Strange question. - page 2. | Bitcointalksearch.org

blockman

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Quote from: AlphaEther on October 05, 2022, 06:10:46 PM

I have a question. Suppose Bitcoins price is now $20000 and i have 1 Bitcoin. And i want to sell my bitcoin but accidentally i put the selling price at $2000 and confirmed it for sale. Then what will happens next? I know how buying and selling works on exchanger. In order to sell something someone have to buy it. But what happens if there are no buy order at $2000.

Forgive me if i say something wrong. I didn't try it on exchanger because of the fear of losing money.

I'm sure that it will be filled asap, you don't know how many are watching the market in real-time and they'll be able to spot it out. I've seen mistakes like that before that was posted on social media and it's really a huge mistake for those that were able to set the selling price low.
Don't do that and learn from that experience of others and so are you aware of it already. There might not be the same buying price but those spot traders and real-time traders and watchers of the market will see it.

BitMaxz

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It would work only in spot trading but in P2P like on Binance if you sell 1btc there many buyers will buy it.
It is not the same in the spot market when you accidentally set a sell order lower than the current selling price then it will be filled only with the current price, not the price you set lower than the current selling price.

This only works on limit/market order but if you set it to stop limit or other types of order it won't be filled immediately instead it will wait until the selling price you set is reached.

If you are trading on Binance they already have a better explanation about these types of order don't be afraid all you want to learn is already on Binance beginners guide here https://academy.binance.com/en/articles/binance-beginner-s-guide

Yogee

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Quote from: Oshosondy on October 05, 2022, 06:40:54 PM

Quote from: Yogee on October 05, 2022, 06:35:14 PM

Nothing happens until someone puts an order that's equivalent to your selling price or higher.

No. The order would be filled immediately with bitcoin market price because the price set is too low than the price of bitcoin. Orders won't be filled at $2000, not possible. It would be filled immediately at the market price because of the lower price set. Check my explanation above.

My answer is based on the hypothetical situation which is the zero-buy order mentioned in the OP. It won't happen because it's bitcoin and volume or the buy orders for this coin in all real exchanges is already high. Check my succeeding statement where I also said it could happen to other tokens.

Oshosondy

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Quote from: Yogee on October 05, 2022, 06:35:14 PM

Nothing happens until someone puts an order that's equivalent to your selling price or higher.

No. The order would be filled immediately with bitcoin market price because the price set is too low than the price of bitcoin. Orders won't be filled at $2000, not possible. It would be filled immediately at the market price because of the lower price set. Check my explanation above.

Yogee

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Quote from: AlphaEther on October 05, 2022, 06:10:46 PM

..... But what happens if there are no buy order at $2000.

Nothing happens until someone puts an order that's equivalent to your selling price or higher. Strange question since we're talking about bitcoin but I cannot say the same for other cryptos. You'll probably experience these zero buy orders for less known tokens that are listed on low volumes exchanges

Oshosondy

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Quote from: AlphaEther on October 05, 2022, 06:10:46 PM

I have a question. Suppose Bitcoins price is now $20000 and i have 1 Bitcoin. And i want to sell my bitcoin but accidentally i put the selling price at $2000 and confirmed it for sale. Then what will happens next? I know how buying and selling works on exchanger. In order to sell something someone have to buy it. But what happens if there are no buy order at $2000.

On most exchanges, the order type is limit order by default. If bitcoin is at $20000 and you place a sell order at $2000. As you want to sell at lower price, the market would be filled at $20000 immediately, which is the market price of bitcoin.

Edit:
Let me explain it better
Bitcoin at $20000 for instance
If you want to buy anything at higher price, people will want to sell
If you want to sell at lower price, people will want to buy
Buying bitcoin, the order would be filled at exact or higher bitcoin price (the price you set)
Selling bitcoin, the order would be filled at exact or lower bitcoin price (the price you set)

Assuming bitcoin is at $20000, you want to buy and place to order at $19999 or lower, no one would want to sell. Order will not be filled.
Assuming bitcoin is at $20000, you want to buy at $20000 or higher. The order would be filled immediately

Assuming bitcoin is at $20000, you want to sell, and place order at $20001 or higher, no one will want to buy. Order will not be filled.
Assuming bitcoin is at $20000, you want to sell at $19999 or below. The order would be filled immediately

AlphaEther

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I have a question. Suppose Bitcoins price is now $20000 and i have 1 Bitcoin. And i want to sell my bitcoin but accidentally i put the selling price at $2000 and confirmed it for sale. Then what will happens next? I know how buying and selling works on exchanger. In order to sell something someone have to buy it. But what happens if there are no buy order at $2000.

Forgive me if i say something wrong. I didn't try it on exchanger because of the fear of losing money.

Topic: Strange question. - page 2. (Read 334 times)