When it comes to Bitcoin and another cryptocurrencies, there are 2 types of exchanges. One allows users the ability to exchange Bitcoin with other cryptocurrencies and vice versa. The other, allows users to buy and sell cryptocurrencies with USD or your locally currency. Usually you can only buy Bitcoin, but sometimes more established altcoins such as Dogecoin, Feather coin, and Litecoin can be bought as well.
For exchanges that accept USD for cryptocurrencies check out: CoinBase/, Moolah.io, and Bitstamp. They all offer the ability to purchase or sell Bitcoin to fiat and vice versa. Furthermore, each exchange offers a high level of security and excellent customer support.
For these exchanges a credit card and/or a bank account is required. Once the proper financial information has been confirmed, a user will now able to transact Bitcoin and fiat quickly. This process involves very minimal fees, if any at all.
The second type of exchange you will stumble across are known as cryptocurrency exchanges. They allow you to sell your cryptocurrency for Bitcoin, or vice versa. Some of them, such as Cryptsy are beginning to open up USD markets to some of the more established crypto coins, such as the previously aforementioned Dogecoin, Litecoin, Feather coin, and Bitcoin.
These exchanges require the same verification process as the previous exchanges. Financial information is given and once it’s confirmed, a user is able to purchase cryptocurrencies and exchange for different cryptocurrency with faster speed than if you were to purchase from Coinbase and transfer it to an exchange.
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