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You can exchange BTC all you want, but if you exchange (verb) it then it’s no longer BTC. Likewise, if it’s sitting on an exchange (noun) then it’s not BTC. No
by nopenopenopeno 4y ago
You can exchange BTC all you want, but if you exchange (verb) it then it’s no longer BTC. Likewise, if it’s sitting on an exchange (noun) then it’s not BTC.
Normally I would have sympathy but if you post on HN then I have trouble taking it seriously that you can’t figure this out. How could it possibly be any more obvious?
- misja111 4y ago> .. if it’s sitting on an exchange (noun) then it’s not BTC. I'm sorry but you lost me here. If I stall my BTC's in a wallet on an exchange, they remain BTC's? Also I have a feeling that you're not getting my point. It is the selling/buying of BTC's for USD at the BTC exchanges that determines the official BTC/USD rate. Sure you can also exchange them for something else (if the exchange lets you), but this will not affect the BTC/USD rate. So if on an your exchange you're unable to withdraw your BTC's, you can't sell them, which means you're unable to affect the BTC/USD rate: I.E. BTC price will not go down.