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An exchange is a

two-sided marketplace where buyers and sellers negotiate prices, usually with a bid and ask system, and where prices move both up and down.[1]

Virtual currency[]

An exchange is

an entity that facilitates the exchange of virtual currency for U.S. dollars or other currency, and visa versa.[2]


On the Internet, an exchange (also called an Internet exchange) is an Internet-based business where registered users can buy and sell goods or services. The business models can be fixed price or auction-based. Transactions are initiated and completed online.


  1. Entering the 21st Century: Competition Policy in the World of B2B Electronic Marketplaces, at 11.
  2. Pillsbury Winthrop Shaw Pittman LLP, Virtual Currency & Beyond: Acronyms, Abbreviations and Key Definitions, at 2 (full-text).

See also[]