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What is a cryptocurrency exchange and how do they work?

The scene:

You’re about to embark on a cryptocurrency journey and are looking to buy your first digital tender.

You’ve done the research and know which tokens tickle your fancy and have decided on the one. Now you’re ready to buy.

Except you’re not. Not yet.

You see, you might have decided what to buy, but you haven’t decided how or where to buy it.

The how and the where are wrapped up in one neat bundle: cryptocurrency exchanges.

What is a cryptocurrency exchange?

Cryptocurrency exchanges are like cryptocurrency’s version of a stock exchange; buyers and sellers are offered a platform to trade different assets which with their valued based on the current market prices. Typically, the exchanges offer conventional fiat-to-crypto transactions as well as offering crypto-to-crypto trades. For example, on South-African based exchange Coindirect, a customer can buy Bitcoin with US Dollars or can trade their Bitcoin for Ripple’s XRP.

What are the types of exchanges?

There are three types…

Read Full Story : Coin Insider

2019-03-15 17:25:16

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