Questions about exchanges and market rates

pinkflower

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Quote from: Cementhead43 on August 02, 2017, 03:59:10 PM

What I meant was that at the time of deposit into exchange the value of bitcoin to usd on the market is different than on the exchange.
Basically at one time by almost $50 usd.
Why would anyone want to lose 50usd by trading on any exchange?
Note you also pay a transaction fee on top of the value discrepancy.
Cementhead43

Welcome to the world of BTC. Haha. That $50 move is nothing. Wait until theres news that Satoshi's millions have moved to Craig Wright's wallets! That movement that will come with it will be surely something for you to marvel about.

Cementhead43

jr. member

Activity: 58

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Quote from: BitHodler on August 02, 2017, 05:29:14 PM

Quote from: Cementhead43 on August 02, 2017, 04:13:17 PM

I thought using bitcoin was supposed to be CHEAPER and faster.
Cementhead43

Important to look at is the byte to satoshi ratio of your transaction. In general, the byte size of a normal transaction is like 226 bytes.

Currently the recommended fee is 160 satoshi per byte. In case your transaction has a byte size of 700 for example, you should do 700 x 160 satoshi = 0.00112BTC in fees that need to be included.

If you try to spend various outputs at once, you will see that the byte size of your transaction increases significantly, and thus the fee you need to include as well. Not that difficult to understand, right?

You lost me at byte size 😂. I'm not a programmer or computer guru. Just a regular person that can do basic computer manipulation.
Regular transaction example? I took .25 btc from my wallet and transferred to another wallet on an exchange.
How is that not normal?
15 dollars on a 400 dollar transaction is 3-1/2%. That can add up quick if you are trading coin.
Cementhead43

BitHodler

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Quote from: Cementhead43 on August 02, 2017, 04:13:17 PM

I thought using bitcoin was supposed to be CHEAPER and faster.
Cementhead43

Important to look at is the byte to satoshi ratio of your transaction. In general, the byte size of a normal transaction is like 226 bytes.

Currently the recommended fee is 160 satoshi per byte. In case your transaction has a byte size of 700 for example, you should do 700 x 160 satoshi = 0.00112BTC in fees that need to be included.

If you try to spend various outputs at once, you will see that the byte size of your transaction increases significantly, and thus the fee you need to include as well. Not that difficult to understand, right?

Cementhead43

jr. member

Activity: 58

Merit: 1

Which exchange and wallet service is the cheapest?
I was going to transfer my bitcoin from btc.com to Jaxx wallet. Between both wallets it was going to cost me like 15$ on a 400 dollar transaction. Seems kinda expensive to me. Might as well use a credit card at 2% processing fee. I thought using bitcoin was supposed to be CHEAPER and faster.
Cementhead43

amacar2

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Price of bitcoin can change within blink of an eye and most of price ticker like preev just take an mean value of price in different exchange platforms so it might differ largely from what you can see in individual exchange platforms.

Cementhead43

jr. member

Activity: 58

Merit: 1

What I meant was that at the time of deposit into exchange the value of bitcoin to usd on the market is different than on the exchange.
Basically at one time by almost $50 usd.
Why would anyone want to lose 50usd by trading on any exchange?
Note you also pay a transaction fee on top of the value discrepancy.
Cementhead43

wuvdoll

legendary

Activity: 1442

Merit: 1025

The rate which they show on the left is the current value of Bitcoins, but when you are exchanging, they will provide a lesser amount as they are a business and make have to make some money out of that trade.
Every exchange has their own rate, so I suggest that you check as many exchanges as possible and go with the one who provides you the best and does not have a hidden charge.

nethan1btc

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Activity: 574

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Quote from: bL4nkcode on August 01, 2017, 09:40:57 PM

Quote from: Cementhead43 on August 01, 2017, 07:38:36 PM

Hi, newbie here. I opened an acct up at bitstamp. On their homepage it currently shows btc/usd as 2732.27 usd the exchange says 2712. 76. Why the discrepancy?
Thanks,
Cementhead43

You mean the buy and sell rates? Its $2732 once you buy and $2712 once you sell? If that's what you mean, of course as a business platform exchange you will have to earn profit from this way and also some traders got this idea to earn. Thats why there are lot of exchanges and they their own rates, so you have to choose between thr good rates and the reputation of the platform.

Very well said mate, and if you are an experienced trader you should really skilled enough and got that strong decisions that could profit you. That holdings you have in the site exchange can be traded with a good price as well. Market rates at a downfall of the coin sell rates will have to gain higher demand on buying so that it eventually rise up of it's value so that you can sell your assets and take the profit from the investments you had. Most importantly you have a background of the token you trade with regards to the platform it has whether it gains good profit or die in the future; enough research could help you determine that.

bL4nkcode

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Quote from: Cementhead43 on August 01, 2017, 07:38:36 PM

Hi, newbie here. I opened an acct up at bitstamp. On their homepage it currently shows btc/usd as 2732.27 usd the exchange says 2712. 76. Why the discrepancy?
Thanks,
Cementhead43

You mean the buy and sell rates? Its $2732 once you buy and $2712 once you sell? If that's what you mean, of course as a business platform exchange you will have to earn profit from this way and also some traders got this idea to earn. Thats why there are lot of exchanges and they their own rates, so you have to choose between thr good rates and the reputation of the platform.

Cementhead43

jr. member

Activity: 58

Merit: 1

Hi, newbie here. I opened an acct up at bitstamp. On their homepage it currently shows btc/usd as 2732.27 usd the exchange says 2712. 76. Why the discrepancy?
Thanks,
Cementhead43

Topic: Questions about exchanges and market rates (Read 292 times)