Topic: Bitcoin Calculations? (Read 1794 times)

Coinbase is one of many places you can buy and sell bitcoins.  In general many people seem to be satisfied with the service that Coinbase provides.  However, they have had some issues with their reputation in the past due to cancelling transactions when the exchange rate changes suddenly, and due to the significant delays that can occur with their system.

IM BACK!!!!!! Nevermind what I had wrote up top. I now know that we can buy/sell easily with such clients as 'Coinbase'.  This makes it easier than looking for a potential buyer, which is still a nice option to have if this is what your looking for.  Now I can sleep@night knowing that BTCitcoin is GENIUS!

I apologize for the "basic mathematics course to understand the concept of decimals." comment.  That was uncalled for.  I over-reacted to what seemed to be an overly simplistic question, and should not have said that.  A simple explanation about how to multiply and divide using exchange rates and desired values would have answered your question and not been confrontational.


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Apology accepted.  Now, back to business! Keep in mind I am still in the learning process so bare with me if questions sound a bit dumb. We can find answers anywhere but if I ask a dumb question here, it's because I choose to ask here instead of elsewhere...Recently I was under the notion that this BTCcoins game was sort of like the Stock game in terms of 'SELLING'. You see, with stocks you manage your stocks via a brokerage firm and this acts like a bank account. You also manage however much money you dumped 0r transferred into the so-called "bank account"(brokerage account) which allows for you to purchase whatever stocks your interested in@any given time. When your ready to 'sell' (mainly above your investment) the money will be in your account as easy as that '0r' if when the share price is going down it automatically adjust your balance....

BUT! now I'm realizing that with BTCcoins, it's a whole different ball-game!...
I'm still figuring this out so, correct me if I'm wrong but with BTCcoins say you purchased@a current market price of $430.00 - two day's later it jumps to say, $900 - in order to capitalize on your initial investment, you have to sell to a 'buyer' willing to buy your BTCitcoins which to me, seems a bit tough as there is competition.  So, your telling me that we have to hurry to sell to a buyer before the price drops drastically?  With stocks it's almost the same game but, we can set limit orders and what not.  I heard somewhere(maybe 4rm Bitstamp site) that we can set limit orders to buy(within a client base) but with selling, I can now see that's impossible as we may have our BTCcoins in an '0ff-line Wallet'.  Hope this doesn't sound too confusing as it's starting to confuse me lol

Being an unregulated open market, there is no exchange price that can be thought of as "the exact 'Market Value' at any given time".  Instead, everyone is free to choose whatever exchange rate they want, and if two people don't agree on an exchange rate, they can either negotiate, or refuse to do business with each other.

For a few years, it was common among a lot of people to use the exchange rate published by MtGox as a "market value" (though there were also many that refused to recognize MtGox as a reliable indication of "Market Value").

In time, if Bitcoin grows in popularity, I'm sure that well recognized market indicators will come to be accepted.  Until then, there will generally be quite a bit of room for individuals to negotiate on the exact terms of a transaction


I apologize for the "basic mathematics course to understand the concept of decimals." comment.  That was uncalled for.  I over-reacted to what seemed to be an overly simplistic question, and should not have said that.  A simple explanation about how to multiply and divide using exchange rates and desired values would have answered your question and not been confrontational.

I heard that a fee of 0.0001 BTC equaled out to .6cents but it seems to be .10cents?

THIS! THIS! IS THE EXPLANATION I WAS LOOKING FOR - YES! ThanX a Million-BTCitCoins 'justmyname' aka my Nilly! lol I should have known better considering I deal with stocks & by me knowing how to calculate stocks.  I guess my brain was scattered 4rm learning all about this stuff and lot's of other things that were on my mind(brain overload).  This helped out soooo-Muchhhhhh what a relief!
BUT! another question arises and that is "what exchange do we go by, one that everyone will have access in knowing the exact 'Market Value'(if you will)@any given time?
I also have more questions but I will be back as I have to out to breakfast with my family.  Can't wait to see what I find out today when i return. Later! Sup DannHam, I still admire your intelligence although you insulted mines(last week).  See you on the forums....

I disagree.

Transaction fees are typically 0.0001 BTC per kilobyte.

If 0.007735 BTC is expected, and the seller wants you to pay the transaction fees then you should receive 0.007635 BTC.

That's why you shop around for the best rates and service.

You won't get much. If 0.007 is expected then expect 0.006 or less after fees. Welcome to bitcoin and don't let the door hit your ass on the way in.

Today at this hour 1 Bitcoin = $488.68

How much does 5.88 Bitcoins cost? Answer 5.88 times 488.68 =  $2873.44

How much does .00578 Bitcoins cost? Answer .00578 times 488.68 =  $2.82

How many Bitcoins can I get for $6874.11 ?  Answer 6874.11 divided by 488.68 =   14.07 Bitcoins

How many bitcoins can I get for $3.78 ?  Answer 3.78 divided by 488.68 =  .007735 Bitcoins or 7.7735 mB.

Apparently, you dont.


First you need to find out what the current exchange rate is for 1 BTC.  Much like stocks and commodities, bitcoins are exchanged on an open market.  This means that the exchange rate is constantly changing, and depends entirely on what the market will bear at that exact moment.

Right now, while I'm writing this post, 1 BTC can be exchanged at BitStamp for $497.00

This means for example that:
0.1 BTC (one-tenth of a bitcoin) can be exchanged for $49.70 (one-tenth of $497.00)
0.01 BTC (one hundredth of a bitcoin) can be exchanged for $4.97 (one hundredth of $497.00)
0.001 BTC (one thousandth of a bitcoin) can be exchanged for $0.497 (on2 thousandth of $497.00)
$1 (one four hundred ninety-seventh of $497) can be exchanged for 0.002012072 BTC (one four hundred ninety-seventh of 1 BTC)
$248.50 (5 tenths of $497) can be exchanged for 0.5 BTC (five tenths of 1 BTC)
$7.455 (15 thousandths of $497) can be exchanged for 0.015 BTC (fifteen thousandths of 1 BTC)
 

This is probably what your asking for.

http://coinmarketcap.com/

0k but how much would it be in say, US dollars is what I want to figure out.  0.1(0ne-tenth of a Bitcoin) = 0.01(cents);(U.S.) and so forth...And I do understand decimals smart ass!

I suggest taking a basic mathematics course to understand the concept of decimals.
http://en.wikipedia.org/wiki/Decimal

You may also see people refer to particular fractions of bitcoins such as milli-bitcoins (mBTC), micro-bitcoins (µBTC), or nano-bitcoins (nBTC).  To better understand these denominations, I suggest reading a bit about the metric system.
http://en.wikipedia.org/wiki/Introduction_to_the_metric_system#Prefixes

0.1 BTC means one tenth of a bitcoin.
0.01 BTC means one hundredth of a bitcoin.
0.001 BTC means one thousandth of a bitcoin (also called a milli-bitcoin)
0.0001 BTC means one ten-thousandth of a bitcoin.
0.00001 BTC means one hundred-thousandth of a bitcoin.
0.000001 BTC means one millionth of a bitcoin (also called a micro-bitcoin)
0.0000001 BTC means one ten-millionth of a bitcoin
0.00000001 BTC means one hundred-millionth of a bitcoin (also called a satoshi).

It works the same way in the other direction.

10 BTC means ten bitcoins.
100 BTC means one hundred bitcoins.
1000 BTC means one thousand bitcoins.
10000 BTC means ten thousand bitcoins.
100000 BTC means one hundred thousand bitcoins.
1000000 BTC means one million bitcoins.
10000000 BTC means ten million bitcoins.

It works with satoshis as well.

1 satoshi means one satoshi (also called 0.01 micro-bitcoins, or 0.00001 milli-bitcoins)
10 satoshi means ten satoshi (also called 0.1 micro-bitcoin, or 0.0001 milli-bitcoins)
100 satoshi means one hundred satoshi (also called a micro-bitcoin, or 0.001 milli-bitcoins)
1000 satoshi means one thousand satoshi (also called 10 micro-bitcoin, or 0.01 milli-bitcoins)
10000 satoshi means ten thousand satoshi (also called 100 micro-bitcoins, or 0.1 milli-bitcoins)
100000 satoshi means one hundred thousand satoshi (also called 1000 micro-bitcoins, or 1 milli-bitcoin)
1000000 satoshi means one million satoshi (also called 10000 micro-bitcoins, or 10 milli-bitcoins)
10000000 satoshi means ten million satoshi (also called 100000 micro-bitcoins, or 100 milli-bitcoins)
100000000 satoshi means one hundred thousand satoshi (also called 1000000 micro-bitcoins, or 1000 milli-bitcoins, or 1 BTC)

multibit is a great wallet for your daytoday stuff, and it has conversions for your transactions

I don't know! I think I will understand better just by opening up an account and start buying.  Thanks for the links by the way.

Thanks fellas for the quick responses.  I will look@links to see if this is what I am looking for.  As I joined the stock market not too long ago(Scott/Ameritrade), It helped me to learn 0r understand 0.01(1 cents) and so forth but BTCitcoins is new to me and it just seems confusing@the moment.  I guess the reason why I am confused is because with stocks, you have to buy exactly@the current share price BUT with BTCitcoins you can purchase some of 0ne per.. 

Agreed, DannyHamilton is IMO one smart cookie.


There is no per se conversion as they are all in Bitcoins. Just like how $0.01 is 1 cent so too BTC0.01 is 10mBTC. If you need to learn the common phrases you can find them here: https://en.bitcoin.it/wiki/Units

I'm not sure if that's what you're looking for, but feel free to clarify.

You can check bitcoinwisdom.com for current rates of the various exchanges.

I look forward to opening up an account(https://bitsimple.com/) recommended by 'Danny Hamilton' who I hope to be my new found buddy on this site.  He was the 1st to respond to me and he's very intelligent-minded.  My ?uestion, is there such an account out there that display's BTCitcoin conversion to help new users understand BTCitcoin numbers?  4example, I don't understand all of this 0.01, 0.0123, etc...0r will I learn on my own just by selling my BTCitcoins & seeing how much is gained/lost?
I hope this doesn't sound too confusing