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Author Topic: I have MTGOX $$, how do I buy bitcoins?  (Read 721 times)
react4092
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July 09, 2011, 11:53:07 PM
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I have been given some MTGOX $, how can I buy bitcoins at the cheapest rate?

Thanks
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haydent
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July 09, 2011, 11:54:44 PM
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well if you make a 'buy order' for and there is a matching 'sell order' the transaction happens onterwise it waits till there is a match. you pick the price.

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react4092
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July 10, 2011, 12:36:04 AM
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when said person accepts my offer, is there a new box where I can put contact info and my BTC address?
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July 10, 2011, 12:38:45 AM
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when said person accepts my offer, is there a new box where I can put contact info and my BTC address?

Your contact address is already at mt gox
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July 10, 2011, 12:44:19 AM
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when said person accepts my offer, is there a new box where I can put contact info and my BTC address?

the exchange happens automatically, as your $$ is loaded in and the sellers btc is loaded into gox system too. so gox just takes $$ from your account gives it to seller and takes btc from seller and puts it into your account. then you withdraw your btc to a btc address you supply.

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July 10, 2011, 01:27:43 AM
 #6

when said person accepts my offer, is there a new box where I can put contact info and my BTC address?
It's none of that person's business who you are. And if your order is filled by many different suppliers, you wouldn't want to have to arrange details with all of them.

The way an exchange work is you deposit funds of some kind. You can then place offers backed by the funds you've already deposited. When two offers match, the exchange adjusts the balances of both parties. When you're finished trading with some funds, you can withdraw them.

So you put in dollars, you can exchange them for bitcoins by placing a 'buy' order. As your order is filled, your dollar balance on the exchange will drop and your bitcoin balance will increase. Whenever you need to, you can withdraw either bitcoins or dollars from your account.

I am an employee of Ripple.
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react4092
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July 10, 2011, 02:33:35 AM
 #7

Is it possible for someone to transfer USD from their mtgox acc to mine?
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July 10, 2011, 04:24:05 AM
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Yes, its entirely possible via redeemable codes. They could change their usd for a code and give that to you. Then you redeem 'em for the money Grin

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react4092
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July 10, 2011, 05:05:50 AM
 #9

Cool thanks^

Cheers for the help guys, think that's all for the moment Tongue
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