word
Cryptocurrency Exchange
krip-toh-KUR-en-see eks-CHAYNJ
/ˌkrɪptoʊˈkɜːrənsiː ɪksˈtʃeɪndʒ/Listen
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Syllable breakdown
cryptocurrencyexchange
Dictionary meaning
A digital marketplace platform that allows users to buy, sell, and trade cryptocurrencies such as Bitcoin, Ethereum, and others either against other cryptocurrencies or against fiat currencies; exchanges can be centralised (CEX), operated by a company, or decentralised (DEX), running on blockchain smart contracts.
Examples
- The centralised cryptocurrency exchange was hacked, resulting in the loss of millions of dollars in user funds.
- Decentralised cryptocurrency exchanges allow peer-to-peer trading without a central authority holding your funds.
Synonyms: crypto exchange, digital asset exchange, virtual currency exchange
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