By M.V. PandeyThe bitcoin and blockchain technologies are becoming the buzzwords of the moment and the price of bitcoin is rising, but a new technology is making the crypto market even more interesting.
The futures market is a place where people are trading for their favourite stocks and commodities and buying and selling them on the blockchain.
These markets are popular with traders and traders are taking advantage of the fact that the platforms have been set up for cryptocurrency, which is the most popular cryptocurrency among traders.
This platform, which was launched last month by a couple of companies called BitShares and Bittrex, has now made it possible for people to trade bitcoin, Ethereum and other cryptocurrencies on the platform.
“This is the first time we have launched a cryptocurrency futures market, but it will soon be followed by a platform like this in the future,” said the CEO of BitShares, Anuj Kumar.
According to Kumar, the platform is a one-stop shop for people wanting to buy or sell bitcoin and other crypto-assets on the bitcoin blockchain, which makes it a natural platform for people looking to make money.
“We have a lot of people trading bitcoin and Ether, but for those who want to trade them, they have to go through the platform,” he said.
For those who are looking to get involved in cryptocurrency, this platform has been made available in the first week of October and the volume of transactions has been phenomenal.
“At the moment, the price has increased by over 70%,” said Amit Bhattacharya, a broker at ICICI Bank.
Bhattachary said that when people have the opportunity to buy bitcoin and others in the cryptocurrency market, the prices are going up.
“There are a lot more people buying bitcoin now than ever before, and the volatility is increasing every day,” he added.
This is what happens when you have a platform that has the ability to buy/sell bitcoin and some other cryptocurrencies at a high level.
For anyone who is trying to understand the technology behind cryptocurrencies, the process is similar to that of a stock market.
People who trade the platform buy bitcoin, then, the system uses its own algorithm to calculate the price.
This price is then passed on to traders.
When traders buy and trade the coins, the blockchain of the platform creates a record of their transaction and allows the traders to make an educated guess as to how much money they are getting.
In this way, the cryptocurrency futures trading platform can be seen as an intermediary, in a similar manner to an investment bank.
“I am a trader myself and it is a great platform for traders, and a huge opportunity for people who want access to bitcoin,” said Prabhat Srivastava, an engineer at the platform’s team.
“They can get access to their own funds.
They can buy bitcoins on their own and they can buy other cryptocurrencies too,” he continued.
Srivastavas team members are working on adding more features for traders.
He said that the team is also working on a platform for trading the assets of other cryptocurrencies like Ethereum, Ripple and Litecoin.
“People are trading bitcoin, ether, litecoin and other currencies on the platforms, but there is an interface for people in other currencies as well,” he told ET.