Bitcoin Forum

hello everyone...im just starting to get into bitcoin and doin as much research as i can, but for the love of life i cannot seem to get passed probalty the simplest thing in the whole process...i cannot unerstand the charts provided at http://bitcoincharts.com/markets/ ......can any body help me and explain how to read these simple charts please?..what does the best bid and best ask titles mean?....also how come one website, mt gox, has a mtgoxUSD and a mtgoxEUR?..is that like what a bitcoing is worth in dollars(USD) and mtgox and what a bitcoing is worth in eurors in mtgox?....pleae help me understand this guys....thank you....

I will assume you are not just trolling and actually are a noob.

Best bid is the highest price someone will buy for. Best ask is the lowest price someone will sell for. Might be good to review basics of a stock market regarding this.


You are correct, the one site has a market for multiple currencies.

You're welcome.

Thank you so much for your reply...i feel a lot more confident about this matter-subject...so literately, statisticly speaking, according to this chart..mtgox is the place to sell then right?....its always ( most of the time ) on top, with the highest bitcoin to USD....would this assumption be correct? even mtgoxEUR is most of the time on top...thank you again for clarifying this...also can you direct me to some good forex and stock market charts....would like to study this more in depth...cheers

I have done an amazing job annotating this example screenshot of BTC/USD. It is aimed at a total noob.

https://i.imgur.com/lDdPOvU.png

https://i.imgur.com/lDdPOvU.png

Apologies if I have used incorrect terminology, I have no qualifications and little experience with investing :P

HOLY CRUDE Trillium !!!!!....did you have this chart already at hand..or made it just to show?...its incredible...

If you actually want those USD in your bank account where you can spend them, then you may not want to use MtGox.  As I understand it, MtGox currently doesn't have any way to transfer USD to a U.S. bank.  This may be why the mtgoxUSD rate is so high at the moment.  Many aren't willing to sell BTC for USD at MtGox since they can't access the cash, and many who have USD at MtGox are buying bitcoins so they can transfer the value to some other exchange and convert it to USD there.  This excessive buying of bitcoins with USD and limited selling of bitcoins for USD at MtGox may have temporarily inflated the mtgoxUSD rate.

Terminology, sherminology.  It is a great "plain english" starter.

Nah I made it for you at 3am in the morning because I can't sleeeeeep.

lol ( hope your not being sarcastic ).....thanks dude...good job.....Genius i might add....do you have forex charts and stock charts also? ( not being sarcastic )...seriously....this is some good way to visualize and makes it WAY easier to learn....cheers my friend..

Great explanation! Would you mind if we use this image on our website as reference?

great job here m8!

Yes use it wherever you want I did not intend it to be so well received, if it helps out some new users then good for them!

Thanks! I'll send you a tip

some links for your perusal:

http://m.investor.gov/investing-basics

http://www.investopedia.com/university/all/basics/