A couple of cryptocurrency questions

Jul 3, 2017
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#1
Hi all, new here. I'm a bit of a newb to cryptocurrencies and trading in general. I know a lot of people are investing in cryptos these days so I thought perhaps this might be a good place to ask. I actually have a couple questions, so I'll number them:



1. In regards to transfer speeds, what exactly can I expect? When it comes to how fast I can get bitcoin and altcoins into my wallet/s. I just bought a bit of bitcoin, and it says that it is going to take 9 days just to hit the exchange that I used to buy it. Then, I've got to wait for the bitcoin to trasfer from the exchange, to my wallet. I have no idea how long that will take. Everyone touts the speed of cryptocurrency transfers, but that certainly isn't what I'm seeing. I'd also like to buy some Bytecoin, for a buy and hold strategy. Is this what I can expect when I want to trade my bitcoins for bytecoins?



2. How fast is selling? Say that my investments turn out to be wise, and it comes time to sell. When I go to sell, can I expect some delays which could harm my returns? If I want to sell something for $5.00, and by the time I actually sell it I only get $4.35, then I've lost a significant portion of my gains. I don't find that to be acceptable. I am not sure what the term I'm looking for is, but I'd like to know it. The term would be something in regards to the speed at which you can sell a coin, and actually get the money before it loses any value. It seems obvious that nobody can afford to wait hours (or days??) to sell their bitcoins/altcoins. Is this something that I even need to be concerned about? Or when you're selling, does it happen instantly? Unlike with the stock market. I used to trade a little bit with stocks, and it always annoyed me that it would take some time to actually sell. And lo and behold it would often turn out to be for less money than I actually put the sell order in for.
 

postman

Well-known member
May 20, 2005
20,645
2,188
323
#2
Hi all, new here. I'm a bit of a newb to cryptocurrencies and trading in general. I know a lot of people are investing in cryptos these days so I thought perhaps this might be a good place to ask. I actually have a couple questions, so I'll number them:



1. In regards to transfer speeds, what exactly can I expect? When it comes to how fast I can get bitcoin and altcoins into my wallet/s. I just bought a bit of bitcoin, and it says that it is going to take 9 days just to hit the exchange that I used to buy it. Then, I've got to wait for the bitcoin to trasfer from the exchange, to my wallet. I have no idea how long that will take. Everyone touts the speed of cryptocurrency transfers, but that certainly isn't what I'm seeing. I'd also like to buy some Bytecoin, for a buy and hold strategy. Is this what I can expect when I want to trade my bitcoins for bytecoins?



2. How fast is selling? Say that my investments turn out to be wise, and it comes time to sell. When I go to sell, can I expect some delays which could harm my returns? If I want to sell something for $5.00, and by the time I actually sell it I only get $4.35, then I've lost a significant portion of my gains. I don't find that to be acceptable. I am not sure what the term I'm looking for is, but I'd like to know it. The term would be something in regards to the speed at which you can sell a coin, and actually get the money before it loses any value. It seems obvious that nobody can afford to wait hours (or days??) to sell their bitcoins/altcoins. Is this something that I even need to be concerned about? Or when you're selling, does it happen instantly? Unlike with the stock market. I used to trade a little bit with stocks, and it always annoyed me that it would take some time to actually sell. And lo and behold it would often turn out to be for less money than I actually put the sell order in for.
Hmmm! Forgive me if this sounds a little sharp but basically you've bought something as an investment and now after you bought it you want to understand what it is and how it works. Welcome to the 95%.

I have a bridge you might be interested in buying here in London. :rolleyes:

On a more helpful note, you dont need to actually buy bitcoins to invest in them, there are markets that will 'mirror' the price and you can trade the market, just like a commodity.

As to how long it takes, I have never used https://www.exchangemycoins.com/ but they offer an instant exchange of currency / bitcoin / LTC / DOGE.

Google is your friend!
Good luck, you'll need it. :clover:
 

progix

Active member
Feb 25, 2016
206
2
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#4
There are almost more than 700 coins and many yet to come..! which coin you wish to buy and hold by the way?
 

Dagerban

Active member
Sep 17, 2015
104
2
28
#5
In terms of investments, I'm more inclined to it being easier to buy certain prospective coins for the long-term, instead of playing around with the currency rate charts.