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Bitfinex Remains Most Popular Bitcoin Exchange Despite Adversity

by on August 13, 2016
 

Despite the recent Bitfinex hack, the exchange platform remains the most popular platform for Bitcoin trading. This comes as quite a surprise, considering so many people are emptying their accounts. But that is not the only surprise, as Kraken is not even represented in the pie chart. One thing’s for sure; the Bitcoin ecosystem is full of surprises.

For the time being, Bitfinex remains the most popular exchange in the world. This may be due to people trying to get their funds out, though. As we reported earlier, a lot of funds is being moved from cold storage to the hot wallet for withdrawals. That does not necessarily mean things won’t pick up again for Bitfinex, though.

The Bitcoin Exchange Scene At A Glance

The addition of the BFX token on the exchange – which represents outstanding debt to users – is not helping matters much. Granted, it is bringing in much-needed volume, but prices continue to head south. Then again, this will attract some Bitcoin users who want to obtain a stake in the parent company.

Other surprises include how Kraken is not represented among the top 10 popular Bitcoin exchange platforms. To be more precise, Kraken is found in the “others” category, but they are not one of the top places people go to. This is rather strange, considering their process to buy or sell cryptocurrency is rather frictionless. Do not be mistaken in thinking Kraken has no business, though, as they see plenty of volumes every day.

LocalBitcoins, one of the very few peer-to-peer platforms with intermediaries, is not as prevalent as one would expect. The platform is seeing a lot of volume in markets not covered by traditional exchange platforms, though. But in the grand scheme of things, LocalBitcoins is one of the popular platforms. Not being able to store funds there is a positive aspect, but some large traders will find it rather inconvenient.

Unlike what most cryptocurrency enthusiasts may expect, BTC-E is a very popular Bitcoin exchange platform. Even though this Eastern European company is not often mentioned in the media, people find their way there with relative ease. It is on-par with Coinbase, both of which are well ahead of itBit and Bitstamp.

Header image courtesy of Shutterstock

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