The idea behind Local Token Exchange is to combine the best features of decentralized exchanges with liquidity offered by centralized exchanges. This helps to facilitate trading and make it more streamlined, secure, allowing token holders to enjoy profits. It was created out of the vision to create an efficient financial system worldwide. This is why the team has been carefully selected from different backgrounds like finance, marketing, technology, leadership, and entrepreneurship.
Centralized exchanges now are ridden with multiple inefficiencies such as longer waiting periods, security threats, and tedious verification requirements. It is also difficult for potential users, especially newcomers to enter these. P2P marketplaces or exchanges offer access in decentralized ways so that buyers and sellers may connect with each other directly. This is the essence of free market trading and the future of a digital currency system will depend on the creation of strong P2P decentralized exchanges and the automated trading app such as the bitcoin code. These can support multiple cryptos and also provide traders with ample liquidity, which is one of the top features of a centralized exchange. The business model of the Local Token Exchange aims to bridge the difference in the market, ensuring that most of the platform’s profits can go into the wallets of the token holders. So the Local Token Exchange offers the chance to trade multiple cryptos, has a simple KYC process, offers transparency, pays regular dividends, etc.
Uses of Cryptocurrency
Everyone wants a share of the crypto pie and with good reasons too. Cryptocurrencies have taken the world by storm because of their decentralized nature. They ensure that you can transact money across geographical boundaries without the involvement of third parties or middlemen. Here are some of the most popular uses of cryptos;
- To begin with, cryptocurrencies make it possible to transfer money between parties without incurring high transaction fees. Such transfers are not only faster than regular wire transfers but also cheaper compared to credit card transactions. This is why digital currencies like the Bitcoin Cash, Litecoin or Stellar are popular as payment mediums for global money transfers.
- You can start earning on cryptos through crypto staking and DeFi. Compared to traditional banks where interests are at an all-time low, you can start lending cryptos you own on reputed platforms to earn interest on these.
- Cryptos like the Bitcoin are censorship-resistant stores of wealth because only you will have the private keys to access your coins. There is no chance for any authority to freeze your wallet, unlike in case of traditional banks, where this is a possibility and you may not be able to access your money again.
- You can use your cryptos to invest in startups; for example, IPOs and ICOs are emerging as fundraising sources that provide a startup with the chance to raise money be selling digital tokens to those who are willing to support the project in exchange for cryptos like Ethereum or Bitcoin.
- Cryptos allow you to make anonymous private transactions where you do not want your identity to be revealed. You do not have to tell the bank why you are transferring a large amount of money or where it has come from.
- Nowadays, you can earn cryptos for offering your services as a freelancer. Steemit, an incentivized blogging platform, allows publishers to get rewards as cryptos whenever they post content.
- You can travel anywhere in the world using travel companies like CheapAir that have started taking Bitcoin payments. Likewise, you can book hotels using BTC or ETH on sites like Crypto Cribs.
- Bitcoin ATMs are mushrooming everywhere making it easy for you to convert your cryptos into local currencies.