How does consignment work in the context of digital currencies?

2 answers

• Mar 19, 2022 · 3 years ago
  Consignment in the context of digital currencies is a bit like entrusting your digital assets to a friend to sell on your behalf. You still own the assets, but your friend handles the selling process. They take care of finding buyers, negotiating prices, and completing the transactions. Once the assets are sold, your friend takes a commission and gives you the rest of the proceeds. It's a convenient way to monetize your digital currencies without having to actively participate in the market yourself. Just make sure you choose a trustworthy friend, or in this case, a reputable consignee, to handle your assets.
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• Mar 19, 2022 · 3 years ago
  Consignment in the context of digital currencies is a service offered by some digital currency exchanges, like BYDFi. It allows users to deposit their digital assets into the exchange's wallet and authorize the exchange to sell the assets on their behalf. The exchange acts as a consignee, handling the selling process and ensuring that the assets are sold at the best possible price. Once the assets are sold, the exchange deducts a commission and returns the remaining proceeds to the user. This service provides users with a convenient way to monetize their digital currencies while leveraging the expertise and market access of the exchange.
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