What is btc-e?

A

Alexey Nikolaev2015-12-16 13:10:12

Fintech

Alexey Nikolaev, 2015-12-16 13:10:12

What is btc-e?

Good day!
Btc-e is one of the oldest exchanges that allows you to exchange a lot of currencies (including bitcoins). However, I have not found an answer anywhere to the question of how they implemented the bitcoin storage algorithm. Is it some kind of online storage (all blocks are stored on the server, vulnerable to hacking), or can you transfer bitcoins of the exchange to your own offline wallet (and vice versa)? Has anyone tried it?
And if not, are there analogues with a similar possibility?..
Thank you in advance!

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3 answer(s)

P

Puma Thailand, 2015-12-16
@opium

they have their own wallet, there are no offline wallets in bitcoin, if your transactions are not confirmed, then alas, you don’t have bitcoins either.

I

Ivan Tikhonov, 2015-12-17
@polym0rph

And how do you imagine that bitcoins are in your offline wallet, and at the same time you are trading on the exchange? Of course, you can come up with a new type of order: "I am ready to exchange so much at such and such a price, but I will not give proof of the presence of bitcoins, and I will transfer them if there is a mood." But I don't think it will be in demand.
The exchange is the guarantor of the transaction. It takes assets from both sides, matches the orders that you place, and redistributes the entered funds between the participants, pinching off a commission for itself. All.
What is not listed on the stock exchange cannot be traded on it.

Y

Yuriy Ivanov, 2015-12-19
Ivanov

And all the same, there is an offline wallet. Exchanges do not store all bitcoins in an online wallet. There is such a thing as "Cold/Hot" storage (cold and hot storage). "Hot" is an online wallet that directly performs deposit/withdrawal operations. It always has an amount that covers the needs of everyday operations. If the amount of "Hot" grows, part of the bitcoins is transferred to "Cold". And vice versa, if there are not enough of them in "Hot", they are added from "Cold". It's safer that way. If an exchange and an online wallet are hacked, only what is in hot storage can be stolen. And this is usually a little in relation to the sum of all customer deposits.