What makes crypto 24/7/365?
The arrival of cryptocurrency has challenged many people's understanding of what a financial market is or can be.
Not only has crypto highlighted the woeful inefficiencies of the traditional banking system, it has also shown us that markets can operate perfectly fine without these centralized institutions.
After all, why should you have to wait for Monday, the morning or until after the holidays to send and receive overseas payments?
With cryptocurrencies, you can transact value almost instantaneously to anyone in the world, at any time. It's completely 24/7/365.
If you're new to the cryptocurrency world, this particular concept of a 24/7 market may be confusing. Can you really trade cryptocurrency at any time? What about on Thanksgiving? Does it ever close?
Kraken let's you access the 24/7/365 world of cryptocurrency. See what crypto can be by signing up for your Kraken account today — or keep reading to learn more.
Why is it important that crypto is 24/7/365?
In a world that is becoming increasingly more connected, it no longer makes sense to have financial markets that are restrictive, limited, and inaccessible.
Financial services should be freely and unconditionally available to people all over the world.
Crypto is a working proof-of-concept that showcases what this next generation of finance can look like, and how it might work.
The World Economic Forum has already formally recognized the innovative capabilities of crypto for its potential to help unbanked citizens in remote regions, and has found it to be a lifeline to those struggling in countries with hyperinflation.
Continuously running crypto markets also represent an important advancement that opens up new opportunities and flexibilities for people to create and preserve their wealth, no matter what their location may be.
Whether the traditional financial world embraces the non-stop trading nature of cryptocurrencies or continues with its more restrictive approach, one thing is clear: the world of crypto offers a unique trading experience that is reshaping the way we think about financial markets.
When can you trade crypto?
It's true — the crypto market never sleeps.
Whether it's a public holiday, a weekend or two o'clock in the morning, you'll always be able to trade and transact with cryptocurrencies.
This constant availability is possible because cryptocurrencies, and the many platforms you can use to trade digital assets, are globally accessible. They are borderless — not bound to any specific region or geography.
Kraken, for example, provides around-the-clock customer support and crypto trading for 190+ countries. There are also other types of more complex crypto protocols called decentralized exchanges (DEXs) that can serve any geography.
The only time these platforms might halt trading is when they're performing important maintenance work. But, even in that instance, there are still plenty of other platforms to continue trading on.
Oftentimes, all someone needs to access the crypto market is an internet connection, a smart device, and as little as $10 to get started.
How crypto compares to traditional markets
- Only open Monday to Friday (excluding public holidays).
- Open for around 6.5-8 hours a day (market dependent).
- Some traditional financial products such as mutual funds only trade once at the start or end of the trading day.
- Individual stock exchanges only serve a small number of jurisdictions.
- Only institutional or accredited investors can access some types of assets or financial products.
- Always open — including weekends and public holidays.
- Anyone can buy, sell, send and receive cryptocurrencies 24 hours a day, every day of the week.
- Centralized crypto exchanges, DEXs, and peer-to-peer networks collectively facilitate trading across all countries, at all times.
- Anyone can access any type of crypto-based financial product (though some regulatory bodies have restricted this freedom in some jurisdictions).
Get started with Kraken
Now that you have learned what makes crypto 24/7/365, are you ready to take the next step in your crypto journey?
Kraken lets you buy, sell and trade the leading cryptocurrencies that are reshaping the financial landscape.
Sign up for your Kraken account today to get started in the 24/7/365 world of cryptocurrency.