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Understanding Bitcoin Exchanges: Gateway to the Crypto World
Bitcoin exchanges are digital platforms that allow users to buy, sell, and trade Bitcoin and other cryptocurrencies. Serving as intermediaries, these exchanges provide a secure environment where traders can convert fiat currency, such as USD, EUR, or INR, into Bitcoin or other digital assets, and vice versa. Over the past decade, Bitcoin exchanges have grown significantly, playing a crucial role in the mainstream adoption of cryptocurrency.
There are two main types of Bitcoin exchanges: centralized and decentralized. Centralized exchanges (CEXs) operate under a regulated company that manages user accounts and ensures liquidity. They are user-friendly, offering features like instant trading, mobile apps, and customer support. Popular examples include Binance, Coinbase, and Kraken. Decentralized exchanges (DEXs), on the other hand, allow peer-to-peer trading without a central authority. They operate on blockchain technology, giving users full control over their funds and trading activities, though…