Cryptocurrency exchange transactions in 10 steps.
Elon Musk, who brought up Bitcoin, Dogecoin and cryptocurrencies in general, made a remarkable statement. Stating that Tesla, of which he is the CEO, will not sell with Bitcoin a while ago, Musk said, “If bitcoin miners approve the use of clean energy, Tesla can accept payment in Bitcoin again,” said the markets immediately after.
After the movements of the markets in Bitcoin, “How to do cryptocurrency exchange transactions?”, “What should be done to make crypto money trading transactions?” Questions like these began to be asked frequently. Here are 10 steps to cryptocurrency exchange transactions for beginners.
1 – Cryptocurrency trading takes place through websites called “cryptocurrency exchanges”.
2 – An account is opened for trading, money is transferred from the bank account to the bank account of the company that owns the exchange.
3 – The company records that amount in the stock exchange account of the relevant customer. In the banking system, that money is in the company’s account and belongs to the company.
4 – The customer receives cryptocurrencies using the deposit amount in his account. The crypto money he receives is processed into his digital wallet (hot wallet) on the website.
5 – The safest way to protect cryptocurrencies in a hot wallet from a stockbroker or hacker is to download it into a cash-purchased “cold wallet” that looks like a flash-memory.
6 – The “counter party” (ie the cashier) in cryptocurrency trading is the company operating the exchange. Therefore, fluctuations in the prices of popular cryptocurrencies may weaken the financial structure of these exchanges.
7 – In order to convert a crypto money in a hot or cold wallet into cash, it is necessary to make a sale on the crypto currency exchange. (the receiving cashier is still a stock exchange company)
8 – The money received after the sales transaction can be displayed in the customer account on the website. In order to access this money, it is necessary to make a money transfer request through the website.
9 – If the request is accepted, the money is deducted from the customer account on the website as a deposit. In the background, the same amount of money is transferred from the company’s bank account to the customer’s bank account.
10 – In all these transactions, stock exchange websites may receive commission from their customers.
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