4 upvotes, 1 direct replies (showing 1)
View submission: /r/Bitcoin FAQ - Newcomers please read
I am trying Coinbase. When I buy, am I buying coinbase’s bitcoins? Are they the only for sure winners in this whole thing?
Is each transaction saved separately or grouped together? For instance can I sell my bitcoins bought at the lowest price first or first that not matter? I would think I would only want to sell a percentage I bought at a profit.
Comment by Ecolibriums at 30/11/2017 at 18:50 UTC
4 upvotes, 0 direct replies
Coinbase handles transactions on their own private ledger like all exchanges. This means they don't actually transact the Bitcoin on the blockchain for every sale. That would be extremely slow and expensive. This makes it possible for people to make all sorts of quick trades. It's an arbitrager's wet dream!