How the fuck to exchanges convert crypto into fiat, and exch

>>3135666
The exchange probably has a bank account.

>>3135666
you are trading numbers on the exchange and only when you withdrawal from the exchange are currencies actually transfered. jesus ur retarded

>>3135704
Obviously this is the fucking case, but my interest is in the last part of your statement
>only when you withdrawal from the exchange are currencies actually transferred

How does this occur? How does the exchange actually *transfer* money into your desired currency? If I bought using USD and want to cashout in EUR, how does the exchange do this? Do they have like >>3135683 this anon suggests, multiple bank accounts with multiple currencies and then automatically dump your amount in your chosen currency into your account?

Follow-up question: If so; how are they automating this? How the hell are they linking to their bank accounts and automating money transfers to the correct account, in the correct amount, with the correct currency type?

>>3135736
They do NOT automate this. Most exchanges won't even allow automated withdrawal of large sum of coins, not to even mention fiat

>>3135801
Thanks for the information anon.

Do you know if there's any way to buy / sell across exchanges?

For example: If I start an exchange called 'BitExchange', is there a way for me to find a buyer on Kraken and match them with a seller on Poloniex?

>>3135666
I feel bad for joji. Trapped in a nightmear of his own making.

>>3135933
You can only do it manually, by sending coins from one exchange to another. This is called arbitrage. Obviously it's highly risky as by the time the withdrawals are reviewed by the exchange, approved and confirmed, the opportunity window might have already closed.

>>3135962
Thanks anon. So I'm aware that arbitrage is essentially trading across exchanges to make a profit; and I'm aware that it's highly unlikely to make real profit because of a plethora of factors.

But just to confirm; to get access to a massive range of buyers and sellers, could Kraken match their buyers / sellers with respective sellers / buyers on other exchanges, for example?

Like Kraken would do this so as to ensure quick sales. Imagine if they were starting out and only had two people trading on the platform, how would they even become useful or successful? Wouldn't this capability be a huge advantage, and has it been tried / done by anyone?

>>3135666
Fucking Australians, get yourselves sorted out. It's 2017.

>>3136068
Please remember that our entire internet infrastructure consists of a boomerang with dots/dashes on it, passed to and from messengers on emus. We don't have TV, our radios are only transmittable / decipherable via didgeridoo (a lost art only harnessed today by the aboriginals) and occasionally we'll glass each other for fun. We shorten most nouns & pronouns and concatenate them with an 'o' (e.g 'daveo', 'arvo', 'smoko', 'bottelo') and are currently spending $122 MILLION dollarydoos on a non-binding, non-compulsory postal-vote to determine whether samesex marriage should be legal.

You could give this one Ausfag a leg-up, a helping hand by explaining exactly how a crypto exchange would convert fiat currencies into the desired fiat currency by the user who's cashing out.

As it appears to be such a simple concept to grasp; I'm convinced that you basically don't have the answer either. I've done my homework, I've asked around, I've researched, trawled through open-source repositories, I've read whitepapers and technical reports and (quite obviously, being on /biz/ asking for legitimate advice) this is my last resort. Faggot.

>>3135958
I don't

He realized being retarded brought him fame, and being REALLY retarded brought him money.

He deserves everything

Why are you so interested in this? It's technical.

>>3136153
I dunno, did you see that thread with the guy who had a fetish for kitchen tiles? Like really neat, organised kitchen tiles? He compared the arousal to enjoying a piece of fine art. How the fuck do you explain why he's interested in it (aside from some serious childhood trauma)?

I'm just interested in how it occurs, how it's technically feasible. Maybe if I figure out how it's done, it'll be a cheaper way for me to execute trades / convert my profits. If it really is cheaper, maybe I'd start my own service and make it free for /biz/ tards yaknow (if it's a simple process).

>>3136126
I'm American, so I don't really care about meme currencies like AUD because it's trivial for me to convert USD to BTC and vice versa through a site like Coinbase.

As far as I'm aware, the major crypto exchanges only let you cash out to fiat via BTC/ETH/LTC to USD (i.e. Coinbase) or BTC to EUR/CAD/JPY/USD (Kraken). I don't know what Bittrex does for fiat as I only trade crypto there. A quick google search led me to some Aussie site that exchanges BTC/AUD so it's likely they specialize in it.

So, no, the answer to your question is the exchanges do not need 30 different kinds of bank accounts for each kind of fiat because they generally don't fuck with anything but the major world fiat types since there probably isn't enough volume of those smaller currencies buying and selling BTC for it to be worth their time.

>>3136389
>I'm American, so I don't really care about meme currencies like AUD

You could've just written the first two words; and not bothered with the rest. But cheers for the info, cunt.

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>>3136586