The prices of bitcoins (BTC) have skyrocketed from USD 10,000 to more than USD 60,000 while those of Ethereum (ETH) have surged from around USD 1,000 to over USD 4,000 from late 2020. Owing to such rapid growth, cryptocurrencies have become a real hit when it comes to investment in recent years. At the same time, numerous frauds that take “digital currency transactions” as a disguise are springing up.
WikiBit introduces to you the trading process of digital money, aiming to help you increase the ability to distinguish good from bad. Equipped with WikiBits introduction, you can make proper decisions based on your knowledge when facing a lot of hype around some projects or conducting money transfers.
The process of transactions is presented as follows:
Users with the requirement of trading should open their accounts at decentralized exchanges (DEXs) at first.
Users can conduct money transfer of digital assets through the addresses of their online wallets or paper wallets in the wake of obtaining their trading accounts and completing some basic account-related settings.
The whole process is not finished until transactions are recorded in a public distributed ledger that is dubbed as a blockchain.
This transaction flow mentioned above is characterized by decentralization and transparency, leading investors to more fair transactions.
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