Topic: Need some bitstamp noob advice (Read 580 times)
It is good idea to buy bitcoin because its price will go up again in near future and it will provide you the great future and this is the good thing do if yoyu wants to buy bitcion that’s good thing to do,
Bitstamp like any other "exchange" matches your buy/sell orders with other people buy/sell orders. You can sell or buy instantly if you look at the order book and set a price for your order where there are enough coins/dollars to fill it, the price of btc in an exchange on a given time is the price the last trade executed not the price you'll have to set your order to be fulfilled immediately.
I´ll give you an example, let's imagine you want to sell 1 BTC:
Last trade: 0.05 BTC bought/sold at a rate of $600, the exchange shows $600 as the current price, yet the order book looks as follows:
Bids:
0.001 @ 599.9
0.3 @ 598
0.02 @ 597.5
1 @ 597
Asks:
0.5 @ 601
0.002 @ 601.3
2 @ 601.9
0.1 @ 602
Bids are people with dollars that want to buy BTC at the specified price. Asks are people with BTC that want to sell them at the specified price. For example the first bid is a guy willing to buy 0.001 bitcoins at a rate of $599.9 So in this example if you want to sell 1 bitcoin instantly you will have to place a sell order for 1 bitcoin at $597 because until that price there isn't enough volume (people willing to buy) your whole bitcoin (even though the price at the exchange is showing $600 because it was the price of the last trade). So if you place that sell order for 1BTC at a rate of $597 you'll sell 0.001 at $599.9 at the first guy, then 0.3 at $598 at the second guy, then 0.02 at 597.5 and finally the remaining 0.679 of your bitcoin will be sold at $597. Setting the rate of your sell order at $597 made it instant because there was enough volume to fill it.
If you're not in a hurry, you can place an ask order @ 600 meaning you're willing to sell your whole bitcoin @ $600, but that will only execute if someone comes along willing to buy your bitcoin at that price, until someone appears that want's to buy your bitcoin at that price you won't sell it.
When buying btc is the opposite looking at the asks available.
So the price on an exchange isn't the price you see as the last trade. The price depends on the amount of BTC you're willing to buy/sell based on the volume on the order book for people willing to buy/sell that same amount of BTC at different rates.
I´ll give you an example, let's imagine you want to sell 1 BTC:
Last trade: 0.05 BTC bought/sold at a rate of $600, the exchange shows $600 as the current price, yet the order book looks as follows:
Bids:
0.001 @ 599.9
0.3 @ 598
0.02 @ 597.5
1 @ 597
Asks:
0.5 @ 601
0.002 @ 601.3
2 @ 601.9
0.1 @ 602
Bids are people with dollars that want to buy BTC at the specified price. Asks are people with BTC that want to sell them at the specified price. For example the first bid is a guy willing to buy 0.001 bitcoins at a rate of $599.9 So in this example if you want to sell 1 bitcoin instantly you will have to place a sell order for 1 bitcoin at $597 because until that price there isn't enough volume (people willing to buy) your whole bitcoin (even though the price at the exchange is showing $600 because it was the price of the last trade). So if you place that sell order for 1BTC at a rate of $597 you'll sell 0.001 at $599.9 at the first guy, then 0.3 at $598 at the second guy, then 0.02 at 597.5 and finally the remaining 0.679 of your bitcoin will be sold at $597. Setting the rate of your sell order at $597 made it instant because there was enough volume to fill it.
If you're not in a hurry, you can place an ask order @ 600 meaning you're willing to sell your whole bitcoin @ $600, but that will only execute if someone comes along willing to buy your bitcoin at that price, until someone appears that want's to buy your bitcoin at that price you won't sell it.
When buying btc is the opposite looking at the asks available.
So the price on an exchange isn't the price you see as the last trade. The price depends on the amount of BTC you're willing to buy/sell based on the volume on the order book for people willing to buy/sell that same amount of BTC at different rates.
Hello, I sent a verification to my bitstamp account (drivers license) and bank statement.
I sent this yesterday and from what I read online, verification takes 1-3 days.
I switched from coinbase because I do not like the waiting time. I do not want to go with btc-e because of recent accusations etc.
I wanted to know if bitstamp was instant, or do I need a seller/buyer. What I mean is lets say for example I add 6,900 us dollars in bitstamp. Lets say bitcoin is 650 per btc. If I want 10 bitcoins and I have enough to pay the bitstamp fees etc, do I just input an order and do I instantly get the btc. What about me wanting to sell the bitcoins a few hours after I get it. Does it allow you to do this?
Or is it like campbx (i never used but I heard of) where they tell you to find or make an offer and a seller has to be willing to sell for that price and then you instantly get coins. is this the same for selling.
is it easy to buy and sell or does it take forever for someone to buy or sell you coins. is it really instant. any other advice would be appreciated.
I sent this yesterday and from what I read online, verification takes 1-3 days.
I switched from coinbase because I do not like the waiting time. I do not want to go with btc-e because of recent accusations etc.
I wanted to know if bitstamp was instant, or do I need a seller/buyer. What I mean is lets say for example I add 6,900 us dollars in bitstamp. Lets say bitcoin is 650 per btc. If I want 10 bitcoins and I have enough to pay the bitstamp fees etc, do I just input an order and do I instantly get the btc. What about me wanting to sell the bitcoins a few hours after I get it. Does it allow you to do this?
Or is it like campbx (i never used but I heard of) where they tell you to find or make an offer and a seller has to be willing to sell for that price and then you instantly get coins. is this the same for selling.
is it easy to buy and sell or does it take forever for someone to buy or sell you coins. is it really instant. any other advice would be appreciated.
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