Cryptsy
Cryptsy is an Internet startup operated by Project Investors, Inc. focusing on the exchange of cryptocurrency commonly known as Bitcoin and it’s derivatives. The exchange currently services more than 90 different types of cryptocurrency. Cryptsy is a well-known exchange that works not only with Bitcoin, but also with other less popular cryptocurrencies. The resource administration reports that the developer Lucky7Coin, hacked the resource and robbed them. Exchange lost 13 000 300 000 Bitcoin and Litecoin, which equals approximately 5.2 million dollars at the current rate.
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Cryptsy Review
The Cryptsy exchange opened on May 20th, 2013 and since then has seen rapid growth in both customer base and trade volume. They have over 130,000 registered users with a volume of over 300k trades per day as of April 2014.
Cryptsy is based in Delray Beach, Florida, USA. The Company’s mission was to provide a safe environment for users to trade cryptocurrencies with other users in an efficient and easy to use manner.
Cryptsy within two years was one of the leading exchanges alithinou, but as a result of hacker attacks (according to Vernon Fields) was stolen clients ‘ funds and the market gradually went bankrupt. Clients whose funds have remained in the exchange’s accounts have only one way to minimize their losses – is to receive funds after the trial currently underway in Florida.
Cryptsy Fees
Cryptsy had fees in the amount of 0.2% for buys and 0.3% for sells. Fees were higher than most other exchanges, although slightly lower than advertised due to their CryptsyPoints reward system, which gives you back a percentage of your fees in CryptsyPoints at a rate of 1 point per 0.025 BTC paid in fees.
CryptsyPoints were set at a value of 0.001 BTC, but are traded on a free market, and can be used to enter giveaways run by Cryptsy. The fair market value of a CryptsyPoint was currently 0.002 BTC, which says something about their giveaways. Mathematically, this means that their fees are actually 0.184% for buys and 0.276% for sells, for an average fee of 0.23%.
Perspectives
Cryptsy will in the near future expand further by offering exchanges of fiat currency (USD) directly to cryptocurrency, while also maintaining Full Compliance with global, national, and local regulations. Cryptsy will expand its service offerings for merchants who want to easily accept Bitcoin and other cryptocurrency payments as an alternative payment method for their ecommerce sales. Cryptsy will offer an escrow service for safe and direct user to user transactions.