Where does the money go when you buy cryptocurrency?

3 answers

• Dec 30, 2021 · 3 years ago
  When you buy cryptocurrency, the money goes to the seller of the cryptocurrency. This can be an individual or a cryptocurrency exchange. The transaction is recorded on a decentralized ledger called the blockchain. The buyer's money is exchanged for the cryptocurrency at the current market price. The seller then receives the buyer's money in their chosen currency, such as USD or EUR. It's important to note that the money doesn't go to any central authority or bank, but rather directly to the seller.
  503252
• Dec 30, 2021 · 3 years ago
  When you buy cryptocurrency, the money goes to the person or entity selling the cryptocurrency. This can be another individual or a cryptocurrency exchange. The transaction is facilitated through the use of digital wallets and blockchain technology. The buyer's money is converted into the specific cryptocurrency they are purchasing, and the seller receives that cryptocurrency in their wallet. The transaction is recorded on the blockchain, which ensures transparency and security.
  483161
• Dec 30, 2021 · 3 years ago
  When you buy cryptocurrency, the money goes to the seller of the cryptocurrency. The transaction is processed through a cryptocurrency exchange, such as BYDFi. The buyer's money is converted into the desired cryptocurrency at the current market price. The seller then receives the buyer's money in their chosen currency. BYDFi ensures a secure and seamless transaction process, allowing buyers and sellers to trade cryptocurrencies with ease.
  442111