BitMarket

About BitMarket
BitMarket was a centralized cryptocurrency exchange based in Poland, operating on the domain https://www.bitmarket.net/. Launched by the team behind AfterMarket.pl, a major Central European domain marketplace, it drew on their experience in digital asset brokerage. The platform facilitated trading of major cryptocurrencies, offering users an order book, price charts, and basic buy/sell options. BitMarket aimed to provide a straightforward trading experience; however, it did not support smaller altcoins and had trading fees of 0.36% for takers and 0.18% for makers, which were slightly above industry averages at the time.

Operations and Accessibility
BitMarket operated with a focus on the European market and did not explicitly prohibit U.S. investors, though it advised users to verify regulatory compliance with their local laws. Hosted through Cloudflare and registered via OVH SAS since February 2014, the exchange maintained a modest infrastructure. It lacked an extensive social media presence, with no verified accounts on X, Reddit, or Telegram, which limited community engagement. The platform’s design prioritized functionality for experienced traders but offered limited features compared to larger global exchanges.

Shutdown and Security Issues
BitMarket ceased operations on July 8, 2019, citing a “loss of liquidity,” as reported by CoinMarketCap. A significant factor in its closure was a major security breach, during which 600 Bitcoins (valued at approximately $460,000 at the time, or $22.3 million by April 2024) were stolen in a hack. This incident severely impacted the exchange’s viability, leading to its shutdown. As of now, BitMarket is listed as inactive, with no active trading or updated data available, and its website appears to serve only archival purposes.

Legacy and Considerations
Today, BitMarket remains a cautionary tale in the crypto exchange landscape, distinct from unrelated platforms like BITmarkets or BitMarket Network Client. Its closure underscores the risks of centralized exchanges, particularly those with limited security measures. For users researching historical exchanges or seeking alternatives, BitMarket’s story highlights the importance of due diligence. Visitors should exercise caution when accessing archived versions of its site and consider established, secure platforms for current trading needs.