Bitcoin Forum
November 23, 2017, 06:54:10 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Workflows around the long transfer time  (Read 322 times)
RaptorRed
Newbie
*
Offline Offline

Activity: 13


View Profile
November 05, 2013, 06:55:58 PM
 #1

Much of the advice here is to not keep the majority of your bitcoins in an online wallet or exchange like Coinbase and Mt Gox. A potential problem is that (to my understanding) it takes up to 7 days to transfer coins from one system to the next. So if I have a cold wallet and I see that bitcoins are beginning to average a decline, it will take 7 days to move my bitcoins from my wallet to my exchange in order to sell them? Is this accurate? Isn't this detrimental to keeping up with the ups and downs of the price; by the time I move them from my wallet to an online exchange the price may have dropped over 15%.

If this is true, what type of workflow do you suggest to go from wallet to exchange and back to wallet in order to offset the time delay when it comes to buying and selling bitcoin at the proper low/high times? 
1511463250
Hero Member
*
Offline Offline

Posts: 1511463250

View Profile Personal Message (Offline)

Ignore
1511463250
Reply with quote  #2

1511463250
Report to moderator
1511463250
Hero Member
*
Offline Offline

Posts: 1511463250

View Profile Personal Message (Offline)

Ignore
1511463250
Reply with quote  #2

1511463250
Report to moderator
Join ICO Now A blockchain platform for effective freelancing
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511463250
Hero Member
*
Offline Offline

Posts: 1511463250

View Profile Personal Message (Offline)

Ignore
1511463250
Reply with quote  #2

1511463250
Report to moderator
1511463250
Hero Member
*
Offline Offline

Posts: 1511463250

View Profile Personal Message (Offline)

Ignore
1511463250
Reply with quote  #2

1511463250
Report to moderator
odolvlobo
Legendary
*
Offline Offline

Activity: 1960



View Profile
November 05, 2013, 07:32:29 PM
 #2

Much of the advice here is to not keep the majority of your bitcoins in an online wallet or exchange like Coinbase and Mt Gox. A potential problem is that (to my understanding) it takes up to 7 days to transfer coins from one system to the next. So if I have a cold wallet and I see that bitcoins are beginning to average a decline, it will take 7 days to move my bitcoins from my wallet to my exchange in order to sell them? Is this accurate? Isn't this detrimental to keeping up with the ups and downs of the price; by the time I move them from my wallet to an online exchange the price may have dropped over 15%.

If this is true, what type of workflow do you suggest to go from wallet to exchange and back to wallet in order to offset the time delay when it comes to buying and selling bitcoin at the proper low/high times? 

It takes 7 days if the exchange has some kind of restriction or if you are transferring cash. Otherwise, BTC should transfer very quickly. In the end, if you are doing any kind of currency trading, you are going to have to keep coins on the exchange and risk it.

Buy bitcoins with cash from somebody near you: LocalBitcoins
Join an anti-signature campaign: DannyHamilton's ignore list
sushi
Full Member
***
Offline Offline

Activity: 238

ASIC Myth Buster


View Profile
November 05, 2013, 10:13:38 PM
 #3

what is the difference between the software wallet and the online or app wallet?  Can you transfer coins with the same speed?

>>> PM me for New ASIC Miner's Info.  We will go check it out <<<
FEEL GENEROUS TODAY?  ==> 1AHNusc3BQA2QJCokySAQ1Qtymr1ZyAG6P
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!