Bitomat
Definition of 'Bitomat'A Polish-based bitcoin exchange. Bitomat was the first Bitcoin exchange in Poland to offer support for the Polish Zloty, officially going online on April 4, 2011. Using Bitomat, traders are able to make deposits into a virtual wallet, in either PLN or Bitcoins and place buy and sell orders, with the exchange acting as an escrow for the funds.Bitomat was acquired by the Mt. Gox Bitcoin exchange in August of 2011. |
|
Investopedia explains 'Bitomat'Bitcoins are a digital currency created in 2009, which allow users of bitcoin exchanges to make payments and trades at a very low cost. Bitcoin circulation and expansion is governed by Bitcoin software and is programmed to expand as a geometric series, thus limiting the effects of monetary inflation on the virtual currency. Bitcoins are one of many virtual currencies that can be traded online by users. |
Related Definitions
Articles Of Interest
-
Top 7 Questions About Currency Trading Answered
Whether you're puzzled by pips or curious about carry trades, your queries are answered here. -
Getting Started In Forex
Before entering this market, you should define what you need from your broker and from your strategy. -
A Primer On The Forex Market
Moving from equities to currencies requires you to adjust how you interpret quotes, margin, spreads and rollovers. -
The International Money Market
Banks, corporations, traders and speculators all use the IMM to borrow, lend, trade, profit, finance, speculate and hedge risks. -
Bitcoin May Be The Currency Of The Future
Forget the dollar or the euro. Bitcoin may be the next big currency to hit the world. -
Market Makers Vs. Electronic Communications Networks
Learn the pros and cons of trading forex through these two types of brokers.
Free Annual Reports