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Only top voted, non community-wiki answers of a minimum length are eligible. Questions Tags Users Badges Unanswered. Tag Info users hot new synonyms. Hot answers tagged exchanges day week month year all. Why don't people buy at one exchange and sell at another? Many people already do this with bitcoin. In finance, this is called arbitrage trading, or simply arbitrage, sometimes even abbreviated arb. The reason for the price differences are fees for transferring between the bitcoin exchanges you have to transfer both, bitcoins and fiat currency for a complete cycle and fees for trading bitcoins against fiat I did some more digging on bitcoin.
According to the FAQ and the list of payment methods, the reason that Paypal and Credit Cards are not accepted is to prevent fraud by doing a fraudulent charge-back.
For this reason, none of the exchanges accept these as forms of payment. In short, you cannot directly use these to buy WirthLuce 1, 1 8 I've writen software to arbitrage on some US exchanges. I couldn't arbitrage without software because: It was hard to account for all fees to understand if an opportunity is profitable.
It took a couple of minutes to evaluate opportunities query an exchange's order book, query another exchange's order book, do an evaluation, execute a sell, execute a buy David Silva Smith 2 9 PayPal's user agreement prohibits the use of their payment network for buying digital currency.
What is a bid wall? Traders often view the market depth using real-time graphical tools like btccharts or mtgoxlive. These display the bids and asks as sloping lines moving up and away from the current price. When there is a large bid or large ask, the sloping line goes vertical, resembling a wall.
In the example below, from btccharts. What is needed to make a bitcoin exchange? Is there space for me on your team? I have spent most of this year trying to answer the same question, starting with the recognition that I could solve all the technical aspects web programming, Bitcoin handling, trading engine, server security, etc. Technically, you need a website and a trading engine that matches buyers and sellers. Why do the price of bitcoins vary wildly between exchanges?
There are a variety of variables that affect Bitcoin pricing on the exchanges. Market size Exchange volume Price of entry Market size: Relatively speaking, the market for Bitcoins is small.
In April of it was about 1. That's a small market cap, which means, among other Will 2 4. What's stopping people from doing so? The catch is that few people have been able to get US dollars out of Mt. Gox since June 20, , when Mt. Gox imposed a "hiatus" on US dollar withdrawals. Gox has a long list of excuses for not paying their debts, which you can find on their site.
Some of their excuses strain credulity. John Nagle 1 2. What is the strategy behind a sell wall? A large investor might be trying to move the market. Sell walls create an impression of a strong supply. This makes some people, unwilling to wait for the wall to break down, pitch their sales offers below the wall.
By moving the wall closer to the current bid again, a large investor might be able to move the market to a small extent and then buy at a lower Is there an open source Bitcoin exchange? Intersango is an open source exchange that is used at intersango.
For more info on how to set it up, see this post on the bitcointalk forums: Where do the dollars go? When you buy a bottle of soda at the convenience store, where does the money go? The money goes to the party that sold it to you -- that party owned the bottle before you owned it. You might be able to trace ownership of that bottle all the way back through the supply chain, to the point at which it was manufactured.
It probably had several prior owners Not only will Bitcoins soon be able to be sold short through several exchanges, but once that service is available, Bitcoin banks that pay interest will be possible. A Bitcoin bank could pay interest on Bitcoin deposits by converting the Bitcoins into the least inflationary national currency available, investing those funds in loans or businesses, and using What function does Mt.
I just asked on the mtgox IRC channel, and was told: What would it take to create my own Bitcoin exchange? You need three components: A user account system that allows users to register, maintain a balance, deposit and withdraw BTC and other currencies, and place buy and sell orders.
You'll need to integrate this with a payment processor to support currency deposits and withdrawals. A matching engine that looks at the current buy and sell orders and matches Setting up and operating an exchange can be quite involved. A few tiers to start thinking about: Legal The first question is whether you want to operate globally e.
Bitfinex or BitStamp or focus on a national market e. The next step is to seek legal counsel to help decide where you want Michael Haley 1 3. I am not an expert on this, but I will answer from my personal experience from the past couple of months. Here are some things I noticed: MtGox rules the market. The price there leads and the other exchanges follow. Sometimes TradeHill moves a few decimal points on its own above or below MtGox, but it usually goes back to where it was after a few hours.
After studying Bitcoin Arbitrage for the past few months, I've developed an information service to answer this question. All asks that have a bid at a higher price on another exchange are tallied into a total opportunity amount, including the fees for each exchange. It also makes an estimate on the fee Don Park 1 5. What happens to cash used to buy bitcoins? Bitcoin exchanges, like stock exchanges, act as a middleman for people that want to trade bitcoins.
This is a way of "announcing to the world" Where can I buy Litecoin? The most current list of Litecoin exchanges, originally from the Litecoin wiki, updated in December to remove nonfunctional exchanges: How do bitcoin exchanges work?
First of all, Coinbase is a little different from the main concept of an "exchange". Real exchanges, like MtGox or Bitstamp, are really just a medium between traders.
The exchange will match buyers and sellers when conditions of both the buyer and the seller are met. Steven Roose 8, 7 29 Some countries have a strict first-to-file rule. In these countries, if some malicious entity tried to trademark the term 'Bitcoin' it could cause problems for others trying to use it to talk about the currency.
Tibanne is trying to protect the community from this kind of nonsense. Why so many bitcoin exchanges have their bank accounts closed and have problems establishing bank accounts? Countries have AML anti-money laundering laws that limit activities that could enable money laundering. A Bitcoin exchange arguably can be used for money laundering.
Even if the letter of the law doesn't say anything specifically relevant to Bitcoin, banks don't want to take chances. To be able to respect AML and other laws, banks do need to know a few Yes, if someone buys at a particular price, someone else must sell at that price.
But they didn't place their orders at the same time.