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Author Topic: How exchanges work  (Read 690 times)
oddity
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June 21, 2011, 04:19:03 AM
 #1

Hey all,
I'm very new to trading anything so maybe this is a dumb question but:

If an exchange lists the current highest bid price as $10 and I enter a new sell order for $9 will the transaction go through at $10 or $9?
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin-Qt, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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June 21, 2011, 04:28:35 AM
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$10.  Its also about liquidity, or how much is available to be bought at a certain price. Say you wanted to sell 1000BTC at no lower than $9. On the exchange there are bids for $10 but only 500BTC worth. There is 200 BID at $9.5 and 1000 at $9. Your Sell of 1000BTC at $9 executes a sell at $9, $9.5 and $10.

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June 21, 2011, 06:24:11 AM
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thanks!
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