How Yobit exchange work ? | Bitcointalksearch.org

PokerFace3

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Quote from: Vantix on April 27, 2017, 08:42:02 AM

is that exchange between users or the site do the exchange ?
is that like local bitcoins ?

In my understanding local bitcoins works as a market place where buyers and sellers can meet and if possible they can go for negotiations too. But exchanges are working similar to stock markets where bidding and asking rates are meeting then a trade will occur. Fundamentally both are doing one single thing still some layers differentiate these two different way of exchanging.

There is a third type of trading is also possible, in which exchange house will be involving in every buying/selling. We need to buy/sell only to exchange house. The house determines the price levels based on their other reference exchanges.

btcdiggingmaster

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Yobit is not like Local bitcoin, it is completely a trading platform, where members of Yobit will actively trade the altcoin which is listed in Yobit. Daily there are many coins listed in Yobit exchange better go through it and find the best one for you.

carlfebz2

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Quote from: Patatas on April 29, 2017, 01:18:39 AM

Quote from: Vantix on April 27, 2017, 08:42:02 AM

is that exchange between users or the site do the exchange ?
is that like local bitcoins ?

->Site never does any exchanges.It just provides the platform for doing exchanges.Having said that,sites like YoBit do control the flow of coins and trading volumes so they could manipulate the rates however the want to.
->Localbitcoins is completely based off p2p process.They don't control anything.

This comment do really pinpoint the exact answer to this question. Localbitcoin and Yobit do really different since when you compare their operation you would really see the difference and just as mentioned yobit do really have the chance to manipulate the flow.I do know more about yobit as a trading site rather than on exchange on p2p.

Supercrypt

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Yobit is a user to user exchange that works on all the others exchanges, need and supply. Users can create buy and sell orders and then wait for them to get filled, in this process yobit charges a little fees of their to make sure they can maintain themselves.

Only forex brokers are not doing user to user based exchanges. That is the reason are able to provide shorting form of trading facility.

Patatas

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Quote from: Vantix on April 27, 2017, 08:42:02 AM

is that exchange between users or the site do the exchange ?
is that like local bitcoins ?

->Site never does any exchanges.It just provides the platform for doing exchanges.Having said that,sites like YoBit do control the flow of coins and trading volumes so they could manipulate the rates however the want to.
->Localbitcoins is completely based off p2p process.They don't control anything.

pooya87

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yobit is mostly about trading between the exchange with itself. there aren't any users there except those who are participating in their signature campaign going there to cash out their payment or possibly try their luck on some trades and fail due to yobit manipulating everything with their fake orders.

tabas

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Quote from: Vantix on April 27, 2017, 08:42:02 AM

is that exchange between users or the site do the exchange ?
is that like local bitcoins ?

It's not an exchange but it is a trading platform where other traders will buy and sell whatever alt coins they want. And yes, it's between the users and they are just earning from the fees and making other alt coins listed on their site. That's how they are earning and many are irritated about this exchange you should look for others that are better.

piloder

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Yobit is just like other trading platform where you have to place orders and it will be executed when someone will buy/sell at price you have set on orders.

They are not like localbitcoins or paxful.

Kyraishi

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Quote from: Vantix on April 27, 2017, 08:42:02 AM

is that exchange between users or the site do the exchange ?
is that like local bitcoins ?

No, it is not like that.
Localbitcoins.com is a peer-to-peer website, which means that the site is not having bitcoins for sale: the website was created as some kind of a "list" that contains different users.
You can browse this users and their offers: the website is looking for the people in your surroundings that have bitcoin for sale, or also you can find people who are looking to buy BTC in there.

Yobit is a cryptocurrency exchange, there is some kind of a team that has launched the website, and they are simply allowing different kinds of users to sell and buy their coins in there. If we simplify it it looks like that:
User A lists a xxxcoin, which is being put in the orderbook. Later, User B buys this xxxcoin which is transfered from the A wallet to B wallet.
But yobit is rather a shady site, I would advise you avoid them. There were many reports about fake volume in there.

Red-Apple

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it is supposed to be between users, and the site only act as a platform the connects the users to each other and gathers fees from each trade.
but in case of Yobit things are a bit more complicated and a lot more shady. they have been reporting lots of fake volume lately and when you try to trade there, the altcoin wallets are all down, specially those that they are pumping themselves.

in short if you want to pick up altcoin trading, i suggest anywhere but yobit.
go to poloniex, bittrex, c-cex, or even cryptopia instead.

Vantix

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is that exchange between users or the site do the exchange ?
is that like local bitcoins ?

Topic: How Yobit exchange work ? (Read 1125 times)