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Author Topic: can you explain me something about buy/sell bitcoin  (Read 2984 times)
peter
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December 09, 2010, 03:41:55 PM
 #1

I have got 100 $ and 100 euro. I bought bitcoins for 100$ and 100 euro. After month I can sell bitcoins and recived 200 $ or 200 euro ? Because of the change of euro/usd 1.4 and after a month 1.6 I can recive 200 $ or 200 euro and make money on it ?
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Cryptoman
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December 09, 2010, 03:47:59 PM
 #2

If the exchange rate has moved in your favor, then yes you will make money.  Beware though, the exchange rate has been very volatile over the last few months!

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
peter
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December 09, 2010, 03:55:20 PM
 #3

If the exchange rate has moved in your favor, then yes you will make money.  Beware though, the exchange rate has been very volatile over the last few months!

It is too good to be true. Because for exmaple 1 bitcoin= 1 euro, 1 bitcoin= 1 usd. I have got 100,000 euro and 100,000 usd i bought bitcoins for all cash, after euro/usd change + 5%. I exchange bitcoins to euro 200,000 euro and then 100,000 euro to usd and recive 105,000 usd. So i will recive 100,000 euro and 105,000 usd.
"If the exchange rate has moved in your favor" my favor is - or + 5 % to euro or usd dosent matter.
What are the rates for bitcoin/usd , bitcoin/euro ? are they always this same ? how much i need to pay for exchange bitcoin to usd or bitcoin to usd ?
Cryptoman
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December 09, 2010, 04:08:57 PM
 #4

In order to make money, you have to buy and hold Bitcoin for some period of time and hope that the value of Bitcoin rises (which it has mostly done over the past 6 months).  Don't forget that there is a cost to exchange to-and-from national currencies, around 3-20% each way depending on the method.  While it's possible to make money speculating, I recommend that you try to earn Bitcoins by contributing to the Bitcoin economy.

You can go here to check the exchange rate between USD and Bitcoin: http://bitcoinwatch.com/

I like XE.com for checking exchange rates between the national currencies.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
peter
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December 09, 2010, 04:14:27 PM
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In order to make money, you have to buy and hold Bitcoin for some period of time and hope that the value of Bitcoin rises (which it has mostly done over the past 6 months).  Don't forget that there is a cost to exchange to-and-from national currencies, around 3-20% each way depending on the method.  While it's possible to make money speculating, I recommend that you try to earn Bitcoins by contributing to the Bitcoin economy.

You can go here to check the exchange rate between USD and Bitcoin: http://bitcoinwatch.com/

I like XE.com for checking exchange rates between the national currencies.


I understand now... This is curency that is not controled by any gov institution. So bitcoin god, can change the currency rates for his favour. Bitcoin god have got 1.000.000.000.000.000 bitcoins and will sell them to naive people that will think that bitcoin will be more valuable after a while... great idea

For example now 1 bitcoin = 0.001 usd but after it will be worth 0.010 usd Every body that will buy bitcoins at 0.010 usd will lose there money becuase bitcoin god will make 0.005 usd/bitcoin and recive a lot of money Smiley
BitLex
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December 09, 2010, 04:24:34 PM
 #6

Quote
Because for exmaple 1 bitcoin= 1 euro, 1 bitcoin= 1 usd.

i doubt this will ever happen, except the exchange rate of USD:EUR is 1:1, which is very unlikely in the next couple of months at least


currently it's either Nbtc = 1eur =~ 1.3usd, OR Nbtc = 1usd =~ 0.77eur.

if you wanna make profits off the USD:EUR (or other fiat currency) rates, trade on forex.

and there wont be "1.000.000.000.000.000 bitcoins" ever,
the network has just been able to create 4.84 million BTC so far (and some of those are already lost forever) and by the year 2130something it'll be max. 21 million.

kiba
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December 09, 2010, 04:26:42 PM
 #7

Bitcoin god?  Huh

Cryptoman
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December 09, 2010, 04:27:40 PM
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Please do some more reading on Bitcoin.  There is no bitcoin god (apologies to Satoshi-san).  It is a decentralized currency which cannot be controlled by a single person.  Having said that, there are probably some unscrupulous individuals out there who might mislead you into thinking you can make instant money off of them.  It is like any other commodity that you might buy or sell.  Ok, well, maybe not just like any other commodity.  Read the FAQ.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
peter
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December 09, 2010, 04:44:09 PM
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Please do some more reading on Bitcoin.  There is no bitcoin god (apologies to Satoshi-san).  It is a decentralized currency which cannot be controlled by a single person.  Having said that, there are probably some unscrupulous individuals out there who might mislead you into thinking you can make instant money off of them.  It is like any other commodity that you might buy or sell.  Ok, well, maybe not just like any other commodity.  Read the FAQ.

Ok mayby i dont understand and need to read more. But bitcoin is not trustable today. It can be big scam to
caveden
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December 09, 2010, 05:00:15 PM
 #10

hehe, peter, at least read the FAQ...

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peter
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December 09, 2010, 05:10:05 PM
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hehe, peter, at least read the FAQ...
Ok, but tell me something exchange rate bitcoin/euro will work this same like on forex usd/eur ? more people want to buy usd, usd go up etc ?
caveden
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December 09, 2010, 05:21:34 PM
 #12

Bitcoins are not pegged to anything, if that's what you're asking. Their price floats freely.
There's no institution behind bitcoins, it's a P2P currency.

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peter
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December 09, 2010, 05:26:03 PM
 #13

Bitcoins are not pegged to anything, if that's what you're asking. Their price floats freely.
There's no institution behind bitcoins, it's a P2P currency.

So it is nothing that will make it go up or down ?
BitLex
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December 09, 2010, 05:47:53 PM
 #14

if people want bitcoins and buy lots of them, price will go up,
if people don't like bitcoins anymore and sell lots of them, price will go down.

that's what makes it go up and down, there's nothing else, no bitcoin-god, no big company, no government, just users.

grondilu
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December 09, 2010, 05:55:02 PM
 #15

So it is nothing that will make it go up or down ?

No, there isn't anyone who "decides" that, apart from the collective result of individual behaviors.
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December 09, 2010, 05:59:59 PM
 #16

it is very simple

Like for buying any stock on a stockexchange, you can buy and sell bitcoins on bitcoin exchanges .

Then what you want is "buy low sell high"

Bitcoin is still in its infancy, chances are that longterm prices can rise significantly. It could be like apple when they were at 2 dollars...

Of course, there are always risk for declines, in the end it is you to decide.

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Grant
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December 09, 2010, 06:09:50 PM
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So it is nothing that will make it go up or down ?

As far as i understood it (having discovered bitcoin just 2 days ago). The core price factor = demand (very much like in anything else). But, with the difference from modern RL currencies or the asset-backed-currencies, that there is no magician shining you some metals. Making you blind about the fact it is demand that drives it price (not the shinyness), nor is there any other magician adjusting interest rates from his helicopter to fool people to buy into his ponzi scheme.

That's really where i found this exceptionally attractive as a form of currency.

ribuck
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December 09, 2010, 07:02:37 PM
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Newcomers might find the MtGox charts interesting:
https://mtgox.com/trade/history
MoonShadow
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December 09, 2010, 07:11:16 PM
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So it is nothing that will make it go up or down ?

As far as i understood it (having discovered bitcoin just 2 days ago). The core price factor = demand (very much like in anything else). But, with the difference from modern RL currencies or the asset-backed-currencies,


There is no asset backed currency left in the world that is honored by any government.  Even the Swiss caved into pressure from the European Monetary Union.  I'm betting they are regreting that decision these days.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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