Topic: How do you trade bitcoins if they take such a long time to get confirmed (Read 375 times)
October 17, 2017, 07:08:15 AM
when you trade bitcoins, you don't actually go through the bitcoin network (blockchain) in order to buy/sell. In an exchange the only thing you need to do is send your BTC to that exchange's account address (yours), after that the system is calculating automatically how much you can "bet" or buy/sell in order to execute the trades in a fast way, just like an exchange market (FX). The transaction is not going through the entire network but is worked out internally in the exchange. Hope that made some sense, good luck
October 16, 2017, 09:27:14 AM
Hi,
I am looking into trading bitcoins and have a couple of questions. How do you trade on the market if it takes such a long time for the order to be processed. Lets say I sell BTC on an exchange for USD when the price is x. Now the price is y. Do I get x or y?
I am looking into trading bitcoins and have a couple of questions. How do you trade on the market if it takes such a long time for the order to be processed. Lets say I sell BTC on an exchange for USD when the price is x. Now the price is y. Do I get x or y?
If you sell your Bitcoin for price x then obviously you will still have x when the price is y. You will only have more money in value if you buy x bitcoin and then the price of Bitcoin moves from x to y, so now even if you have x amount of bitcoins but their value will be y.
And, it doesn't take time for trading in exchange, because once you have deposited the money in an exchange, then you don't need to wait for any confirmations for doing any trade within that exchange, unless you want to withdraw your trade every time which is not what people usually do. You deposit in the exchange, and then you trade bitcoins there for whatever time you want to, and then you withdraw your funds when you don't want to trade anymore.
October 16, 2017, 08:10:39 AM
Hi,
I am looking into trading bitcoins and have a couple of questions. How do you trade on the market if it takes such a long time for the order to be processed. Lets say I sell BTC on an exchange for USD when the price is x. Now the price is y. Do I get x or y?
That's really a noob question and I guess you wouldn't have tried it either. The confirmation time you are talking about is the time taken to transfer the BTC from one wallet to another. It doesn't take time to buy or sell BTC for any currency since it is done on an exchange. The buy and sell takes place instantaneously and thus the amount is credited to your wallet. It is after the buy and sell that the transaction is done and for which we need to wait for a while so that the confirmations are done. I am looking into trading bitcoins and have a couple of questions. How do you trade on the market if it takes such a long time for the order to be processed. Lets say I sell BTC on an exchange for USD when the price is x. Now the price is y. Do I get x or y?
October 16, 2017, 07:13:28 AM
Hi,
I am looking into trading bitcoins and have a couple of questions. How do you trade on the market if it takes such a long time for the order to be processed. Lets say I sell BTC on an exchange for USD when the price is x. Now the price is y. Do I get x or y?
I am looking into trading bitcoins and have a couple of questions. How do you trade on the market if it takes such a long time for the order to be processed. Lets say I sell BTC on an exchange for USD when the price is x. Now the price is y. Do I get x or y?
You trade in to USDT (tether) which is roughly pegged to the USD, the price is normally 1:1 but can sometimes be about 0.98:1. This can be instantaneous on any exchange and then you do not have to worry about the price fluctuations
October 16, 2017, 07:02:42 AM
Yes, in fact many are faced with this problem, for example I once waited 2 days even had to contact support, but in the end they came.
October 16, 2017, 05:01:57 AM
If you want to send BTC without being exposed to variation of the price you have to hedge them
October 16, 2017, 01:48:19 AM
Hi,
I am looking into trading bitcoins and have a couple of questions. How do you trade on the market if it takes such a long time for the order to be processed. Lets say I sell BTC on an exchange for USD when the price is x. Now the price is y. Do I get x or y?
I am looking into trading bitcoins and have a couple of questions. How do you trade on the market if it takes such a long time for the order to be processed. Lets say I sell BTC on an exchange for USD when the price is x. Now the price is y. Do I get x or y?
your title is irrelevant to your question! confirmation has nothing to do with trading.
and to answer your question it depends on what x and y are.
for example imagine the buy order books has a buy order on top at the price of $5500.
now if you place a sell order at $5400 your order will be filled immediately and you get the highest value meaning the $5500 price * amount you sold - fees.
however if you place a sell order at $5600 you have to wait until someone buys it from you at that price and you will get $5500 price * amount you sold - fees
the time it takes (which you call it being processed) is the time it takes until someone comes along and buys bitcoin from you at the price that you wish to sell.
October 16, 2017, 12:34:05 AM
confirmation time has increased and with Bitcoin network again , also fee has rose high , looks network congestion after this rally
As the price of the btc is increasing so is the network fee is being increased. I do not know what will happen when in coming years btc value reaches 10000$. If this is how the fees is being increased then I think there are today so many other coins which have a good potential to serve the people their needs they will switch to it with less price and lesser fees with quick confirmation.
Yes that's correct, because of the current btc price which suddenly increased. Most of the exchanges also adjusted their network fees, of course they treat as a business so they can't get profits if the transactions fees would stay the same with bitcoins price that's high. But it will be stable once bitcoins price will be stable again soon.
October 16, 2017, 12:16:10 AM
There is a proper strategy on that matter, as they say if you want to used your bitcoin in daily basis or trading you must place it on exchanges as it gives instant confirmation to minimal time. Only those bitcoin that has to be place on storage be keep for HODLing. So in short there’s a way but to that you must have to choose a trusted exchanges and low transaction fees.
Take this advice lightly as I’m using local bitcoin provider exchanges that might not be present in your country.
Take this advice lightly as I’m using local bitcoin provider exchanges that might not be present in your country.
October 15, 2017, 11:44:49 PM
confirmation time has increased and with Bitcoin network again , also fee has rose high , looks network congestion after this rally
As the price of the btc is increasing so is the network fee is being increased. I do not know what will happen when in coming years btc value reaches 10000$. If this is how the fees is being increased then I think there are today so many other coins which have a good potential to serve the people their needs they will switch to it with less price and lesser fees with quick confirmation.
October 15, 2017, 11:31:10 PM
Hi,
I am looking into trading bitcoins and have a couple of questions. How do you trade on the market if it takes such a long time for the order to be processed. Lets say I sell BTC on an exchange for USD when the price is x. Now the price is y. Do I get x or y?
Confirmation time is reduced a lot now, if you need quick confirmation then you have to pay higher fee. But it is not economical trading to pay higher fees for transactions. I am looking into trading bitcoins and have a couple of questions. How do you trade on the market if it takes such a long time for the order to be processed. Lets say I sell BTC on an exchange for USD when the price is x. Now the price is y. Do I get x or y?
Don't worry if you have to sell BTC at X price and you are waiting for confirmation even when the price changes to Y you will receive the X price.
October 15, 2017, 08:14:06 PM
confirmation time has increased and with Bitcoin network again , also fee has rose high , looks network congestion after this rally
October 15, 2017, 08:12:51 PM
Limit buy/sell triger only at specify value
October 15, 2017, 08:11:39 PM
Because traders don't usually withdraw/deposit for FIAT. They trade it temporarily for Tether(USDT) or other altcoins.
Of course you would get x. You sold it for price x, so you get it only at price x. You would only get price y if you're still holding your BTC. Example: You sold your 1 bitcoin for $3000. Now the price is $5500. Would you have $3000 or $5500? Obviously you would still have the $3000. Unless I misunderstood your question, this is a no brainer. Come on.
What is USDT and how to use it: https://www.cryptocompare.com/coins/guides/what-is-usdt-and-how-to-use-it/
Of course you would get x. You sold it for price x, so you get it only at price x. You would only get price y if you're still holding your BTC. Example: You sold your 1 bitcoin for $3000. Now the price is $5500. Would you have $3000 or $5500? Obviously you would still have the $3000. Unless I misunderstood your question, this is a no brainer. Come on.
What is USDT and how to use it: https://www.cryptocompare.com/coins/guides/what-is-usdt-and-how-to-use-it/
October 15, 2017, 07:55:35 PM
Hi,
I am looking into trading bitcoins and have a couple of questions. How do you trade on the market if it takes such a long time for the order to be processed. Lets say I sell BTC on an exchange for USD when the price is x. Now the price is y. Do I get x or y?
I am looking into trading bitcoins and have a couple of questions. How do you trade on the market if it takes such a long time for the order to be processed. Lets say I sell BTC on an exchange for USD when the price is x. Now the price is y. Do I get x or y?
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