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Title: The snowball effect Post by: YeahIGotIt on November 02, 2017, 03:46:02 PM I've been investigating bitcoin back in 2012, I even bought some and then sold 10 of them. Back then you bought them on a site that connected buyers with sellers. Now that I am coming to the topic again, I see things are diffetent. I don't see any p2p exchange, you buy and sell them from big brokers. But that means they have a lot of them, and keeps buying them. The more they buy, the higher the price goes, and the more people buy from them, thus starting a snowball effect. So they are part of the reason why the price goes high, but only a part, and the other is just that bitcoin is that good and secure.
Now, where do they get them from? From miners I guess. So how do you buy bitcoins from miners? How do miners sell them? Title: Re: The snowball effect Post by: Xavofat on November 02, 2017, 04:16:36 PM Back then you bought them on a site that connected buyers with sellers. Now that I am coming to the topic again, I see things are diffetent. I don't see any p2p exchange, you buy and sell them from big brokers. Really? I was pretty sure that most sites are just connecting buyers with sellers - GDAX, Bitstamp, Kraken and the majority of others appear to handle their customers' coins in this way. For example, on Bitstamp's FAQ (https://www.bitstamp.net/faq/), they point out that they don't actually sell coins themselves. As for the more direct "connecting buyers with sellers", LocalBitcoins (https://localbitcoins.com/) is still very popular for a variety of different payment methods. Now, where do they get them from? From miners I guess. So how do you buy bitcoins from miners? How do miners sell them? Miners sell them similarly to how other users do - however is most convenient for them. That means usually on exchanges or OTC if necessary. |