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Author Topic: BitCoin Users, Does this make any sense please help before I buy this  (Read 535 times)
rk33
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January 27, 2017, 07:03:33 AM
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Ok, so I just want to make sure I'm doing this right, I been using bitcoins for years but I usually just bought off someone in person, If you look at the picture it says price is.... 1201.53 ..   in the price section I changed it to a lower price. 811.00 as shown in the picture, does that mean someone is willing to sell me bitcoins at 811.00..   so If i buy the BTC for 800 dollars worth thats 0.657.. but why does the total say 538.26...   so if i buy 800 dollars worth am i only paying 538 to get about 800 worth

http://imageshack.com/a/img924/6223/gtuNZj.png
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mocacinno
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January 27, 2017, 07:06:53 AM
 #2

Ok, so I just want to make sure I'm doing this right, I been using bitcoins for years but I usually just bought off someone in person, If you look at the picture it says price is.... 1201.53 ..   in the price section I changed it to a lower price. 811.00 as shown in the picture, does that mean someone is willing to sell me bitcoins at 811.00..   so If i buy the BTC for 800 dollars worth thats 0.657.. but why does the total say 538.26...   so if i buy 800 dollars worth am i only paying 538 to get about 800 worth

There's not nearly enough info in this post to actually help you... I don't see any pictures, nor any links to the site you're using to buy BTC.
Nevertheless, i can defenatly tell you that nobody will sell you $800 worth of BTC for $538... If you think you're going to make this kind of deal, you're either mistaking or you're being scammed.

EDIT:
You seem to have edited your post, and added this image:


It's pretty clear: i think you're confusing the sell and buy orders.
This  image shows that some people placed a CAD 800/BTC bid. This means that there is a person out there who's only willing to pay CAD 800 for 1 BTC (who wouldn't). Chances are VERY slim he'll find somebody to sell him BTC for this price, unless the price plummets in the future and he keeps his bid open.

You can make any bid you want to, but if you want to buy BTC right now, you should make your bid equal than the cheapest price somebody is offering BTC for. You didn't include this column in your screenshot tough.

rk33
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January 27, 2017, 07:52:07 AM
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Ok, so I just want to make sure I'm doing this right, I been using bitcoins for years but I usually just bought off someone in person, If you look at the picture it says price is.... 1201.53 ..   in the price section I changed it to a lower price. 811.00 as shown in the picture, does that mean someone is willing to sell me bitcoins at 811.00..   so If i buy the BTC for 800 dollars worth thats 0.657.. but why does the total say 538.26...   so if i buy 800 dollars worth am i only paying 538 to get about 800 worth

There's not nearly enough info in this post to actually help you... I don't see any pictures, nor any links to the site you're using to buy BTC.
Nevertheless, i can defenatly tell you that nobody will sell you $800 worth of BTC for $538... If you think you're going to make this kind of deal, you're either mistaking or you're being scammed.

EDIT:
You seem to have edited your post, and added this image:


It's pretty clear: i think you're confusing the sell and buy orders.
This  image shows that some people placed a CAD 800/BTC bid. This means that there is a person out there who's only willing to pay CAD 800 for 1 BTC (who wouldn't). Chances are VERY slim he'll find somebody to sell him BTC for this price, unless the price plummets in the future and he keeps his bid open.

You can make any bid you want to, but if you want to buy BTC right now, you should make your bid equal than the cheapest price somebody is offering BTC for. You didn't include this column in your screenshot tough.


let me ask u something for example the site says the price is  1201.53 cad   but why does someone in the trade have it at 811.00.. wouldn't i wanna buy the one that says 811.00   thanks for help im just a  noob
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January 27, 2017, 08:00:29 AM
 #4


let me ask u something for example the site says the price is  1201.53 cad   but why does someone in the trade have it at 811.00.. wouldn't i wanna buy the one that says 811.00   thanks for help im just a  noob


The thing your screenshot shows is just the other way around... There is nobody willing to sell you BTC @ CAD$ 811/BTC... There is somebody willing to BUY BTC @ CAD$ 811/BTC

There must be a different table on this site listing the sell orders... The cheapest sell offer will probably be 1201.53 CAD$/BTC, since this is the price you're offered to buy BTC.

If you would place a bid @ CAD$ 811/BTC, it will probably not be filled, and it'll stay open, either forever, or untill the BTC price drops to CAD$ 811/BTC

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January 27, 2017, 08:00:44 AM
 #5

Ok, so I just want to make sure I'm doing this right, I been using bitcoins for years but I usually just bought off someone in person, If you look at the picture it says price is.... 1201.53 ..   in the price section I changed it to a lower price. 811.00 as shown in the picture, does that mean someone is willing to sell me bitcoins at 811.00..   so If i buy the BTC for 800 dollars worth thats 0.657.. but why does the total say 538.26...   so if i buy 800 dollars worth am i only paying 538 to get about 800 worth

There's not nearly enough info in this post to actually help you... I don't see any pictures, nor any links to the site you're using to buy BTC.
Nevertheless, i can defenatly tell you that nobody will sell you $800 worth of BTC for $538... If you think you're going to make this kind of deal, you're either mistaking or you're being scammed.

EDIT:
You seem to have edited your post, and added this image:


It's pretty clear: i think you're confusing the sell and buy orders.
This  image shows that some people placed a CAD 800/BTC bid. This means that there is a person out there who's only willing to pay CAD 800 for 1 BTC (who wouldn't). Chances are VERY slim he'll find somebody to sell him BTC for this price, unless the price plummets in the future and he keeps his bid open.

You can make any bid you want to, but if you want to buy BTC right now, you should make your bid equal than the cheapest price somebody is offering BTC for. You didn't include this column in your screenshot tough.


let me ask u something for example the site says the price is  1201.53 cad   but why does someone in the trade have it at 811.00.. wouldn't i wanna buy the one that says 811.00   thanks for help im just a  noob

don't confuse the actual value of bitcoin with what they are willing to sell, if they are selling more than 1 btc of course you will see an amount greater than the current bitcoin value

so 811 might because he is sellind less than one bitcoin
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January 27, 2017, 08:03:27 AM
 #6

but if someone is willing to buy it at 811  why would it be under the buy section... isn't that section or people that are already selling

http://imageshack.com/a/img923/8431/nfrnug.png


look at this last picture it says the price is  1223.17     

so how come the first sale says     1211.12
mocacinno
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January 27, 2017, 08:07:14 AM
 #7

but if someone is willing to buy it at 811  why would it be under the buy section... isn't that section or people that are already selling

The title of the table you posted in the screenshot is:
"Bids"... This comes from bidding... This means that the numbers in this table are from people who want to BUY BTC at a certain price, not from people wanting to sell their BTC.
You can make a bid of $1/BTC, altough nobody in their right mind would take you up on your bid

http://dictionary.cambridge.org/dictionary/english/bidding

Quote
the act of offering to pay a particular amount of money for something, by different people:

rk33
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January 27, 2017, 08:10:02 AM
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but if someone is willing to buy it at 811  why would it be under the buy section... isn't that section or people that are already selling

The title of the table you posted in the screenshot is:
"Bids"... This comes from bidding... This means that the numbers in this table are from people who want to BUY BTC at a certain price, not from people wanting to sell their BTC.
You can make a bid of $1/BTC, altough nobody in their right mind would take you up on your bid

http://dictionary.cambridge.org/dictionary/english/bidding

Quote
the act of offering to pay a particular amount of money for something, by different people:

http://imageshack.com/a/img923/8431/nfrnug.png

ok can u look at this picture..  says price is  1223.17              why does it say that if the first bid is   1211.12...    which price do i wanna buy ?
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January 27, 2017, 08:19:29 AM
 #9

http://imageshack.com/a/img923/8431/nfrnug.png

ok can u look at this picture..  says price is  1223.17              why does it say that if the first bid is   1211.12...    which price do i wanna buy ?

This is actually the real image  Grin

It's up to you... There is one person who asks 1223.17, and he's selling 2 BTC. So if you want to buy right now, and you want to buy less than 2 BTC, a bid of 1223.17/BTC would suffice.

If you want to buy more than 2 BTC, you'll have to look at the next cheapest seller to: 1223.19 CAD$/BTC. At this price, you would be able to buy 2 BTC at 1223.17/BTC and 0.71621216 BTC at 1223.19/BTC.
So in total, you'd pay (2*1223.17) + (0.71621216*1223.19) + fee?, and you'd get 2.71621216 BTC.

Usually, you don't buy everything the seller has to offer, so you can also buy 0.5 BTC @ 1223.17 CAD$/BTC, and you'd get 0.5 BTC for (0.5*1223.17)+fee.

If you're not in a hurry, and hope the price will plummet a couple dollars over the weekend (it sometimes does), you can even make a little lower bid, for example 1200 CAD$/BTC, and hope over the next couple of days, the price gets lowered, and somebody is willing to sell you some BTC for this price.

rk33
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January 27, 2017, 08:23:18 AM
 #10

u see how the first bid is 1211.  i shouldn't get that right
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January 27, 2017, 08:25:30 AM
 #11

u see how the first bid is 1211.  i shouldn't get that right

The first OPEN bid is 1211, but nobody is selling @ 1211, they're selling at 1223.17. There is a gap between the bid and the selling price, so the bid of 1211 doesn't find a seller, hence it stays open. The person making a 1211 bid is just hoping that a seller will come along that will agree to his bid, and sell him BTC @ 1211/BTC

If a seller enters the market, and he/she is desperate to sell BTC he already owns, he'll usually sell the btc to the bidder with the highest bid (currently 1211/BTC). If the seller is not in a hurry/desperate, he'll probably Ask 1223.17, or 1223.16, and his asking price will stay open untill a buyer accepts this price.

I get that you're new at this, but it seems you're mixing up the "buy orders" and "sell orders".

This exchange uses the word bids for the "buy orders" and ask for the "sell orders".
You can even visit a couple other exchanges and see some different wordings/gui's, maybe you can learn the difference if you see everything put into different words/graphs.

For example:
https://poloniex.com/exchange#usdt_btc

rk33
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January 27, 2017, 08:29:28 AM
 #12

can i add u to Skype for 10 min ill send u some coins in a few weeks i just need a few help
mocacinno
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January 27, 2017, 08:34:05 AM
 #13

can i add u to Skype for 10 min ill send u some coins in a few weeks i just need a few help

Sorry, i don't have skype (don't trust those centralised platforms without end to end encryption). If you have more questions, you're welcome to PM me tough Smiley

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