The Bitcoin Thread

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SaoirseB said:
So...

Did you get out or did you hold on?
Click to expand...

Decided to hold :) Was prepared to lose the money when I bought them anyway. Currently I can get out with minimal loss but think I'm gonna see where it goes. Price seems to have stabilised a bit.
 
HI,

Resurrecting as I've just charted to look into it (though probably too late)

I downloaded a widget to give me the value every 10 minutes and right now, it states R5,478.55
If I Google bitcoin value, I'm getting R5,465.00
If I Google the value in dollars, I get $386.00 x R14.15 = R5,461.90

Slightly different, but pretty close to each other.

BitX states value at R5,805.00 and if I buy 1, the effective rate is closer to R6,000.00

Why the difference, and is it possible to buy closer to the R5,500?
 
Got same widget (i hope) as yourself
Bitcoin ticker on android

There is delays, and just like real stock trading
Or commodities like gold/platinum or oil

There are delays from the price asked, price selling and price bidding right now.

When we Google it shows price asking, but selling is always diffrent, just like when buying usd

Trick is to hold on to it, and watch it till it drops to nothing, then buy a lot (as it be cheap)

When price jumps, like earlier this week, touched 7000 sell and sell quickly.

Remember there are small fees when using bitx think its r8 to sell immediately.

But if you convert to your zar account and then withdraw might avoid this.

Otherwise, BTC can be converted to anything else, like PayPal or even used directly on takealot (not sure exactly).
 
But surely those differences are too large to be delays?

Yea I was hit with the fees - thought I made a few hundred bucks in a few hours, but those small fees where about R300.00 worth meaning my profit was under R100.00. On another transaction I lost. Support guy kinda said I'm doing instant buys as opposed to orders

I guess haven't got the hang of this yet
 
Dolby said:
But surely those differences are too large to be delays?

Yea I was hit with the fees - thought I made a few hundred bucks in a few hours, but those small fees where about R300.00 worth meaning my profit was under R100.00. On another transaction I lost. Support guy kinda said I'm doing instant buys as opposed to orders

I guess haven't got the hang of this yet
Click to expand...

Ill be straight with you,
Haven't sold yet, but hope i get a good price on mine.

Can always try buy something on takealot and seeing if you get a better price?

Or convert to PayPal and see what transpire then?
 
eg2505 said:
Ill be straight with you,
Haven't sold yet, but hope i get a good price on mine.

Can always try buy something on takealot and seeing if you get a better price?

Or convert to PayPal and see what transpire then?
Click to expand...

Never thought of that ...

Let me investigate :) Thanks !
 
Dolby said:
Never thought of that ...

Let me investigate :) Thanks !
Click to expand...

Bitx isn't the only way to convert to zars

Its totally virtual, try check what you can buy with it? Sure PayPal or takealot are some,

But I'm sure looking on darknet will also give you physical use/euros/pounds

Sure even zars if you look well enough.
 
Unless I'm doing something wrong, can't see the option?

bitcoin.jpg
 
^ Seems they've removed it. Would be interested to know why they changed their mind.
 
I just asked them

Thanks for your email!

That is not true, we don't accept Bitcoin.
We accept major cards, eBucks, EFT and Discovery Miles.

Kind Regards
 
saor said:
^ Seems they've removed it. Would be interested to know why they changed their mind.
Click to expand...

Do know its not simple,
And they hide it under something else,
And as far as i know no option on the app

Wonder if pnp or wolllies online also allow payment with BTC?
Not difficult to enable it,
 
eg2505 said:
Do know its not simple,
And they hide it under something else,
And as far as i know no option on the app

Wonder if pnp or wolllies online also allow payment with BTC?
Not difficult to enable it,
Click to expand...

Ok - you're right.

Takealot don't accept directly (hence the mail), but they do accept Payfast, who do accept Bitcoin ... so I can do it that way
 
Dolby said:
Ok - you're right.

Takealot don't accept directly (hence the mail), but they do accept Payfast, who do accept Bitcoin ... so I can do it that way
Click to expand...

Now the million dollar question;
Btc rates better?

And would love to know how it must be done if you buy via the app, as then its free delivery.
 
eg2505 said:
Now the million dollar question;
Btc rates better?

And would love to know how it must be done if you buy via the app, as then its free delivery.
Click to expand...

Still trying to get to the rate - but they appear to use BitX and there's a 1.9% fee. So probably not

EDIT : There is a verification process that takes 8 business hours, so I won't find out now
 
Dolby said:
Still trying to get to the rate - but they appear to use BitX and there's a 1.9% fee. So probably not

EDIT : There is a verification process that takes 8 business hours, so I won't find out now
Click to expand...

8 hours:eek:

You buying a slightly used iraqi nuke or something?

Yeah also checked this site, rcking.co.za also via payfast they accept btc

Yes there are fees, relitivly small, but less than what you would pay via CC or debit card

And I'm sure there more out there, just the tip of the iceberg,
Btc is built for the internet, sure there ways to convert to Rand's and to other currency via other methods, some with better rates even.
 
Ok I've confirmed - the values don't seem to follow the real US$ bitcoin values.

Last night US was $325 and BitX R4,950 .... US dripped in a few minutes to $308 and BitX stayed at R4,950. Traded this way for at least an hour, and there was *no delay. This morning I wake and US back to $320.00 - but BitX dropped to R4,850.00

* unless the delay is many, many hours which I doubt
 
Dolby said:
Ok I've confirmed - the values don't seem to follow the real US$ bitcoin values.

Last night US was $325 and BitX R4,950 .... US dripped in a few minutes to $308 and BitX stayed at R4,950. Traded this way for at least an hour, and there was *no delay. This morning I wake and US back to $320.00 - but BitX dropped to R4,850.00

* unless the delay is many, many hours which I doubt
Click to expand...

It's a free market, the price is whatever anyone's willing to pay. What you're talking about is called arbitrage trading.

Say someone needs to buy 3 BTC right now. The lowest offers to sell are 1 BTC at $100, 1 at $110, and 1 at $150. An "instant buy" will cost you $120/BTC.
 
Nah it isn't that, I think.

It's more the local Bitx is somehow absorbing the peaks and troughs.

The US$ can increase 20% in a day but ZAR increases 5% in the same time.

Edit: I'll check the link out shortly
 
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