Review on Bitstamp by Praise Olagbadun
I See The Hacks Suffered By Bitstamp As An Eye Opener
My experience with the blockchain network made me discover that your being the best at first doesn't make you the best all through. This has been proven by many platforms on the blockchain network that started great at first but end up at the bottom due to the evolution of other platforms that have better services to offer than they do. One of such platform is the Bitstamp. The Bitstamp here hasn't fallen to the ground completely but tends to have reduced compared to how it was as at 2011 when it started till 2012 and 2013. The Bitstamp exchange platform started great but due to the competition in the blockchain nertwok, they were overtaken by better exchanges but nevertheless, their services are still nice and I'll be talking about it now.
Although they have theirmobile applications available, I refused to download as I was sure of the fact that I won't be using the exchange platform especially for the records it has kept (once great). It is a multi currency exchange platform that accepts a small range of cryptocurrencies and some Fiats. They accept two main Fiats for trading. The Euros and US Dollars while the Great Britain Pound Sterling can be deposited. I guess the main reason for the great fall of this exchange platform is the hack they experienced and that alone taught them a big lesson. As at the year 2014, the Bitstamp exchange platform suffered one of the biggest hack in history as the hackers went away with about 19,000 Bitcoins which was approximately equal to $5,000,000 (as we all know the price of Bitcoin has risen far beyond it now). This hack never taught the platform enough lesson as they suffered another hack the next year although no fund was lost. That was when the platform started employing better security features. At the point of exploring the platform on the web, I lost interest in their platform as I found it a bit complicated but later on, I got itquite okay. They were able to employ multiple security features like encryption of of file for verification with the AES-256, they also made use of the 2 Factor Authentication using the Google authenticator. The multi-signature wallet wasn't left out as this requires the owners private keys to approve any transaction. They also had their funds stored on a cold storage after which it was insured. I actually see the incessant hacks as an eye opener to the exchange platform but I significantly like something about the platform. After suffering so much security bumps, they still endured and I guess that's why they are still amongst the top exchanges (around the top 20 to 30 as at the last time I checked). As for their trading fee, they charge both makers and takers the same which is about 0.5%, far greater than the industry's average.
Pros
- The exchange platform has been able to employ numerous security features after the hacks they suffered
- Their interface is okay
- They accept a fairly nice number of cryptocurrencies
- Accepts the deposits of fiats and the trading of some fiats
Cons
- Have suffered many hacks
- Their trading fee is high
