Bitcoin Forum

Hello Everyone, I want to know how exchanges works.

 If I want to sell a coin other than bitcoin and I attempt to  exchange the coin for specific amount of BTC. After creating the request to exchange the coin for btc, Are they sold immediately? Or I have to wait till I get a buyer?


PS: I'm a bounty hunter so This post equally seeks for ways to exchange/sell bounty rewards for BTC If the coin are listed in exchange.


In a simple sentence, I want to know the process of exchanging altcoin/bitcoin ;)

Just put your selling orders and wait until someone is buying your sale order(your order will standby on the margin). It so simple, dude.
And get your BTC.  ;)
What the process? It seems like making a regular trade in real life. With different thing.

Okay. One more question. How long is this waiting time?

They usually work like this: you put an order to sell your coins for 0.00004 and that coin's dev team or bag holders put an order of 0.000039 so your coins can never be sold, that is how scam coins work.
But if you just get coins as bounty then you need to take a close look at it's charts and ups and downs and put an average order and wait to be sold if there are no BUY orders already in place with the amount in your mind but if there are BUY orders you can sell at the highest price possible.

And remember never limit yourself to just one exchange site but try to check at least 3 of them maybe you can sell better in other sites.
For waiting part works like this: if you put an order to sell doge coin for 0.001 each then you need to wait forever to sell them, so try to be logical when comes to price.

The other answers are kind of meh. They work very similarly to any currency exchange. There's a buy price and a sell price. Bitcoins could be 655 to buy and 635 to sell. The exchange will want to make a profit whether you're buying or selling.

Some people buy, others sell. If more people are buying then selling the price will inherently go up and vice versa.

if you want sell altcoin
sample icobid you follow signature campaign and ready listed in exchanger
you can sell instant use market price, highest bid price is same market price instant selling
but if you want selling over price higher bid price you must wait until buyer buy your coin

Generally speaking, after creating request to buy or sell, yes you have to wait for a person to execute those actions. That's how the usual traders works but.........

...other altcoins's price is manipulated much especially those new coins listed in an exchange. Devs are monitoring closely with the buy or sell orders so that they can control the momentum of trades resulting for a failure attempt of those big hoarders to get and grab some profits. That's how risky altcoin trade is and those general actions in the usual trades can't be applied to altcoin trading.

Site tool automatically convert the equaling amount bitcoin or fiat according to the current value Tue concerned coin. Then you have move with the traders and amount will be exchanged with them and you need to send the coin using button and escrow will release it.

If you put order sell or buy markets taker, the coins will be sold immediately, but If you put order buy or sell markets maker you must wait tiil there are people who buy it.
Usually the rules of markets are like that, be applied for all of trading bitcoins to fiat, bitcoin to altcoins and other.
And there are fees must be paid by traders.

It depends on the price that you are aiming to sell your coin. The lower the price the faster it will get sold but if you don't mind waiting then it's much better to just wait and profit at a much higher price than your buying price.

there are so many exchange out there where you can exchange your coins, but every coin is not listed on all the exchanges only few will be listed on all the exchanges, You need to check whether coin is listed in particular exchange are not. Once it is listed in exchange you can keep you sell order for btc, once it is completed you will get your btc. No guess here how long it will take it depends on the coin, and their user base.

Thanks for your response.  The sales of altcoin would depend on the popularity of the coin and The userbase of the exchange? don't get me wrong. I understand your explanation. Thanks for your time!

Right. Since Trading is very much risky. as during waiting period , The coin might either appreciate or depreciate in price. So It's a gamble either way.   I would go with your first suggestion until I get some experience.

Hello CraigWright, Could you please explain this part again?
"If you put order sell or buy markets taker, the coins
will be sold immediately, but If you put order buy or
sell markets maker you must wait tiil there are
people who buy it."


I'm new at this so It's kinda difficult to understand what you meant

I get your point . Thanks for the tip ;)

if you do make order sell then you need to wait for a little time when the price is getting up but if you make order sell for instant, then you order is sold for the first order buy in order buy list. you can see in order buy list, there are many people want to buy the coins in different price and you can sell it directly or you want to wait for the price you want. its depend on your choice and its work with good for traders.

Thank you. I find your explanation comprehensive enough. What are the biggest exchange sites?

What are bounty rewards?I`ve never heard about this.

Is this some altcoin?

In exchanges you don`t sell immediately,you search for buyers of what you are selling or you

post and "ad" and wait for the buyers to come.

You didnt get his point on which hes askin on how to convert or sell off a particular altcoin for bitcoin. You dont need to search for buyers by posting ads or whatsoever since you could able to sell or exchange it directly when you do tend to trade it to exchangers.For OP, its not really complicated to sell or exchange altcoin to bitcoin as long you know how to read the sell orders. If you saw the highest price as possible to sell the alt then you could simply put and exchange it to a certain price.Confirm it and viola..

Thanks for your answe.r. I know how It works now. Thank you :)

There will be no big differences from your local shop to a bitcoin/altcoin exchange. They are virtually supporting peer to peer exchanges. (very few exchanges themselves populate some orders to fill the gaps).

The process of exchanging bitcoin/altcoin is literally similar to a barter system but good for goods. One significant differences : there will be some fees to exchanges.