Bitcoin is the leading currency in the modern Cryptocurrency markets. Started in 2009 by a group of people, Bitcoin has emerged as the fastest growing digital currency which is independent of all financial institutions and countries.

One can buy Bitcoin from the exchange market using normal currency. Mining is another method to acquire Bitcoin which requires continuous monitoring of the transactions. Bitcoin works mainly because of the trust the users have in the system. All users monitor the transactions and have a proof of the transfer of Bitcoins and products or services.

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Every Bitcoin user is allotted a public key and a private key for transactions. Bitcoin system stores all the transactions in a public ledger called blockchain. All users are aware of all transactions and verify the transactions based on the public key, transaction code, and hash code. Double spending a product is avoided by means of verification by millions of users worldwide.

The private key is crucial for the user as it cannot be recovered if lost. Similarly, if a hardware device that stores the key or transactions is damaged, the lost Bitcoin cannot be recovered. Bitcoin system works on software scripts that is hard to understand. However, the network is prone to hacking as the ledger is open to everyone.

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Most transactions are in fractions of a Bitcoin as its value is fluctuating. Here are the denominations of Bitcoin.

Bitcoins are created and exchanged online. There is no physical currency or coins to represent Bitcoin. The currency is stored through the different types of wallets such as desktop wallet, mobile wallet, USB wallet, paper wallet, and so on.

All Bitcoin transactions are irreversible and anonymous. Less anonymous exchanges are possible for trading purposes. Different exchanges are available for investment purposes and large scale transactions. The Order matching is performed by the exchange engines. Since the transaction fees is minimum regardless of the amount of money and countries, Bitcoin is preferred currency for worldwide users.

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1. Coinbase is the leading exchange in the USA. They support Bitcoin buying/selling in 33 countries worldwide. Mobile wallets are available to store your Bitcoins.
2. Localbitcoins is a source for buying and selling Bitcoins in 248 countries. They operate locally and list the people around you. Cash transactions are possible with Localbitcoins
3. Gemini can be used for personal and institution accounts to trade Bitcoin. They offer different fee schedule and are regulated in the US for Bitcoin trading.
4. Kraken is famous in Canada, US, and Japan for exchanging/trading Bitcoin. They allow trading upto five times shorting and fast exchange is possible with minimal fees.
5. Paxful lets you buy and sell Bitcoins by multiple payment methods such as Western Union, Gift cards(Amazon/Bestbuy), Credit cards, Bank accounts, and so on.
6. CEX.io allow buying, selling, and margin trading of Bitcoin. They have referral system and give you 30 per cent of the fees of the referral transactions.
7. Unocoin is the India's leading Bitcoin exchange market for buying, selling, storing, and spending Bitcoin. They encourage Systematic Investment Plan for Bitcoin and strict systems due to the ongoing national demonitzation efforts.
8. BTC China is the second largest Bitcoin exchange market in the world. They have mining facilities and are actively generating Bitcoins for worldwide users.

Bitcoin exchange markets are a means to buy, sell, trade, spend, or use Bitcoin. For normal users who are unaware of the working mechanism of Bitcoin, the exchange markets provide a medium to get the Bitcoins.

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Here are some tips to keep in mind while working with the different exchange markets.

• Understand the fee structure for makers, takers, and trading for different amounts.
• Download the mobile phone applications for instant notifications and exchanges.
• Get familiar with different merchants accepting in your area or online websites.
• All exchanges have basic Know Your Customer and Anti Money Laundering policies.
• Though the Bitcoin system is anonymus and independent of any financial institutions, they can easily track the fraudulent transactions based on the history and records in the Block chain.
• Bitcoin exchanges offer referral systems which can give the 15 to 30 per cent of all the transaction fees generated from all the referrals.
• Countries operating and accepting currencies vary with the exchanges.
• Check with your exchange market about setting the wallet limits and refunds.
• All transactions are irreversible and the exchanges cannot guarantee on the products.
• The number of confirmations required for a payment to process vary with exchanges and the time taken for the amount to appear differs as well.
• Bitcoin exchanges have multi factor authentication set up and basic information is required while creating accounts and wallets with the exchanges.

Bitcoin Exchange markets are a simple way to the Bitcoin world. Users must be aware of the terms and conditions for operating accounts with the exchanges. Some users prefer Mining to get the digital currency.