What happens when you sell Bitcoin on a cryptocurrency exchange?

3 answers

• Dec 18, 2021 · 3 years ago
  When you sell Bitcoin on a cryptocurrency exchange, the exchange matches your sell order with a corresponding buy order from another user. Once the match is found, the exchange facilitates the transfer of Bitcoin from your wallet to the buyer's wallet. This transfer is recorded on the blockchain, ensuring the transaction's transparency and immutability. The exchange deducts a small fee for facilitating the transaction. The buyer then has full ownership of the Bitcoin in their wallet, while you receive the agreed-upon amount in your chosen currency.
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• Dec 18, 2021 · 3 years ago
  Selling Bitcoin on a cryptocurrency exchange is a straightforward process. Once you initiate the sell order, the exchange checks if there are any matching buy orders. If there is a match, the exchange executes the trade by transferring the Bitcoin from your wallet to the buyer's wallet. The exchange deducts a small fee for its services. If there are no matching buy orders, your sell order remains open until a buyer is found. It's important to note that the price at which your Bitcoin is sold depends on the current market conditions and the demand for Bitcoin on the exchange.
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• Dec 18, 2021 · 3 years ago
  When you sell Bitcoin on a cryptocurrency exchange, the exchange acts as an intermediary between you and the buyer. The exchange ensures a secure and transparent transaction by verifying the availability of funds and confirming the ownership of the Bitcoin. Once the transaction is initiated, the exchange freezes the amount of Bitcoin you want to sell and waits for a buyer to match your order. Once a match is found, the exchange transfers the Bitcoin from your wallet to the buyer's wallet and deducts a small fee for its services. This process ensures a fair and efficient trading experience for both parties involved.
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