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I a bit puzzled to see high transaction rates on BTC exchanges yet read that the blockchain only confirms about 6 transactions per second. Given that every transaction on an exchange requires also a transaction on the blockchain, how does it work? Is my perception of the volume just wrong? Or are there quiet times at exchanges when the blockchain can catch up?

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Given that every transaction on an exchange requires also a transaction on the blockchain, how does it work?

They don't, movements on exchanges are internal, not Bitcoin transactions.

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