How cryptocurrency exchange websites works?

BITCOIN EXCHANGES:

Cryptocurrency:

Cryptocurrency is a digital currency that can be bought,sold,and traded on online cryptocurrency exchanges.The exchanges of this type of virtual currency is encrypted.The first developed and well known cryptocurrency is BITCOIN.Thus,cryptocurrency can be simply said as,a digital asset which can be used for trading process.There exist many cryptocurrencies such as Bitcoin Cash,Ripple,Litecoin,etc., in which Bitcoin and Ethereum stands out of the crowd.

Exchange of cryptocurrency:

The process by which someone buy,sell or trade cryptocurrency is known as cryptocurrency exchange.The exchange or transaction records are encrypted by blockchain technology.Blockchain technology is method by which the bitcoins or cryptocurrency exchange records are stroed into different blocks that are interconnected by hash code or algorithms.Cryptocurrency exchange is a medium in which selling,buying,trading of digital coins takesplace.There are two types of cryptocurrency exchange.

1.Centralized Exchange:

Exchange of digital coins between seller and buyer with the presences of an intermediate ie.,cryptocurrency exchange admin who keeps on tracking the records of exchanges is called as centralized exchange.

2.Decentralized Exchange:

Exchange of digital coins between seller and buyer without the presence of admin .The exchange records are only known to seller and buyer and there is no intermediate that is called as decentralized exchange.

Exchange Process:

First,choose a well-known cryptocurrency exchange and create your account.After creating an account ,you will be provided with a digital wallet.A digital wallet is nothing but a place where your cryptocurrency will be saved.Each wallet will have a unique wallet address.This wallet address is one with which the exchange process takesplace.If you already have cryptocurrency you can start trading or selling.If you donot have any cryptocurrency,then you can buy cryptocurrency from exchange by giving fiat currency.Some exchange will allow only cryptocurrency exchange.There are also some exchange which supports both fiat currency as well as cryptocurrency.

If you want to sell your cryptocurrency,you should place a seller order in the exchange.The exchange will also allow you to place a buyer order,if you want to buy cryptocurrencies.When the exchange finds a match for your seller order,it connects you with the exact buyer of your cryptocurrency.The exchange process takes place between you and the buyer through the wallet addresses of both of you.There will be an admin at the exchange side,to monitor and record the exchange informations.This is known as the centralized bitcoins or cryptocurrency exchange.

BITDEAL :

Bitdeal is a first-rated blockchain development and cryptocurrency exchange company that provides unique cryptocurrency exchange script or software and also blockchain application development services.They have 5+ years of experience with 120+ trained professionals. Bitdeal is a best provider of cryptocurrency exchange script/software,decentralized bitcoin exchange script and ICO Script for your startup exchange.They also provides digital token creation which makes a security for your digital assets.Bitdeal will help you to  develop your own cryptocurrency exchange or to customize your exchange script.They will also make your exchange  reach  high visibility and growth.You can contact Bitdeal for a trustworthy and 100% result.In addition,they provide a option for hiring a deticated blockchain development team for your blockchain business or project.

Originally Published On : What are bitcoin exchanges?

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