Cryptsy: The Alternative Cryptocurrency (Altcoin) Exchange

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Cryptsy is an exchange that was launched on May 20, 2013 at 10:00 AM EST.  Since that time, it has grown to be one of the leaders in the Bitcoin community, and is the largest exchange focusing on altcoins, such as Reddcoin, Dogecoin, and Litecoin.  Cryptsy has not only focused on the altcoin market since its launch, but has actually been a driving factor in the incredible growth that has happened with many new currencies.  Conversely, the other large exchanges are focused primarily on Bitcoin to fiat, or Bitcoin to a select few altcoins.

Cryptsy and Big Vern’s History

Cryptsy was created by "Big Vern," as seen in this photo from his Twitter account

Cryptsy was created by “Big Vern,” as seen in this photo from his Twitter account

Cryptsy was created by Paul “Big Vern” Vernon, and was born out of his experience with running mining pools for many altcoins.  Vernon had been very successful in attracting a large following of miners, as his pools were generally quite stable, responsive, and secure.  However, the miners were often forced to use small, and sometimes shady, exchanges, or find other users to deal with directly, to trade the currency they had mined.

Cryptsy’s Success and Future

While the first few months of Cryptsy’s existence was a rocky one, with multiple periods of significant downtime or instability, the exchange has grown to become a juggernaut today.  The volume of altcoins traded on this exchange dwarfs all of it’s competition, and Cryptsy has now begun competing with the major Bitcoin exchanges by introducing digital currency / fiat markets.

Screenshot of Cryptsy's homepage

Screenshot of Cryptsy’s homepage

At this moment, Cryptsy offers BTC/USD, DOGE/USD, DRK/USD, FTC/USD, LTC/USD, and RDD/USD.  In the future, it would not be surprising to see additional fiat currencies, such as EUR, being introduced, as well as other digital currencies pairings.

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Coinbrief

Coin Brief is an open source website for digital news. It provides cryptocurrency tools, mining calculators, tutorials, and more. It was acquired by 99Bitcoins on September 2015.

6 Comments

  1. cryptomate on

    so,what the hell?
    Where exchange?!!
    Where list of supported altcoins!?
    bunch of stupid words,nothing about point!

    Is this page for complete idiots?
    Where all info about exchange altcoins and links?!!!!
    only bla..bla..
    bla…
    …….

    • Ofir Beigel on

      Hey Cryptomate, if you’ll notice the date on this post then you’ll see that it’s from 2 years ago. Cryptsy has since went bankrupt and no longer exists. Next time I’d appreciate you not using such language on the blog. Thanks.

  2. Paul Vernon is a swindler. His website cryptsy.ca does not pay out btc or CAD to any investors. You complain to support at cryptsy.com and they do nothing. Check out the chat at cryptsy.ca and you will see many unhappy customers.

  3. I would choose Coinbase honestly. Cryptsy tends to lose track of coins, and I along with many others use the ticket system a lot.

    • Well, Coinbase and Cryptsy cannot really be equated.

      Coinbase is primarily a place to purchase or sell BTC, or to store Bitcoins.

      Cryptsy on the other hand is more focused on BTC or LTC to other cryptocurrencies. They have only recently begun offering BTC, and a few altcoins, to fiat markets on the side.

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