Alfacash is a 9-year-old non-custodial A digital currency running on a blockchain and built with cryptography. Contrary to central-bank issued currency, cryptocurrency issuance rules are... More exchange… but wait, you already know that. This time, let us tell you something you don’t know yet.
Nine years ago, we didn’t have the thriving crypto industry you can see today, ever-present with hundreds of companies, services, investors, and announcements. It was 2012, and if you asked your average guy what a cryptocurrency (or Bitcoin is the first decentralized digital currency. It was created in 2009, by an anonymous founder or group of founders...) was, they probably wouldn’t know. Popular things like Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs)? In diapers, to be benevolent.
There were only a bunch of cryptocurrencies back then, and the most traded was Bitcoin (An abbreviation for Bitcoin.), of course. The cryptocurrency exchange Mt. Gox, one of the first ones in existence and absolutely the first one in handling over 70% of BTC transactions worldwide, had two years in the market by 2012. It would be totally over by 2014, after what is still considered the biggest crypto hack ever done. But we stayed. By that date, besides Bitcoin, we also added some altcoins to our exchange platform.
Indeed, Alfacash started as a partnership between several crypto enthusiasts and talented developers who wanted to grow as much as (we knew) the cryptocurrency industry would do. Additionally, we wanted to offer something that others wouldn’t: freedom. That nice freedom so-much-yearned and promised by decentralized cryptocurrencies. Let us explain a bit.
What are custody and The transfer of control from one central entity to numerous smaller entities. Generally, cryptocurrencies are decentralized. Every crypto transaction is... More?
When you send your cryptocurrencies to a custodial cryptocurrency exchange (like most of them), you’re giving up the actual possession of them. It doesn’t seem like that, clearly. You have an account, you earned those funds, you deposited those funds, and, very likely, you can withdraw those funds… as long as everything’s “okay” with the exchange.
What really happens with those cryptos when you deposit them is they mix into a giant A crypto wallet is a user-friendly software or hardware used to manage private keys. There are software wallets for desktop... More owned by the exchange. The balance you can see in your account is just a promise: a sort of IOU. So, if a talented hacker or any malicious actor can change the registry of that IOU (and not the crypto wallet owned by the exchange itself), they, in theory, could add more numbers to their balance and withdraw funds that don’t belong to them.
That’s, more or less, what happened with Mt. Gox and other high-profile crypto hacks. And that happened because this system was centralized, which means, controlled entirely by only one party —the custodial exchange, in these cases. They had only one point of failure, and the customers didn’t have their own private keys. They lost control over their funds once they deposited them there.
In a non-custodial cryptocurrency exchange, this is different. We can keep decentralization by letting the traders conserve full possession of their money. Yes, that’s possible and secure. The owner only needs to send the amount to exchange at the moment, and the magic happens. Beyond this, they keep their funds in their own wallets, with their own private keys, and probably out of sight of threats like hackers. Alfacash wanted to offer this system with their own reserves for exchanging, and we’ve been doing it very well so far!
Alfacash + Alfacash Store
Alfacash Store is part of our crypto exchange offering. This is the special brand we have to buy and sell the most popular cryptocurrencies with euros (EUR). Alfacash Store is a non-custodial exchange that includes automatic Anti-Money Laundering (AML) checks. Additionally, it’s fully compliant with the European Union’s 5th Anti-Money Laundering Directive.
By using Alfacash Store, anyone can access a safe and regulated place to exchange +19 cryptocurrencies against SEPA transfers. Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Tether (USDT), Dogecoin (DOGE), Monero (XMR), DASH, XRP, and more are available for easy trading with euros here.
Meanwhile, the brand Alfacash offers other fiat currencies (including USD) and payment methods like credit cards, Apple Pay, and Google Pay. Also, in Alfacash you can find +30 cryptocurrencies ready for exchange, including some popular DeFi tokens like Uniswap (UNI), Wrapped Bitcoin (WBTC), Maker (MKR), and Yearn Finance (YFI).
How is Alfacash inside?
Our mission is to include everyone in the decentralized future with cryptocurrencies, in a fast, easy, and secure way. Luckily, we already have a talented team from all parts of the world helping us with this task. Developers, designers, writers, financial experts, and, especially, crypto-lovers of all kinds, genres, and origins work together daily in this journey to build a freer and more inclusive world.
Alfacash is already past the startup phase, and now we’re an established and regulated international business. Our team has the opportunity to work with cutting-edge technologies, learn from our long blockchain expertise, and have the security that we’re not going anywhere else. We’re already preparing ourselves to attend millions of users: the cryptocurrency world is exponentially growing each day, and we’ll go with it!
To make this possible, we’re mixing liberty and independence with teamwork and collaboration. Nobody is alone, but everyone is free on Alfacash. Our activities and goals are aligned as a team, but, at the same time, we can thrive and cooperate with minimal supervision (like real Decentralization!). The best resources are available for every member, while the rest (including people) is always within reach.
Want to be part of it?
If you’re a crypto-lover like us and want to build a more decentralized world, we’re waiting for you! Don’t forget to check our Vacancies.