![]() ![]() But when it comes to organizing these transactions, Binance and its peers use the same “limit order book” model as any traditional exchange such the New York Stock Exchange. Miners solve complex mathematical puzzles to do this, otherwise known as the proof of work system used by Bitcoin and most cryptocurrencies. Instead, transactions are authenticated through consensus by a group of validators, typically called miners. Blockchain technology enables peer-to-peer cryptocurrency transactions to happen on exchanges such as FTX and its rival Binance without these middlemen. Even the most established digital currency, Bitcoin, hit a two-year low following the FTX woes.Ĭryptocurrencies allow traders or investors to buy and sell without the need for banks and brokerages. on November 11, but was valued at $32 billion earlier this year – has had significant repercussions for the entire cryptocurrency industry. The recent collapse of FTX – which filed for bankruptcy protection in the U.S. But it is not only regulators that bear responsibility for protecting people, the industry should also look at new models that could help. ![]() “We do need to increase the clarity of regulation and the sophistication of regulation in the crypto space,” Zhao said to a gathering of G20 leaders at a summit in Bali. ![]() The founder of the world’s largest cryptocurrency exchange Binance CEO Changpeng Zhao has called for more regulatory clarity after a week of crypto market chaos and a year in which investors are estimated to have lost $2 trillion. ![]()
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