I got a little confused by the different definitions of valuation rings while reading Atiyah and Macdonald's introduction to commutative algebra.
Let $A$ be an integral domain and $K$ its field of fractions. We say $A$ is a valuation ring of $K$ if for any $x\in K^*$ either $x$ or $x^{-1}$ lies in $A$.
However, if we specify a valuation $v$ on a field $K$, we can define the valuation ring of $v$ as the ring $A=\{x\in K^*:v(x)\geq0\}\cup\{0\}$.
My questions:
(1) In the book, it is said that a valuation ring of $v$ (2nd definition) is a valuation ring of $K$ (1st definition). But if we stick to the two definitions above, we would find that "the valuation ring $A$ of $K$" is an undefined concept if $K$ is not the field of fractions of $A$ (the 2nd definition does not require $K$ to be the field of fractions of $A$). However, this concept frequently appears in the book. How should I understand it?
(2) Is the converse also true? Suppose $A$ is a valuation ring of $K$, does there necessarily exists a valuation $v$ such that $A$ is the valuation ring of $v$?