Timeline for Bitcoin exchange where you can set your own wallet instead of using one provided by the exchange
Current License: CC BY-SA 3.0
4 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Dec 23, 2017 at 17:47 | comment | added | hardfork | If someone sells 1 btc to the exchange, the exchange notices: "This bitcoin is now our bitcoin!" and they save that information in their database. And if you buy that bitcoin, the only thing that happens then is: They edit the database-entry to "This bitcoin is ntonnelier's bitcoin", so that you are allowed to send it to your own adress. There is ordinarily no blockchain transaction if you do only trade and let the coins on the exchange. | |
| Dec 23, 2017 at 14:15 | comment | added | ntonnelier | I just assumed using a normal exchange I was paying two transactions: one to buy/transfer the coins into the exchange's wallet and another one to transfer them from that wallet into my owns. But reading your answer i wonder: Maybe there's no network fee in the first transaction? Maybe this happens all inside the exchange's system? | |
| Dec 22, 2017 at 20:31 | history | edited | hardfork | CC BY-SA 3.0 |
added 28 characters in body
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| Dec 22, 2017 at 20:21 | history | answered | hardfork | CC BY-SA 3.0 |