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Exchange: Difference between revisions
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The main source of income for cryptocurrency exchanges is constituted by «fees» received for each transaction and «withdrawal of funds». Transaction fees are extremely low so that a lot of transactions would be executed. Withdrawal of funds from crypto exchanges will cost more — 2-3 %. | The main source of income for cryptocurrency exchanges is constituted by «fees» received for each transaction and «withdrawal of funds». Transaction fees are extremely low so that a lot of transactions would be executed. Withdrawal of funds from crypto exchanges will cost more — 2-3 %. | ||
== | == The principle of the cryptocurrency exchange == | ||
Crypto exchanges connect the seller of cryptocurrencies with the buyer and allow the user to exchange their cryptocurrency for many other [[altcoin]]s. In some cases, this is the only way to get an unpopular altcoin. | Crypto exchanges connect the seller of cryptocurrencies with the buyer and allow the user to exchange their cryptocurrency for many other [[altcoin]]s. In some cases, this is the only way to get an unpopular altcoin. | ||
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If you don’t have bitcoin and you need X-coin, then the [[algorithm]] will be as follows: since you can buy a lot of altcoins with the help of major cryptocurrencies, such as bitcoin or ether, then first you need to purchase them. If the exchange supports the fiat input function, then you enter fiat into the exchange, change it to a [[stablecoin]], for example, [[USDT]], and then to bitcoin. Next, you change bitcoin to X-coin. If there is an X-coin/USDT pair on the exchange, then an intermediate exchange for bitcoin is not needed. | If you don’t have bitcoin and you need X-coin, then the [[algorithm]] will be as follows: since you can buy a lot of altcoins with the help of major cryptocurrencies, such as bitcoin or ether, then first you need to purchase them. If the exchange supports the fiat input function, then you enter fiat into the exchange, change it to a [[stablecoin]], for example, [[USDT]], and then to bitcoin. Next, you change bitcoin to X-coin. If there is an X-coin/USDT pair on the exchange, then an intermediate exchange for bitcoin is not needed. | ||
If the exchange does not support the fiat input function, then you will have to use some exchange to buy | If the exchange does not support the fiat input function, then you will have to use some exchange to buy [[BTC]], [[ETH]] or [[USDT]]. | ||
== How the crypto exchange works == | == How the crypto exchange works == | ||