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Hi guys,
Thanks so much!
Coinbase looks like it's going to be the one. When I send to their Coinbase wallet, they can withdraw it into their Chase account, and you say it's going to be 2 business days?
Thanks again!
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Hi guys,
I'm in Canada and I got spoiled by an exchange called Vault Of Satoshi. We have something called Interac over here that allows us to allow companies like VoS to withdraw funds from my bank as if it was an ATM transaction to fund a BTC purchase.
More importantly, if I wanted to withdraw the BTC as fiat, thats also possible by linking to a bank account (albeit it may take 2-3 days).
I wanted to know what is one such reliable exchange in the states.
I will be sending monthly payments to someone in Indiana who has a bank account in Chase and I'm trying to guide them with BTC except can't seem to find a proper exchange for it.
Can someone give me a couple exchanges please? Less fees, and fast turnarounds?
Thanks!
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10 minutes ago you had 1.7402113 BTC
Right now you have 1.7402113 BTC
10 minutes in the future u will still have 1.7402113 BTC
The only thing that changed is a third party's estimate of what that 1.7402113 BTC is worth.
Thanks! I was along the lines of the estimate as well, but if the market fluctuation (as reflected by CoinDesk screenshots) was only $5 ... how is it that BlockChain's valuation fluctuated THAT much? |
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Yesterday was a huge day for traders, with many making a lot of money by going short on the bitcoin price and the leveraging to maximise their profits.
We saw a spike in trade volume on the Coinarch website.
What exchanges allow shorting? |
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How is this possible? During this specific time, there was only fluctuations of ~$4-5. I deposited 1.7402113 from my exchange account into my BlockChain account. When I sent it from the exchange account, it was valued around $440. In the 30 seconds it took to arrive in the BlockChain account, there was literally no change in value. But in the BlockChain account, on the top right, it shows up as $423. I started investigating right away to figure out where did so much vanish, and when I came back to the account about 2-3 mins later, BlockChain says I have $413 or something. So I quickly sent that to someone who I was supposed to send that BTC to anyway and by that time, it became $408. My first question is how did it go from $440 on one account to $423 in BlockChain and second question is why was the value hitting low so fast? I looked in API and transaction logs, and I didn't see anything suspicious. The other problem is this is a new exchange I used, first time, called CoinTrader. Granted they had bugs in their own system but I don't think values would get affected that much. I've never had that issue when I used another exchange called Vault of Satoshi. But since they're closing, I had to start using CoinTrader. Here's the graph for the start and end times. Please help!! When I started transacting... And when I finished.. |
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Are there any updates to this app guys? I would love to see it working on Mavericks showing BTC and LTC.
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Thanks so much guys! I gotta say, this has to be one of the most helpful forums I have been to in forever! I'll go with the Blockchain rates. I'm just hoping that I can buy bitcoins for less at the Vault than at LocalBitcoins. Didn't see how I got ripped off there! To the user who mentioned exchange to exchange, I wouldn't mind it... but the receivers are a lot more clueless than I am, and I've been able to get them on board with blockchain with "frequent training calls", lol To the user who kindly provided the Philippines thread - I'm not filipino so I can't really understand the conversation there  But thanks so much! |
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Is there someplace where the advertiser shows how much his fees are going to be?
Some advertisers will list their costs in their advertisement. Many don't. Especially those that have excessively high costs. I mean how could I have known before I got into the trade?
Use Google search to determine what the current exchange rate is at the time that you want to make the exchange. https://www.google.com/?gws_rd=ssl#q=1+BTC+in+CADThen see what the ad says the seller is charging per bitcoin. Subtract the two prices to figure out how much profit the seller is getting if he sells 1 BTC. Divide the Google indicated exchange rate by the 1 BTC calculated profit to determine what percent the seller is charging. Here's an example: - If I look at Google right now, I see that the current exchange rate is 523.58 CAD per BTC
- Looking at localbitcoins, I see a user with the ID bullionxpress an advertiser in Toronto advertising 554.38 CAD / BTC right now.
- 554.38 - 523.58 = 30.80, so for each bitcoin sold, he is taking a profit of 30.80 CAD
- 30.80 / 523.58 = 0.0588, so it looks like he is getting a profit somewhere around 5.5% or 6% for the bitcoins
Wow thanks so much again Danny! Much much much appreciated. - Is Google accurate with it though? I just checked another website called preev.com and their price is 525.6CAD and Google's is 516.00CAD
- Also, if I buy BTC from an exchange like Vaultofsatoshi.com, would I be looking at pricing similar to 525CAD or 516CAD?
Thanks again! This is invaluable to me. |
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Could you please let me know how I can figure out what his fees were and how you were able to deduce that he charged 12%? Sorry, I'm not just a BTC newb, but also a birdbrain in math.
You paid 500 and received 440.84 worth. 500 - 440.84 = 59.16 That means that he collected 59.16 on a 500 transaction. 59.16 / 500 = 0.11832 Multiply by 100 to get from a decimal to a percent: 0.11832 = 11.832% Round off since localbitcoin advertisers typically set their costs to something a bit less specific than .832 and a small amount of the variation could have been due to changes in exchange rates. 11.832% rounds off to 12% Thanks so much for the clarification Danny! Is there someplace where the advertiser shows how much his fees are going to be? I mean how could I have known before I got into the trade? |
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If you're based in Canada, why don't you just buy from one of the Canadian exchanges, withdraw BTCs to Blockchain.info wallet, then send to the other party in the Philippines Blockchain.info wallet for pennies? http://howtobuybitcoins.info/ca.htmlIf you buy direct from an exchange, depending on the fees, it should potentially be much lower than that premium you paid to that seller on LocalBitcoins. I didn't even know this existed!! I went to LocalBitcoins because Canadian banks have something called "Email Money Transfer" where I can simply email the money to the "seller". If I can find an exchange in Toronto who has Email Money Transfer, I'm doing that moving forward and putting an ad on LocalBitcoins!! Thanks soo much ChuckBuck! |
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I paid CAD $500 for those BTC, by the time it arrived in BlockChain wallet, it shows up as $440.84.
- snip -
So where is the $20-$60 CAD gone
- snip -
Am I wrong in thinking that I just kind of "lost" some dollars? or am I confusing the currency exchange?
It looks to me like you chose a bitcoin seller on localbitcoins that was charging a 12% fee. That's a rather high fee. I wouldn't have bought from them. I'd have looked for someone that was willing to sell cheaper. If you aren't in a hurry, you're better off putting up your own ad on localbitcoins. Then you get to charge the fee on someone else that is in a hurry to sell their bitcoins. As an example, you might have put up an ad to buy 500 CAD worth of bitcoins and charge a 5% fee. This would have resulted in you receiving 520 CAD worth of bitcoins for your 500 CAD. Thanks again Danny! Could you please let me know how I can figure out what his fees were and how you were able to deduce that he charged 12%? Sorry, I'm not just a BTC newb, but also a birdbrain in math. This ad thing makes so much sense, I should have done it this time around just like you recommended the first time! |
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Yeah and I totally understand that. However, on the 29th of August the BTC fluctuations were minute - and by no means something that can create such a high amount of disparity.
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It is confusing when you display dollars because the value is constantly changing. You bought 0.8418 BTC and sent it to your blockchain.info wallet, right? Why doesn't your blockchain.info wallet have 0.8418 BTC?
My apologies. Here's the information you requested: I checked LocalBitcoins, and it sent 0.8417833 (after deducting their fee of 0.00003333) I checked Blockchain, and it received 0.8417833 |
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Thanks so much guys, really appreciate it. But I ran into this again and this time I got more questions. I wanted to send CAD $500 to someone in the Philippines. Had I gone to WU, I would pay about $515 to send that to PH. So here's what I did, I bought CAD $500 worth of BTC on LocalBitcoins and received 0.84180000 at an exchange rate of CAD 593.97. Then I sent over all that BTC to my BlockChain wallet that I would want to send from. Here's the transaction list:  In this, as you can see. Even though I paid CAD $500 for those BTC, by the time it arrived in BlockChain wallet, it shows up as $440.84. My BlockChain currency display is set to CAD. But hypothetically, if there was system issue and it was displaying in USD.. it is still around $480 when converted to CAD. So where is the $20-$60 CAD gone (those are the only transactions I showed above btw) Now my account balance in Blockchain shows: $ 162.51 (0.31031076 BTC) I know the $162 is in CAD. Am I wrong in thinking that I just kind of "lost" some dollars? or am I confusing the currency exchange? |
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Instead of responding to someone else's ad on local bitcoins, create your own ad.
Now you get to pay less than the current market rate for the bitcoins (since others are selling to you at your advertised price).
Your receiver can then create a listing on localbitcoins to sell the bitcoins.
He gets to receive more than market rate for the bitcoins.
If you get your bitcoins for 5% below market rate, and your receiver sells them for 5% over market rate:
$200 gets you $210 worth of bitcoins.
$210 worth of bitcoins gets your receiver $220.50
$200 out of your pocket gets your receiver $220.50. That's a fee of -$20.50 (or a bonus of $20.50). Try and do that with Western Union.
Great idea! But I still have to figure out the actual way of converting cash to BTC, right? |
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Hi,
I have a question.
Using places like LocalBitcoins, I see I have a particular rate that I will have to pay for BTC. Then, I sent this BTC to another country, and if the receiver also goes to LocalBitcoins and sells the BTC, he gets lower money (of course, depending on the seller).
Now, if I have Western Union, I send $200 and pay a fee of $9 (for example). The receiver in the other country receives the cash based on the foreign exchange of the currency that was locked in upon the time of sending.
What am I missing? I'm seeing everywhere that it says Bitcoin will remove fees, etc but the disparity in the selling/buying is so much that it's almost like paying fees similar to WU.
Thanks!
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Thanks so much for the input guys!
Yes, you're right. I've had a very informative chat with one Mikhail1 on IRC just a few minutes ago, and what you guys say is exactly what he said. However, odolvlobo is perfectly correct! I want to learn mining before I try to get my hands on ASIC. So is there a way for me to get started on one PC that has a good GPU to get a feel for things?
Thanks!
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Hello, I'll probably get flamed for this, but I really hope I don't. (because this is a forum for newbies after all). I'm consider myself fairly techy, but not advanced like most of you. I have finally decided to get on the Bitcoin bandwagon. However, the concept of having a wallet (savings, and checking) is a little confusing for me. I'll get to that later. First, I want you to know I have access to about 27 workstations in my office. (disclaimer: I own the business.) I'd like to see where Bitcoin can go and take me. So I'd like to install bitcoin on all these workstations (PCs/Win 7). These workstations will mine for me. I'm guessing that these workstations will mine and "deposit" them into my checking wallet based on my configuration (can I deploy them with configuration en-masse using MSI?). My questions are: - How to, if possible, en-masse configure (to deposit to the same checking wallet I have) and install these mining softwares into the 27 PCs.
- Since all these 27 miners will be depositing to one checking wallet, each of them will have access to all bitcoins mined by the 26 other PCs .. any way to keep it safe? (I don't think there will be a lot of coins mined daily, but still.. )
- How do I move them to a savings wallet (wallet.dat) daily? Does the wallet need to be opened on bitcoin for me to take this deposit in?
- How to keep the mining software running in background and not be intrusive to my employees?
- Is there a better way to do this?
Thanks in advance! |
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