Cryptocurrency tradition is rising everywhere, not even investors but also students are taking an interest like Bitcoin, Dogecoin, Litecoin, Ethereum, Ripple, Tether, Libra, etc.
The easiest thing in cryptocurrency is that you can invest in ₹100 only. By cryptocurrency, we can use cryptocurrency in shopping, trading, travelling, food delivery, etc.
Cryptocurrency is completely an independent platform where no other third party can interfere. It is end-to-end encrypted. This platform is easy to understand and use by anyone.
WazirX Cryptocurrency Exchange Platform
WazirX, a cryptocurrency exchange platform, was co-founded by Nischal Shetty alongside Sameer Mhatre and Siddharth Menon in March 2018.
Nischal is an engineer, and Wazirx was his second start-up. WazirX is an exchange where anyone can buy bitcoin and any other crypto. It is a gateway to get into crypto.
How does it work?
Usually, a cryptocurrency platform work; let’s suppose you want to sell bitcoin, and the other one wants to buy, then both will put an order on the exchange.
One will put sell order, and the other will place a buy order. The exchange work is to match the order if the prices are in sync with both the request ask and the bid. And the moment it matches, one will get in, and the other will get bitcoin.
All these activities happen without knowing each other. But WazirX is a platform where parties must give their identification by way of KYC because no one wants to buy crypto from anonymous sources and land in trouble. So this platform is following compliances that a banking sector follows.
Why made changes in concept?
According to Nischal, they tried to make changes because crypto is an unregulated market. It is very difficult to trust on any exchange because there are no licenses, and you are dealing with your assets, so there is a risk if you are using any random exchange out there.
So for making that trust, they focused on this part of customers. These authentication steps create security stronger for every user who wishes to use this platform.
How is it safe?
There is no regulation for crypto, so we tried to make self-regulation a code of conduct for others platforms, at least in India, like KYC necessary solvency. It is security on an exchange itself.
In Wazirx, users can know the background of another one like Name, Address, Background, Status, and every necessary thing you must know about the other party.
On this platform, you have to keep a small amount of bitcoin needed for withdrawals, and the rest are kept in a hardware wallet that is not connected to the internet. If a wallet is not connected to the internet, there is no way a hacker can gain access to it.
So instead of keeping 100 bitcoin, maybe you will keep one bitcoin because you know that one bitcoin gets withdrawn in a day or a week, and the remaining 99 bitcoin is kept in a hardware or an external non-internet connected wallet.
The one which is not connected to the internet is called the cold wallet and what you keep on your server is a hot wallet.
Next on WazirX
According to the founder, we are continuing on the whole education part of this ecosystem. We will educate more and more people in the right way that we are doing. We are expanding the ecosystem in various initiatives.
We are also going toward decentralization. It’s a combination of making sure that the existing ones we scale and bringing in new features that people want.
