Exchange BTC/XRP and XRP/BTC

[elements]

Hi there,

I was wondering if there was already an exchange which can be funded with XRP and
the XRP can be exchanged for BTC (and the other way round) yet, so that both currencies can be traded directly
(like on MT Gox fiat/btc and btc/fiat exchange).

Even though I looked for two hours in the last day I couldn't find any.

When I tried to fund Bitstamp with XRP the came straight back for some reason...

Does anyone know how XRP can be exchanged for BTC and vice versa?

Help would be appreciated!

[gweedo]

ripple has a built in exchange click trade

[elements]

I've seen that, but I don't get how it works.
There is something called "change issuer" what does this mean.

Thanks!

[Peter Lambert]

What you want to do is change issuer to BitStamp. Then you can trade the BTC/Bitstamp for XRP.

[elements]

a) how do you do that (I have a Bitstamp account but nothing on it neither XRP nor BTC nor fiat)

b) is that the only exchange? is there also a mt gox "issuer"

Thanks!


Info: I already have ripples in my ripples wallet.

[gweedo]

I've seen that, but I don't get how it works.
There is something called "change issuer" what does this mean.

Thanks!

It works the same way as any exchange works you put in a sell order of XRP for BTC.

Change issuers just means which place are you looking to trade IOU within. As you said bitstamp is one of those issuers.

[elements]

ok, so I entered the ripple address of bitstamp (the one I got when I wanted to fund my bitstamp account) into the "change issuer" field.

then I got the order page where I could choose from sell or buy btc.

I entered 0.01 btc - 6000 xrp (per united price) = 60 xrp
and confirmed.

The order was accepted and then something strange happened:

Under "my orders" it showed:

Type    Pair                                      Price                  Amount
sell      XRP                                      0.00016 BTC        60 XRP
           BTC (Bitstamp deposit)                                                        CANCEL


So what's going on with the "price" is that a bitstamp fee or what does that mean?
Can I see my order anywhere in the order book?


Help is appreciated.


Thanks, guys!

[Peter Lambert]

a) who do you do that (I have a Bitstamp account but nothing on it neither XRP nor BTC nor fiat)

b) is that the only exchange? is there also a mt gox "issuer"

Thanks!

If you look on the ripple wiki there should be a list of gateways. I have used bitstamp and WeExchange (they are the ones which link to BitFunder). MtGox does not currently have any direct gateway within the ripple system.

Do you mean "How do you do that"?

OK, stop me if I am going into too much detail: (skip any steps you have already done)

1 - Go to BitFunder, register for an account.

2 - Go to ripple.com/client, open a ripple wallet

3 - Fund the ripple account with the minimum XRP reserve by doing one of the following:
- 3a - buy some XRP from a forum member (either here or on the ripple forum)
- 3b - ask for one of your friends who already uses Ripple to gift you some XRP
- 3c - get a loan (and pay back after buying some XRP using the system later) (If you want to go this route PM me)
- 3d - On the ripple forum there is a "pay it forward" thread for helping people get started using ripple

4 - Send BTC (or USD) to your BitStamp account.

5 - On the Bitstamp website you should find their Ripple account number (I think you can see it if you go to Deposit - Ripple), Copy that number and go to the Ripple client, click on "add contact", paste the account number and write BitStamp in the name field.

6 - Go to the "trust" page, add a trust for BitStamp greater than the amount of BTC you deposited.

7 - On the BitStamp website, go to "Withdraw", choose "Ripple" and fill out the form. Now you have BTC from BitStamp on Ripple.

8 - Now go on the Ripple website to the "Advanced" - "Trade" tab. Click on the "Change issuer" and select Bitstamp. You can now trade XRP/BTC or BTC/XRP.

[Peter Lambert]

I entered 0.01 btc - 6000 xrp (per united price) = 60 xrp
and confirmed.

The order was accepted and then something strange happened:

Under "my orders" the were the following entries:

Type    Pair                                      Price                  Amount
sell      XRP                                      0.00016 BTC        60 XRP
           BTC (Bitstamp deposit)                                                        CANCEL


So what's going on with the "price" is that a bitstamp fee or what does that mean?
Can I see my order anywhere in the order book?

It is just showing you the price of XRP in bitcoins, when you entered the order you were using the price of bitcoins in XRP.

It is the same price, just flipped upside down. It is like how BTC cost 112.3 USD, and USD cost 0.008905 BTC. Same price, just looking at it from two different sides.

[elements]

ok, it's the 1/(btc price denominated in xrp) - but still a little strange since I entered 0.01 btc @ 6000 xrp the price shoud be either 0.0001666667 or 0.00017, right? but it shows 0.00016 which means 1 btc = 6250 xrp ...?

And: does this mean my order is already in the system?

thanks.

[elements]

Ohhhkeeeee,
looks like the first trade has been made:
I entered another offer 0.01 BTC @ 6500 XRP and the order got filled partially: 0,0005 btc for 3,25 xrp

The BTC show in my ripple account.
Ok, how can I withdraw my BTC to my BTC client now?

Thanks for help.

[gweedo]

Ohhhkeeeee,
looks like the first trade has been made:
I entered another offer 0.01 BTC @ 6500 XRP and the order got filled partially: 0,0005 btc for 3,25 xrp

The BTC show in my ripple account.
Ok, how can I withdraw my BTC to my BTC client now?

Thanks for help.

go to bitstamp and you have to withdraw it to them, then to your bitcoin address.

[elements]

Thank you guys.

I realized that I can even fund Bitstamp via Ripple webclient in XRP but receive BTC in my Bitstamp account.
That's pretty cool.

So thanks for your help!

Take care!

[FilipZ]

If you look on the ripple wiki there should be a list of gateways. I have used bitstamp and WeExchange (they are the ones which link to BitFunder). MtGox does not currently have any direct gateway within the ripple system.

Do you mean "How do you do that"?

OK, stop me if I am going into too much detail: (skip any steps you have already done)

1 - Go to BitFunder, register for an account.

2 - Go to ripple.com/client, open a ripple wallet

3 - Fund the ripple account with the minimum XRP reserve by doing one of the following:
- 3a - buy some XRP from a forum member (either here or on the ripple forum)
- 3b - ask for one of your friends who already uses Ripple to gift you some XRP
- 3c - get a loan (and pay back after buying some XRP using the system later) (If you want to go this route PM me)
- 3d - On the ripple forum there is a "pay it forward" thread for helping people get started using ripple
................

So there is no way to get RPC from WRC until I fund my wallet for first time with minimum 25 RPC?

[jwinterm]

So there is no way to get RPC from WRC until I fund my wallet for first time with minimum 25 RPC?

RPC is ron paul coin, fyi. XRP is symbol for ripple.

[BTCOnetime]

40k XRP up for grabs, trade for BTC only, any takers?