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Author Topic: MtGox Bitcoin Purchases  (Read 1006 times)
ananimals
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February 01, 2012, 07:38:34 PM
 #1

Hello all,

This is my first post, and I apologize if this is a repeat question, as I have indeed used the search engine/google/various other resources, and have yet to find a definitive answer to my question.

This time next month I will have funds available for a Bitcoin purchase, and despite the various stances some seem to have in regards to MtGox, it seems to be the fastest way to obtain a substantial ammount of Bitcoins in the shortest period of time, so unless steered otherwise this will likely be my method of purchase.  I am looking to purchase 100 Bitcoins via USD(likely will wire directly to MtGox HK), and need the available as quickly as possible.

My question is:  Once funds have been received and have been credited to my MtGox account, what is a likely time-stamp for how long it will take for an order of 100 Bitcoins to be filled(I am willing to pay above lowest market value, mind you).  Also, is there a faster method anyone would recommend?

Thank you in advance for your response, and as mentioned in my preface I do apologize if this is a repeat question.
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ForceField
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February 01, 2012, 08:36:11 PM
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That depends on what type of order you select. If you make it a market order (that is, if you buy it at the lowest seller's asking price) then it should get executed pretty quickly, within minutes. But will probably take longer if you put it a limit price.

Also, if you see your purchase amount is not increasing after a while, you may need to increase your buying price to the next lowest seller's asking price.

Hope that helps.

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February 02, 2012, 02:19:26 AM
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I find if you match the lowest sell price, you'll likely have your coins instantly. If you find you're waiting for coins, there wasn't enough coins for sale at that price point and you're waiting for someone's sell offer to match.
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February 02, 2012, 03:08:51 AM
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what is a likely time-stamp for how long it will take for an order of 100 Bitcoins to be filled(I am willing to pay above lowest market value, mind you).

look at mtgoxlive, it will show you exactly what price you would pay for any quantity you wish to buy at the moment: http://mtgoxlive.com/orders

there normally is adequate liquidity to accommodate a 100 btc market order (executed in seconds) without pushing the price up much.  you need to start talking multiples of that size before you'ld start pushing the price significantly.  

either way, to get the best price be patient and let the sellers come to you.    seriously, a month away but all of a sudden then there's a fire and you need the bitcoins asap?   Huh

it is too bad there are no options or futures markets for bitcoins just yet.
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