Bitcoin Thread

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Things look to be on the up this morning, interesting to note the speed at a recovery.
 
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People are working very hard to hold this price down... they must have big loots on future shorts... we need musk to come in and dump 100milion or something and completely destroy em :ROFL:
 
So I just bought my first BTC on binance. I used a Shyft virtual card. I bought it when BTC was around 50400USD but the exchange rate I got was 1BTC≈51622.4188791USD (shown in the email). Is this normal on Binanace? There's a large difference shown in their "market" page and the actual rate we get.
 
s898 said:
So I just bought my first BTC on binance. I used a Shyft virtual card. I bought it when BTC was around 50400USD but the exchange rate I got was 1BTC≈51622.4188791USD (shown in the email). Is this normal on Binanace? There's a large difference shown in their "market" page and the actual rate we get.
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That is normal on most sites where you buy & sell bitcoin. You buy at slightly higher than market value and sell slightly below market value.
 
enerdude said:
That is normal on most sites where you buy & sell bitcoin. You buy at slightly higher than market value and sell slightly below market value.
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Good to know. thanks. I bought for 500USD, the "estimated balance" stands at 479USD now lol.
 
s898 said:
So I just bought my first BTC on binance. I used a Shyft virtual card. I bought it when BTC was around 50400USD but the exchange rate I got was 1BTC≈51622.4188791USD (shown in the email). Is this normal on Binanace? There's a large difference shown in their "market" page and the actual rate we get.
Click to expand...

The extra rate comes from the card payment processor fees.

You basically did get the BTC at 50400 USD however purchasing with the card adds nearly 2.5% to the fee and thus all fees accounted you ended up with around paying 2.5% more.

Consider yourself lucky, 2.5% fee on a card purchase is hella low, most other providers who offer these sort of purchase with card features can reach close to 10% in fees and some of them even higher.

Another thing to avoid when you purchase is to never use instant buy features on any exchange. Deposit your funds and then head to the exchange and manually limit or market order your trade. If you use instant buy features on these exchanges they add on an extra fee for this service that you should avoid.
 
s898 said:
Good to know. thanks. I bought for 500USD, the "estimated balance" stands at 479USD now lol.
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Sounds about right. They usually take a hefty fee when paying by card.
 
John Tempus said:
Consider yourself lucky, 2.5% fee on a card purchase is hella low, most other providers who offer these sort of purchase with card features can reach close to 10% in fees and some of them even higher.
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Jeez a few years ago in a bout of I HAVE TO BUY NOW! fomo did a card purchase via CEX.io...was expensive.
 
John Tempus said:
The extra rate comes from the card payment processor fees.

You basically did get the BTC at 50400 USD however purchasing with the card adds nearly 2.5% to the fee and thus all fees accounted you ended up with around paying 2.5% more.

Consider yourself lucky, 2.5% fee on a card purchase is hella low, most other providers who offer these sort of purchase with card features can reach close to 10% in fees and some of them even higher.

Another thing to avoid when you purchase is to never use instant buy features on any exchange. Deposit your funds and then head to the exchange and manually limit or market order your trade. If you use instant buy features on these exchanges they add on an extra fee for this service that you should avoid.
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I was oblivious to these things. Thanks.
So if I understand correctly, the best method to use is the SWIFT transfer right?
 
s898 said:
I was oblivious to these things. Thanks.
So if I understand correctly, the best method to use is the SWIFT transfer right?
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SWIFT? Why don't you just buy BTC at a local exchange?
 
Sensorei said:
Not BTC but worth a mention. A pretty huge step for African banking. Today Standard Bank partnered with with Hedera Hashgraph to use their blockchain services to simplify cross border payments. Hedera is on Binance - $HBAR.

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Colour me intrigued.

I was waiting for a coin with wider corporate buy in.

Can't quite tell how the tokens are created if not via mining. Also where the fee goes...to the nodes?
 
saor said:
SWIFT? Why don't you just buy BTC at a local exchange?
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I thought the local exchange such as Luno etc had a higher rate for BTC than what's shown in Binance but I was wrong. Binance was showing a lower rate than what they would charge when you actually buy. Mind sharing which local exchange you use?
 
s898 said:
I thought the local exchange such as Luno etc had a higher rate for BTC than what's shown in Binance but I was wrong. Binance was showing a lower rate than what they would charge when you actually buy. Mind sharing which local exchange you use?
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Luno or VALR should both be fine. Luno still seems to have higher volume but I'm using VALR for now.
 
s898 said:
I thought the local exchange such as Luno etc had a higher rate for BTC than what's shown in Binance but I was wrong. Binance was showing a lower rate than what they would charge when you actually buy. Mind sharing which local exchange you use?
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Yes but in the long run it doesn't matter and if you cash out again you get the markup back. Also you have direct control over the price you're buying at and on Valr can even get 0.1% back.
 
Luno has around a 2.5-3.5% premium anyway. In USD you paid a 2.5% premium so that would be fine if you didn't also pay a forex conversion fee to buy the $'s. But when you cash out locally you get ±3% more in R than you would in $'s though so...
 
Sensorei said:
Luno has around a 2.5-3.5% premium anyway. In USD you paid a 2.5% premium so that would be fine if you didn't also pay a forex conversion fee to buy the $'s. But when you cash out locally you get ±3% more in R than you would in $'s though so...
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This. You buy at a premium but you also sell at a premium.
 
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