Any new cryptocurrency exchange runs the risk of being seen as another Johnny-come-lately. After all, is there anything new or remotely exciting about this space? Haven’t all the little tricks and tweaks that make a cryptocurrency exchange great been exhausted by the big players?
As it turns out, this assumption is not entirely true. There is still a lot of space stands to offer, and we are still some distance away from true decentralization. It might be argued that current exchanges are walking us back toward centralization, the very thing we were running away from.
The alternative idea of decentralized exchanges is yet to pick up mainly due to liquidity challenges really. To be fair, part of the problem with centralization is down to sheer necessity.
Coinpoket: A truly private wallet
So, what is the alternative?
A new cryptocurrency exchange known as CoinPoket hints at the answer. Without the usual pomposity, this new offering gives Australians the option of truly owning their coins.
As you know, the problem with centralized exchanges is that they hold digital assets on your behalf. The problem with this is the real risk of theft and fraud. In a blink of an eye, your precious assets can sink with an exchange.
CoinPoket’s solution is simple; you can purchase bitcoin or any other cryptocurrency and send it directly to your wallet which is in your full control.
“I saw a golden opportunity to shake up the exchange platform sphere. The key problem I identified in the crypto world is that all crypto exchanges hold people’s wallets, resulting in a massive security challenge… we added a feature to Coinpoket called direct transfer, allowing users to send the cryptocurrency they buy directly to their personal wallet,” Alfonso Porcelli, Coinpoket’s Founder and CEO says.
The thing with Coinpoket’s wallet is that you can use it both within the platform as well as externally with full integration with Jaxx and Metamask. There are plans to introduce an internal wallet when the exchange fully launches somewhere at the end of the year.
Best of both worlds
This is just but a feature in the exchange. Other than this, CoinPoket operates pretty much like any other exchange giving users the best of both worlds.
The exchange had a soft launch in Australia on September 21, and its edge is already beginning to show.
Fast transaction times
As mentioned above, the private wallet is quite innovative, but it is by no means CoinPoket’s only advantage. The other is the fact transactions times. If you think, about it, it can take days or even weeks to complete a transaction in a typical exchange.
For CoinPoket, it takes a mere 12 seconds.
The efficiency and fast transaction times alone are enough to entice a typical user looking for a great experience.
Low exchange rates
Should we point out the fact that Coinpoket has one of the lowest exchange rates in Australia? At just 0.45% fees, this has got to be one of the lowest fees in this space. Some of the leading players in this space charge anything between 1% to as much as 3%.
There is a reason for Coinpoket’s focus on prices.
If you know the scene very well, you will understand that the cryptocurrency exchange market is inflated in this part of the world. Despite the industry being around for some years now, there are still significant price differences compared to other cryptocurrency exchanges.
Strategy to drive down prices
Alfonso and his team have a strategy to drive down the cost of exchange among crypto holders.
One of the ways to do this is to scour exchanges around the world for the best prices. But doing this manually can be a tiring and time-consuming exercise. To take care of this, Coinpoket uses artificial intelligence to do the price monitoring and “provide bitcoin and other altcoins at the lowest possible rate.”
In future, the algorithm will do much more than this. It will not just analyze the prices, but also forecast future movements that can further lower the prices.
Of course, the larger vision is to level the playing field and ensure that cryptocurrencies eventually enter the mainstream financial system.
Coinpoket has clearly identified the problem with the Australian market and appears to be having a great plan at the moment. As it stands, it has everything going for it. Its ability to stay ahead of the game will, however, depend on whether it can maintain the momentum especially on the part of innovation.
For now, the platform is only available to Australians, but there are plans to go overseas in early 2019.