Adaptation and Growth: Bitfinex's Resilience in the Crypto Revolution
Date: 2023-09-06 Author: Karina Ziganova Categories: BUSINESS, IN WORLD
Bitfinex originally emerged in 2012 as a harbinger of change that helped the evolution of digital trading. By venturing into a mission, Bitfinex has found the goal of providing a trusted trading platform for bitcoin and multiple cryptocurrencies. With its new trading tools, a variety of pairs (such as trade lending or staking), Bitfinex instantly placed the company at the forefront of the industry.
Based on the pursuit of financial independence, Bitfinex champions the idea of unlimited monetary freedom. Today it is one of the most popular exchanges in the world, providing traders with liquidity and strengthening its position as an unrivaled powerhouse.
Apart from its trading business, Bitfinex has in fact been one of the main proponents of bitcoin adoption for a long time. It supports breakthrough technologies such as the Lightning Network and the largest nodes in it. With the belief that Bitcoin offers more than financial freedom and affordability as an alternative to the country's banking system, Bitfinex has taken on the role of a missionary to promote opinion among people in high positions about the benefits provided by Bitcoin. Bitfinex has not only spoken out about this aspect in its recently published "BithFinity Freedom Manifesto", but also held a number of other actions. This will be discussed in more detail below.
According to Paolo Ardoino, CEO of Bitfinex: “It is generally accepted that privacy and freedom of speech are fundamental human rights. We consider it the most important cornerstone of ensuring individual freedom.” We believe that Bitcoin as a peer-to-peer network is the best way to ensure global financial inclusion.
In order to achieve this level of commitment to that ambitious vision and commitment to the future, Bitfinex relies on over 10 years of experience in the crypto industry. If another exchange or project was not up to the mark (like the recent collapse of the crypto giant FTX), Bitfinex survived and flourished. With all this, he has established himself as a reliable and stable partner among traders, as well as those who believe in cryptocurrency. It is also considered to be the industry leader.
The Role of Bitfinex Evolution and Its Role in the Bitcoin Movement
The path to leadership in the industry was not without many obstacles. Throughout 2014, the entire industry was in a frenzy when one of the founders of the crypto revolution was hacked: the Mt Gox exchange. Protecting customers' cryptocurrencies has become more and more important, with the consequence that many wallet custodians have emerged with multiple signatures. They have become the industry standard for security. Since its inception in 2012, Bitfinex has been one of the first to work with these custodians and improve the security of its clients. He believes that this is a necessary condition for financial peace and peace of mind for traders (Hodlers)
The exchange's resilience to Mt Gox's performance was also evident as it grew and expanded in scope to become one of the largest exchanges in the world. Caught mainstream attention, in 2017 bitcoin rose to even higher heights and broke the magical 10K level (it nearly doubled in value by the end of the year) thanks to its rise in popularity. Bitcoin has taken the lead in news feeds around the world as it has (quietly) entered the mainstream.
Exalted by "digital gold", people flocked to the industry as the veil was lifted over this new technological frontier and opportunity.
Bitfinex, in turn, has become an integral part of this meteoric rise of Bitcoin precisely because of its functionality and trading characteristics. Because of the margin trading feature, it allowed traders to borrow funds and take larger bitcoin positions, drawing a growing pool of liquidity into their holdings. He also recommended bitcoin as one of the trading pairs against the US dollar, which made it more accessible to traders around the world.
The exchange continues to serve as a bridge between those who use cryptocurrencies and those who are out of work. As a trading platform, it pursues this by bridging the (previously resolved) gap between traditional finance traders and die-hard crypto traders. By creating a more familiar trading experience for the former. Thereby creating more tide in the world of bitcoin.
Bitfinex in the future expects an experience that will pave the way forward
In 2009, during the first ever bitcoin transaction, the possibility of acquiring this new type of digital currency was very minimal and fraught with great risks. Today, Bitcoin has become much more accessible, and many exchanges provide fiat ramps, OTC tables, and P2P bitcoin trading. Despite this, mystery and freedom are still not available to all people around the world. Blockchain technologies are also not yet available to most people in the world.
In the future, looking to the future, Bitfinex sets itself the challenge secure financial freedom and made three public pledges to support her ambitions.
The commitment is to create an open, peer-to-peer communications solution that allows anyone, anywhere, to freely interact with the Internet and transact.
With the Lightning Network and similar technologies, you can support Bitcoin as a more accessible, efficient transaction solution.
Invest in the Bitcoin community while engaging developers and white hat hackers to keep the Bitcoin network stable
