Cryptocurrency exchanges, also known as EXs, are a means for consumers to purchase and sell tokens. They bring together buyers and sellers on a proven platform to trade cryptocurrency and, in doing so, help establish the market price for a given token. Many cryptocurrency exchanges to date have been centralized. That is, they are created and managed by a central authority. Exchanges such as Binance, Kraken, Coinbase, and Gemini are all centrally-managed crypto exchanges with significant user bases.
One concern that crypto skeptics might share is that cryptocurrencies such as Bitcoin are subject to significant price fluctuations. This, they might say, makes cryptocurrency impractical as a medium of exchange.
In our recent study Perceptions and Understanding of Money — 2020, we surveyed Americans to gauge how well they understand the mechanisms of money, including phenomena such as inflation. We hope that this “Everything You Need to Know” series will help improve understanding of money-related topics and issues which could not be more relevant today.
When we launched Genesis Mining over six years ago, we set out to build the largest and most trusted crypto mining company in the industry.
Today we proudly serve over 2,000,000 customers, employ hundreds of people, and manage over a dozen large-scale data centers across our three core divisions — hosted mining which makes up 20% of our business, farm management for institutional clients, and our self-mining facilities, the biggest part of the business.
Most Americans may have the general sense that federal entities have some impact on their money, as they surely notice when taxes are withheld from their paycheck. Findings from our recent report, the Perceptions and Understanding of Money — 2020 indicate that knowledge of the U.S. national banking system often does not go much deeper than the “general sense” stage.