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Author Topic: Intersango exchange (formerly Britcoin)  (Read 70992 times)
garyrowe
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May 31, 2011, 08:48:59 PM
 #101

Further thoughts from a Bitcoin noob working his way through Britcoin. Need to post it now, while I'm still in the mindset.

So last night I transferred a fair amount of cash into the Britcoin account. Here's my thinking as I progressed from there:

"Right, it's been 24 hours let's go check. OK, login with OpenId, oh 'Welcome back, commander' (very Elite - me like) and wahey - my funds have cleared! Nice work genjix."

"Now what? Um... Order book? Lots of listings there so I just click where to place the order.... um... er... help <click>"

So it's all done from the front page. I type in how much of what I want and it works out the order based on the best available rate. Righto...

"<Tappity tap> Tarnation! The rate's moved and I've just lost out on 6BTC in 24 hours. Mutter, mutter, pesky miners introducing scarcity, mutter. Buy, buy, buy, bye, bye. <Click>."

Let's see what happens next.

So from the above it would seem that having a "Place order" above the order book would be useful. I wasn't really expecting to have to do any work from the home page, that's normally associated with a bit of marketing fluff. Although it would probably involve a redesign of the layout, I'd expect to see a "Place order" box prominently displayed on every page (perhaps on the left in a column).

Thanks again for putting the site together and for handling my transaction smoothly - much appreciated. So far no problems at all. Great service.

Bitcoin enthusiast and Java programmer contributing to https://multibit.org and http://bitcoin.stackexchange.com
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teukon
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June 01, 2011, 07:58:43 AM
 #102

So from the above it would seem that having a "Place order" above the order book would be useful. I wasn't really expecting to have to do any work from the home page, that's normally associated with a bit of marketing fluff. Although it would probably involve a redesign of the layout, I'd expect to see a "Place order" box prominently displayed on every page (perhaps on the left in a column).

It was surprising to find that the page used to place an order is the home page.  Rather than adding arbitrary links everywhere I would perhaps add extend the label 'Home - Return home' to 'Home - Place an order' in the right-hand navigation list.

The way that an appropriate amount of BTC/GBP is filled in when you enter the GBP/BTC you want to trade (using the best ask/bid) is good but given that
- The market volume is rather low.
- The rate is such a vital piece of information in placing an order.
I would suggest that beneath the currency converter section on the home page there could be a section which lists the 3 best bids and asks (rate, giving, and wanting).

This would be useful for people wanting to place an order roughly in the middle of the spread and also quite useful for those of us who want to buy/sell 50 BTC or more and would like to see if the best bid(s) ask(s) are for significant sums.  Also, I find myself doing a lot of copying between the orderbook and the homepage for various reasons.  I currently keep two tabs open for these pages and switch between them frequently but I'm only interested in the best 3 or so from the bid and ask lists (so there is a lot of scrolling going on too).

Anyway, not a request, just a suggestion.
garyrowe
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June 01, 2011, 08:07:59 AM
 #103

I'd certainly agree that the facility for the buyer/seller to set their own rates is very useful. This will introduce a lot of extra flexibility into the process.

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thirdlight
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June 01, 2011, 10:54:01 AM
 #104

You can set your own rate by filling in both sides of the "converter".

eg Currency I have: £10, currenty I want: 2BTC, hit "Buy" and you've just placed an order for 2BTC at £5 each. You'll see it on the orderbook, with the other £250 (currently) waiting at that price.

It would be nice, though, to be able to enter the rate - say I have £12.34 and I want to buy at £5.25 per bitcoin, I'd like not to have to work out that I want 2.35BTC.
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June 02, 2011, 03:55:21 PM
 #105

hi, great to see some british input on bitcoins. I have a query about your site, im by no means technically minded so i cant understand why your prices given are around the 8-9£ mark whereas MtGox, one of the main players is trading at around 5-6£ why is there this big difference, wouldnt people just come to your site for the extra 30-40%?

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garyrowe
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June 02, 2011, 08:24:51 PM
 #106

As promised here is the final episode in my newbie Bitcoin visit to Britcoin. I've just finished transferring my shiny new BTCs into my wallet and it all went as smooth as silk. Once again, a triumph.

No problems whatsoever. Get them while they're hot, then spend 'em to kickstart the new economy!

:-D

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June 03, 2011, 06:14:01 PM
 #107

hi, great to see some british input on bitcoins. I have a query about your site, im by no means technically minded so i cant understand why your prices given are around the 8-9£ mark whereas MtGox, one of the main players is trading at around 5-6£ why is there this big difference, wouldnt people just come to your site for the extra 30-40%?

How much does it cost to move GBP to USD?

Edit: This is an answer to thekoolio's question rather than a request for information.
The Koolio
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June 03, 2011, 10:20:28 PM
 #108

can i just say guys, britcoin is bloody amazing, earlier today i had my money in mtgox, worth around $13 each, moved them to britcoin at the peak of todays prices, and received £63 for 4.2BTC, thats about $104, or $24 each! wicked site, my fav exchange now!

Genjix, any posibility of adding graphs of price movement, including a depth of market graph?! Also when are withdrawals and deposits going to be made automatic for verification?

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gigitrix
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June 04, 2011, 01:35:16 AM
 #109

can i just say guys, britcoin is bloody amazing, earlier today i had my money in mtgox, worth around $13 each, moved them to britcoin at the peak of todays prices, and received £63 for 4.2BTC, thats about $104, or $24 each! wicked site, my fav exchange now!

Genjix, any posibility of adding graphs of price movement, including a depth of market graph?! Also when are withdrawals and deposits going to be made automatic for verification?

I know it might not be what you wanted, but Bitcoin charts does a great one using the feed: http://bitcoincharts.com/charts/britcoinGBP
The Koolio
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June 04, 2011, 02:14:43 AM
 #110

can i just say guys, britcoin is bloody amazing, earlier today i had my money in mtgox, worth around $13 each, moved them to britcoin at the peak of todays prices, and received £63 for 4.2BTC, thats about $104, or $24 each! wicked site, my fav exchange now!

Genjix, any posibility of adding graphs of price movement, including a depth of market graph?! Also when are withdrawals and deposits going to be made automatic for verification?

I know it might not be what you wanted, but Bitcoin charts does a great one using the feed: http://bitcoincharts.com/charts/britcoinGBP

Thanks for that, havnt seen that site before, just what I needed!

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warsmith
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June 04, 2011, 02:54:40 PM
 #111

Is there still a way to withdraw GBP to a non UK bank account in EU? I've seen the international withdrawal section where you put in IBAN/SWIFT etc., but now it's gone.
Kehaar
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June 06, 2011, 09:40:37 AM
 #112

To deposit BTC I just send to the address on the page, but how does he know what account to put it in?

Is there a unique account for every member or.....?
thirdlight
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June 06, 2011, 09:54:04 AM
 #113

Unique for every member for every deposit.
granrojo
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June 06, 2011, 04:00:17 PM
 #114

Just some feedback on the site:

I wanted to sell 78 Bitcoins and obviously wanted to get the best price possible, however, I wanted the order filled straight away.

I placed my order at a price below the highest bid to ensure that the whole order was fulfilled. I checked the order book first to see the volume. When my trade was executed it did the whole order at the lower price.

Tbh I half expected this, but I wanted to see how it worked. I was also being lazy not wanting to place a separate order for each higher bid, as there were several for small amounts.

The end result is that there were people willing to pay more for my bitcoins but their bids were overlooked and somebody that bid less than others had their trade executed.

Not a big deal for me this time as like I said I was just experimenting with the site and considered that it might happen before I placed the order. But surely the highest bids should always be executed first?

Bitrated user: BitcoinsUK.
genjix
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June 06, 2011, 04:37:16 PM
 #115

Hey granrojo, I agree with you and that will be the new behaviour in the new version of Britcoin we are writing.
janice
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June 06, 2011, 06:52:05 PM
 #116

Hi genjix!

Please could you confirm your FSA registration before I make a deposit?

I work in a bank, so can't risk trading unless everything is above board.

Please see: http://www.fsa.gov.uk/pages/Doing/Do/index.shtml

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What are the regulated activities?

Specified activities are defined in Part II of the RAO and comprise:

    accepting deposits;
    issuing e-money;

thanks!
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June 06, 2011, 06:56:51 PM
 #117

With luck, you'll qualify as a small EMI, as described here: http://www.fsa.gov.uk/Pages/About/What/International/emoney/faqs/index.shtml
The Koolio
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June 06, 2011, 10:09:30 PM
 #118

With luck, you'll qualify as a small EMI, as described here: http://www.fsa.gov.uk/Pages/About/What/International/emoney/faqs/index.shtml

would he have to register with fsa if for instance he became an offshore company? I doubt they would allow anything bitcoin related to become registered?

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The Koolio
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June 06, 2011, 10:11:02 PM
 #119

Hi genjix!

Please could you confirm your FSA registration before I make a deposit?

I work in a bank, so can't risk trading unless everything is above board.

Please see: http://www.fsa.gov.uk/pages/Doing/Do/index.shtml

Quote
What are the regulated activities?

Specified activities are defined in Part II of the RAO and comprise:

    accepting deposits;
    issuing e-money;

thanks!

You wouldnt be risking anything?! Its not your responsibility to check whether or not he's registered... you're just a customer of his declared services. Besides, if registration does happen surely thatll be weeks if not months down the line and by then you would have missed out on some juicy profits?!

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ribuck
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June 06, 2011, 10:36:32 PM
 #120

It's not like FSA registration kept the banks honest.
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