how to do first transaction

[scottmazzy]

Hi guys...I'm totally green and I figure it is better to ask now than to not ask and make an expensive mistake.

I have purchased a bitcoin for, with fees, $2328.  I will transfer that to my Bittrex account when I get it in 4 days.  Once the price goes up to say $2528 I could sell it for a $200 profit (minus approx $7.00 fee).  Here are my questions at this point:
1.  Is a $200 profit an acceptable goal?
2.  Once I sell it how does the US dollar amount get transfered to my account?  Does it automatically get transfered into a US Dollar wallet in my account?
3.  Assuming that I now have approx $2528 in some part of my Bittrex account I could wait until Btc goes down again and then buy it and repeat the cycle (or purchase another altcoin).

Do I have it correct so far?  Any suggestions?

Thanks,
Scott

[BrewMaster]

what do you mean by "i get it in 4 days" are you talking about the bitcoin confirmation time? in which case pay a higher fee and get it confirmed in less than 10 minutes! a 330 satoshi/byte is good.

1. yes

2. yes, if you sell to market's top order (bid) then it will be filled right away and the amount will be credited to your balance immediately. but bittrex does NOT have USD market. that is USDT also known as Tether which is an altcoin. be careful with it.

3. technically yes. but only if it goes down and not continue going up. and the same is true when buying back, if it goes up not continue going down. it all comes down to the speculation you can make. if you can speculate closed to reality then you make more profit and if you are far off you may lose money.

just start small, don't go crazy and if you lost money and make mistakes don't lose your confidence. learn from your mistakes and try not to repeat them again.

[scottmazzy]

thanks for the data.  I don't like the sound of USDT.  Maybe I should deal with another exchange such as Poloniex.  I would want to be able to sell my Bitcoin and end up with US dollars in the transaction.  Is there any exchange that would transact to US dollars?

What is a 330 satoshi/byte?

Regarding starting small...I could wait until BTC goes up, sell it and then wait for it to go down and buy a smaller amount

Scott

[piloder]

thanks for the data.  I don't like the sound of USDT.  Maybe I should deal with another exchange such as Poloniex.  I would want to be able to sell my Bitcoin and end up with US dollars in the transaction.  Is there any exchange that would transact to US dollars?

Poloniex also only have BTC-USDT pair and same for bitfinex. I think kraken and coinbase are the only option left for you to sell your bitcoin for USD and transfer them to your bank account. You should check their withdrawal option page and find out whether they support withdrawal of USD to your country's bank or not.

[scottmazzy]

Wow...this is complex.  Kraken and coinbase have a very limited # of altcoins to trade with.  And even if I wanted to deposit my $ there it could run up charges depositing and withdrawing from my credit cards or bank account.  Brewmaster said to be careful with USBT.  Where is the danger?  Since it is an altcoin can it vary in value...is that the danger?  If so then it seems that the best thing to do would be, once I have sold the BTC, to immediately purchase another safe altcoin that will hold its value.  If I had sold an altcoin then it might be best to invest it in BTC.  With BTC it is a safe investment but still can vary in value.  Am I correct on this evaluation?  Any further advise would be helpful.

Scott

[scottmazzy]

I may have found an answer to my question.  It looks like Coinbase has an insured hosted currency wallet which they don't charge to use.  Since I have an account on Coinbase I can sell a coin on another exchange and receive payment in bitcoin.  Then I can sell the bitcoin on Coinbase exchange and then place the US dollar in their hosted currency wallet.

Did I get that right?

Scott

[gabmen]

200$ would already be a decent amount of earning dude especially if you're just starting with trades. And what i usually do is i keep my earning in my poloniex wallet for future trades even if i've earned already and i just transfer to my personal wallet when i need it. That way i wouldn't regret the fact that withdrew when btc prices goes up. You also have to make sure you use a secure wallet for your btc to usd transfer. I use blockchain

[Alvin RS6]

200$ is decent. You should diversify some BTC between altcoins and you probably could see even bigger gains than 200,.