Mtgox BTC (keep it at mtgox, or store it locally?)

koin

legendary

Activity: 873

Merit: 1000

Quote from: Herodes on May 09, 2011, 01:24:20 AM

When you buy bitcoins on mtgox and you intend to sell them again at some later point, do you just keep it at mtgox.com, or do you 'transfer' them to your local computer?

transfer back local.

that is something big money bidders don't understand is happening. when the price goes up they should give a few hours for funds sent in response to arrive and their buy offers will get hit.

BitLex

hero member

Activity: 532

Merit: 505

well, it depends on how quick you wanna react on market-moves.

keep them on mtgox
pro -> you're able to sell as soon as the price moves/reaches your target
con -> you need to trust, you don't have control about the wallet, MT might run away, mtgox be hacked, hi-jacked, or whatever.

keep them local
pro -> no need to trust anyone, you have full control about the wallet (better make some backups)
con -> to sell (on mtgox) you have to wait an hour or 2 for you transaction to confirm, price might have dropped by then.

so it all depends on the timeframe between now and some later point.

Herodes

hero member

Activity: 868

Merit: 1000

I was wondering what everybody's view on this is. When you buy bitcoins on mtgox and you intend to sell them again at some later point, do you just keep it at mtgox.com, or do you 'transfer' them to your local computer?

what would the pros and cons be? Obviously if you want to sell quickly, having the bitcoins in mtgox is the way to go, as it takes some time to deposit the bitcoins.

Topic: Mtgox BTC (keep it at mtgox, or store it locally?) (Read 1591 times)