Bitcoin Forum

Say you bought an altcoin for 1 dollar and you bought it with btc.  You want to sell it when it hits 2 dollars but want bittrex to automatically do it for you.  For you to do this, you would need to compute what is 2 dollars in btc at the moment right?  However the thing is if you put the 2 dollar btc price... assuming btc price fluctuates a lot, then wouldn't that mean that btc amount you put to sell is not equal to 2 dollars of that altcoin?


Also what is the name of this term?

I never do this, that's the best beginner mistake, to focus on the price in dollars instead of the price in btc, you have to establish your goal in btc, this way, you will never have big losses

That`s why a lot of cryptocurrency exchange platforms started using tether (USDT).
It`s a cryptocurrency which price is conected with the US dollar price.
You buy the altcoin with btc,but you sell it for USDT and after that you buy btc with the USDT.
Don`t use auto trading,you will make a mistake,i`ve never used any automation tools or features.

The thing is this.  Im talking about altcoins that cant be traded against usdt.  If its against say eth or litecoin, that would be simple.  Such as if you buy at 300 and want to sell at 350 etc.


But if its altcoins, if i buy an altcoin now for 3 dollars and want to sell it at 3.50.  I would put the btc price in 3.50 now.  However the issue is if i don't do this now and do it later on when the altcoin price is say 2.95, then the btc will be different etc.  Does that make sense?  So i assume you could still do this by making the sell price at 3.50 in btc.  Once it hits 3.50, you get the btc.  But then you convert the btc to usdt to sort of lock in your profit and thus you keep your profit in usdt as oppose to btc... which can go up or down right?


The example you use with buy altcoin with btc but sell it for usdt and after you buy btc with usdt... doesnt the altcoin have to be eth, litecoin or those few other coins that are traded against usdt only?  Because majority of coins are traded againt bitcoin.

exactly your correct no shortcut buying directly in the exchange to buy usdt into altcoins, usdt to bitcoin and bitcoin to altcoin is the right procees on buying the coin in the exchange market, i hope i'm also correct.

I dont know what is the term to this but I know it will be equal because you are already converting it to USD.

Example I bought Ethereum using bitcoin before. I am at loss now although it is still equal to the USD of what ethereum is price with.
.027 bitcoin for 1 Ethereum but I bought it at .05. (just an example and not exact) Aint that a loss? But that is only because I am not converting to USD.
You should try to understand that whenever you hold an altcoin this is the risk you will have to take if you want it all to end with the BTC price.

If BTC price goes up,  the alt you bought might crash up to 50% but it will slowly go up again to regain its 1usd value up to 10x or higher