Bitcoins

manhattan

Ok thanks.

Just looked at both sites.

Bitbargain buy is ~£385
Localbitcoins buy is ~£379

Not much difference then.

Jegersmart

manhattan wrote: »

Can i ask why the current BTC price is £336 and sellers selling for £400?

Why are people buying at £400 from them when its only currently worth £336?

People are doing it despite your opinion because you don't have all the facts:

Someone selling to you has already taken on quite a bit of credit and currency risk as well as fees. So the choice is either to:

- set up an account on an exchange involving sending them your government ID copies etc.

- send an unregulated company sufficient fiat currency including charges

- take on some currency and market risk and purchase the crypto currency, which also incurs fees

- withdraw the newly purchased BTC from the account with the exchange which incurs fees to your own wallet

- offer the crypto currency on the relevant local bitcoin site.


So you can buy 1 BTC in your own currency for £400 or you can probably do it for £370-80 if you do all the above yourself and take on the risks.

J

mmedia

DJBenson wrote: »

Yup - I couldn't resist buying one, lowest price for a whole BTC on LBC was £325 - lowest price now is £375/BTC. Volatile is an understatement :eek:

Yeah, i rushed to the bank to put in some cash then got back and missed the boat ride :rotfl:

Im watching like a hawk atm, but this stupid Bitbargain 26 question test is driving me crazy! Can i transfer my coins to Localbitcoin and start selling easier there? Any fees? BB want £1 a question lol

marathonic

30-day Range: $453.29 — $1242

Crazy, crazy stuff!!!

DJBenson

https://localbitcoins.com/fees

In summary, it's free to receive BTC's, free to sell (to buyers) but costs to list in "advertisement" form. When you sign up, you'll get a new wallet, you can then transfer in to LBC from wherever your coins currently sit (fee free).

Most of the other exchanges have been a PITA to register for but LBC was pain free.

mmedia

Bitbargain is REALLY doing my head in. Why didnt they say there was a paid test to sell them in the first place, idiots. They make it so difficult to register, buy and sell and fees for anything they can think of.

I now have a Localbitcoin account, so i may just transfer to there.

dryhat

manhattan wrote: »

Bitbargain sellers are asking £395-400
MtGox £325

With bitbargain and localbitcoins, the premium you pay is for the convenience of not having to go through the long and arduous verifiucation process required by the likes of Mtgox or Bitstamp.

dryhat

mmedia wrote: »

Bitbargain is REALLY doing my head in. Why didnt they say there was a paid test to sell them in the first place, idiots. They make it so difficult to register, buy and sell and fees for anything they can think of.

I now have a Localbitcoin account, so i may just transfer to there.

Localbitcoins is a much better site than Bitbargain and much more user-friendly.

Out of all the flagship companies in the Bitcoin economy, they are up there with the best.

mmedia

Thanks.

A note for newbie BTC investors - Don't use Bitbargain if you want to sell easily.

JohnRo

mmedia wrote: »

Thanks.

A note for newbie BTC investors - Don't use Bitbargain if you want to sell easily.

Don't throw money at bitcoin you can't afford to lose a good chunk of in the short term, might be better advice. If you understand it's strengths and long term potential of course that changes the calculation significantly.