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What is Bitcoin Exchange?

A Bitcoin marketplace is that type of digitalized Bazar where one can sell by and transact in Bitcoins. One can buy digital currency Bitcoin by credit card, debit card, bank account or any other payment methods and even altcoins. Bitcoin exchange in effect acts as a broker between the buyer and seller for transactions of Bitcoins. The ticker for this digitalized cryptocurrency is expressed as XBT or BTC


So the Bitcoin exchange effectively matches the seller and buyers on an online trader's place in a Bitcoin exchange. Bitcoin exchanges charge transaction fees for the transaction happening over them. For transacting in Bitcoin one needs to have an account of Forex trading registered with the national regulatory authority of that particular Nation. One needs to go through the verification process of the user as prescribed by the law of the nation one is trading in. After the successful verification of the identity of the person, the account for Bitcoin trading is opened over the Bitcoin exchange so that one can transfer his money into the account before selling or buying the Bitcoin. Various type of Bitcoin exchanges employs various techniques for transferring money into the Forex trading account one has opened at the Bitcoin exchange. 

One needs to understand this very clearly that there is a considerable difference between a Bitcoin wallet and a Bitcoin exchange. While a Bitcoin exchange offers a person to sell or buy Bitcoin thus effectively acting as a middleman among the buyers and sellers; Bitcoin wallet is just a storage house where one store his earned or brought Bitcoin. If we say the above details in more technical terms the Bitcoin wallet is a digitalized platform which is protected by the username and password to store the Bitcoin money in that. Most of the existing Bitcoin exchanges also provide the user a Bitcoin wallet app so that one can Store Bitcoin in the wallet provided by the Bitcoin exchange.

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