Bitcoin Forum

So I am brand new, and I am looking for things I have that I can sell to get a crypto wallet going. I have a motorcycle that is worth $4000 that I would like to sell in crypto to start a wallet. I am ignorant right now. If a bitcoin is worth roughly $6000 tonight, how does one sell a item is worth less then $6000 in bitcoin if the item is $4000?

Frank

Frank, you should go and enter another board in this forum. This is the link -> https://bitcointalk.org/index.php?board=51.0. That is the goods section. And in there, you can sell or buy goods from other users using bitcoin as the currency.

Thanks, and I will list things I have there. Right now I am learning about the wallet, and taking payment, denominations. In US currency we have pennies, nickles, dimes, quarters, 1,5 10, 20, 50, 100 bills to make $4000. I do not understand how to make $4000 out of a $6000 coin? Like I said, brand new.

I have been reading a lot but have not seen this question addressed yet.

Use a escrow agent on this forum to hold the bitcoin funds from the buyer until you've delivered the good.

They'll charge you a fee. There's a few very good, well know, well respected escrow agents here.

I was looking for a list of escrow providers, there's a thread some where, but I can't find it. If you want a list of providers post a thread in Services as "Seeking Escrow..." OR go to the Collectibles board and see who's offering escrow for the big physical crypto coin transactions that are going on there every week. Any one of those folks are trust worthy.


Same as you make a quarter out of a dollar. 1 Bitcoin is divisible to the 100 millionth of a bitcoin (we call that smallest unit a satoshi).

When the buyer agrees to the purchase, they'll send you $4000 worth of bitcoin, whatever the rate at that time determines that amount to be. (i.e., if Bitcoin is worth $6000, the buyer will send you BTC0.66666666; If Bitcoin is worth $10,000, the buyer will seend you BTC0.40000000; And so on...)

So if I want $4000 do I ask for 60% of a bitcoin? How do you break a bitoin into smaller amount if one if one is worth $6000. This is what I am trying to figure out

It's a good question.

You ask the buyer to send you $4000 or you do the conversion yourself at the time of the sale and then tell them how much bitcoin would equal $4000.

Most exchange wallets (i.e., coinbase, kraken, xapo) will conduct this conversion or allow the sender to choose which currency they want to use to calculate their bitcoin payment.

It's easier than you think, promise!

Thank you so much. You guys were very patient with my ignorance.

 Is there somewhere you can recommend I research the various units?

No problem, we're glad to you have you with us. Each of us was new to this thing one day in the past. Your day is now. Tomorrow it will be a day of the past.

So what do you mean by "units"?

Sorry, I think you mean the units of a bitcoin?

Here's research on it: https://en.bitcoin.it/wiki/Units (https://en.bitcoin.it/wiki/Units)

You don't need to worry yourself with it much. There isn't a name for every unit (as there is in the US currency).

Each bitcoin is divisible to 8 places to the right of the decimal, BTC1.00000000. BTC0.00000001 = 1 satoshi. BTC0.00000100 = 1 bit. If you equate a satoshi to a penny, 1 bit would be the dollar and 1 bitcoin would be 100 million dollars.

Keep the questions coming as you have them.

It is better to realize that it takes a relatively long time before the price actually decreases at that time. You can take a good chance to buy it. Keep both coins for a few months while waiting for the market price to go up and the profit will be gained maximum.

Bitcoins are divisible, hence if you are selling an item worth $4,000 that means it would be sold for 0.667btc (price of item $4,000 / current price of btc $6,000).

Best is to post your item on the goods section and place all relevant details like,

1. Where the bike is located. (it would be impractical to sell the bike to someone in asia if you are in the US, right?)
2. Model and make of the bike, year, mileage, and other info about it.
3. Terms of payment (likely straight up bitcoins in your wallet)
4. How bout papers? How will the papers be processed?

Things like those, it would be like a normal contract just that it is paid in bitcoins at current prices.

you can also use a multisignature address as escrow. that is always safer and cooler to use. you choose a trusted and neutral third party and three of you each have 1 key, the buyer deposits bitcoin in that address then you send him the goods. if things go well you and one of the other persons sign the transaction so that you can get your money.
read more: https://en.bitcoin.it/wiki/Multisignature

more cool stuff: the following line will "always" show $4000 worth of bitcoin:
https://btc-priceimg.herokuapp.com/img/4000

First scan your area if there's a crypto user so that you could sell your motorcycle  or other things in exchange for bitcoins and also just make sure that you motorcycle are worth to be bought for 4000$ so that people will not laugh at you if they see that your motorcycle worth less and you just expect it to sell at the high price in bitcoin form. And try to post your motorcycle on goods section and better used an escrow service upon having a deal by using bitcoins and altcoins.

You don't need to sell something expensive to buy BTC if that's your question and selling something like motorcycle you will need to find people who do face to face deals with Bitcoin, you can buy BTC of any amount its not necessary to have a whole coin to start a wallet.

Thanks so much for all the information. I was thinking the payment is done at a percentage at current value, just needed the clarification.

As for selling the bike and asking price cash value to Bitcoin value, I would probably take less in Bitcoin cash value then actual cash at this point as I see the bike as a depreciating asset and Bitcoin as a rising asset. I was going to use the money out of the bike to buy various crypto anyway, so I will offer it for sale this way, as well as cash. I have other items of value I will list also for sale in crypto. I have other investments I am moving into crypto, including looking at some new releases.

So what is the favorite wallet? Anyone a superstar? Any to avoid?

Tanks again

Frank

it's really true, because the purchase of bitcoin is not necessarily in the number of units that we can buy in the amount of 0, ... (smaller amount)
and we just simply set aside some of our income into the form of bitcoin.
this is a considerable action that will benefit us.
but sales of $ 4000 bikes can still be done and redirected to bitcoin form

Since it seems you're extremely new to BTC payments (not even understanding the divisions of BTC until now), you should go for something user-friendly but still relatively secure since you're handling high amounts.

Try Electrum (http://electrum.org) (and make sure you keep the seed safe - without it you can't access your coins).  A hardware wallet like TREZOR (http://trezor.org) might also be a good idea for you and it should guide you through the process quite well.

Of course when selling items on the forum, people will be wary of sending their BTC to a newbie, so you'll have to make sure to use a trusted escrow or a multisignature system.

Hi Frank, what country do you live in? It matters (unfortunately). Not all exchanges operate in every country and you'll need an exchange if you ever want to convert your Bitcoin (from future motorcycle purchase) into another currency. If you're not concerned about conversion, almost any wallet is available to you.

It's good to have an exchange wallet for easier spending/access and a hardware wallet for premium security.

Here's a website that will help get you started. https://bitcoin.org/en/choose-your-wallet (https://bitcoin.org/en/choose-your-wallet). They don't have every wallet, but it'll start to help you narrow down your choices. If you want a site with a more comprehensive list to compare (but less guidance to narrow down your choices) let me know and I'll send you a link.

Cheers.

Since this has already been answered, I'll skip to the thing that nobody seems to pick up from your question. Reading between the lines:
If you have no idea how Bitcoin works, why do you want to sell your motorcycle for 0.6BTC? It sounds to me like you want to jump in because you've heard Bitcoin went up a lot in price. And although that's true, I can highly recommend to learn how Bitcoin works before jumping in with $4000.
Crypto can be very profitable, but you should be aware of it's pitfalls.

You itself mentioned already answered and says repetitive answer this op and others dude. That is his problem whether he want to sell the bike for btc or fiat cash. Both would be money according to me btc users. He just asking conversion of bitcoin for the value 4k us dollars just check in Google and explain him that's it.

So you think someone will agree to buy off a motorcycle from a guy they meet online? Even if it’s you, will you do the same, buying a motorcycle from someone online, someone that lives in a different country? I don’t think so. Even I myself won’t do that.

The best advice I will give to this guy is to find someone physically to sell the motorcycle to and then use the money he got from selling it to buy Bitcoin and fund his wallet.