Cryptocurrencies have been used by many people recently, both as a payment and investment tool. There are some ways to own cryptocurrencies .
Some of the cryptocurrencies ( Bitcoin , Ethereum) can be owned by mining. Due to the fact that many devices are mining around the world, there has been a serious decrease in the rewards given per block. This is why it is very difficult nowadays to have crypto money with mining. It continues thanks to special computers developed just for mining.
Another and easier method of owning cryptocurrencies is to buy them in real (fiat) currencies (Turkish Lira, Dollar, Euro etc.). The sites where you can buy crypto money with real currencies are called “Crypto Currency Exchanges”.
How Cryptocurrency Exchanges Work
Cryptocurrency exchanges are platforms where you can buy or sell cryptocurrencies with real currencies or cryptocurrencies. Cryptocurrency exchanges are exchange sites as a working system. You can convert your real money asset to the cryptocurrency you want through these sites, and you can convert your cryptocurrency asset to a different cryptocurrency or real currency.
Cryptocurrency exchanges work with the traditional stock market system. The only difference from the traditional stock market system is that you can make your investments with your own bank and cryptocurrency exchange account, you do not need a brokerage firm.
Transactions on the cryptocurrency exchange are made between exchange users. The user who wants to buy with real currency buys the cryptocurrency from another user who wants to exchange it for real currency.
Cryptocurrencies are virtual currencies that have no physical counterpart. Cryptocurrency purchases can therefore only be made through websites.
What are the Differences Between Cryptocurrency Exchanges?
Cryptocurrency exchanges differ according to the types of assets they trade and the type of users they address.
There are exchanges where you can trade with real currencies, as well as exchanges where you can only trade with cryptocurrencies. You can exchange your cryptocurrency for any other cryptocurrency.
These exchanges generally trade with certain cryptocurrencies. It allows you to trade between cryptocurrencies such as high-volume cryptocurrencies such as Bitcoin, stable (stable) cryptocurrencies linked to real currency (such as USDT) or cryptocurrencies issued by the exchange itself, and other cryptocurrencies.
Cryptocurrency exchanges are divided into two according to the customer they address. Exchanges that operate regionally and only serve certain customers. Bitlo.com cryptocurrency exchange is a regional service exchange. Only people who have official documents (citizenship, residence permit, work permit, etc.) issued by the Republic of Turkey can take action.
Global exchanges that provide services around the world are exchanges where you can trade without any binding. Most of the global stock markets do not offer the opportunity to trade in real currencies.
How to Trade on Crypto Currency Exchanges?
To be able to trade on cryptocurrency exchanges, you must first have a balance. In exchanges that trade in real currencies, you must have a balance in the real currency supported by the exchange. Bitlo cryptocurrency exchange trades in Turkish Lira. After opening an account on the Bitlo cryptocurrency exchange and entering your credentials, you can deposit Turkish Lira.
Your Turkish Lira balance, which you deposit from a bank account belonging to your name, is automatically transferred to your account within 20 minutes. After your Turkish Lira balance is reflected in your account, you can make a purchase.
There are two methods for buying and selling on cryptocurrency exchanges. Easy and Advanced operation. In the easy buying section, you can instantly buy the Turkish Lira in your balance from transactions where other users have placed orders for sale.
In the advanced buying section, you can create orders for buying. You place an order to buy at the current price or at a lower price. The order you enter is automatically executed when it matches a sell order in return. In the transactions you make in the advanced section, the execution of the order you enter depends on other users.