New bitcoin and altcoin exchange platform, LazyCoins.com, launches in beta. Since the rise of Bitcoin trading in digital currencies has exploded, with a current estimated market capitalisation of nearly US $7 billion (£4.3 billion). With new altcoins created every week, and fortunes to be made, the demand for secure platforms to trade digital currencies has also grown.
But ‘secure’ is the key word here. Since the high profile collapse of major exchanges in the past year, confidence in these services has been dented. LazyCoins is a new crypto currency exchange that plans to restore confidence and provide users with a safe and effective way to trade Bitcoin and other altcoins.
“Digital currency needs to be protected like cash. The only way to guarantee security is to store the digital codes offline, in a process known as cold storage,” says Danial Daychopan, founder of LazyCoins. “Our 100% cold storage policy means that even in the unlikely event our system was compromised, our customers’ funds would be completely safe.”
This is a smart strategy. Although cold storage means customers might have to wait a little longer to withdraw funds, at least they know their money is secure. And it will likely act as a deterrent to any bad players. Attempting to compromise LazyCoins would be like taking the time to crack a sophisticated modern bank vault knowing there is no money inside. What would be the point?
Despite Bitcoin’s rise as a credible digital currency (it’s endorsed by many high profile internet pioneers and tech investors), the world of crypto currencies is still a wild frontier. Much like the internet in its early days, there is vast potential in digital currencies. But only a few risk taking entrepreneurs will enjoy the lucrative rewards up for grabs.
With over 5000 registered users whilst in beta and a large following on twitter @LazyCoins, they seem to be gaining popularity really fast. Users are already looking forward to their formal launch which is yet to be announced but expected in early January with fiat market once their MSB license is approved.
“We are the first exchange to introduce multi-tab smart trading platform. We’re also launching LazyPay, a service that allows merchants to take payments in Bitcoins and other crypto currencies, dramatically reducing their transaction fees. Our mission is to innovate and be a lead by example for others. It’s a really exciting time for us and the industry,” Danial added.
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