Blockchain and Crypto Blog

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How Do Cryptocurrency Exchanges Work? The Best Ways To Buy Bitcoin in 2020

Written By Ivan on Tech

Jul 31, 2020

A warm welcome to any and all crypto newcomers! We understand that many of you are probably at the point of wanting to get your hands on some Bitcoin at this exciting time. Still, perhaps you're not exactly sure how cryptocurrency exchanges work - and would like to know a little bit more before converting your beloved fiat currency into invisible magical coins.

In this article, we'll explain the uses and applications of different centralized and decentralized exchanges and take a look at what actually happens on the blockchain when you make a transaction. By the end of this article, you should have the confidence and the knowledge to venture out into the wild, wild land of crypto.

Different Types of Cryptocurrency Exchanges

The first thing to note is that there are several different types of exchanges that operate alongside one another, shifting toward a new financial paradigm of digital finance on the blockchain bringing together fiat currency and cryptocurrencies. Some exchanges...

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