Gemini is a digital currency exchanger started by the Winklevoss twins in 2015. In June 2016, according to CNBC report, Gemini became the world's first licensed ether exchange. It has begun operations in Canada and U.K. Primary competitors include Coinbase, Bitstamp and Kraken (bitcoin exchange). All enable users to trade cryptocurrency and fiat currency on an open market, at a moderate cost; transfers to banks are also possible.
The operation began in order to facilitate buying Bitcoin and storing it safely in a password-protected site with a complex system of private keys for protection. As an added measure, only a small percentage of the Bitcoin is held online, with the majority offline to minimize the risk of loss from hacking. Nonetheless, experts recommend holding cryptocurrencies offline in a Wallet and not on an exchange. The site Profit Confidential addressed this issue as follows:
To be perfectly honest, there is no yes or no answer to the "Are Ethereum exchanges safe" question. Going purely on past records, they are safe though exchanges like Poloniex have been hacked. This does not make Poloniex any less safe than the others. People who hack exchanges are constantly upgrading their methods, and likewise, the exchanges are trying to stay a step ahead. The best bet is to use offline storage of ETHs once the transaction is complete.
Gemini is one of the few trusted by Ari Paul of the hedge fund BlockTower Capital which deals in virtual currency. In mid December 2017, Gemini was one of the exchanges used by Cboe Global Markets "as the basis for the daily settlement for the bitcoin futures that began trading this week", according to a report by Bloomberg News for Fortune (magazine).
Video Gemini (digital currency exchange)
Service disruptions
The site's primary challenge has been remaining online at times of excessively high volumes. This can occur with any type of web site in peak periods. On November 28, 2017, for example, both Gemini and Coinbase crashed for several hours. Gemini was showing a "504 gateway time-out" message, and the status page showed "Systems are currently experiencing degraded performance." Subsequently, the Gemini Blog offered this comment. "This is not the first scaling challenge we've encountered, and it won't be the last. We're continuing to improve our performance and infrastructure monitoring so we can anticipate potential problems more quickly in the future."
Maps Gemini (digital currency exchange)
References
External links
- Gemini website
Source of the article : Wikipedia
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