Cryptsy is one of the largest cryptocurrency platforms in existence to date. Not only does this platform give users the chance to trade various types of virtual currencies intermittently, but Cryptsy also added support for fiat currency trading a while ago. A new UI and set of features has been involved, and Cryptsy 2.0 is now available to users all over the world.
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Cryptsy Makes Lots of Changes and Adds New Features
One of the main goals of any self-respecting virtual currency exchange is providing a customer-friendly platform, for both novice and advanced traders alike. Cryptsy has always been fairly user-friendly since the beginning, but there are always improvements to be made. A new and clean UI will go a long way in that regard.
Most of the changes taking place at Cryptsy are happening behind the scenes. To make the platform more efficient, Cryptsy staff have come up with a way to speed up the audit process by as much as 30%. This change will be of great benefit to users, as it will help them get things sorted a lot faster.
Traditional cryptocurrency exchanges rely on fees to pay for operation costs and eventually, make a profit. Cryptsy has changed their fee structure and companies using the platform to process payments will be able to negotiate a monthly fee structure. Using a fee based on every withdrawal amount was a decent solution in the beginning, but the increase in Cryptsy’s success allows them to make this change.
Chatboxes are both a blessing and a curse across cryptocurrency exchanges as of late. To make this experience a bit more fun and engaging, Cryptsy has introduced a “pay band system”. Any person can click on another user’s name and ban virtually anybody in exchange for a small amount of Bitcoin. The person receiving the ban will receive a fraction of the amount paid in his/her Cryptsy account.
Coin developers now have an opportunity to highlight their project on the exchange platform. Cryptsy’s Coin Sponsor program used a bidding process to determine which coin(s) should be highlighted. Individual supporters of that particular coin can send funds to a designated Bitcoin address. A total of four coins will be highlighted at any given time, and ranking is constantly updated.
It is important to note that all the associated Bitcoin addresses have a balance that will depreciate over time. Every 5 minutes, a total of 0.00034722 BTC is deducted from the account balance, until that coin drops out of the top four. Cryptsy implemented this idea to ensure a specific address’ value can not determine the coin’s position on the vote list.
Future Plans and Even More Features
While there are a lot of changes and features implemented in Cryptsy 2.0 already, the team is looking to the future. Several of the planned changes and features did not make it into this “first” update, but will be pushed out in the near future. While there are no specific details announced, there will be changes coming to the balance page, a mobile version of the website, and new charts will be introduced.
Cryptsy Pro Accounts are being considered as well. As you would come to expect from such a name, a Pro Plan will offer exclusive features and tools to Cryptsy users in exchange for a monthly contribution. Furthermore, Pro users will receive a monthly newsletter, which focuses on market news and Cryptsy announcements.
Source: Press Release via Email
Images courtesy of Cryptsy, Shutterstock