Tag: Bitcoin exchange

A Bitcoin exchange is an online platform or digital marketplace where individuals can buy, sell, and trade Bitcoin for other cryptocurrencies or traditional fiat currencies (like Indian Rupees, US Dollars, Euros). These exchanges act as crucial intermediaries, connecting buyers and sellers and facilitating transactions.

There are two primary types:
Centralized Exchanges (CEXs): These are managed by a central company (e.g., Binance, CoinDCX in India). Users typically deposit funds (fiat or crypto) into an account on the exchange, which then holds custody of their assets. CEXs offer user-friendly interfaces, high liquidity, and various trading features, but require users to complete KYC (Know Your Customer) verification for regulatory compliance.
Decentralized Exchanges (DEXs): These operate without a central authority, allowing peer-to-peer trading directly through smart contracts on a blockchain. Users retain control of their funds in their own wallets, offering greater privacy but often with more complex interfaces and potentially lower liquidity.

For a resident of Surat looking to enter the crypto market, using a reputable Bitcoin exchange is the most common and accessible way to acquire Bitcoin. These platforms provide price discovery, order matching, and various payment methods, serving as the gateway to the broader digital asset ecosystem.