What are Crypto Exchanges ?

 Before digging into the blog, let’s first have a look at the basics. Cryptocurrencies are the digital form of money which are cryptographically secured on the blockchain. They were developed as an alternative to the fiat currency.

Moving forward, the cryptocurrency exchange is a platform where you can buy/sell or trade cryptocurrency. Some exchanges also support fiat currencies while most of the exchanges trade only with cryptocurrencies.

Crypto exchanges can be bifurcated into centralized and decentralized exchanges. Basically, exchanges are the platforms to buy or sell cryptocurrencies. The main difference between them is that a middleman or third-party is involved in centralized but not decentralized.

In centralized exchanges, the third-party monitors all the transactions and also takes the responsibility of the cryptos stored. They also keep the records of all the customers and also charge some fees for the service they offer. The deals here are not tracked on the blockchain.

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