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Title: Mt Gox - Setting "sell" price in non US currency - how does that work? Post by: #Darren on April 14, 2013, 08:30:29 PM I am wanting to set everything on Mt Gox up in my local currency (Aus) because from what I understand it saves me from various conversion charges.
But if I put up a sell price in Aus dollars, how will that work with buyers? Will it limit my potential to sell internationally? Or will Mt Gox system just automatically adjust it to the currency of the bidders? Title: Re: Mt Gox - Setting "sell" price in non US currency - how does that work? Post by: Stephen Gornick on April 15, 2013, 10:53:56 AM I am wanting to set everything on Mt Gox up in my local currency (Aus) because from what I understand it saves me from various conversion charges. But if I put up a sell price in Aus dollars, how will that work with buyers? Will it limit my potential to sell internationally? Or will Mt Gox system just automatically adjust it to the currency of the bidders? Essentially, your sell order will only be taken by buyers paying with the AUD in their wallet. There is some chance that a bid on another market (e.g., BTC/USD) is so high that Mt. Gox will do the conversion and buy your BTC/AUD offer and they would pay in AUD even though the buyer had a different currency. Arbitrage is what keeps the various markets relatively equal in price. (after considering the AUD/USD.) Title: Re: Mt Gox - Setting "sell" price in non US currency - how does that work? Post by: repentance on April 15, 2013, 11:15:47 AM Essentially, your sell order will only be taken by buyers paying with the AUD in their wallet. There is some chance that a bid on another market (e.g., BTC/USD) is so high that Mt. Gox will do the conversion and buy your BTC/AUD offer and they would pay in AUD even though the buyer had a different currency. Arbitrage is what keeps the various markets relatively equal in price. (after considering the AUD/USD.) Are you sure Stephen? I'm pretty sure MtGox is never a counter-party to any trade on their platform and that the individual markets are quite separate. Bitcoincharts seems to confirm this. http://bitcoincharts.com/markets/ |