[Wise Crypto Life] 01. Exchange
Coinbase Lists on NASDAQ (What Is An Exchange?)
Step 1. What is an exchange?
Just as stock markets are used to buy and sell stocks, ‘exchanges’ are used to trade cryptocurrency. In Korea, Bithumb and UPbit are considered major exchanges due to their high volume of transactions and high number of users. Additionally, about 100 large and small exchanges are in operation, but the Act on Reporting and Using Specified Financial Transaction Information was announced last month to terminate any small exchange that does not meet the requirements in the future.
Not all exchanges carry the same type of currency, so please check with your exchange regarding a specific coin. KOK tokens are currently listed on ZBG, Bithumb Global, and Bittrex. Also, there are different ways to open a bank account linked to each exchange, so you would have to check whether you currently have an account with the bank or create a new account if you don’t have the one you need.
Step 2. Exchange Tips for Beginners
One, cryptocurrency exchanges run nonstop for 24 hours a day, 365 days a year. Those who have traded stocks may be familiar with the environment where the market is open and closed at fixed hours, but cryptocurrency exchanges are always open. So, those who have just started investing in cryptocurrency have a tendency to burn themselves out by the non-stop monitoring of graphs on screens.
Two, if you buy/sell according to a set price, the order will not be canceled after one day, unlike stocks. Please be sure not to forget about the prices you have set to buy and sell, as this could result in an undesirable outcome.
Three, cryptocurrency can be traded down to the decimal units. For example, you don’t have to prepare that much money to buy bitcoin, which costs more than 70 million won per piece. It’s possible to buy only 10,000 won worth of bitcoin, or a certain percentage of 1 unit.
In addition, it is important to check that there is no device to prevent a surge like circuit brakes. Please pay attention to these parts and have a wise monetary life.
Step 3. NASDAQ listing of Coinbase
There are numerous exchanges operating around the world, including Binance in Malta, Coinbase in the United States, Bitfinex in Japan, Huobi in China, and BitForex in Hong Kong, as well as KuCoin. Among them, Coinbase in the United States was listed on NASDAQ for the first time among cryptocurrency exchanges on April 14. Using the ticker called COIN (coin name) makes it easier to understand the nature of the company. Coinbase was fluctuating in the beginning, but wrapped up its first day of listing by closing on a 30% increase. In addition, it has attracted a lot of attention in the past 3-4 weeks, as it has achieved 1st place in net buying by domestic investors.
Coinbase shares have been fluctuating since then, affected by several factors. It should be noted here that apart from price fluctuations, there is ㅡmuch validity in the NASDAQ listing itself. Until now, the cryptocurrency market has received negative feedback due to its great volatility. The fact that Coinbase, a cryptocurrency exchange, was listed on the stock market has a symbolic meaning that it has been incorporated into the “mainstream” to some extent. Other exchanges, including Upbit, are also preparing to be listed, so it is expected that more exchanges will be available in the stock market in the future. It is encouraging that the cryptocurrency market is becoming more mainstream with each passing day.