Audit Report Of Poloniex Exchange?

As per definition this is a crypto currency based global exchange which operates out of US. This exchange is registered under Financial Crimes Enforcement Network or FinCen and categorized as a money service business that has been operating since 2014 and gained legitimate status in 2016. The exchange has a registered office in Wilmington, Delaware. The company website called Owler shows CEO and founder’s profile which lends credibility to the exchange as users can gain necessary information about the company running operations in the background and know details about its functions as much as they wish to.

What makes Poloniex unique?

In the world of crypto currency exchanges this exchange has established itself as the largest in Ethereum trade. For those who are looking for trendy and new coins in the trade they can certainly sign up to trade on this exchange. Useful features are as follows:

The exchange platform is built for serious crypto trading as there are detailed charts provided as well as useful data analysis tools.

The trading interface code is client sided and open source that allows enthusiasts to examine closely as well.

There are around 70 kinds of digital assets to trade with.

Charges for the deposit as well as withdrawal are low and competitive in the industry.

Security in the form of full refund for users in case security is breached.

An Active community forum where one can get their queries answered promptly.

Limitations of the exchange

There are certain aspects of this crypto currency exchange that need to be worked upon to improve their services such as:

Often users state that withdrawing their funds from the exchange is difficult.

Management of private keys is centralized that exposes funds to risks of exposure as many other crypto currency exchanges offer decentralized alternatives.

Fiat currencies cannot be deposited in this system.

Identities of investors and managers on this platform are not revealed through community interviews or blog articles which reduce the credibility of the platform.

Users are asked for identity verification for large volume activities.

Slow and downtime issues are often reported.

Performance of the exchange

This crypto currency exchange has performed well from the time it has been operating. The trading volume is highest in the industry. The website of this exchange gets about 50 million visits every month. The closest competitor to this exchange is Coinbase that gets around 45 million visits every month. The exchange has popularity in countries like Vietnam, Russia, US, UK, Brazil and others. Another distinguishing feature of this exchange is the lack of support of fiat currency. Many users feel that it makes this exchange exclusive and also frees it from government regulations for this very fact. The large number of crypto currencies and similar assets that it allows trade in is another great feature of the exchange.

The user base and market share of the exchange has increased over the years as its rival exchange Cryptsy has closed operations. Even though there is no separate mobile app for the website, but the mobile compatibility of the website is high which ensures that users will not have any problem using the exchange on their phones or tablets. An API that is available for the exchange ensures that third party developers can conduct account management and data analysis of the site. The site has several useful features to offer such as margin trading, crypto currency conversion and so forth. The signing up process on this site is also simpler as compared to other exchanges.

Security features

The private keys to wallets that hold crypto currencies of the users are controlled by the exchange in its centralized manner of operations. The exchange assures the users that their deposits are stored in the air gap characterized cold storage and offline places. The account holders are encouraged to activate two factor authentications for their account as well as use tools for browser recognition.

When it comes to security breach, some minor incidents have been reported such as one in the year they started operations as in 2014 when about 12% of the deposits of the users were found stolen. Users were reimbursed subsequently by the exchange. Though founder information is not easy to find on the exchange or physical offices, users can bank on larger volumes of trades conducted over the years as a sign of their intent to be true and reliable to the users. It is advised that users should send across their excess funds to a wallet platform where one has greater control.

User feedback

This is another aspect of this exchange that showcases reliability. Feedback from users is vital for those who wish to register and use the exchange for the first time. Most users state that the interface of the exchange works smoothly except for certain heavy trading times when downtimes have been experienced. The users are prompted to ramp up security features of their web browser when they start trading on this platform. The exchange is known to revamp security and website interface features from time to time that keep up the interest of the users as well as make trading secure and easy. Some users often state that deposits take a long time to reflect in their trading accounts. The customer care response team is another drawback that many customers point out. There is the absence of a sound ticketing system for the website as well.

To summarize

The large trading volume that has ensued on this platform showcases dependability of the platform. Those who are hesitant to trade on this platform could also put up crypto currencies for lending and earn interest through this platform. The low fees that the exchange charges makes it a popular trading platform for most. The centralized operations are the only point of concern for many as their private keys are regulated by the exchange. However, one can rely on profitable trading activities that they will find on this platform if they sign up for it and maintain the necessary precautionary measures.

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Decentralized Application comprises of Front End, Smart Contract and Deployment to Nodes. Blockchain Help team consists of a highly skilled Blockchain developers having developed world class dApps on on both private and public Blockchain. Our Team posses deep understanding in platforms such as Ethereum, Stellar & Neo (Public Blockchain as well as Hyper ledger Fabric (Private Blockchain)

Smart Contract Development
Smart Contracts are digital protocol developed for validating conditions of a legal contract between two or more parties. Blockchain Help Smart Contracts Development team develops Smart Contracts for different platforms like Hyperledger Fabric (Chain code), Ethereum, NEO and other networks.

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Over the years Blockchain Help has helped enterprises adopt Blockchain Technology within the organizations’ technology setup by either recommending an MVP or POC approach. We also help migrating existing application within the distributed ledger network.

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Bitcoin Or Gold, Which Is The Best Investment to do?

For most people the financial market crisis that came by in 2008 is hard to forget. Though the consecutive periods can be considered as a bull market, but the sentiments have begun to sour now. For the US economy, the Dow Jones Industrial Average dropped and there are no signs that the drop would stop. Hence, for savvy investors, they need to get the right plans and strategies in place to hedge against such uncertainties and a drop in the market prices.

The traditional stance is always to hedge against such volatility by buying gold. This has indeed proven to be effective in the past, but there is a new alternative that today challenges what was considered a safe haven for the old schoolers. Bitcoin is a new asset that is flashy, but also has the stable properties that can contest any paper currency. Hence, it can be a viable haven for those who wish to lock their money in dependable assets with assured or stable market value. 

About gold

Gold has certain advantages that stand in its favor and that has been the case for quite some time. Supply always remains low no matter how high the demand. That makes it valuable as an asset to hold onto. Nowadays, many financial agencies offer loans and similar instruments when one can provide gold as a guarantee against such debts. The inheritance value of gold makes it a preferred mode of investment for the long term for most people.

About Bitcoin

Bitcoin is as new as gold is old. This is a crypto-currency that is based or legitimized by Blockchain technology. There are certain properties that it shares with gold for which it is worth comparing. For instance, Bitcoin can be considered as digital gold as the supply of Bitcoin is limited. The current value of a Bitcoin is approximately $4000 and there was a time when an ounce of gold was cheaper compared to the price of a Bitcoin. The limited supply of Bitcoin which can be gained through mining or through transactions makes it valuable and scarce. The cap of this currency remains at 21 million. 

Comparing the two 

Gold has existed as a safe haven among the assets for hundreds of years. Bitcoin today comes in as a crypto-currency that is legitimate and popular in digital transactions. In many countries and regions it is also a legal form of currency to use side by side with paper currencies. Here are some points to consider when you are looking at the benefits of investing in Bitcoin or in gold in the present scenario.

Legalities, safety and transparency

These are some points in which Bitcoin takes the cake as compared to gold. For instance, the tracking, trading and weighing of gold suffers with cumbersome complexities though standardized parameters and certification bodies are present. Gold is difficult to corrupt, steal and pass off as real when it is fake gold. The same works for Bitcoin as well. One cannot corrupt or alter Bitcoin transactions as there are encrypted algorithms involved that record such transactions and make them irreversible and traceable. However, hacking and spamming activities do threaten online Bitcoin transactions from time to time.

Rarity

Just as gold is difficult to get more, but only through mining in certain areas and in limited amounts. Bitcoin however, will not be there anymore as it is estimated that the supply will exhaust in a time period of 10 years. With such scarcity levels, it has a higher valuation than gold. Hence, one would be better off getting their hands on Bitcoin now and save the supply of this currency for the price increase that it will have in future.

Applicability

This is one aspect where the application of Bitcoin is not clear. Gold has physical uses in industry and jewelry making, but Bitcoin becomes usually a way to transfer value as well as an instrument with which speculations are done in the digital market. The currency works on faith based operations and legitimate encrypted and digital records that are maintained of such transactions. 

Volatile nature of assets

If you compare the volatile nature of these two assets, gold is more stable while Bitcoin is a more volatile asset. As people consider this crypto-currency to be of value, its value rises in circulation. However, gold prices are more on actual supply of gold and not on speculative demands.

Liquidity 

This is another aspect where one can see a difference in these two assets. Bitcoin exchanged for cash is a more difficult proposition than getting cash for gold. The market for Bitcoin is limited while gold has much more demand in markets worldwide and people are willing to pay a price for it.

Conclusion

For those who are looking at both these options when it comes to stabilizing their portfolio, gold remains a winner when it comes to crypto currency Bitcoin. Though the latter is becoming a legitimate option gold is a reliable and a long standing option here. For those who undergo digital transactions Bitcoin can be a viable option as well. It would be wise for modern investors to keep small amounts of both currencies in their accounts as the future remains opaque. Gold however, might have a competitor in real if Bitcoin is able to prove its worth over a longer time frame. Hence, investors will have a digital safe haven to consider besides the traditional asset that is gold. Many are intrigued by the concept of investing in a new form of currency that has no cost of creation but has grown over thousands of dollars in worth due to the legitimate nature that it has obtained. As digital transactions become more commonplace and hard felt currency is replaced by them in many instances, investors dream of a day when crypto-currency and its ownership would translate to wealth in digital world which can be used for purchase or showcase assets that one holds in their digital wallets.