So what is bitcoin? Bitcoin is a decentralised digital currency. When I read that Bitt was launching a bitcoin exchange in the Caribbean I decided to reach out to them to answer some questions that came to my mind. I am sharing my questions and their answers here. I encourage you to learn more to decide if this could benefit you.
What is a bitcoin exchange?
Bitt’s bitcoin exchange is a platform which matches buyers and sellers of bitcoins, facilitated through funds held on our accounts. Ownership of these funds swaps during transactions from fiat currency (government issued tender) to bitcoins.
What is the benefit for the man on the street?
Bitt provides access to digital financial transactions at a fraction of the cost of more traditional financial institutions, thus allowing the ‘man on the street’ to conduct business with drastically reduced transaction fees using Bitcoin.
How do I pay for bitcoins?
You first sign up to Bitt.com and a bitcoin wallet is created for you. Once you have completed the verification process, you can transfer funds to our holding account and we credit your account. You can then execute trades to purchase BTC through our platform.
Is my money insured?
Bitt implements a number of stringent transparency, accountability and security policies to protect your personal data and assets against loss, theft, fraud and natural disasters. Additionally, we maintain 100% reserves in our holding accounts.
How does it work in simple terms?
On the Bitt.com platform you can either buy or sell bitcoins by launching Limit Orders or Market Orders. Limit Orders allow you to set the price at which you want to buy or sell BTC. Market Orders allow you to buy or sell BTC at the best current market price.