Uses of APIsĪPIs can be used for very many purposes in cryptocurrencies and blockchain industry, just as in any other industry. Other protocols include FIXtrading protocol. Examples of those exchanges include Bitfinex, Bitstamp, BTCC, CEX.io, CoinbasePrime, CoinbasePro, GEMIN, Iand HitBTC. Today, while RESTful and WebSocket are the mostly used architectures/styles for creating APIs, some exchanges use both of these protocols. The trade is accomplished on the particular exchange found to have lowest fees etc, and the user of a dApp using the API does not even need to create/signup multiple accounts with different crypto exchanges that are integrated via the API in question.Īlthough APIs are popular among hedge funds and proprietary trading firms who use algorithmic trading programs, private investors also get to use APIs provided by online brokerages and more recently by cryptocurrency exchanges, to achieve their trading goals. Such crypto APIs that allow live price comparison also nowadays allow a user to execute trades manually or automatically on any exchange through an algorithm once the model generates a trading signal. This can be accomplished via universal exchange APIs. If you are a crypto trader or someone who is developing a trading app/dApp, you might want price comparisons across different crypto exchanges, etc in order to make the most out of your trades or at least help your app users to do exactly that if you are a developer. These APIs are desirable for many reasons, the obvious being to integrate or interact with services that align with the developer’s or app/dApp/platform owner’s goals - without having to reinvent the wheel of course.įor instance, universal API can allow a developer of an app or dApp to integrate as many cryptocurrency exchanges as possible with his/her dApp, which is something nice because the developer does not need to deal with different APIs tools for each exchange, which comes with differing controls, arrangements and other variations and more time and labor is spent in dealing with many technical teams of course. An Application Program Interface (API) consists of an API Key, an API Passphrase, and an API Secret that all together, allow the API program to communicate with another platform and in crypto that other program could be a crypto wallet, crypto exchange or other types of dApps, platforms, apps or systems.
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