How do cryptocurrency exchanges work?

August 24, 2022

Cryptocurrency exchanges are platforms that are used to perform various operations with digital currencies (exchange, sale, purchase). Many sites, in addition to the exchange of assets, also offer tools for earning:

staking
trading with leverage
securing crypto loans
spot trading
educational content
demo version of the account
and so on…

In the cryptocurrency industry, there are a large number of various exchanges offering different functionality, security level, conditions, choice of cryptocurrency pairs, and trading volume. It is recommended to try trading on several exchanges.

The principle of operation of the cryptocurrency exchange

To start working on the cryptocurrency exchange, you need to register on it.

Centralized platforms emphasize the security of personal information about their users and their assets. Therefore, the limited functionality of the exchange is often open to registered users.

To get full access, you must pass user verification, after its completion you can use all the tools of the site.

In order to understand how a cryptocurrency exchange works, let’s look at what it consists of. The user interface is the end product that users see. For the smooth operation of cryptocurrency exchanges, it combines several key components.

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Trading Core: The most important element of the exchange. The trading core maintains a database of orders (user applications for the purchase or sale of cryptocurrencies) and provides the possibility of their execution.
Main and reserve wallet: Wallets for storing and conducting transactions with the assets of site users. As a rule, hot wallets are used to enter the exchange and conduct transactions, while cold wallets store a reserve of platform assets.
Analytics modules: Cryptocurrency platforms also need modules for analyzing indicators on the exchange.
Interface: Displaying a trading terminal where users can create accounts.
Transaction and commission management system: Ensures the functioning of the payment gateway.

How does cryptocurrency exchange work?

They work by buying and selling cryptocurrency, traders earn on the difference in the exchange rate. In turn, exchanges earn on the commission that users pay to complete transactions.

On a crypto exchange, you can use the regular currency to buy cryptocurrencies, or you can exchange one cryptocurrency for another. You can convert your cryptocurrency back to regular currency, keep it in your account for future transactions, or withdraw it as cash.

Unlike traditional exchanges that have set trading hours, cryptocurrency exchanges are active 24 hours a day, 7 days a week.

Gemini Exchange

The Gemini cryptocurrency exchange is a popular American platform that has been operating on the market since 2015. Gemini is the first exchange in the world to be licensed to trade the Ethereum cryptocurrency.

Today, it is rightfully one of the safest and most reliable crypto exchanges, trusted by the largest investment funds and individual investors. The success story of this company is in providing consistently high-quality service and unique trading opportunities.

Excellent service, innovation, instant service, and the ability to purchase Bitcoin or Ethereum and start trading immediately after making a deposit — all of this sets Gemini apart from other crypto exchanges on the market.

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The Gemini bot by Bitsgap gives an extra return on investment when trading through the Gemini platform. This bot is the best way to profit from trading on this exchange, as they allow you to place effective orders round the clock automatically.

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MicroStrategy Buys Additional $1.11 Billion Worth of Bitcoin

MicroStrategy’s Acquisition: 18,300 BTC for $1.11 Billion MicroStrategy, the business intelligence firm led by Bitcoin advocate Michael Saylor, has made headlines once again by purchasing an additional 18,300 Bitcoins for $1.11 billion. This acquisition brings the company’s total Bitcoin holdings to a staggering 244,800 BTC, purchased at an average price of $38,613 per Bitcoin. With the total investment standing at $9.45 billion, MicroStrategy’s bold strategy continues to draw attention in the corporate world. Bitcoin as a Corporate Strategy MicroStrategy’s latest billion-dollar purchase, conducted at an average price of $60,408 per Bitcoin, reflects the company’s ongoing commitment to Bitcoin as a corporate treasury strategy. Since 2020, the company has consistently accumulated Bitcoin, seeing it as a superior store of value compared to traditional fiat currencies. This latest purchase reinforces the firm’s belief in Bitcoin’s long-term potential, despite market fluctuations and regulatory uncertainties. CEO Michael Saylor, a long-time Bitcoin bull, has been the driving force behind the company’s aggressive Bitcoin acquisition strategy. His conviction in Bitcoin’s role as the world’s “hardest money” has led the company to take bold steps in building a significant Bitcoin reserve. This strategy aims to protect the company’s balance sheet from inflationary pressures and currency debasement, while also positioning MicroStrategy as a key player in the Bitcoin ecosystem. Expanding Holdings Despite Market Conditions Despite the volatile market conditions in 2024, MicroStrategy has continued to increase its Bitcoin holdings. The firm views Bitcoin not only as a long-term investment but also as a superior treasury asset compared to cash, which is susceptible to inflation and depreciation. By borrowing fiat at low interest rates, MicroStrategy has been able to capitalize on the appreciation of Bitcoin while maintaining its liquidity. The company’s ability to generate a 17% Bitcoin yield year-to-date further highlights the success of this approach. Saylor has repeatedly emphasized that Bitcoin’s annualized returns have consistently outperformed traditional financial assets, making it an attractive option for companies seeking to maximize shareholder value. This strategy has also set MicroStrategy apart from its competitors, as it remains one of the few public companies to allocate a significant portion of its treasury to Bitcoin. MicroStrategy’s $15 Billion Bitcoin Trove At current market prices, MicroStrategy’s total Bitcoin holdings are worth over $15 billion. This substantial increase in value has directly benefited the company’s shareholders, as MicroStrategy’s stock price has surged in tandem with Bitcoin’s rise. Investors see the firm’s aggressive Bitcoin accumulation strategy as a forward-thinking approach, positioning the company to capitalize on the long-term growth of digital assets. The market’s response to MicroStrategy’s bold moves has been largely positive. The company’s stock has rallied alongside Bitcoin, reflecting investor confidence in the company’s vision. Saylor’s leadership and public advocacy for Bitcoin have helped to elevate MicroStrategy’s profile, attracting new investors who share his belief in the future of decentralized finance and digital currencies. Stock Price Surge MicroStrategy’s stock has surged in value as the company continues to accumulate Bitcoin. Investors view the firm as a proxy for Bitcoin investment, given its massive holdings. This increase in stock price has provided an added incentive for shareholders, creating a virtuous cycle where the appreciation of Bitcoin directly benefits the company’s market performance. Leading the Corporate Bitcoin Movement MicroStrategy has emerged as a leader in the corporate Bitcoin movement, with other public companies now adopting similar treasury policies. These firms are recognizing Bitcoin’s potential as a hedge against inflation and its role as a store of value in the digital age. However, MicroStrategy remains the largest corporate holder of Bitcoin in the world, and its ongoing accumulation efforts solidify its place at the forefront of this trend. The company’s bold strategy has inspired other companies to follow suit, albeit at a smaller scale. Public firms, including Tesla and Square, have adopted Bitcoin for their balance sheets, but none have approached the scale of MicroStrategy’s holdings. This demonstrates the company’s deep conviction in Bitcoin’s future potential and its willingness to take calculated risks to secure its position as a market leader. Biggest Speculative Attack on Fiat Currency MicroStrategy’s strategy is seen as a major speculative attack on fiat currency. By converting a significant portion of its treasury into Bitcoin, the company is effectively betting against the long-term viability of fiat money. Saylor has referred to this as the “biggest speculative attack on fiat currency in history,” as MicroStrategy continues to acquire the hardest money for its treasury. Bitcoin as a Treasury Asset MicroStrategy views Bitcoin as a far superior treasury asset compared to cash, which is subject to inflationary debasement. The company believes that by holding Bitcoin, it can preserve its purchasing power over the long term, especially in a world where inflation rates continue to rise. This belief underpins MicroStrategy’s corporate strategy, as it shifts away from holding large reserves of cash, which can lose value over time. Cash, as a fiat currency, is exposed to inflation and the risks associated with central bank policies. In contrast, Bitcoin’s fixed supply and decentralized nature make it an attractive alternative for companies looking to store value. Saylor has been vocal in his criticism of central banks, arguing that their monetary policies are eroding the value of national currencies. By holding Bitcoin, MicroStrategy is positioning itself to withstand these challenges. Other Companies Following Suit MicroStrategy’s decision to adopt a Bitcoin treasury policy has encouraged other public companies to do the same. Several firms are now acquiring Bitcoin exposure on their balance sheets, following the example set by MicroStrategy. However, despite the growing trend, MicroStrategy remains the largest corporate holder of Bitcoin, far surpassing any other company’s reserves. MicroStrategy: A Bitcoin Development Company By harnessing underutilized capital to capture Bitcoin’s upside, MicroStrategy has effectively transformed into an emerging Bitcoin development company. This shift goes beyond merely holding Bitcoin; the company is actively contributing to the broader adoption of Bitcoin through its public advocacy and strategic decisions. In doing so, MicroStrategy is playing a pivotal role in promoting Bitcoin as a global store of value. As a Bitcoin development company, >>Read more
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AI is a new trend in crypto: 3 things to know

Simply put, AI is the idea and practice of creating intelligent-looking robots. To make this happen, machine learning, artificial neural networks, and deep learning are being developed. The blockchain is an innovative digital file system that stores data in an encrypted distributed ledger format. Because data is encrypted and distributed across multiple computers, it can be used to create secure databases that only authorized users can access. For example, here are three ways that artificial intelligence (AI) and blockchain complement each other. AI and encryption work well together The data stored on the blockchain is by definition secure due to the encryption used. This means that blockchain is ideal for storing highly sensitive personal data and, if properly processed, can bring out a wealth of value and convenience. Consider an advanced medical system that makes accurate diagnoses based on scans and data, or the recommended engine that Amazon and Netflix use to recommend what to buy or watch next. The companies that trade it have to spend a lot of money to meet their data security requirements. Still, large-scale data breaches that lead to the loss of personal data are becoming more regular. Many AIs can also be provided in terms of security. A new topic in AI focuses on developing algorithms that process (process or manipulate) encrypted data. Blockchain can monitor, analyze, and explain AI decisions People do not always understand AI decisions. You can “learn” by individually examining the many factors that determine your overall goals. You can use the AI algorithm to determine if a financial transaction is fraudulent and needs to be suspended or investigated. For example, Wal-Mart puts monthly sales data into an AI algorithm to determine what to sell and where to sell it. Saving the selections one point at a time to the blockchain facilitates validation and ensures that the records have not changed between the time they are recorded and the time the validation process begins. Transparency and insight into the robot’s brain can be achieved by recording the decision-making process on the blockchain. AI can handle blockchain better than humans (or “stupid” computers) Computers are always fast, but stupid. Computers cannot perform tasks without specific instructions. Because blockchain data is encrypted, it requires a lot of computing power to be used on “dumb” machines. For example, the hash algorithm used to mine blocks in the Bitcoin blockchain uses a “brute force” method to test all possible character combinations until a suitable character is found. Also, AI is great for predicting prices in volatile cryptocurrency markets. For example, the popular crypto wallet Crypterium is using its AI-based system with more than 200 factors, 101 trading alphas, and a self-learning algorithm to predict prices for more than 140 coins with a 93% accuracy rate. AI is an attempt to make activities smarter and more thoughtful. Think about how human cryptanalysis specialists can improve and become more efficient as they break more ciphers. Blockchain and AI are two technological phenomena, which, when combined, can be far more destructive. Both help improve each other’s skills while improving monitoring and accountability.
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Bitcoin ETFs Maintain Bullish Momentum: Positive Streak of 8 Days Holds Price Above $60,000

The Bitcoin market has shown remarkable resilience and upward momentum over the past few weeks, with a significant factor driving this performance being the inflow into spot Bitcoin exchange-traded funds (ETFs). These ETFs, which directly hold Bitcoin, have seen eight consecutive days of positive inflows, helping to keep the cryptocurrency’s price stable above $60,000. As of October 2024, Bitcoin is hovering around the $63,900-$64,000 mark, with bullish sentiment continuing to dominate the market. This recent surge in Bitcoin’s price can be largely attributed to a combination of positive developments in the ETF market. Spot Bitcoin ETFs play a unique role in the broader crypto ecosystem as they generate real buying pressure by purchasing Bitcoin directly, unlike futures-based ETFs that merely speculate on the price of Bitcoin. As a result, the market has witnessed a tangible uptick in demand for BTC, which has helped sustain prices at these elevated levels. 8 Days of Positive Bitcoin ETF Inflows Since September 19, 2024, spot Bitcoin ETFs have experienced eight days of net positive inflows, indicating strong investor confidence in Bitcoin as an asset class. During this period, Bitcoin’s price has remained firmly above $63,500, demonstrating resilience even amid fluctuating global economic conditions. This bullish trend in the ETF market suggests that institutional investors are increasingly turning to Bitcoin ETFs as a safe and profitable investment vehicle. On Monday, September 30, Bitcoin ETFs reported a net inflow of $61.3 million, according to data from SosoValue. Although this figure was 87% lower than the $464 million inflow recorded on Friday, September 26, it still reflects an ongoing positive trend. The overall inflows indicate that investors are continuing to view Bitcoin as a hedge against traditional market volatility and inflation. BlackRock, one of the world’s largest asset managers, led the way with $72.1 million in inflows on September 30, followed by Fidelity with $8.3 million. However, not all ETFs mirrored this positive trend. Ark’s ARKB fund and 21Shares, which had seen significant inflows on the previous Friday, reported net outflows of $9.5 million. Similarly, Bitwise’s BITB and Grayscale’s GBTC saw either outflows or flat trading volumes on Monday, reflecting a more cautious stance among some investors. Despite these mixed results from individual funds, the broader picture remains overwhelmingly positive for the Bitcoin ETF market. Over the past eight days, over $1.4 billion has been invested in Bitcoin ETFs, underscoring growing confidence in Bitcoin as an asset class. Additionally, the overall trading volume for the 12 Bitcoin ETFs traded on U.S. stock exchanges fell to $1.37 billion on Monday, down from $1.87 billion on Friday. This lower volume indicates a slight slowdown in trading activity but does not detract from the overall positive sentiment. A Growing Demand for Bitcoin-Linked Investment Products The surge in demand for Bitcoin ETFs reflects a broader trend in the financial markets, where traditional investment products are increasingly integrating digital assets into their portfolios. In the last three weeks, Bitcoin ETFs have accumulated over $1.9 billion in net inflows, marking three consecutive weeks of positive investment activity. This growing interest in Bitcoin-linked products signals a shift in the perception of Bitcoin, from a speculative asset to a legitimate store of value. A key reason for the bullish sentiment surrounding Bitcoin ETFs is the unique structure of spot ETFs. Unlike futures-based ETFs, which speculate on the future price of Bitcoin, spot ETFs directly purchase Bitcoin. This creates actual demand for the cryptocurrency, as these funds must hold the underlying asset. As more investors pour money into these ETFs, the buying pressure on Bitcoin increases, leading to upward price movements. This dynamic has been particularly evident in recent weeks, as inflows into Bitcoin ETFs have helped sustain the cryptocurrency’s price above the critical $60,000 threshold. Many market analysts believe that this trend will continue in the coming months, particularly as institutional investors seek safe-haven assets amid ongoing economic uncertainty. Bitcoin Price Stability and Future Outlook As of the writing of this article, Bitcoin is trading at around $63,900, reflecting a period of relative stability in the market. Historically, October has been a bullish month for Bitcoin, and many analysts believe that this year will be no different. With continued positive inflows into Bitcoin ETFs and growing institutional interest, there is a strong expectation that Bitcoin will maintain its upward trajectory through the final quarter of 2024. The stability in Bitcoin’s price is also supported by broader macroeconomic factors, including inflationary pressures and geopolitical tensions. As traditional markets continue to face volatility, Bitcoin is increasingly being viewed as a hedge against economic uncertainty. This perception is further reinforced by the fact that major financial institutions like BlackRock and Fidelity are now offering Bitcoin-linked investment products to their clients, legitimizing Bitcoin as a mainstream asset. In addition to institutional demand, the Bitcoin ETF market has also benefited from increased retail investor participation. Many individual investors are turning to Bitcoin ETFs as a way to gain exposure to Bitcoin without the complexities of directly purchasing and storing the cryptocurrency. This trend is expected to continue as more ETF providers enter the market and offer products tailored to retail investors. Conclusion: A Bullish End to 2024? The ongoing streak of net positive inflows into Bitcoin ETFs is a clear indicator of growing confidence in Bitcoin as a long-term investment. With over $1.4 billion invested in these funds over the past eight days, and total inflows exceeding $1.9 billion in the last three weeks, the market is signaling a strong bullish sentiment for Bitcoin as we head into the final quarter of 2024. As Bitcoin continues to trade around the $64,000 mark, there is a solid foundation for further price appreciation in the coming months. October has historically been a positive month for Bitcoin, and with ETF inflows showing no signs of slowing down, the cryptocurrency is well-positioned to end the year on a high note. For investors looking to gain exposure to Bitcoin, spot ETFs offer a unique opportunity to benefit from the cryptocurrency’s price movements without the >>Read more
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How Hackers Access Crypto Wallets: 3 Things to Know

With digital currency, you can directly send and receive money while encrypting your transactional data. But your digital wallet should have an extreme level of security to be inaccessible to hackers. How can cybercriminals steal your digital assets, and what can you do to protect yourself? Phishing Phishing is a kind of attack in which the victim himself hands over sensitive information and gets scammed. It can happen by the falsification of legit websites to make them look like original and authentic websites. Those fake websites will have a domain name similar to the authentic and relevant websites. The hackers will pretend to have an interest in the exchange of cryptocurrency. The target can also receive “confirmation emails” that are linked with fake crypto websites. When the potential target enters his details, the authentication data will be stolen from him. Therefore, check the domain spelling and SSL certificate before entering your sensitive information. Malware Now, various versions of malware are used by hackers to infect target operating systems. Hackers send keyloggers to target devices to steal their crypto wallet passwords and other personal information. Some viruses detect the copied cryptocurrency addresses. Those addresses are swapped with the wallet addresses of hackers. If the interchange turns out successful, the cryptocurrencies of the target person go to the unintended address controlled by the hacker. Moreover, the technique of cross-scripting injection into web pages results in the stealth of noticeable information. When the user enters the infected website, he is redirected to the malicious website that steals the user’s information. It’s important to use a crypto wallet with an extreme level of protection, such as Crypterium, to keep your assets safe. Stealth of Secret Keys The performance of financial operations in cryptocurrency depends on the pair of keys. There are two keys: Public Key and Private Key. The private key is only accessible to the user. It is used to authorize all the digital transactions of cryptocurrency. Whereas the public key is used to confirm the authenticity of a private one. The private key is present in the wallet of the target person. If he loses access to that key, he cannot use his assets no matter what. If someone retrieves the private key, he can transfer all the money into his account. Since the crypto transactions are not traceable, the victim will never find any source, and all the money will be lost. Therefore, hackers use all the possible ways to access the private key, starting from the applications having spelling checkers and browser extensions. Hackers also take advantage of the common system vulnerabilities to access the key. The most vulnerable key is the one that is connected to the internet and running on a centralized system. Moreover, secure wallets are the ones with separate hardware devices without any internet connection.
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The Growing Importance of Bitcoin Vaults and the Future of Bitcoin Custody

Bitcoin, the world’s original cryptocurrency, has undergone an impressive transformation. Once an experimental digital currency used in niche online communities, it has grown into a trillion-dollar asset, reaching values upwards of $66,900 per coin. As Bitcoin matures, it is increasingly becoming a focus for financial institutions, which are developing hybrid investment vehicles, such as Bitcoin ETFs, that highlight its potential in traditional markets. This growing interest has underscored the need for secure Bitcoin storage solutions—known as Bitcoin vaults—which play a crucial role in protecting the integrity of digital assets. As more individuals and institutions invest in Bitcoin, ensuring that these assets are properly stored and protected becomes vital. This article delves into Bitcoin vaults, exploring their functions, security features, and their importance in Bitcoin custody. With the advancing technology behind vaults and their role in institutional custody, Bitcoin vaults are helping build a more secure and reliable infrastructure for long-term investment in cryptocurrency. What Are Bitcoin Vaults? Bitcoin vaults are digital storage solutions that keep Bitcoin offline, protecting it from online threats. Unlike hot wallets and exchange accounts that are always connected to the internet and therefore susceptible to hacks, vaults offer a far more secure environment for storing Bitcoin. They use multiple layers of protection, including cold storage, multi-signature authentication, and air-gapping, to shield digital assets from cyberattacks and unauthorized access. Cold Storage keeps Bitcoin entirely offline, reducing its exposure to internet-related vulnerabilities. Multi-signature (multisig) technology requires multiple private keys to authorize a Bitcoin transaction, ensuring that even if one key is compromised, the assets remain secure. One of the most robust security methods in Bitcoin vaults is air-gapping, which isolates the storage device from any internet connection, thereby blocking malware and phishing attacks. These features make Bitcoin vaults an essential component of the cryptocurrency ecosystem, especially for long-term investors who seek to hold and protect their assets over time. Bitcoin Vaults and Institutional Custody Bitcoin vaults play a central role in professional and institutional custody solutions. As Bitcoin’s value continues to rise, it becomes a more attractive target for hackers. To safeguard these assets, institutional investors rely on secure custodians, which offer advanced security mechanisms to protect against theft and loss. In this context, Bitcoin vaults have become indispensable tools for institutions managing large quantities of digital assets. They ensure the safekeeping of private keys, enabling investors to hold Bitcoin securely while maintaining access to their funds. Advanced Technology Behind Bitcoin Vaults Several cutting-edge technologies contribute to the robustness of Bitcoin vaults: Cold Storage: Bitcoin vaults use cold storage to keep assets offline, away from potential internet-based threats. Cold storage is often combined with multisig technology to provide maximum security. Multi-Signature (Multisig) Authentication: This technology requires multiple signatures or private keys to authorize any transaction. It offers distributed control, meaning that even if one key is compromised, the Bitcoin cannot be accessed without the remaining signatures. Hardware Security Modules (HSMs): These devices are designed to secure cryptographic processes, including the generation, protection, and management of cryptographic keys. HSMs are frequently employed in Bitcoin vaults to add an extra layer of security, ensuring that private keys are never exposed to outside threats. These technologies make Bitcoin vaults one of the most secure ways to store digital assets, especially for individuals and businesses with significant holdings. Key Players in the Bitcoin Custody Market As Bitcoin continues to gain traction as a legitimate financial asset, several companies have emerged as leaders in the crypto custody market. These companies provide secure storage solutions for digital assets, helping investors safeguard their Bitcoin and other cryptocurrencies. Notable custody providers include Swan Bitcoin, BitGo, Coinbase Custody, Anchorage, Gemini Custody, Bakkt, and Bitcoin Suisse. These platforms offer comprehensive storage solutions, including private key management, transaction processing, and protection from online threats. For example, Swan Bitcoin specializes in Bitcoin-specific investments and offers a user-friendly vault solution that ensures full control over users’ coins with robust security features like the Blockstream Jade signing device. Choosing the Right Bitcoin Custodian For investors looking to store their Bitcoin securely, choosing the right custodian is critical. Factors such as ease of use, security features, and reputation should be considered when selecting a provider. While platforms like Binance and Kraken are popular for buying and trading Bitcoin, they may not provide the best long-term storage options. In contrast, custodians like Swan Bitcoin offer specialized services, such as Swan Vault, which prioritize security through cold storage, multi-signature authentication, and additional safeguards like 72-hour withdrawal holds. The best Bitcoin vaults offer not only the highest levels of security but also ease of access for investors. They ensure that private keys are securely stored and that users have full control over their assets. Conclusion As Bitcoin continues to mature as an asset, the need for secure storage solutions becomes more apparent. Bitcoin vaults play an essential role in this ecosystem by providing enhanced security through cold storage, multi-signature authentication, and advanced encryption technologies. For long-term investors, understanding the importance of secure Bitcoin custody and choosing the right vault provider can make all the difference in protecting their assets. By leveraging these technologies, Bitcoin vaults help ensure the long-term viability and instability of Bitcoin, cementing its place as a secure and reliable digital asset for institutional and individual investors alike. As the cryptocurrency market grows, Bitcoin vaults will remain a critical component of the security infrastructure, helping protect the future of digital investments. Source: bitcoinmagazine.com
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How do cryptocurrency exchanges work?

The principle of operation of the cryptocurrency exchange

How does cryptocurrency exchange work?

Gemini Exchange

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