What is the legal currency of okex (is it safe to trade okex legal currency)
What is the legal currency of okex? What is the legal currency of okex? What is OKEX’s fiat currency? In the traditional financial system, money is Fiat money. Due to its non convertible nature, currency must possess all the same characteristics and functions as other currencies. For ease of understanding, cryptocurrencies or other assets such as US dollars, euros, etc. can be used for payment settlement. However, if we want the trading platform to achieve a decentralized peer-to-peer network system in some way, it needs to adopt a new fund transfer mechanism For non blockchain projects, funds are usually raised through the issuance of tokens, which are not directly used as a value measure for any project (such as Bitcoin) or as a speculative medium (such as Shanzhai coin). For example: Bitcoin, Litecoin, etc; Tether issued Stablecoin, similar to USDX; OKEx has launched a smart contract based product – OKExToken (OKB), which has been launched on more than 20 exchanges, including Coinbase
Is the exchange of okex fiat currency safe
Editor’s note: This article is based on data and is authorized to be reprinted by the Daily Planet.
According to reports, OKEx officially opened its legal currency trading service on August 31, 2017. In the past year, there have been over 10 types of encrypted asset transactions, withdrawals, and transfers conducted by users through OKEx
However, if the traditional Fiat money or Stablecoin is used to pay for this digital asset, it needs to rely on the margin provided by other exchanges. Due to the fact that all transactions provided by these centralized platforms are based on US dollars, it is a significant challenge for ordinary investors to convert their Bitcoin into legal currency So how to handle the exchange of fiat currency and Bitcoin? According to data from third-party blockchain security agency PeckShield, nearly $200 million worth of Bitcoin has been transferred to encrypted assets. However, it is worth observing whether this model will affect the healthy development of the Cryptocurrency market
First of all, we need to know that although the traditional Cryptocurrency market is volatile, the cryptocurrency market itself is driven by various factors. For example, the price of Cryptocurrency rises sharply due to the price boom, or even negative news, which makes many people think that the risk of the cryptocurrency market is high Secondly, there is a crucial issue with the crypto market, which is that when you send a digital asset to another account, it must be done using cash or a bank account, and this account cannot be directly exchanged for other digital tokens because your wallet address has already received money from hackers. There are also two issues:
1. If you hold a certain amount of encrypted assets (such as BTC), you may not be able to obtain sufficient cash reserves If someone sends you an email stating that the user’s authentication information is incomplete or not verified, how should they confirm their password
Of course, there are many ways to protect your private key from loss in the Cryptocurrency market. For example, you can search for “Bitcoin” through Google, find the user who has the word “Bitcoin”, and then enter the password to create a Cryptocurrency wallet. At the same time, you can also generate a mnemonic word to prove your password.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/22008/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Amber Group’s Large Transactions Raise Eyebrows in the Crypto World
On February 14, according to Tom Wan, a research analyst at 21. co, the parent company of 21Shares, disclosed on social media that after the \”Paxos incident\”, …
-
Taiwan Takes Action to Combat Virtual Currency Money Laundering
On February 16, it was reported that the Anti Corruption Section of the Anti Corruption Department of the Ministry of Justice of Taiwan, China, China, issued a…
-
Lido Deploys wstETH on Polygon as Part of its Expansion Plan on L2 Networks.
On March 10, Lido, the liquidity pledge agreement, announced that wstETH had been deployed on Polygon. This is the third step of the expansion plan of \”Lido on…
-
What is the full name of ICO (abbreviation of ICO)?
What is the full name of ICO? In December 2017, the A-round financing led by th
-
**Arbiter for EVM: A Powerful Analysis Tool for DeFi Security and Strategies**
On March 28th, DeFi infrastructure and product developer Primitive launched a beta version of the analysis tool Arbiter for EVM. Arbiter implements revm based on Rust EVM, which wi
-
LayerZero Airdrop Spurs Stargate Cross Chain Bridge Trading Volume
According to reports, as investors attempted to meet the rumored LayerZero airdrop standards, the trading volume of the cross chain bridge Stargate has increased by 30% in the past
-
Adidas’ Entry Into The Metaverse through NFTs in Berlin
On March 7, Adidas\’ NFT project Indigo Herz tweeted that Adidas would hold the Into the Metaverse (ITM) event in Berlin, Germany, on March 25. ITM NFT holders …
-
Bitcoin Surpasses $27,000 Mark and Shows Volatility in Trading
According to reports, the market shows that BTC has exceeded $27000 and is currently trading at $27015.5, with a daily increase of 8.82%. The market is volatile, so please do a good job of risk control. BTC breaks through $27000 Analysis based on this information:Bitcoin enthusiasts and investors are witnessing yet another historic milestone as the world’s largest cryptocurrency by market capitalization has surpassed the $27,000 mark for the first time in its history. Trading at $27,015.5, as per reports, Bitcoin’s price has soared by 8.82% in just 24 hours. This bullish trend in price showcases Bitcoin’s potential growth in the near future. However, as exciting as the news might be, it comes with a word of caution – the market is highly volatile, and with higher prices, the risks only increase. This means that investors should be aware and take necessary measures to mitigate risk control when buying, selling or trading Bitcoin. The market shows that Bitcoin is now…
-
Initiative Grant DAO Launches on DoraHacks: A New Era in Defi Innovation
On April 2nd, it was announced that the Initiative Grant DAO, which has long funded innovative Defi applications, has been launched on the open source developer incentive platform
-
The Impact of Unconfirmed Transactions and Network Difficulty on Bitcoin
According to reports, BTC.com data shows that there are currently 5171 unconfirmed transactions across the Bitcoin network, with a total network computing power of 349.69 EH/s and
-
What forum did you use to give Bitcoin as a gift (recommended by netizens)
Recently, some Weibo netizens reported that “the price of Bitcoin has risen to around $3000”. He tweeted and said, “Isn’t this just a big red envelope? I have already received it.” It is reported that “Bitcoin Forum” is the largest information website in the coin circle. It is reported that the website currently supports mainstream currencies (BTC, ETH), and users can log in through https://bitcoin.org/ Alternatively, you can enter your desired currency to participate in the discussion. According to the information displayed on the official website, this post was released on July 22, 2019. Bitcoin Forum and GlobalCommunity are technology driven websites that primarily engage in interactive communication around digital asset topics. (Image from BitcoinMagazine) In addition, there is an official announcement announcing the launch of a new reward activity – the “New Points Program”, which invites 100 new members to join every week to receive airdrops and revenue sharing; At the same time, online activities will be held to…
-
What is the relationship between Ethereum and the US dollar (Ethereum U.S. Dollar Index)
What is the relationship between Ethereum and the US dollar Ethereum? According to CoinMetrics, a crypto market intelligence company, the current circulation supply of Ethereum is 135.6 trillion units. In the past few weeks, the price of ETH has been on a downward trend. Despite the decline in Bitcoin prices in recent months, the value of Ethereum continues to rise According to Ki YoungJu, CEO of CryptoQuant, “in the past few weeks, the price of Ethereum has dropped by more than 90% from its historical high.” He further explained that “if the Ethereum continues to fall below the 10000 dollar threshold, Ethereum will be forced to adjust”. (coindesk) Ethereum U.S. Dollar IndexIt is reported that according to CoinMarketCap data, Ethereum U.S. Dollar Index reported 2827.93 points, up 14.65 points or 0.7% from the same period yesterday. Previously, the Ethereum U.S. Dollar Index rose 44.01%. The Bitcoin U.S. Dollar Index (BPI) closed at 2918.43, down 23.03 points or 1.1% from the…
-
What digital currencies are worth investing in (which digital currencies are worth investing in in 2021)
What digital currency is worth investing in According to official news, what digital currency is worth investing in At present, the market value of Bitcoin, Ethereum and EOS ranks among the top five. Among them, Ethereum is one of the most popular currencies this year, rising continuously since November 1, 2017; On December 10th, it broke through a historical high and reached a peak of $24200 in 2017, an increase of 375%. EOS, on the other hand, performed poorly, dropping as much as 90% to around $19100 Why is EOS worth investing in? Because of its strong innovation and development potential, it can solve some current problems on the Internet through decentralized technology and lay the foundation for the future. But personally, this will not make this market more prosperous and vibrant. If EOS cannot achieve the development results expected by investors, this situation may change the trend of the entire industry, leading some people to choose to exit the…
-
Binance. US is looking for banks willing to receive cash assets from its clients
According to reports, the Wall Street Journal quoted insiders as saying that after the collapse of the Signature bank last month, Binance. US, a subsidiary of Minamily, is looking
-
Circle Freezes Redemption, USDC Bulls R/R Benefits
It is reported that encryption analyst 0xHamZ said on social media that Circle has frozen redemption to a large extent, which means that the r/r of USDC bulls …
-
Understanding the Surge in Bitcoin Options
According to reports, data from Deribit, the derivatives exchange, showed a surge in open positions in Bitcoin options, with the number of contracts reaching an all-time high in re