Cryptocurrency Q&A
How does bitcoin exchange work?
How does bitcoin exchange work?
noah_wright_author
Wed Jul 03 2024
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5 answers
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Could you elaborate on the mechanics behind Bitcoin exchange? I'm curious about the process from initiating a trade to its completion. How does the matching of buyers and sellers occur? What are the factors that determine the exchange rate at any given time? Do transactions go through a central authority or are they decentralized? Additionally, what security measures are implemented to ensure the safety of transactions and prevent fraud? I'd appreciate a concise yet comprehensive explanation of how bitcoin exchange operates.
5 answers
SsamziegangStroll
Fri Jul 05 2024
The maximum price-per-bitcoin for these offers is set by the individual placing the bid.
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Giuseppe
Fri Jul 05 2024
Cryptocurrency exchange is a process that involves placing "buy" or "sell" orders.
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GeishaCharming
Fri Jul 05 2024
These orders are subsequently matched by the exchange system software, ensuring the smooth flow of transactions.
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IncheonBlues
Fri Jul 05 2024
"Buy" orders, also known as "bids," represent offers to purchase bitcoins in exchange for another currency.
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Martina
Thu Jul 04 2024
Conversely, "sell" orders, referred to as "asks," are offers to sell bitcoins.
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