Why is GMT used as a standard in the cryptocurrency industry?

3 answers

• Dec 28, 2021 · 3 years ago
  GMT is used as a standard in the cryptocurrency industry because it provides a universal reference point for traders around the world. As cryptocurrency markets operate 24/7, having a consistent time standard is crucial for coordinating trading activities and ensuring accurate record-keeping. GMT is widely recognized and accepted, making it easier for traders to synchronize their activities and track market movements effectively. Additionally, using GMT helps to avoid confusion and potential errors that could arise from using different time zones or local times. Overall, GMT serves as a reliable and convenient time standard for the cryptocurrency industry.
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• Dec 28, 2021 · 3 years ago
  In the cryptocurrency industry, GMT is used as a standard because it allows for global coordination and synchronization of trading activities. Cryptocurrency markets are decentralized and operate across different time zones, making it essential to have a common reference point. GMT provides a neutral and universally recognized time standard, allowing traders from various regions to align their strategies and execute trades efficiently. By using GMT, traders can avoid discrepancies caused by time zone differences and ensure accurate transaction records. Furthermore, GMT enables real-time monitoring of market trends and facilitates the analysis of trading patterns on a global scale.
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• Dec 28, 2021 · 3 years ago
  GMT is chosen as the standard time in the cryptocurrency industry due to its historical significance and widespread adoption in the financial world. Many traditional financial institutions and exchanges already use GMT as a reference point for their operations. By aligning with GMT, the cryptocurrency industry can leverage existing infrastructure and systems, making it easier to integrate with traditional financial markets. This alignment also enables seamless cross-border transactions and enhances the global accessibility of cryptocurrencies. Moreover, GMT's stability and consistency provide a reliable framework for traders to plan their activities and make informed decisions. Overall, GMT's established reputation and compatibility with existing financial systems make it a logical choice for standardizing time in the cryptocurrency industry.
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