What is a bitcoin exchange?

A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins. A bitcoin currency exchange is an online platform that acts as an intermediary between buyers and sellers of the cryptocurrency . The currency ticker used for bitcoin is either BTC or XBT.

What is XBT currency?

While most people are familiar with what BTC stands for, many wonder what XBT currency is. As we previously mentioned, XBT coins are also bitcoins. The only difference is that abbreviation XBT is the current official international code for bitcoin. According to existing standards, the letters B and T in the acronym stand for “bitcoin”.

How do exchanges buy and sell bitcoin?

In other words, exchanges buy and sell Bitcoin at the current market rate. If exchanges didn't exist and you wanted to buy Bitcoin with US dollars, you'd have to find someone with Bitcoin, agree on an exchange rate, pay them, and then have them send that Bitcoin to your wallet.

What are peer-to-peer bitcoin exchange platforms?

These are known as peer-to-peer bitcoin exchange platforms. Peer-to-peer bitcoin exchange platforms can be an effective way to buy and sell bitcoin, but since you must individually negotiate trades, they carry a certain level of inconvenience.