There are quite a few WhatsApp and Telegram groups where you can advertise your cryptocurrency for cash. Note that purchase/sales of cryptocurrencies does not only happen in exchanges. Other exchanges don't provide APIs so aggregators will need to screen scrape the data from their websites. Some exchanges have APIs allowing you access to their market data. Price aggregator websites like cryptocompare scan exchanges and average the overall prices. Therefore, each exchange generally have their own "market price". With enough people in the market there will always be sellers who are more inclined to get the money now than wait for the price to go up. Where the buyer price meets the seller price is the market price. Buyers on the other hand tend to set the price lower. Those who cannot find buyers willing to buy their expensive items will just wait forever in the order book (or cancel their order at some future time). Obviously sellers want to make profit and tend to set the price higher. The Exchange will scan through all orders and try to match the sell orders to appropriate buy orders so that buyers willing to sell at a specific price can be matched to sellers willing to sell at a specific price. Orders are recorded in a database called the order book. Orders - this is where you tell the exchange that you want to buy/sell the item at a specific price. The exchange will use the information of past sales to set the market price. Immediate/Quick buy/sell - this is where you buy/sell (or at least try to) your item (stock, bitcoin, gold etc.) at the market price. There are generally two types of transactions that exchanges deal with: Instead they infer the price from the last successful transaction. How exchanges set the priceĮxchanges of all types (crypto, gold, oil, stock, forex etc.) don't actually set the price. The easiest place to track this is at exchanges. So the real price of a cryptocurrency is the the last price someone bought/sold that cryptocurrency. In economics-speak it is where the supply meets demand. Therefore, while McDonalds can put any price on their product, the real price is the one which people are willing to pay. However, if they do that then nobody would buy their burger. They are free to sell BigMacs for $5000 each. If the seller is willing to sell at the price the buyer is willing to buy then a sale happens - the sale also defines the price of the item.įor example, McDonalds have the right to sell the BigMac at any price. The real price of something is how much people are willing to pay for it. First you have to understand what the price of something is.
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