The ultimate goal of 123Swap
We need to shed some light on the ultimate goal of 123SWAP because we all know that the 123SWAP platform is a decentralized financial ecosystem that allows for the seamless exchange between pairs of crypto assets. It offers simple, transparent, and affordable trading, as well as investment and revenue management options, all without intermediaries. The platform aims to simplify Bitcoin’s trading mechanism and minimize slippage.
The goal is to simplify the management of cryptographic assets.
How does 123SWAP facilitate cryptocurrency management?
First of all, we need to look at other platform issues that a novice user might encounter.
Complex user interface and tedious registration process
The number of gauges, charts, controls, and other components can quickly overwhelm an unprepared user. The verification process on some platforms is complicated and can take days, weeks, or even months to verify a new user account.
On the one hand, while most decentralized financial aggregators only want to manage ERC20 or BSC chips, multi-chain aggregators are expensive and not decentralized. As a result, investors have limited access to cryptocurrency trading pairs.
Unsecured cryptocurrency wallet
The private key can be used to retrieve the public key (used to retrieve cryptographic resources). If investors lose or forget the private key, they will not be able to access their crypto assets. Investors usually use a hot wallet so as not to lose all of their crypto assets if they forget their keys. The hot Wallet is a digital cryptocurrency wallet that has been around since Bitcoin’s origins. These wallets have turned out to be the most vulnerable wallets in the world. Keys and security codes are stored on the web servers of all digital wallets, which are vulnerable to hackers, fraud, and other malicious activities. Of course, most of the best wallets offered by Wallet are websites, and companies have extensive security procedures. Still, all it takes is an individual security gap for all investors’ money.
High trade and other hidden costs
While centralized exchanges tend to have open terms, their opaque nature allows for a lot of abuse. Buyers have to pay for every step of their journey, from depositing to final withdrawal to complete a simple transaction and convert one cryptocurrency to another. As a result, traders are not always sure of what amount they will end up within their Wallet.
Problems faced with Token swap
As the cryptocurrency industry grows, new initiatives are emerging using blockchain and its tokens to achieve specific goals. Some are designed to go beyond Ethereum and offer greater scalability, low or no fees, and other benefits. Others are only intended for use in decentralized applications.
After all, the multitude of options forces you to swap one cryptocurrency for another, such as dollars, euros, and yen.
Cryptocurrencies are a complex world. Traders need to be careful when sending bitcoins from one address to another. One mistake can be that you lose your money forever without getting it back. When a trader tries to send Bitcoin to an Ethereum address or vice versa, the same thing happens.
Some exchange services allow users to buy and sell cryptocurrencies for traditional currencies or other cryptocurrencies in the market. Sometimes, users looking to buy directly between two crypto tokens are not possible due to limited liquidity and the number of trading pairs available on each exchange.
There was a silver lining to these emerging issues when 123SWAP took the opportunity.