Bitcoin Forum
October 20, 2019, 08:15:25 PM *
News: 10th anniversary art contest
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Can someone explain this charts?  (Read 403 times)
lordscales91
Member
**
Offline Offline

Activity: 61
Merit: 10


View Profile
April 23, 2014, 07:20:17 AM
 #1

I'm starting to gather my first Bitcoins from faucet and well, I want to exchange them for Paypal USD once I get a big enough amount like $5-7 in BTC. However I'm aware of that risk thanks to this post https://bitcointalk.org/index.php?topic=14632.0 So, my idea is to use VirWox to buy SLL with BTC, and then immediately re-sell those SLL to Paypal, it seems a safest way to do that. However I don't understand this charts:

https://www.virwox.com/market_depth.php?instr=11

I'm also confused with those charts

http://bitcoincharts.com/markets/currency/USD.html

Can someone please explain me how this work?

Can I exchange those small amounts of BTC or they need to be larger?
"In a nutshell, the network works like a distributed timestamp server, stamping the first transaction to spend a coin. It takes advantage of the nature of information being easy to spread but hard to stifle." -- Satoshi
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Mrrr
Hero Member
*****
Offline Offline

Activity: 616
Merit: 524


View Profile
April 23, 2014, 12:23:26 PM
Last edit: April 23, 2014, 12:34:09 PM by Mrrr
 #2

I think the amounts are too low to begin with. Second of all, while Virwox does work their fee's are catastrophic. I'd just hold on to the BTC to begin with. See if their is any BTC<>fiat exchange in your country of residence and sell them there. Paypal and bitcoin don't like eachother.

On a sidenote. I do have 7,62$ on my paypal with which I can't buy anything (I use paypal for foreign train tickets) So if you have 5-7 USD worth of BTC drop me a PM we can exchange.

IMPORTANT: be VERY careful with buying and selling BTC through these boards, especially with paypal. People might run with the money or they might initiate a charge back.

I wouldn't, of course. At least not for 5$.

EDIT: the charts, yes.

The first is the Virwox market for SSL (Linden Dollars) and BTC. You see the bids on the left and the asks on the right. Market depth is the total amount of money offered on either side. If you were to sell 100 bitcoin on Virwox (which would be an awesome thing to do) for Linden Dollars the value of the Linden Dollar vs BTC would double.

The second is an overview of all major exchanges that list USD/BTC. You can sell btc for USD on these exchanges and vice versa. You see trade volumes and price information. None of them allow USD withdrawal to Paypal, and they probably also have a minimum deposit.



burp...
lordscales91
Member
**
Offline Offline

Activity: 61
Merit: 10


View Profile
April 23, 2014, 12:45:38 PM
 #3

There are more things that you can buy with $7 in PayPal than with the same amount in BTC. For example you can purchase some good game at Steam, purchase some special goods on almost any MMORPG... I might write some topic about that to talk in detail about what you can buy for small amounts of money. With BTC you can purchase games at Humble Bundle, and of course there are several merchants that accept Bitcoin, but I haven't spotted any of them with INTERESTING/USEFUL low-cost products.

So that's why I plan to exchange the BTCs for any other currency (once I get a big enough amount or the BTC price grow up, like I said before). But I don't want to involve banks in the process, that's why I want to exchange it through PayPal, but most of the Brokers don't accept it.

VirWox say their fees are the lowest, but don't specify too much.
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!