The Bitcoin Exchange is a website that allows you to buy and sell cryptocurrency for your own use or trade against the price of currencies and test your knowledge of the market to try and earn money in the process by playing the market rates.
The world of cryptocurrency can be a very exciting one which can lead to a huge amount of profits if you take the right decisions, but before you start, however, we’ll first explain exactly what cryptocurrency is and how it can be exchanged.
Cryptocurrency has been around since the financial crash as a community tried to work out a way to develop a currency that didn’t rely on any of the banking institutions that failed during the recession. The result was a completely online currency which allowed people to trade for goods without the restrictions of modern day banking.
There are now a number of different currencies which can all have dramatic changes in price, and they all offer slightly different things in such ways as transaction speeds, security and privacy. Via the use of online wallets owners can make purchases or trade for new currencies. It is a new way of thinking about money without having to rely on banks or carrying cash.
Bitcoin is by a long way the biggest cryptocurrency with an extremely high market cap and coin price. It is the leader of the industry and sets the standard for others to follow. It is the one that makes all the headlines and the name that most recognize.
A lot of cryptocurrencies have either split from Bitcoin, used their basic code or got their inspiration from them. Many offer solutions to problems that Bitcoin can’t solve, but Bitcoin is still the most dominant coin on the market by a long way. The price of Bitcoin can affect the whole of the industy and it’s still the coin that most people want to invest in.
A Bitcoin exchange is one that allows you to trade based on the value of Bitcoin. It is an online marketplace where you are able to buy and sell your Bitcoins by using different altcoins and fiat currencies. The exchange matches up buyers and sellers just like you would get with a traditional stock exchange. Once you have set-up your wallet you are able to buy and sell the coins where they can either be traded for goods, sold for a profit or traded for other types of currency.
There are many different cryptocurrencies that all have rises and falls with different values and different levels of performance. In much the same way as the Bitcoin exchange, this is an online market place where you can exchange one cryptocurrency for another. The marketplace allows you a forum to make trading decisions just like you can at a stock exchange for when you are buying foreign currency to find the best cryptocurrency to invest in.