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Author Topic: Noob Question, for buying  (Read 922 times)
rk33
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February 08, 2017, 04:37:06 AM
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Ok so I'm looking at coinbase to buy in Cad,  says the price is     CA$1,408.18    and i wanted to buy 500 dollars worth and it looks like I will get back    0.355   498.1      which is an amazing price but i still don't understand the      CA$1,408.18   if this << price is 1408.18 wouldnt that be expensive to buy ? so the higher the number the cheaper I can buy it for? is that how it works?
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Yakamoto
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February 08, 2017, 04:51:17 AM
#2

To be completely honest I have no idea what it is you're trying to say.

You have the same spot price across the entire post, at $1408.18, and the only discernable number for Bitcoin is 0.355.

You are buying a portion of Bitcoin, and there is no "expensive" value that Bitcoin has beyond buying at a peak. If you buy $20, you get $20 of Bitcoin at whatever value it is being traded at.

Simple system like that.

If you can clear up your post and make it a bit easier to understand more people would likely be able to help.














 

 

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rk33
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February 08, 2017, 04:53:31 AM
#3

To be completely honest I have no idea what it is you're trying to say.

You have the same spot price across the entire post, at $1408.18, and the only discernable number for Bitcoin is 0.355.

You are buying a portion of Bitcoin, and there is no "expensive" value that Bitcoin has beyond buying at a peak. If you buy $20, you get $20 of Bitcoin at whatever value it is being traded at.

Simple system like that.

If you can clear up your post and make it a bit easier to understand more people would likely be able to help.

ok like it says 1408.18   how do I know if that a good price to buy it at... compared to like last weeks price...   so if price was for example 1350.08   is that a better price or the 1408.18    how do i determine what is a good price to buy at im not that educated with the chart
pooya87
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February 08, 2017, 05:08:02 AM
#4

what you are asking is a trading question, you need to know (and speculate) if when you invest price can go higher or lower.
and when 1BTC is 1408.18 CAD that means ~0.355BTC is worth 500 CAD
and i believe 498.1 is CAD and is what you are paying after they deduct the fees. (you should've posted a screenshot it was easier to understand)

it is like this:
you have 500 CAD, after deducting fees it will be 498.1 CAD (0.38% ?)
then 498.1 CAD is ~0.035BTC

Yakamoto
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February 08, 2017, 05:11:10 AM
#5

To be completely honest I have no idea what it is you're trying to say.

You have the same spot price across the entire post, at $1408.18, and the only discernable number for Bitcoin is 0.355.

You are buying a portion of Bitcoin, and there is no "expensive" value that Bitcoin has beyond buying at a peak. If you buy $20, you get $20 of Bitcoin at whatever value it is being traded at.

Simple system like that.

If you can clear up your post and make it a bit easier to understand more people would likely be able to help.

ok like it says 1408.18   how do I know if that a good price to buy it at... compared to like last weeks price...   so if price was for example 1350.08   is that a better price or the 1408.18    how do i determine what is a good price to buy at im not that educated with the chart
Buying at a low value and selling at a high value (buy low sell high) is essentially the essence of basic trading of any kind. Be it stocks, commodities or Bitcoin, there's a lot of things that follow that statement.

Buying when it is low also lets you have more Bitcoin, which is good for when it goes up, as your stuff gains value at a larger rate than if you had the same amount.

I recommend reading a stock trading 101 to get some experience with what you're doing.














 

 

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shamzblueworld
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February 08, 2017, 05:13:47 AM
#6

To be completely honest I have no idea what it is you're trying to say.

You have the same spot price across the entire post, at $1408.18, and the only discernable number for Bitcoin is 0.355.

You are buying a portion of Bitcoin, and there is no "expensive" value that Bitcoin has beyond buying at a peak. If you buy $20, you get $20 of Bitcoin at whatever value it is being traded at.

Simple system like that.

If you can clear up your post and make it a bit easier to understand more people would likely be able to help.

ok like it says 1408.18   how do I know if that a good price to buy it at... compared to like last weeks price...   so if price was for example 1350.08   is that a better price or the 1408.18    how do i determine what is a good price to buy at im not that educated with the chart
That is a risk you have to take when buying bitcoin because you never know what the price will be tomorrow or the day after.
So if I'd have to recommend, I'd say wait for the price to go below $1000 and then buy, I think that would be better than buying it now at this peak price.
traderethereum
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February 08, 2017, 05:15:17 AM
#7

To be completely honest I have no idea what it is you're trying to say.

You have the same spot price across the entire post, at $1408.18, and the only discernable number for Bitcoin is 0.355.

You are buying a portion of Bitcoin, and there is no "expensive" value that Bitcoin has beyond buying at a peak. If you buy $20, you get $20 of Bitcoin at whatever value it is being traded at.

Simple system like that.

If you can clear up your post and make it a bit easier to understand more people would likely be able to help.

ok like it says 1408.18   how do I know if that a good price to buy it at... compared to like last weeks price...   so if price was for example 1350.08   is that a better price or the 1408.18    how do i determine what is a good price to buy at im not that educated with the chart

i think before you want to buy bitcoin, you need to take a look in other market first and see how the trend is look like, is it going to down or still increase. after you think that the trend is moving down and maybe reach 1405, you can place a buy order in coinbase in 1403-1404.5 so if the price is getting lower than 1405 and reach 1403, your order will be fill. i don't know how much bitcoin you will get with $500 CAD, you can see on the market itself, maybe less or maybe more bitcoin you can get.

PokerFace3
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February 10, 2017, 08:16:38 PM
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i think before you want to buy bitcoin, you need to take a look in other market first and see how the trend is look like, is it going to down or still increase. after you think that the trend is moving down and maybe reach 1405, you can place a buy order in coinbase in 1403-1404.5 so if the price is getting lower than 1405 and reach 1403, your order will be fill. i don't know how much bitcoin you will get with $500 CAD, you can see on the market itself, maybe less or maybe more bitcoin you can get.
Indeed, the best thing to do before jumping into the bitcoin industry is to really study how much are you going to profit from it and are you willing to be patient and go all the way, and most importantly you need to look a t the current price and the price that it could reach, if it is low buy if it is high wait for it until it goes down that way you ensure your profit.
RodeoX
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February 10, 2017, 08:37:58 PM
#9

Hi, we are all noobs in bitcoin. It's new!
Perhaps this helps answer your question. The "price" of bitcoin is an ever changing figure that ultimately is up to the individual who is selling. The spot price that most people use is normally an average price of many markets at that moment. Whatever you pay today may be quite different from tomorrows price and no one, I mean literally NO ONE, knows what the future price will be. 
So if your concern is paying more than tomorrows price the best you can do is buy when the price is declining. It is no guarantee, but if you buy when the price is climbing you may be holding your coins during a price correction.  In that case they will be worth less than you paid. Over all the price has gone up year to year in spectacular fashion. So you will likely see a higher valuation than you paid if you just wait.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
Undermood
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February 11, 2017, 04:03:42 AM
#10

Most traders fear the price will move to unexpected directions, it is not just you. But as a professional traders, they should know the trend of price movements and do the trades, have exit strategy. As new one, I suggest we could buy small amount to try it.

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