> Doesn't the exchange match people with another person who is buying / selling it? Every single cryptocurrency or video game exchange I have used has settled p

> Doesn't the exchange match people with another person who is buying / selling it? Every single cryptocurrency or video game exchange I have used has settled pretty much instantly. There are multiple exchanges where stocks are traded, and order routing is typically transparent when using retail brokerages. The exchanges only provide the matching engine, while brokers handle custody. The process of transferring the ownership between brokerages is the clearing step which is handled by the DTCC. Cryptocurrency exchanges provide both the matching engine and custody, so transferring ownership can be done instantly by updating records in the exchange’s database. The clearing step occurs when transferring coins to another wallet or exchange, when the transaction actually hits the blockchain. > How hard is decrementing the shares of one user and incrementing the shares of another. It’s surprisingly difficult. Clearinghouses (centralized) and blockchains (decentralized) exist to solve this very problem.