Crypto currencies have been used by many people both as a payment and investment tool. There are some ways to own cryptocurrencies.
Some of the crypto currencies (Bitcoin, Ethereum) can be acquired by mining method. Due to the mining of many devices around the world, there has been a serious decrease in the rewards given per block. For this reason, it is very difficult to own crypto money with mining nowadays. It continues thanks to special computers developed solely for mining.
Another and easier method of owning crypto currencies is to buy real (nominal) currencies (Turkish Lira, Dollar, Euro etc.). Sites where you can buy cryptocurrencies in real currencies are called “Crypto Money Exchange”.
How Do Crypto Currency Exchanges Work?
Crypto currency exchanges are platforms where you can buy or sell crypto money with real currencies or crypto currency. Crypto money exchanges are exchange sites as a working system. You can convert your real money asset to the crypto currency you want through these sites, and convert your crypto money asset to a different crypto currency or real currency.
Crypto money exchanges work with the traditional exchange system. The only difference from the traditional stock exchange system is that you can make your investments with your own bank and crypto money exchange account, you do not need a brokerage firm.
Transactions on the crypto currency exchange are made between exchange users. The user who wants to buy in real currency buys the crypto currency from another user who wants to exchange real currency.
Cryptocurrencies are virtual currencies that have no physical counterpart. For this reason, crypto money purchases can only be made on websites.
What Are The Differences Between Crypto Currency Exchanges?
Crypto money exchanges differ according to the types of assets they trade and the type of users they are addressing.
There are exchanges where you can trade with real currencies, as well as exchanges where you can only trade with crypto currencies. You can exchange the cryptocurrency you own for another cryptocurrency.
In these exchanges, transactions are generally made with certain cryptocurrencies. Cryptocurrencies with high volume such as Bitcoin, stable (fixed) cryptocurrencies (such as USDT) connected to the real currency or cryptocurrencies such as the exchange’s own cryptocurrencies allow you to trade between other cryptocurrencies.
Crypto money exchanges are divided into two according to the customer they are addressing. Exchanges that make regional transactions and serve only certain customers. Bitlo.com crypto money exchange is an exchange that provides regional services. Only official documents issued by the Republic of Turkey (citizenship, residence permits, work permits, etc) with people who can take action.
Global exchanges that provide services around the world are exchanges where you can trade without any binding. Most of the global exchanges do not offer the opportunity to trade in real currencies.
How to Trade in Crypto Money Exchanges?
To be able to trade in crypto money exchanges, you must first have your balance. In exchanges trading in real currencies, you must have a balance in the real currency supported by the exchange. Bitlo crypto currency exchange trades in Turkish Lira. After you open an account on the Bitlo crypto money exchange and enter your credentials, you can deposit Turkish Lira.
Your Turkish Lira balance deposited from a bank account in your name will be automatically credited to your account within 20 minutes. You can make a purchase after your Turkish Lira balance is reflected in your account.
There are two methods for buying and selling in crypto money exchanges. Easy and Advanced operation. In the easy buying section, you can instantly buy from transactions in which other users enter orders for sale with Turkish Lira in your balance.
In the advanced buy section, you can create an order for the buy transaction. You enter an order to buy at the current price or at a lower price. It happens automatically when the order you enter matches a sell order in return. It depends on other users for the order you enter in the transactions you make in the advanced section to be traded.