How does a bitcoin gateway work?

3 answers

• diogo valenteApr 07, 2021 · 5 years ago
  A bitcoin gateway is a service that allows users to convert bitcoin into traditional currencies and vice versa. When a user wants to convert their bitcoin into a traditional currency, they send their bitcoin to the gateway's address. The gateway then converts the bitcoin into the desired currency at the current exchange rate and sends the funds to the user's designated bank account. The process works similarly in reverse when a user wants to convert traditional currency into bitcoin. The gateway acts as an intermediary, facilitating the conversion between the two currencies.
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• Erik t' SasJul 12, 2024 · 2 years ago
  Think of a bitcoin gateway as a bridge between the world of bitcoin and traditional finance. It enables seamless transactions between the two by handling the conversion process. When you use a bitcoin gateway, you can easily convert your bitcoin into your local currency or vice versa. It's like having a currency exchange service specifically for bitcoin. The gateway takes care of all the technical aspects, ensuring that your transactions are secure and efficient.
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• Elias Dalla CorteJul 21, 2022 · 4 years ago
  At BYDFi, our bitcoin gateway works by leveraging our extensive network of liquidity providers and partner exchanges. When a user wants to convert bitcoin into traditional currency, we find the best exchange rate available and execute the trade on behalf of the user. We then transfer the funds to the user's designated bank account. Our gateway ensures fast and reliable transactions, allowing users to seamlessly move between bitcoin and traditional currencies.
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