The Bitcoin Thread

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Freshy-ZN said:
Transfer ZAR to Luno. Then buy BTC on the exchange with your ZAR. The amount of BTC you can buy will be dependant on the current selling price at that time.
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Thanks for the reply.

So with the exchange, I click order book, then add order. Then they ask “amount to buy” and “price per bitcoin”.

Do I put the value of BTC I wish to purchase and at what price I want to purchase? Eg: 0.2btc at R165,000 and wait for someone to accept?
 
weelzSA said:
Thanks for the reply.

So with the exchange, I click order book, then add order. Then they ask “amount to buy” and “price per bitcoin”.

Do I put the value of BTC I wish to purchase and at what price I want to purchase? Eg: 0.2btc at R165,000 and wait for someone to accept?
Click to expand...

I think you only do it that way if you want to buy at a specific price, if you want to buy at the current price you just click on wallets and then on the btc wallet you click buy and put in the amount. done.
 
Grimspoon said:
I think you only do it that way if you want to buy at a specific price, if you want to buy at the current price you just click on wallets and then on the btc wallet you click buy and put in the amount. done.
Click to expand...

Yeah that way I am familiar with - bought some ether and BTC last week like that. Was just wondering if it’s better doing it through the exchange or if it makes more sense just buying straight at the moment instead of waiting for someone to accept.
 
weelzSA said:
Thanks for the reply.

So with the exchange, I click order book, then add order. Then they ask “amount to buy” and “price per bitcoin”.

Do I put the value of BTC I wish to purchase and at what price I want to purchase? Eg: 0.2btc at R165,000 and wait for someone to accept?
Click to expand...

Pretty much. If you click on the amounts in your wallets, or the buy/sell amounts, it populates the fields for you (assuming you are buying or selling entire amounts).

To avoid fees when buying, put in a buy price lower than the lowest current sell price in the order book.
To avoid fees when selling, put in a sell price higher than the current highest buy price in the order book.
 
Waylander said:
Fees
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And an unpredictable buy/sell price.

The current price Luno shows on the graph on the homepage is the average between the highest buy (bid) and lowest sell (ask) prices in the order book, but you have no indication of the spread.
 
Gory51 said:
So I am jumping in. I have read the last 40 pages or so here over the last few days. This is my new favourite reading thread. :)

I fear I have missed the big boat having waited for the 10k mark to hit. I want to start initially by buying and Hodling...but may also start to dabble in trades in dips and rises when I get more comfortable. Am I being foolish?

I have registered on Luno and am about to deposit into my wallet. Awaiting confirmation of Submitted documents though. 3 more days to wait.

One bit of advice I would like is the following
1) What wallets do you recommend besides Luno if I am only going to buy and hold?
2) Should I use a different wallet above or leave my BTC in Luno?
3) Should I wait to see if there is a dip/correction before buying?

I would really appreciate any opinions on the above.
Thanks
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I agree with all the other responders
A big correction may or may not come , but also if it happens the 5o% correction bottom end may be 10 000 dollars!
If you hodl , get it off the xchange , I use electrum and soon trezor. I use an offline computterer for my btc transactions, ubuntu .Never use it to surf, dont use windows--microsoft not installed, no email.Go onto luno , electrum , log out , disconnect computer
For info on bitcoin , "money" , crypto scene--and especially moral support if things go south--like they will , I find twitter accounts the best
flow of news: whalepanda, tuur demeester theonevortex,kyle torpey others
bit of anarchist: jameson lopp, there are others as well
alternative : vitalik buterin Aaron van Wirdum
deep learning/philosophy: nick szabo--also his blog , Saifedean Ammous ,oleg andreev, https://twitter.com/naval and plenty others , core developers
sour grapes--read financial analysts/banksters , most of them. simon brown , smalltalkdaily, karin richards........etc
local nice & interesting , share his interests ...Marc Hasenfuss
local crypto simon dingle petri redelinghuys
alternative crypto....monero and one of its core developers
hilarious: moneywebs insightful bitcoin articles
where things are moving....naspersventures , elon musk, wire , techcrunch , tencent , wechat, hackernoon. Esp look where tencent/naspers are investing--they put a bit of money here , a bit there , but there is a pattern. Rumour has it that Koos Bekker has a pot full of bitcoin since ages ago

and http://nakamotoinstitute.org/ http://nakamotoinstitute.org/mempool/ Start by reading the white paper and dont fail to read hal finney etc
lastly nice charts , Berlin view and I suspect a closet btc fan....Holger Zschaepitz
 
weelzSA said:
Oh ok thanks. So red ones are people trying to sell?

On the “buy now” in Luno for eg: R35,000 gets you 0.20970btc

So in theory in the exchange I should get a better deal?
Click to expand...

You can minimize fees, so yes.
 
Waylander said:
You can minimize fees, so yes.
Click to expand...

So the red ZAR is what they estimate the price per BTC to be when wanting to sell and how much they have to sell?

If I put a ZAR value less than there’s, there is a chance no one will accept my offer?

Sorry just a little confused.
 
Has anyone on here traded directly, ie buy BTC from another member and then just deposit the money directly into their bank account? I know it has some risks, but if you know the member guess that would be better than having to pay fees to Luno?
 
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