Where does the money go when you buy crypto?

3 answers

• Dec 17, 2021 · 3 years ago
  When you buy crypto, the money goes to the seller of the cryptocurrency. The transaction is recorded on the blockchain, which is a decentralized ledger that keeps track of all transactions. The seller can then use the money for various purposes, such as investing in other cryptocurrencies or converting it to fiat currency.
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• Dec 17, 2021 · 3 years ago
  When you buy crypto, the money goes to the exchange where you made the purchase. The exchange acts as an intermediary between buyers and sellers, facilitating the transaction. The exchange holds the funds until the buyer decides to withdraw them or make another trade. It's important to choose a reputable exchange to ensure the safety of your funds.
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• Dec 17, 2021 · 3 years ago
  When you buy crypto on BYDFi, the money goes into a smart contract that is designed to securely hold the funds until the transaction is complete. BYDFi uses advanced blockchain technology to ensure the transparency and security of the transaction. Once the transaction is confirmed, the funds are released to the seller, and the buyer receives the purchased cryptocurrency. BYDFi provides a user-friendly interface and a wide range of cryptocurrencies to choose from, making it a popular choice among crypto enthusiasts.
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