28 Aug '14, 6pm

What Makes Bitcoin Exchanges Tick?

What Makes Bitcoin Exchanges Tick?

Exchanges play a central role in the bitcoin ecosystem. In addition to facilitating trade, they set exchange rates between bitcoin and fiat currencies such as the US dollar or the euro. Rates can vary widely from exchange to exchange (which is where the arbitrageurs come in) and from minute to minute (where the other traders enter). By now, long-time bitcoin traders are well acclimatised to this volatile landscape. Take, for example, the wild price swings at the middle of this month . From a high of $596.00 on 8th August, the price tumbled 15% to a low of $503.96 just six days later. But what makes bitcoin’s price move in the first place? Intro: the order book Let’s start by examining the inner workings of a digital currency exchange . First, there’s the electronic order book, which keeps track of buyers’ and sellers’ interests. At every price level, this book records open...

Full article: http://www.coindesk.com/makes-bitcoin-exchanges-tick/

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