An Exchange is a business where one currency is converted into another. Cryptocurrency Exchanges may swap between different cryptocurrencies and fiat currencies. Bitcoin Exchanges have had a number of difficulties gaining financial and legal footing, making the exchange of fiat and bitcoin tricky.
Malone, J.A (2015). Glossary of Bitcoin Terms and Definitions. United States: Lulu Press, Inc
An online marketplace which facilitates the exchange of crypto or fiat currencies based on the market exchange rate.