Buying and selling for dummies..

[Hookmankelz]

I'm new to the Bitcoin market and I am wondering exactly how the buying and selling process works.

Say I want to buy 4 BTC and the current market price is 500 USD, do I jus click a few buttons and receive my 4 BTC or do I have to search for a buyer?

Inversely if I want to sell my BTC for a profit, say they are now worth 600 a piece, do I just click a few buttons and instantly receive 2400 (600USDx4BTC) or must I search for a seller?

I am a mt GOX user btw.

[uininPeter]

I'm new to the Bitcoin market and I am wondering exactly how the buying and selling process works.

Say I want to buy 4 BTC and the current market price is 500 USD, do I jus click a few buttons and receive my 4 BTC or do I have to search for a buyer?

Inversely if I want to sell my BTC for a profit, say they are now worth 600 a piece, do I just click a few buttons and instantly receive 2400 (600USDx4BTC) or must I search for a seller?

I am a mt GOX user btw.

You may sell/buy instantly at current market price or you can make sell/buy order and wait for it to be filled, like buy at 200, sell at 2,000 or whatever
% fee is deducted for every trade

[Hookmankelz]

That's simple, thank you for the information.

[musicchimp]

I'm not to sure how to do that either. I think you can buy things.

[rvmouley]

You can buy instantly or sell.

You may also buy things too.

To make profit, buy now and next week you will definitely take good at right time.

[trumbadera]

To make profit, buy now and next week you will definitely take good at right time.

There is nothing certain, only death 

[koshgel]

best place is one of the trade exchanges

[longshot92]

So far the best site I've found for buying bitcoin in USD is coinbase.  It takes a few days for the bitcoin to show up in your account, but the fees are relatively low, and the price is locked in at the time of your purchase.  You can get them sent straight to your wallet or to an account on an exchange. 

Coinbase also has an "instant buy" feature, which will allow the bitcoin to show up in your wallet immediately, but you have to verify your identity and provide a credit card, haven't been able to get that working at the moment because it only works for Visa and I only have a Mastercard...

My advice is to stay away from BTC-e, the fees are absurdly high

Hope this helps!

[tuvok007]

What about bitstamp? I"ve just joined there and send them my id for verification. How many days does it take for verification?

[JeffRKY]

Yeah, on BTC-e I cashed out, and the only option I really had was PayPal. I got hit with about 10% of my entire payout by BTC-e and PayPal fees combined.

[Hookmankelz]

How is mt GOX in terms of fees ? Would you recommend using them?

Also, how do you all suggest i protect my wallet?

[torealise]

i think, if you are dummy  in buying/selling, than better to buy in long term some amount of btc and not sell it at all