A Bitcoin exchange is an online trading platform on which one can either trade, buy, or use financial instruments in the Bitcoin and cryptocurrency markets. Different platforms offer different types of trades such as fiat to cryptocurrency, coin-to-coin, or cryptocurrency derivatives exchanges. The three types of exchanges that exist are centralized, decentralized, and peer-to-peer exchanges with all of them having advantages and disadvantages. Centralized exchanges such as Bybit make up for most of the daily trading volume in current cryptocurrency markets.

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