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Author Topic: EUR vs USD to buy Bitcoins  (Read 607 times)
BitCoinWatch (OP)
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April 01, 2013, 12:42:32 AM
 #1

Hello all,

this is my first post which I'd like to open with the following discussion: what the implications are when buying BTC using whether EUR or USD?

I plan to buy my first BitCoins through a SEPA bank transfer in EUR. However, the online exchanger Bitstamp service converts from EUR to USD before buying the BTCs. This happens free of charge, so the only downside I can see to this is the exchange rate being applied. This exchange rate is the one provided by Bitstamp on the next link

http://www.unicreditbank.si/tecajna_lista/?t=1&id_menu=&language=ENG

However, in a non very comprehensive way of attracting customers, BitStamp uses a exchange agent where some words are intelligibly unless oneself speaks Slovenian, so I am not sure how it is possible that the exchange rate is better than the market one as of today (1.29 vs 1.2802 USD per EUR)

So, apart from the change being applied, is there any other factor which I should consider before buying BTCs in USD? I have seen some charts in which the EUR and USD change vs BTC are shown and they seem to follow relatively close the ups and downs, so it looks like it should be the same buying them in EUR as in USD?

What do you guys think?  Undecided

PS: I know there are some other exchange services out there that trade directly in EUR, but, for example, MtGox needs account validation (dont wait to wait that long) and Bitcoin-24 seems to be out of service.

Thanks
nitrous
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April 01, 2013, 01:24:52 AM
 #2

While yes, in the long run USD and EUR follow similar patterns, remember that USD is traded much more and at higher volumes. So, if you are trading on an exchange, I would recommend using USD as you can fulfill your orders much quicker, much closer to market price, and small orders aren't as likely to affect the market price very much (the BTC/USD market is a lot deeper). This goes for any currency, USD is the most widely traded currency in the bitcoin world, followed by EUR, then GBP

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BitCoinWatch (OP)
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April 01, 2013, 09:24:17 AM
 #3

That makes sense. Thanks, nitrous
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