeg)\n\n👏 If you enjoyed reading this piece leave us an upvote or comment below. We are curious to hear your thoughts!\n\n# Stay informed\n💬  [Join our Telegram Community](https://t.me/joinchat/G9cgTxGeoY2ZDUOD6u59XQ)\n🐦  [Follow us on Twitter](https://twitter.com/1_Konto)\n📰  [Read more stories from 1Konto](https://medium.com/@1Konto)\n👤 [Visit our Facebook page ](https://www.facebook.com/1Konto-377270212792901/)\n💻 [Get free trades! ](https://www.1konto.com/)",
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      "title": "Meet the 1Konto team: Edwin Handschuh",
      "body": "![header](https://cdn-images-1.medium.com/max/1600/1*MDKAyZEDQfsHQXEL1kY-pA.jpeg)\nIn this new series of articles, we want to introduce the people behind the 1Konto. One-by-one we will discover more about the individual team members, what they’re interested in and what they work on at 1Konto.\n\nFirst in line is Edwin Handschuh, who is Co-founder of 1Konto and also acts as the CEO of the project.\n\n![header](https://cdn-images-1.medium.com/max/1600/1*WXllYAgk786YAov4HKoZHQ.png)\n## What is your background and field of interest?\nEdwin: My background is working with high-net-worth individuals in order to plan for their retirement, invest, protect and growth their assets. I spent nearly 10 years communicating the financial and global markets to my clients and position them for success. My interests have always revolved around markets and psychology as I see them influencing each other greatly. My focus on retail investors and comfort with regulations as a broker, enabled me to see the need for a broker-dealer in the cryptocurrency space to provide traders best execution and increased simplicity allowing them to feel comfortable putting their money to work in this new asset class.\n\n## How and why did you end up building 1Konto?\nEdwin:1Konto started as a result of trying to put money to work in an altcoin. I noticed that the process was very cumbersome and not confidence-inspiring. Once I finally completed the trade many hours later, I lost money and missed the opportunity I was trying to capture. I knew that there should be one account that gives a user access to multiple pools of liquidity. This is when the idea for 1Konto (German for “one account”) was born.\n\n## What exactly is 1Konto?\nEdwin: We are making the cryptocurrency markets easier and more accessible. The biggest problem traders face today is managing multiple accounts and never knowing if they are getting the best price on execution. A trader opens an account with 1Konto and transfers their assets in (similar to opening an account with a traditional broker such as ETrade). Since we will be a broker-dealer, we can provide access to multiple exchanges and route orders to the best execution on the users behalf.\n\n## What is your biggest achievement so far?\nEdwin: So far it has been filing for an official broker-dealer registration with FINRA. We are the first retail focused broker-dealer seeking this approval.\n\n## What are you most excited about regarding the future of 1Konto?\nEdwin: The endless possibilities of our custom currency solution. We anticipate applying this to equities, fixed income and even the real estate market. We see 1Konto as being a platform that can transact equities for cryptocurrencies or even equities for real estate. Our goal is to have one account allowing for frictionless trading regardless of the asset.\n\n## What are your personal interests / hobbies / etc.?\nEdwin: I love to travel with my wife Alex. Whether it be Italy, Asia or stateside, travelling and experiencing the world with her is the ultimate. We have a dog, Ace, and I am an avid crossfitter. Additionally, cars are also a real enjoyment for me along with quality comedy (Curb Your Enthusiam etc.).",
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      "title": "5 Ways to Buy and Sell Cryptocurrencies in 2018",
      "body": "The industry has come a long way developing tools and means for the public to participate in the crypto market. Only a few years ago, there were a handful of providers allowing investors to buy and sell Bitcoin and other currencies. Today, the trading landscape has grown increasingly complex and multi-faceted. In this piece, we take a look at the various ways to engage with the emerging cryptoasset market, and the pros and cons that come with the individual platforms.\n\n# Centralized cryptocurrency exchanges <h1>\n![header](https://cdn-images-1.medium.com/max/1600/0*s1AhG33eMS1lbImx)\n\n### Description\nCentralized exchanges work similar to traditional stock markets, facilitating matchmaking between buyers and sellers through an order-book-based price discovery system. These exchanges are owned and operated by a company that has total control over all transactions and hold custody over the user’s funds.\n\n### Advantages\n- Accessibility and ease-of-use\n- High liquidity\n- Advanced trading tools (margin trading, stop loss, lending, etc.)\n\n### Disadvantages\n- Users do not have access to the private keys, meaning the exchanges have full control over the users’ money\n- As the exchanges hold custody over large sums of money, they are a common target for hackers\n- Transactions happen off-chain, giving users no way to track them\n- Possibility of manipulative practices (front-running, wash-trading, etc.)\n\n### Providers\n- Binance\n- Bittrex\n- Bitfinex\n- Coinbase\n- Kraken\n\n# Decentralized cryptocurrency exchanges <h1>\n\n![header](https://cdn-images-1.medium.com/max/1600/0*PubpPjb8Bbm5YZQ-)\n\n### Description\nDecentralized exchanges follow the spirit of the industry by disintermediating the centralized exchanges. They work as fully autonomous, decentralized applications (DApps), which allow traders to transact without giving control over their money to a trusted central authority, as is the case with their centralized counterparts. As a result, decentralized exchanges do not hold a customer’s funds or personal information, and only serve as a matching and routing layer for trade orders.\n\n### Advantages\n- All transactions are recorded and executed on-chain, providing full transparency\n- Everyone can participate, as there is no verification process, exclusion of specific countries or other requirements to participate\n- Users are in full control over their private keys / funds, meaning the exchanges themselves are not prone to attacks / hacks\n- Complete anonymity\n\n### Disadvantages\n- No fiat-cypto trading\n- Harder to use than centralized exchanges\n- Low liquidity (so far)\n\n### Providers\n- IDEX\n- WavesDex\n- Bancor Protocol\n- Kyber Network\n- EtherDelta\n- AirSwap\n\n# Broker-dealers <h1>\n![header](https://cdn-images-1.medium.com/max/1600/0*hSFXB6LjhCnIxU3b)\n\n### Description\nJust like cryptocurrency exchanges, broker-dealers facilitate buying and selling of specific cryptoassets. But while price discovery on exchanges works based on an order book, broker-dealers pool liquidity from different sources and execute trades at the best price. Broker-dealers often charge a small commission on trades in return for routing orders to exchanges’ liquidity as well as value-added services (custom currency pairings, usability, etc.).\n\n### Advantages\n- Custom currency pairings that are not listed anywhere else on the market\n- High liquidity as broker-dealers can tap into several liquidity pools simultaneously\n- Vastly improved user experience\n- No need for placing orders and waiting for their execution\n\n### Disadvantages\n- Exchange rates often include a small premium over market prices\n- Broker-dealers sometimes have custody over the funds, reducing the user’s control\n\n### Providers\n- 1Konto\n- Robinhood\n\n# Direct trading platforms <h1>\n![header](https://cdn-images-1.medium.com/max/1600/0*kx3QdFhdUBeWIdss)\n\n### Description\nThese platforms facilitate peer-to-peer trading between buyers and sellers, without an exchange that acts as an intermediary. Direct tracing platforms focus on matchmaking between market participants and leave the actual transaction completely up to themselves.\n\n### Advantages\n- Fiat-crypto trades possible\n- Various payment methods possible (Credit card, cash, bank transfer, PayPal, Western Union, etc.)\n- Cash and other forms of offline payments allow for improved privacy\n- No or very low fees\n- Public rating system\n\n### Disadvantages\n- Lack of trusted intermediaries combined with off-chain payments of the fiat transaction (i.e. bank transfer) leads to possible scams and payment disputes\n- Very low liquidity as transactions only takes place between one buyer and one seller\n- Execution of trades takes a lot of time and effort\n\n### Providers\n- LocalBitcoins\n- LocalEthereum\n- Paxful\n\n# Cryptocurrency ATMs <h1>\n![header](https://cdn-images-1.medium.com/max/1600/0*yGIAcfh_MZ3z5oD5)\n\n### Description\nWhile crypto ATMs often look pretty much like traditional ATMs, they do not deduct money from a bank account. Rather, they work as a self-service kiosk, exchanging cash to cryptocurrency. These machines allow for an easy on-ramp into the world of cryptocurrencies but are generally not the best choice for advanced traders as they charge a significant surplus for the convenience they provide.\n\n### Advantages\n- Fiat-crypto trades possible\n- High privacy\n- Fast transactions and improved convenience\n\n### Disadvantages\n- Availability is restricted depending on location\n- High premiums are usually added to the market exchange rate\n- Risk of fraudulent or hacked ATMs\n\n### Providers\nThere are already more than 3,500 crypto ATMs in operation worldwide from various providers. Coin ATM Radar keeps track of them here: https://coinatmradar.com/\n\n# Conclusion\nThere is no one trading tool that is perfect for everybody, each has its own pros and cons. It really comes down to what the individual user values, whether it is high liquidity, privacy, low fees, security or other features. We at 1Konto are focused on building the best way to buy and sell cryptoassets for people looking for high liquidity, custom currency pairs combined with a great user-experience. If you want to learn more, make sure to visit our website and/or subscribe to our social media channels (links below).\n\n\n👏 If you enjoyed reading this piece leave us an upvote or comment below. We are curious to hear your thoughts!\n\n# Stay informed\n💬  [Join our Telegram Community](https://t.me/joinchat/G9cgTxGeoY2ZDUOD6u59XQ)\n🐦  [Follow us on Twitter](https://twitter.com/1_Konto)\n📰  [Read more stories from 1Konto](https://medium.com/@1Konto)\n👤 [Visit our Facebook page ](https://www.facebook.com/1Konto-377270212792901/)\n💻 [Get free trades! ](https://www.1konto.com/)",
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      "body": " @argongroup, I gave you a vote!<br>If you follow me, I will also follow you in return!",
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      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://medium.com/@1Konto/1konto-all-your-crypto-trading-in-one-account-a4dd5f63637a",
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      "title": "1Konto: All Your Crypto Trading In One Account",
      "body": "![header](https://cdn-images-1.medium.com/max/1600/1*MDKAyZEDQfsHQXEL1kY-pA.jpeg)\n\nThe cryptocurrency market is complex, and difficult to navigate. Because of exchange fragmentation, traders are missing tremendous opportunities in the market. In order to find the best trades, investors must constantly switch between accounts, transfer funds from one exchange to another, resulting in unnecessary costs and time wasting. Soon, there will be a way to access multiple exchanges, from one place. Meet 1Konto, the revolutionary new way to trade crypto:\n\n- One account - multiple exchanges\n- Custom currency pairs\n- Arbitrage opportunities\n- Auto-convert functionality\n- Tax-ready reports\n\n\n# One account — multiple exchanges <h1>\n\n![header](https://cdn-images-1.medium.com/max/1600/1*9s5VTzb1Pkm8krO-wrWK8w.jpeg)\n\nWhat: Access all your trading activity from a single, easy-to-use dashboard.\n\nWhy: Currently, many traders use multiple exchanges concurrently. This results in increased complexity and friction losses. Also, traders with multiple exchange accounts often struggle tracking their positions and transactions across several accounts and regularly fall back to use spreadsheets as a way to get a rough overview of their investments.\n\nHow: With 1Konto, you will finally be able to see your portfolio performance within one unified account, giving you total visibility and control. By replacing your various exchange accounts with 1Konto, you gain access to all your investments and performance statistics from one place.\n\n\n# Custom currency pairs <h1>\n![header](https://cdn-images-1.medium.com/max/1600/1*CXbuq0Y9HnFSG6Bs4lsY4g.png)\n\nWhat: Trade formerly untradable currency pairs.\n\nWhy: Exchanges are limited to a select few trading pairs offered to their users. Cryptocurrency investors are often forced to split trades into multiple transactions in order to convert one position into another. Even worse, some trades require funds to be transferred between exchanges in order to be executed.\n\nHow: 1Konto gives you access to all trading pairs imaginable. Even if two tokens or cryptocurrencies never appear on the same exchange, it is possible to use 1Konto to swap funds between these assets. Intelligent order routing and custom order books save time and money by executing multi-leg trades instantly. No more transfers, conversions or lost opportunities.\n\n# Arbitrage opportunities <h1>\n![header](https://cdn-images-1.medium.com/max/1600/1*1FWXJIMRmBRZnFf_s_DtFg.png)\n\nWhat: Take advantage of price differences and market inefficiencies.\n\nWhy: Market prices for the same trading pair vary vastly throughout exchanges. Trading algorithms use this to their advantage and achieve risk-free profits by simultaneously buying and selling an asset based on the price imbalance. However, casual or semi-professional investors so far have not been able to benefit from these arbitrage opportunities.\n\nHow: 1Konto enables you to initiate trades instantly across exchanges without transferring funds between accounts. In case an arbitrage opportunity presents itself, you can use 1Konto to increase your profits without the need for complex trading algorithms or bots.\n\n\n\n# Auto-convert functionality <h1>\n![header](https://cdn-images-1.medium.com/max/1600/1*8CPtWvaLx0KclZZB_xouWQ.png)\n\nWhat: Convert currencies without the need for trading.\n\nWhy: Setting up a trade takes time and effort. Sometimes you just want to convert currencies without dealing with order books and limit orders.\n\nHow: 1Konto gives you the power to quickly swap between assets in a seamless, safe, and secure environment. Just select the currency you have and the currency you want, click convert and you are done. It is that easy!\n\n# Tax-ready reports <h1>\n![header](https://cdn-images-1.medium.com/max/1600/1*nl-gwb6-yRKTNNPp9uPXKA.png)\n\nWhat: Automatically export a tax report including all your cryptocurrency positions and trades from the current tax period.\n\nWhy: Nobody likes to file a tax return. But when dealing with crypto, things get even messier. Balances are often distributed across various exchanges and individual transactions are hard to reproduce after a full year of trading.\n\nHow: 1Konto generates automated tax reports that include all your balances and every single transaction made. Each data point is transparent and positions are priced at the legally required market prices.\n\n👏 If you enjoyed reading this piece leave us an upvote or comment below. We are curious to hear your thoughts!\n\n# Stay informed\n💬  [Join our Telegram Community](https://t.me/joinchat/G9cgTxGeoY2ZDUOD6u59XQ)\n🐦  [Follow us on Twitter](https://twitter.com/1_Konto)\n📰  [Read more stories from 1Konto](https://medium.com/@1Konto)\n👤 [Visit our Facebook page ](https://www.facebook.com/1Konto-377270212792901/)\n💻 [Get free trades! ](https://www.1konto.com/)",
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      "title": "4 Reasons Everyone Trading Crypto Needs a Broker-Dealer",
      "body": "An ever-increasing number of crypto companies (such as Coinbase, Uphold or Peter Thiel-backed Tagomi Systems) are acquiring broker-dealers or registering themselves as a broker-dealer with the SEC / FINRA. That is why we’ll devote this article to discuss what differentiates broker-dealers from regular crypto exchanges and which advantages they bring to crypto trading.\n\n# What is a cryptocurrency exchange?<h1>\nTraditional crypto exchanges such as Binance, Poloniex, etc. work similarly to a stock exchange. Buyers and sellers place orders which are cleared using an order-book system, which defines the market price. The exchange acts as a platform / middle-man and charges a fee for each transaction.\n\n# What is a cryptocurrency broker-dealer?<h1>\nWith crypto broker-dealers, your funds are traded via their respective dealer network, as opposed to a single centralized exchange. These broker-dealers use various liquidity pools to provide trading opportunities at a predetermined exchange price. Broker-dealers facilitate trades on behalf of their customers, interact with the exchanges and handle the financial transactions between buyer and seller.\n\n# Broker-dealers allow crypto traders to…<h1>\n### 1. Buy and sell securities\n\n![header](https://cdn-images-1.medium.com/max/1600/0*dDYFrtMvLnnWhTyl)\nThe US Securities and Exchange Commission (SEC) shows strong signs that most ICOs currently being launched will be deemed securities. A licensed broker-dealer is capable of offering blockchain-based securities, under the oversight of the SEC and the Financial Industry Regulatory Authority (FINRA). Using an alternative trading system (ATS), broker-dealers are eligible to offer the buying and selling of ICO security tokens and fractional equities to both retail and institutional investors.\n\n### 2. Take advantage of arbitrage opportunities\n![header](https://cdn-images-1.medium.com/max/1600/0*iIQgFvvy-j7d8uI_)\nBroker-dealers can take advantage of price differences across multiple exchanges and can therefore provide the best buy & sell prices to their customers. This means broker-dealers can enable their customers to take advantage of arbitrage opportunities which were so far exclusively accessible to institutional investors using sophisticated automated trading systems.\n\n### 3. Trade custom currency pairs\n![header](https://cdn-images-1.medium.com/max/1600/0*Pn-PBzdbpaZQo4gT)\nBuying and selling on exchanges limits the options of an investor to the available currency pairs listed on a specific exchange. Having a broker-dealer as an intermediary party allows for custom currency pairs to be created. This eliminates the need to split a trade into two separate transactions (i.e. Token A -> Bitcoin -> Token B) in cases where the listing (in this case Token A / Token B) does not exist.\n\n### 4. Exchange large amounts faster and without price slippage\n![header](https://cdn-images-1.medium.com/max/1600/0*g1uaQbY8Q4Zq0PXB)\n\nEven the largest crypto exchanges are prone to price slippages if large trades are placed. This makes it more difficult to buy or sell at a predefined price and often requires placing multiple smaller orders distributed over time. With broker-dealers, large trades can be conducted at a fixed price with the settlement period generally being a lot faster than on an exchange.\n\n### About 1Konto <h3>\n1Konto (German for “one account”) is a cryptocurrency broker-dealer enabling access to multiple exchanges from one account in order to provide custom currency pairs, arbitrage and an intuitive dashboard. 1Konto saves traders time, money and headaches by bringing simplicity to the management of cryptocurrency portfolios and managing individual exchange liquidity.\n\n👏 If you enjoyed reading this piece leave us an upvote or comment below. We are curious to hear your thoughts!\n\n# Stay informed\n💬  [Join our Telegram Community](https://t.me/joinchat/G9cgTxGeoY2ZDUOD6u59XQ)\n🐦  [Follow us on Twitter](https://twitter.com/1_Konto)\n📰  [Read more stories from 1Konto](https://medium.com/@1Konto)\n👤 [Visit our Facebook page ](https://www.facebook.com/1Konto-377270212792901/)\n💻 [Get free trades! ](https://www.1konto.com/)",
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      "parent_permlink": "cryptocurrency",
      "author": "argongroup",
      "permlink": "top-5-major-issues-of-crypto-exchanges",
      "title": "Top 5 Major Issues Of Crypto Exchanges",
      "body": "Cryptocurrency exchanges have been at the center of attention in the world of digital currencies throughout 2017 and 2018. While these exchanges benefit greatly from new people flooding into the crypto markets, they also suffer significant scaling-issues, both on the operational and technical side. Let’s assess the biggest issues that currently affect most of the leading crypto exchanges.\n\n# 1. Liquidity <h1>\n![header](https://cdn-images-1.medium.com/max/1600/0*vYieYLX4tvKWItE3)\nThe number of cryptocurrencies and exchange platforms is increasing each year. Currently, there are 218 exchanges (according to coinmarketcap.com), compared to 70 exchanges 3.5 years ago.\nThis fragmentation in the crypto exchange market wasn’t initially a problem, as this development was in line with a significant influx in new retail and institutional investors joining the markets and providing liquidity. The entire market size has risen from a mere $90 Million in 2013 to a staggering $800 billion beginning of this year.\nHowever, as crypto valuations are decreasing in the past months, so does the liquidity on (especially small) exchanges. A recent study reported that 36% of crypto traders are upset with the problem of liquidity on prevailing exchanges.\nLiquidity is a vital element for any of the market. A lack thereof creates an imbalanced environment, and things go out of control. Due to the decreased liquidity, orders are not placed/executed on time and the doors are open for large holders to manipulate prices. Additionally, with a lack of liquidity, markets become more volatile and see more price slippages.\nA secondary issue of reduced liquidity is that it puts the power into the hands of cryptocurrency exchanges with large liquidity. Some major exchanges now charge up to $1 million to get tokens listed, essentially selling liquidity to the token projects.\n\n# 2. Security <h1>\n![header](https://cdn-images-1.medium.com/max/1600/0*zVo2L-_dafHvpDjd)\nNot just since Coincheck was hacked, resulting in $500 million in lost funds, do we know about exchange being a single point of failure. The Coincheck breach was only the latest instance of a series of notable exchange hacks and security flaws in the past years. While the most prominent one is still the devastating hack of the Mt. Gox exchange, we now count more than 30 major cyber hacks resulting in more than $1 trillion in lost funds. Plus, unexpected security-related shutdowns often lead to hours or even days of the exchange being inaccessible to its users.\nWhile decentralized exchanges promise to mitigate the security issues of their centralized counterparts, users have so far been slow to adopt to them due to liquidity and user experience concerns.\n\n# 3. Trading fees <h1>\n![header](https://cdn-images-1.medium.com/max/1600/0*GgWbWn8DIb_O2w2J)\nA recent Encrybit survey reveals that traders see fees as one of the most crucial issues with crypto exchanges, with fees regularly ranging between 0.25% to 3% of a single trade.\nTrading fees on crypto exchanges are sort of a two-edged sword. While low or no fees can significantly increase liquidity of an exchange, it also allows large investors to manipulate crypto prices more easily and cheaply. On the other hand, cryptocurrencies inherently promise to disrupt the financial sector by making transactions far more inexpensive, so having centralized institutions taking a cut of every trade seems against this philosophy.\nCounterintuitively, it seems that exchanges or broker-dealers offering zero-fee trading usually have a business model that is not necessarily good for retail investors. At least that’s what recent revelations about the zero-fee trading platform Robinhood show.\n\n# 4. Trading pairs<h1>\n![header](https://cdn-images-1.medium.com/max/1600/0*KFCvcEQw--VyH8P6)\nToday we have almost 2000 individual cryptocurrencies or tokens (1,944 according to coinmarketcap.com). That leads to significant problems if you want to trade one token for another, as the number of possible trading pairs strictly follows Metcalfe’s Law. So with ten coins you end up with x=n(n-1)/2=45 possible pairs, 100 tokens already lead to 4,950 pairs and today’s 1,944 currencies add up to a staggering 1,888,596 possible trading pairs. As most of these trading pairs would most likely not receive sufficient liquidity, tokens are usually only found in X/ETH or X/BTC pairings. So trading from token A to token B requires two trades and leads to double the amount of fees necessary in order to convert the tokens.\nAdditionally, most exchanges do not support fiat currency pairs which means traders are forced to buy ETH/BTC from another on-ramp service, such as Coinbase, transfer the coins to an exchange and trade it for the desired token. This process obviously takes time and results in high exchange fees.\n\n# 5. Customer support <h1>\n![header](https://cdn-images-1.medium.com/max/1600/0*cE_RIaBHIZCHlTZy)\nRarely have companies seen the amount of growth that crypto exchanges have enjoyed in the last 12 months. But with rapid growth, comes the potential for companies being unprepared to scale their customer service operations in order to meet heightened consumer demand. Rapid growth, combined by the complex and 24/7 nature of the cryptocurrency industry, can be difficult for even the most established organizations to service, leading to huge backlogs of customer support tickets. Staggering 90-day wait periods are now normal for some exchanges.\n\n# Conclusion <h1>\nThe recent bear-market is definitely a good opportunity for exchanges to put their heads down and address the above issues in order to be ready for the next wave of market participants coming into cryptocurrencies. However, we could also see other solutions such as decentralized exchanges or broker-dealers being the go-to platforms for crypto traders in 2019.\n\n### About 1Konto <h3>\n1Konto (German for “one account”) is a cryptocurrency broker-dealer enabling access to multiple exchanges from one account in order to provide custom currency pairs, arbitrage and an intuitive dashboard. 1Konto saves traders time, money and headaches by bringing simplicity to the management of cryptocurrency portfolios and managing individual exchange liquidity.\n\n👏 If you enjoyed reading this piece leave us an upvote or comment below. We are curious to hear your thoughts!\n\n# Stay informed\n💬  [Join our Telegram Community](https://t.me/joinchat/G9cgTxGeoY2ZDUOD6u59XQ)\n🐦  [Follow us on Twitter](https://twitter.com/1_Konto)\n📰  [Read more stories from 1Konto](https://medium.com/@1Konto)\n👤 [Visit our Facebook page ](https://www.facebook.com/1Konto-377270212792901/)\n💻 [Get free trades! ](https://www.1konto.com/)",
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      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://medium.com/@1Konto/crypto-trading-reimagined-c53843d51a56",
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      "parent_permlink": "cryptocurrency",
      "author": "argongroup",
      "permlink": "crypto-trading-reimagined",
      "title": "Crypto Trading Reimagined",
      "body": "![header](https://cdn-images-1.medium.com/max/1600/1*SEOP_U1rmQgSiOt2chc8Qw.png)\n\nOur industry has come a long way in the years since Satoshi introduced the world to Bitcoin. Today, an increasing percentage of the world’s population knows about cryptocurrencies or even actively participates in the market.\n\nThis is why we are excited to announce 1Konto and shed some light on how we are planning to change the way people trade cryptocurrencies and tokens.\n\n# What is 1Konto? <h1>\n1Konto (German for “one account”) is a cryptocurrency broker-dealer enabling access to multiple exchanges from one account in order to provide custom currency pairs, arbitrage and an intuitive dashboard. 1Konto saves traders time, money and headaches by bringing simplicity to the management of cryptocurrency portfolios and managing individual exchange liquidity.\n\n # Why should I use 1Konto? <h1>\n> “We developed 1Konto to give traders access to multiple exchanges and custom currency pairs. No longer is it necessary to navigate through different accounts to buy/sell and track your portfolio.” Edwin Handschuh (CEO, 1Konto)\n\n ## Consolidated Dashboard <h2>\n##### Intuitive and actionable user interface.\n\n![header](https://cdn-images-1.medium.com/max/1200/0*I8JvEIxYQ6syu2ar)\n\nIt is our belief that cryptocurrency trading should be simple, intuitive and connected. With 1Konto, you are finally able to see your portfolio performance within one unified account. No more excel spreadsheets or manual updating. 1Konto tracks your gain/loss information for total visibility and control.\n\n## Intuitive Trading\n##### Smooth order execution across multiple exchanges.\n![header](https://cdn-images-1.medium.com/max/1200/0*5u43Dt9vjENYMtK3.gif)\n\nWe believe that traders should have access to multiple markets. 1Konto brings Wall Street technology to the world of crypto trading, including intelligent order execution and instant multi-leg trades. This is the next generation of cryptocurrency trading. Intelligent order routing and custom order books saves time and money by executing multi-leg trades instantly. No more transfers, conversions or lost opportunity.\n\n## Custom Currency Pairs\n##### Trade formerly untradeable currency pairs.\n![header](https://cdn-images-1.medium.com/max/1200/0*7kPxTF51XkXXfAIs.gif)\n\nUnlock the actual exchange rate, order book and trading history of any pair. You now have the information necessary to make any trade imaginable and execute it instantly. Even custom currency pairs that to not exist on any exchange.\n\n## Real Time Arbitrage\n##### Benefit from the “purple cross”.\n![header](https://cdn-images-1.medium.com/max/1200/0*oGK8coxZDKNJSsbp)\n\nAt times of market inefficiency, an arbitrage opportunity presents itself. No more manually buying & selling across exchanges or transferring coins. We give you access automatically and instantly.\n\n## Convert\n##### 1Konto simplifies currency conversions.\n![header](https://cdn-images-1.medium.com/max/1200/0*0EQGjIecWP-Y37u3)\n\nBegin investing in cryptocurrency without ever worrying about trading. Just select the currency you have and the currency you want, click convert and you are done. It is that easy!\n\n# How does 1Konto work?\n1Konto connects to established exchanges via supported channels allowing for order execution across multiple exchanges simultaneously. Our proprietary order logic shows arbitrage opportunities to users via negative spread and one-click trading of custom currency pairs.\n\nOur decentralized asset storage solution protects your coins and ensures maximum uptime and tradability. No need to worry if an exchange is down for maintenance. You still have access to the markets.\n\nTwo-factor-authentication, bank-level security and complete transparency of your assets provide a full protected view of your account.\n\n# Who is behind 1Konto?\nThe 1Konto team is comprised of industry experts with vast experience in the fields of: financial services, engineering, blockchain development and marketing.\n\n1Konto is the brainchild of three brothers, each with varying expertise. Edwin, CEO, brings over 10 years of experience from the financial services and wealth management sector that helps to inform company vision and provide insights into retail investor expectations. Michael, CTO, leads engineering with over 10 years of development and engineering experience with a focus on massively distributed, message based systems provides the technical solutions to support the company vision. Brian, COO, brings first-hand entrepreneurial and operations experience as he built a $3MM+ revenue per year business from an initial $3,000 loan in under five years. The combined experience in varying domains ensures a diverse founding team equipped with the necessary tools to successfully bring 1Konto to the market.\n\n👏 If you enjoyed reading this piece leave us an upvote or comment below. We are curious to hear your thoughts!\n\n# Stay informed\n💬  [Join our Telegram Community](https://t.me/joinchat/G9cgTxGeoY2ZDUOD6u59XQ)\n🐦  [Follow us on Twitter](https://twitter.com/1_Konto)\n📰  [Read more stories from 1Konto](https://medium.com/@1Konto)\n👤 [Visit our Facebook page ](https://www.facebook.com/1Konto-377270212792901/)\n💻 [Get free trades! ](https://www.1konto.com/)",
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      "title": "Explained: Ethereum Plasma",
      "body": "@@ -1,8 +1,99 @@\n+!%5BEthereum Plasma%5D(https://cdn-images-1.medium.com/max/1600/1*KPdWzpGhgSxVaTZxZG5cqQ.png)%0A%0A\n On Augus\n",
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      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://medium.com/@argongroup/ethereum-plasma-explained-608720d3c60e",
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      "title": "Explained: Ethereum Plasma",
      "body": "On August 10th 2017, Vitalik Buterin and Joseph Poon released an initial draft of the Plasma project. As an implementation of the Ethereum scaling solution nears, we want to take a closer look at what Plasma actually is.\n\n# Why is Plasma necessary? <h1>\nCryptocurrency’s future real-world application and feasibility rely on the technology’s scalability. Unfortunately, in its current state, the two major blockchains, Bitcoin and Ethereum, are still fairly limited in the amount of transactions that can be processed in a given time. This results in cases where a single application can bring the network to its knees. A common example how these scalability issues are limiting blockchain’s competitiveness with centralized systems is the comparison with VISA. While the popular credit card provider is handling up to 2’000 transactions per second, Ethereum is currently capped to roughly 15 transactions per second.\n\n#  What is Plasma?<h1>\nEthereum Plasma introduced a novel scaling solution that could enable Ethereum to reach many more transactions per second than currently possible. Like payment channels in the Bitcoin Lightning Network, Plasma is a technique for conducting off-chain transactions while relying on the underlying Ethereum blockchain to ground its security. Thus, Plasma can be categorized to the increasing group of “off-chain” technologies which also includes state channels and Truebit. While solving different problems, they all take operations away from the Ethereum “main chain” and are performing them “off chain” instead. Still, these techniques sufficiently guarantee a certain level of security and finality.\nBut Plasma takes this idea even further by allowing for the creation of “child” blockchains attached to the “main” Ethereum blockchain. These child-chains can even spawn their own child-chains, which can themselves have another set of child-chains etc. So Plasma is basically many branching blockchains linked to one root blockchain.\nEthereum will continue to handle smart contracts in a similar way to how they are handled currently, except it will only broadcast completed transactions to the public Ethereum chain. Think of it as a hierarchical tree of side chains that periodically transfers information back to the main-chain.\nAs a result, more complex operations can be performed on the child-chain than possible purely on the main chain, allowing developers to run entire applications with thousands of users. This Plasma-chain can operate at faster speeds and lower fees than the main chain, as they do not need to be replicated across the entire Ethereum blockchain.\n\n#  How does Plasma work?<h1>\nIn order to understand how Plasma works, let’s take a look at how the technology could be used in a real-world example.\nLet’s imagine that you are creating a digital-collectibles game on Ethereum. The collectibles will be ERC 721 non-fungible tokens (like Cryptokitties), but have certain features and attributes that lets users play against each other — like Pokemon Go. These kinds of complex operations are expensive to do on-chain, so you decide to use Plasma instead for your application.\nInitially, smart-contracts are created on the Ethereum main-chain. These smart contracts serve as the “root” of the Plasma child-chain. This main chain entry contains the basic rules of the child-chain, records state hashes of the child-chain, and allows users to move assets between the Ethereum main-chain and the child-chain.\nAfter rooting the child-chain in the main chain, a child-chain is created. This child-chain features its own consensus algorithm, independently from the Ethereum main-chain. Let’s use Proof of Stake (PoS) for this example. This consensus mechanism does not rely on miners using electricity to run a hashing algorithm but rather the block producers are economically incentivized to remain truthful by a collateral that will be destroyed in case of a bad actor behaving fraudulently. This consensus algorithm generally allows for faster block-creation times than PoW.\nNow that the child-chain is initialized, the basic rules of the game can be set, deploying the actual game application smart contracts on the child-chain, which contains all of the game logic and rules. The collectibles are still ERC721 tokens, created on the Ethereum main-chain, and then transferred onto the child-chain using the plasma root.\nOnce the child-chain is up and running, the block creators periodically commit a validation to the main-chain, essentailly proofing that the current state of the child-chain is valid according to the consensus rules. When a user plays this game, they are executing the application, without ever interacting with the main-chain directly.\n\n#  Is Plasma secure?<h1>\nWhile reading the above description, some might ask themselves such as “How secure is Plasma?” and “Are transactions on the child-chain actually immutable and final?”\nHowever, even in a scenario where a single entity has control over 100% of block production on the child-chain (hashrate, stakes, etc. according to the consensus algorithm), Plasma guarantees that every party can always withdraw their funds and assets back onto the main chain at any time. So even in the case of a attacker trying to take control over the network, the worst that can happen is they force you to leave the child-chain.\nThe main security mechanism behind Plasma are “Plasma exits”, which is the process that allows a user who participates in a Plasma Chain to stop participating in the chain, and move their funds back to the main-chain.\nWhen a user is transacting in a Plasma Chain and wants to transfer their funds to the main-chain, they submit an “exit transaction” (i.e. a merkle proof of their transaction history proving they own a certain amount of money). At that moment, there is a “challenge period.” The challenge mechanism has been seen in most off-chain solutions such as the Bitcoin Lightning Network. Essentially, you allow anyone to challenge your claim by submitting a proof which marks your claim as invalid or outdated (in Plasma this can be a Merkle proof of the transaction history, in Lightning Network channels this can be a signed message from the other party).\nIn addition, when making a transaction that can be challenged, you are also required to attach a small bounty to it, in order to incentivize people to challenge you, if they believe your behavior was malicious. It’s like trying to steal something and saying “I’ll pay you $5 if you can catch me.”\nIn the normal case, if Bob wanted to transfer X ETH back to the main-chain, he’d submit an exit transaction (plus the bounty as collateral), and if it went unchallenged he’d be able to claim X ETH on the main-chain. If Bob’s exit transaction was successfully challenged, it would get cancelled and the challenger gets the bounty. So all participants are economically disincentivized from propagating invalid blocks to the child-chain.\n\n# What are the main benefits of Plasma?<h1>\n* Plasma will help the Ethereum blockchain handle much larger datasets than currently possible.\n* It enables various computation-intensive applications to run on the blockchain thanks to the big increase in transaction capacity. It will also speed up transactions enough to let decentralized apps run without worrying about backlog.\n* Because only a much smaller number of nodes (i.e. block producers) have to process transactions, fees can be much lower and operations can be faster.\n* Plasma will get rid of unnecessary data in the main-chain. This saves an enormous amount of processing power and memory for the Ethereum nodes.\n* Plasma is compatible with various on-chain scaling solutions such as sharding, various block sizes, etc.\nPlasma vastly improves ledger scalability leading to a higher data storage capacity of Ethereum-based applications.\n\n# Does Plasma have drawbacks?<h1>\nThe main concern related to the current Plasma proposal is what would happen if everyone using a child-chain tried to exit the sidechain at the same time. In the case of a mass withdrawal, there might not be enough capacity on the Ethereum main-chain to process everyone’s transactions within the challenge period, meaning users could lose funds. Fortunately, there are many possible techniques for preventing this, e.g. by extending the challenge period in a way that is responsive to demand for withdrawals.\n\n**We hope this explanation was helpful to you and appreciate every comment / upvote.**",
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      "body": "Congratulations @argongroup! You have completed some achievement on Steemit and have been rewarded with new badge(s) :\n\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/voted.png)](http://steemitboard.com/@argongroup) Award for the number of upvotes received\n\nClick on any badge to view your own Board of Honor on SteemitBoard.\nFor more information about SteemitBoard, click [here](https://steemit.com/@steemitboard)\n\nIf you no longer want to receive notifications, reply to this comment with the word `STOP`\n\n> By upvoting this notification, you can help all Steemit users. Learn how [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)!",
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      "body": "Just think how powerful this would be if released on a graphene chain (EOS or Steem)? I think it could be a plus for these chains that can handle the throughput.",
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