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Understand the Basics of Bitcoin Trading

Topic: ForexPublished July 25, 2019

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Bitcoin trading is the most important part of the Bitcoin system. According to the design principle of the Bitcoin system, any other part of the system is to ensure that Bitcoin transactions can be generated, propagated and verified in the Bitcoin network, and finally added to the global Bitcoin transaction ledger (Bitcoin) Blockchain). The essence of bitcoin transactions is the data structure, which contains information about the value transfer of Bitcoin trading participants. The Bitcoin blockchain is a global double-entry ledger, and each bitcoin transaction is a public record on the Bitcoin blockchain. Bitcoin transactions are irreversible and any Bitcoin transaction is irrevocable and can only be returned by the payee. This means that you need to be aware of transactions with individuals and organizations that you understand and trust or have established credibility.rnOnce a bitcoin transaction is sent to any node connected to the Bitcoin network, the transaction will be verified by the node. If the transaction is validated, the node will propagate the transaction to the other nodes to which the node is connected; at the same time, the transaction initiator will receive a return message indicating that the transaction is valid and accepted. If the transaction is verified as invalid, the node will reject the transaction and return to the transaction initiator a message indicating that the transaction was rejected. Bitcoin trading platform type and transaction type
  • Bitcoin trading platform type - floor trading
    • The pit trade is like a fruit shop. The seller puts the fruit in the store and doesn't know who bought it. When the buyer bought it, he did not know who the seller was.rnBut unlike fruit shops, on-exchanges are not priced, and buyers and sellers each set the desired price. When the prices of the two parties match, the exchange automatically completes the transaction.
  • Bitcoin trading platform type - over-the-counter trading (OTC)
    • Over -the counter trading is also known as OTC trading, and some trading platforms are also known as C2C trading. The exchange does not participate in the trading process. It only provides a platform for the buyer to choose a certain seller to complete the transaction. It is also ok to bargain in this process.rnAlso can be divided into legal currency transactions & currency transactionsrn
  • Bitcoin transaction type - legal currency transaction
    •  Legal currency transactions refer to the purchase of bitcoin (or other digital assets) through currencies issued by countries such as the renminbi, the US dollar, and the euro.
  • Bitcoin transaction type-currency transaction
    •  Currency trading refers to the exchange of digital currencies and does not require legal currency participation. For domestic policy reasons, if you want to buy bitcoin or other digital assets through the RMB, only OTC transactions can be completed.

Further reading

Further Reading

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