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What is the legal currency of okex (is it safe to trade okex legal currency)

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What is the legal currency of okex

What is the legal currency of okex? What is the legal currency of okex? What is OKEX’s fiat currency? In the traditional financial system, money is Fiat money. Due to its non convertible nature, currency must possess all the same characteristics and functions as other currencies. For ease of understanding, cryptocurrencies or other assets such as US dollars, euros, etc. can be used for payment settlement. However, if we want the trading platform to achieve a decentralized peer-to-peer network system in some way, it needs to adopt a new fund transfer mechanism For non blockchain projects, funds are usually raised through the issuance of tokens, which are not directly used as a value measure for any project (such as Bitcoin) or as a speculative medium (such as Shanzhai coin). For example: Bitcoin, Litecoin, etc; Tether issued Stablecoin, similar to USDX; OKEx has launched a smart contract based product – OKExToken (OKB), which has been launched on more than 20 exchanges, including Coinbase

Is the exchange of okex fiat currency safe

Editor’s note: This article is based on data and is authorized to be reprinted by the Daily Planet.

According to reports, OKEx officially opened its legal currency trading service on August 31, 2017. In the past year, there have been over 10 types of encrypted asset transactions, withdrawals, and transfers conducted by users through OKEx

However, if the traditional Fiat money or Stablecoin is used to pay for this digital asset, it needs to rely on the margin provided by other exchanges. Due to the fact that all transactions provided by these centralized platforms are based on US dollars, it is a significant challenge for ordinary investors to convert their Bitcoin into legal currency So how to handle the exchange of fiat currency and Bitcoin? According to data from third-party blockchain security agency PeckShield, nearly $200 million worth of Bitcoin has been transferred to encrypted assets. However, it is worth observing whether this model will affect the healthy development of the Cryptocurrency market

First of all, we need to know that although the traditional Cryptocurrency market is volatile, the cryptocurrency market itself is driven by various factors. For example, the price of Cryptocurrency rises sharply due to the price boom, or even negative news, which makes many people think that the risk of the cryptocurrency market is high Secondly, there is a crucial issue with the crypto market, which is that when you send a digital asset to another account, it must be done using cash or a bank account, and this account cannot be directly exchanged for other digital tokens because your wallet address has already received money from hackers. There are also two issues:

1. If you hold a certain amount of encrypted assets (such as BTC), you may not be able to obtain sufficient cash reserves If someone sends you an email stating that the user’s authentication information is incomplete or not verified, how should they confirm their password

Of course, there are many ways to protect your private key from loss in the Cryptocurrency market. For example, you can search for “Bitcoin” through Google, find the user who has the word “Bitcoin”, and then enter the password to create a Cryptocurrency wallet. At the same time, you can also generate a mnemonic word to prove your password.

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