As is usually obligatory in any non-cryptocurrency platform, it’s important to first impart upon the reader what a cryptocurrency is. Here at 24/7 Exchange we don’t see it otherwise.
You’ve heard of currencies. They’re pretty common. They’re certain representative commodities traded at an agreed-upon value on a market in exchange for different goods. A cryptocurrency is a type of currency that derives its value – and its actual form of existence – by form of what is known as virtual cryptography.
What is Bitcoin, Again?
Consider this – an intangible currency that derives its value from two factors: the fact that it requires electricity, energy, heat and time to “produce” or “mine”, and the fact that its existence is publicly traceable, impossible to falsify, and completely finite. That’s what cryptocurrency – or specifically, the first cryptocurrency, the Bitcoin, is. And it’s the reason it’s both such an experimental and radical idea in the financial world, and the possible future according to more and more large-scale angel investors and old-school financial big names.
The question remains – how do you turn regular cash into Bitcoin and other cryptocurrencies? What exchange should you go to for your crypto needs, considering that so many in the past have failed miserably?
To answer that question, I’ll be looking today at an often-recommended cryptocurrency exchange website – 24/7 Exchange, which reportedly prides itself on providing the one thing the cryptocurrency market needs so desperately – safety.
Is There Such as Thing as Safety in the Realm of Crypto?
The first thing people will ask themselves before investing in crypto is: Is it even safe? They don’t want to make an investment choice they would regret, especially if they don’t have much money to spare to begin with.
If it were 2010, I’d tell you to be extremely careful. But it isn’t 2010, it’s 2015 – and Bitcoin has come a long way. 24/7 Exchange claims to be proof of that – and they have the data to back it up. As stated on their website, they carry certification from compliance companies, guarantee a risk-free transaction without holding their client’s funds, offer instant delivery instead of slow wire service, and best of all, they translate bitcoins into over 110 local currencies – which makes them a true contender for Bitcoin’s biggest, and best function in the world of the every man’s finance: remittances.
Overseas workers are an extremely common phenomenon in developing countries, especially in Asia and Africa where Bitcoin’s potential can truly shine. Without onerous fees and treacherous exchange rates, cryptocurrency is the best way for people to send money to each other across borders – instantly – and 24/7 Exchange is more than capable of facilitating that kind of movement.
Why Currency Variation Is Both Important, and a Potential Weakness
One of the things 24/7 Exchange advertises is the fact that it trades in other cryptocurrencies besides the original Bitcoin. These include relatively successful “altcoins” (alternative coins) such as Litecoin, Namecoin, Peercoin and others. On one hand, since these are all altcoins with relatively high usage rates in the cryptocurrency market, it’s good – and even necessary – that such an exchange trades in them as well.
But for people recently interested in cryptocurrency, funding altcoins may not be the way forward. The majority of effective long-term innovation is – and should be – focused on the development of Bitcoin. Some people consider altcoins to be detracting from that mission.
Should You Choose 24/7 Exchange over Other Exchanges?
Based in Belize, and registered in Delaware, 24/7 Exchange is headed by InterMoney Exchange Corporation, which is a company regulated by the International Financial Services Commission, and claims to guarantee that its clients’ interests are safe during transactions due to a safety capital of over $75,000.
Their focus on safety and compliance alone makes them an above-average choice in the Bitcoin market – add to that their pre-existing infrastructure, ease-of-use through credit card payments and other simple methods, and their exchange rate, and you’ve got yourself a number of reasons why it’s definitely an exchange to check out.