The Bitcoin Thread

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balky said:
Well then explain to me how I can trade on Bitfinex with Rands then? And if you can, then explain how I can get an exchange rate of R13.10 (current rate on XE).
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You don't. Now you're just being lazy but for the sake of info in this thread I'll give you an easy way.

Look at your Luno wallet. Notice how you have both a balance in rands and a balance in bitcoin.

Bitfinex is the same. You have a balance in dollars and a balance in bitcoin, among other alt coins.

1) Buy bitcoin from Luno
2) Transfer bitcoin to Bitfinex
3) Trade on bitfinex, if you sell, you get dollars in your Bitfinex wallet, if you buy, you spend those dollars and get bitcoin
4) Rinse and repeat

If you want to get rands back to your SA account you can either

a) Withdraw dollars from Bitfinex directly via bank transfer and pay forex costs

or

b) Make sure everything is in bitcoin, transfert to Luno, sell for rands, then withdraw
 
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Knyro said:
You don't. Now you're just being lazy but for the sake of info in this thread I'll give you an easy way.

Look at your Luno wallet. Notice how you have both a balance in rands and a balance in bitcoin.

Bitfinex is the same. You have a balance in dollars and a balance in bitcoin, among other alt coins.

1) Buy bitcoin from Luno
2) Transfer bitcoin to Bitfinex
3) Trade on bitfinex, if you sell, you get dollars in you Bitfinex wallet, if you buy, you spend those dollars and get bitcoin
4) Rinse and repeat

If you want to get rands back to your SA account you can either

a) Withdraw dollars from Bitfinex directly via bank transfer and pay forex costs

or

b) Make sure everything is in bitcoin, transfert to Luno, sell for rands, then withdraw
Click to expand...

^ This is correct, This is what I do. Well send it to a buddy's account he buys me cool US tech, he visits, he brings me tech.
 
Knyro said:
You don't. Now you're just being lazy but for the sake of info in this thread I'll give you an easy way.

Look at your Luno wallet. Notice how you have both a balance in rands and a balance in bitcoin.

Bitfinex is the same. You have a balance in dollars and a balance in bitcoin, among other alt coins.

1) Buy bitcoin from Luno
2) Transfer bitcoin to Bitfinex
3) Trade on bitfinex, if you sell, you get dollars in your Bitfinex wallet, if you buy, you spend those dollars and get bitcoin
4) Rinse and repeat

If you want to get rands back to your SA account you can either

a) Withdraw dollars from Bitfinex directly via bank transfer and pay forex costs

or

b) Make sure everything is in bitcoin, transfert to Luno, sell for rands, then withdraw
Click to expand...
I think you don't understand how Bitcoin exchanges work. If you want to trade in dollars on Bitfinex, then you will have to link it to a US bank account (perhaps they operate in other countries, but definitely not South Africa). In your example you conveniently worked the other way. This whole debate is about the Rand price of BTC. So, I would have to have a US bank account. If I wanted to buy BTC (which is what we are talking about) then I would have to transfer Rands to the US bank account, and that would mean that fees apply to the transfer.

Edit: By the way your example will not work. Bitfinex will not credit your account with dollars if you have not linked it to a US bank account.
 
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balky said:
I think you don't understand how Bitcoin exchanges work. If you want to trade in dollars on Bitfinex, then you will have to link it to a US bank account (perhaps they operate in other countries, but definitely not South Africa). In your example you conveniently worked the other way. This whole debate is about the Rand price of BTC. So, I would have to have a US bank account. If I wanted to buy BTC (which is what we are talking about) then I would have to transfer Rands to the US bank account, and that would mean that fees apply to the transfer.

Edit: By the way your example will not work. Bitfinex will not credit your account with dollars if you have not linked it to a US bank account.
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That was just one way to do it. You do know international wire transfers are a thing right?

You know what whatever. Quite a few of us here including myself trade on Bitfinex without US accounts just fine, so do many non-Americans on reddit.

You want to stay ignorant, that's your problem.
 
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Knyro said:
That was just one way to do it. You do know international wire transfers are a thing right?
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Yes I do, and I also know that they incur high fees, which is what this debate is all about.

Knyro said:
You know what whatever. Quite a few of US here including myself trade on Bitfinex without US accounts just fine, so do many non-Americans on reddit.
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Please explain how. And also are you able to buy BTC at the bitcoin price multiplied by the R/$ exchange rate? In other words can you legally buy BTC a fair amount cheaper than on Luno?
 
balky said:
I think you don't understand how Bitcoin exchanges work. If you want to trade in dollars on Bitfinex, then you will have to link it to a US bank account (perhaps they operate in other countries, but definitely not South Africa). In your example you conveniently worked the other way. This whole debate is about the Rand price of BTC. So, I would have to have a US bank account. If I wanted to buy BTC (which is what we are talking about) then I would have to transfer Rands to the US bank account, and that would mean that fees apply to the transfer.

Edit: By the way your example will not work. Bitfinex will not credit your account with dollars if you have not linked it to a US bank account.
Click to expand...

It will :)
 
Knyro said:
Ask somebody else, or better yet, do research. I'm not in the mood for pointless conversations with people that don't listen.
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Okay, could somebody please explain to me how I can buy Bitcoins at the bitcoin USD price multiplied by the R/$ exchange rate.
I'm not talking about meeting someone at Starbucks.
 
balky said:
Okay, could somebody please explain to me how I can buy Bitcoins at the bitcoin USD price multiplied by the R/$ exchange rate.
I'm not talking about meeting someone at Starbucks.
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What USD price? Bitcoin is not pinned to anything, nor has it any official form of exchange. Exchanges don't sell coins, they facilitate transactions between buyers and sellers, which is where the "price" comes from.
 
Waylander said:
What USD price? Bitcoin is not pinned to anything, nor has it any official form of exchange. Exchanges don't sell coins, they facilitate transactions between buyers and sellers, which is where the "price" comes from.
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The whole debate started with this question from dj2381:

"So a quick calculation here https://price.bitcoin.com/ with the current dollar exchange rate at R13.14 gives me R16262.45 per BTC but on Luno it is sitting at R17148.00, any reason for this big difference? "

So lets use the link in the original question. Or if you want lets use the lowest ask on bitfinnex
 
balky said:
The whole debate started with this question from dj2381:

"So a quick calculation here https://price.bitcoin.com/ with the current dollar exchange rate at R13.14 gives me R16262.45 per BTC but on Luno it is sitting at R17148.00, any reason for this big difference? "

So lets use the link in the original question. Or if you want lets use the lowest ask on bitfinnex
Click to expand...


1. Supply/Demand will determine the price.

2. Not all exchanges are pinned to a single price, each have their own volumes, liquidity, form of exchange (currency) fees etc

3. If you're trying to use an exchange that primarily uses a currency that is not your own, you need to first convert your ZAR into whatever the other exchange is using (for this example let's use USD). So to convert ZAR to USD, it's not as simple as doing a 1:13 conversion. Prices change each second, fees are involved and such.

4. If you're trying to use an exchange that uses the same currency as you, you can simply buy at whatever price someone is willing to let their coin go for. If I list a coin for R17000, and you place a buy for a coin for R16999 you will not get my coin, so you will have to accept that you can only buy at the price the other person is willing to sell for.

You can't take a number off Preev and think you can buy at that price.
 
Waylander said:
1. Supply/Demand will determine the price.

2. Not all exchanges are pinned to a single price, each have their own volumes, liquidity, form of exchange (currency) fees etc

3. If you're trying to use an exchange that primarily uses a currency that is not your own, you need to first convert your ZAR into whatever the other exchange is using (for this example let's use USD). So to convert ZAR to USD, it's not as simple as doing a 1:13 conversion. Prices change each second, fees are involved and such.

4. If you're trying to use an exchange that uses the same currency as you, you can simply buy at whatever price someone is willing to let their coin go for. If I list a coin for R17000, and you place a buy for a coin for R16999 you will not get my coin, so you will have to accept that you can only buy at the price the other person is willing to sell for.

You can't take a number off Preev and think you can buy at that price.
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I agree with everything you just said. But your point 3 is what I was trying to explain, and I realise that rates change continuously, but that is not why Luno is more expensive, otherwise sometimes they would be cheaper.
 
balky said:
I agree with everything you just said. But your point 3 is what I was trying to explain, and I realise that rates change continuously, but that is not why Luno is more expensive, otherwise sometimes they would be cheaper.
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They are sometimes cheaper!

I can't say anything publicly because the members will give me **** but have a look for yourself...
 
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