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Title: Instant exchange transactions on trade sites? Post by: Deep BTC on March 03, 2017, 08:55:27 PM When I look at the online screens on the trade sites, I see that a lot of transactions are made in succession.
It takes a bit of time to confirm the transfer process with Bitcoin. Even if an appropriate fee value is entered, you may have to wait. How do you transfer bitcoin so fast among people in these sites? Title: Re: Instant exchange transactions on trade sites? Post by: NoiseBoy on March 04, 2017, 06:48:35 AM There's no actual transfer of bitcoin. The site holds it all in one wallet, and just uses a database to track individuals' account balances.
Title: Re: Instant exchange transactions on trade sites? Post by: Herbert2020 on March 04, 2017, 07:06:52 AM When I look at the online screens on the trade sites, I see that a lot of transactions are made in succession. It takes a bit of time to confirm the transfer process with Bitcoin. Even if an appropriate fee value is entered, you may have to wait. How do you transfer bitcoin so fast among people in these sites? you deposit your bitcoin, altcoin, fiat on these sites and they give your "account" some credit which is just numbers and you exchange this credit with other accounts on that site (exchange service). and that is why it is fast and that is why centralized exchanges are popular despite being so bad. Title: Re: Instant exchange transactions on trade sites? Post by: panju1 on March 04, 2017, 07:41:59 AM There's no actual transfer of bitcoin. The site holds it all in one wallet, and just uses a database to track individuals' account balances. That is correct. The only actual bitcoin "transactions" that happen at exchanges is the deposit and withdrawal of bitcoins from the exchanges. Everything else is just an accounting entry. Title: Re: Instant exchange transactions on trade sites? Post by: Deep BTC on April 02, 2017, 09:31:46 PM There's no actual transfer of bitcoin. The site holds it all in one wallet, and just uses a database to track individuals' account balances. That is correct. The only actual bitcoin "transactions" that happen at exchanges is the deposit and withdrawal of bitcoins from the exchanges. Everything else is just an accounting entry. Yeah. I tested it myself. I sent some btc to Polo. The quantity at the bitcoin address given to me did not change at all when I made several transactions on the site. All transactions take place through their own databases. And your balance information on the site is being updated. If you want to withdraw money, you transfer the account you specify. I understand that they do not keep btc on the site. They keep it as a cold storage. Then they pay collectively for withdrawal requests. Title: Re: Instant exchange transactions on trade sites? Post by: QuestionAuthority on April 02, 2017, 09:36:36 PM When I look at the online screens on the trade sites, I see that a lot of transactions are made in succession. It takes a bit of time to confirm the transfer process with Bitcoin. Even if an appropriate fee value is entered, you may have to wait. How do you transfer bitcoin so fast among people in these sites? you deposit your bitcoin, altcoin, fiat on these sites and they give your "account" some credit which is just numbers and you exchange this credit with other accounts on that site (exchange service). and that is why it is fast and that is why centralized exchanges are popular despite being so bad. I've traded on a few of the exchanges and it's quite fast but, you're right, the exchange is judge, jury and executioner as far as the trades go. It's worked well for me so far but lots of people have lost money leaving it on exchanges. I've just been lucky. Title: Re: Instant exchange transactions on trade sites? Post by: Deep BTC on April 03, 2017, 05:16:04 PM When I look at the online screens on the trade sites, I see that a lot of transactions are made in succession. It takes a bit of time to confirm the transfer process with Bitcoin. Even if an appropriate fee value is entered, you may have to wait. How do you transfer bitcoin so fast among people in these sites? you deposit your bitcoin, altcoin, fiat on these sites and they give your "account" some credit which is just numbers and you exchange this credit with other accounts on that site (exchange service). and that is why it is fast and that is why centralized exchanges are popular despite being so bad. I've traded on a few of the exchanges and it's quite fast but, you're right, the exchange is judge, jury and executioner as far as the trades go. It's worked well for me so far but lots of people have lost money leaving it on exchanges. I've just been lucky. Especially there are too many people in the altcoin trade site losing money. I lost money at the polo yesterday evening. It was a very solid pump for XRP. I bought XRP thinking that the price would rise. I've lost half the money I'm currently depositing. Due to connection errors in Polo, many people lost BTC due to XRP. Title: Re: Instant exchange transactions on trade sites? Post by: bamboylee on April 03, 2017, 05:31:54 PM I've traded on a few of the exchanges and it's quite fast but, you're right, the exchange is judge, jury and executioner as far as the trades go. It's worked well for me so far but lots of people have lost money leaving it on exchanges. I've just been lucky. It is just bad practice to treat exchange wallets as your storage wallet. That is why those people who leave their bitcoins in trading platforms loses their bitcoin. Title: Re: Instant exchange transactions on trade sites? Post by: jak3 on April 03, 2017, 05:36:29 PM it all just some numbers suppose you are using btc-e.com and you have 1Bitcoin in your account (that means you have deposited in the deposit address which is provided by that site(money is in there wallet)) now you transfer that balance to your friend who is also in that same site so in that case you are just giving your number to him. the money is still in the sites wallet(exchange sites use 2type of wallets cold and hot)
Title: Re: Instant exchange transactions on trade sites? Post by: lite on April 03, 2017, 07:09:42 PM When I look at the online screens on the trade sites, I see that a lot of transactions are made in succession. If you're using btc-e you can make usd codes which can be redeemed on another btc-e account. the user has to buy bitcoins though.It takes a bit of time to confirm the transfer process with Bitcoin. Even if an appropriate fee value is entered, you may have to wait. How do you transfer bitcoin so fast among people in these sites? if you're using coinbase you can directly send bitcoins to another coinbase user using their email I'd. if anyone knows any another exchanger with internal coin transfer do share. :) Title: Re: Instant exchange transactions on trade sites? Post by: QuestionAuthority on April 04, 2017, 03:30:46 AM I've traded on a few of the exchanges and it's quite fast but, you're right, the exchange is judge, jury and executioner as far as the trades go. It's worked well for me so far but lots of people have lost money leaving it on exchanges. I've just been lucky. It is just bad practice to treat exchange wallets as your storage wallet. That is why those people who leave their bitcoins in trading platforms loses their bitcoin. Oh yeah, there's no doubt you're right. Traders that anticipate a swing in price have no choice but to leave cash and btc on an exchange. It's a gamble but you can win big if you have enough available to trade at the right time. I never put more than I can afford to lose on an exchange at once. |