What’s the Big Difference Between Bitcoin and Crypto Exchanges?

GM Bitcoiners,

For the most part, in business, you don’t want to be competing on price alone because there will always be someone willing to do another discount or lose money to make the sale. 

Others understand the importance of creating brand value and focusing on quality products for quality consumers. 

Sometimes, fashion brands get greedy, so they compromise their reputation for a quick buck by selling a spin-off line to a retailer. 

People are drawn in by the brand name, but the product is not the same quality and does not carry the same credibility.

Bitcoin sells on the brand. Crypto sells on price… 

Bitcoin isn’t a company, but it does have a reputation, like a brand. People are familiar with Bitcoin, which carries a certain amount of trust; this partially comes from the fact that it can be verified.

Bitcoin-only companies, like FastBitcoins (shameless plug), are fierce about protecting the brand and reputation of Bitcoin. 

We would not even think to offer crypto ‘alongside’ Bitcoin because they are nothing alike. 

Crypto exchanges are different. 

They use the reputation and Bitcoin brand to support their crypto coins… and they ‘sell’ these altcoins on price.

“Bitcoin is expensive, but this other coin that sounds like Bitcoin is cheap… get in early!”

They don’t mention why it is cheaper. They forget to mention that you can buy a fraction of a Bitcoin. They just want to make a quick sale. What the user buys is of no concern to them. There isn’t an end goal beyond keeping the crypto party bus going. 

The 2nd major difference is that Bitcoin exchanges want you to own Bitcoin, whereas crypto exchanges want you to buy Bitcoin. This is HUGE. 

To us, Bitcoin offers everyone an escape from a broken system to a fair, verifiable monetary network that lets the user be the bank. 

Crypto exchanges just want you to buy, trade and sell. They only add ownership features as an afterthought. It’s not often the reason the platform exists. 

If you want to try trading Bitcoin and beating the ‘house’ at their own game, that’s fine as long as you understand the risks (buying low and selling high isn’t as easy as it sounds).

If you want to save sound money that you control and own, then that’s where we can help at FastBitcoins. You decide on the amount and frequency, and we make it happen. Buying Bitcoin is just the first step…

Written by Henry

Content Manager at FastBitcoins. Came to Bitcoin for the sound money... stayed for the memes! When not on Bitcoin Twitter, Henry can be found dancing Argentine Tango or in the gym.

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