Hey all i have questions about bittrex and would like if anyone who has an account there can answer my questions. I have some detailed questions as i dont want to be confused when using it.


1. Do you need to send them verification documents? And if so, what do they require? I assume either passport or id... but what else? I read someone mentioned they only require that if you are turning coins into cash and vice versa right? Thus if you have bitcoin or altcoins and want to trade coins... then they don't require any verification documents. Is that true or false? I also read you can withdraw max 3 bitcoin a day or something like that without verification? Can someone explain what is meant by this? You mean trading cryptocurrency with crytocurrency etc? Or do they mean bitcoin for wire etc? However if its wire, then it requires verification right?


2. Does bittrex send you tax forms at the end of the year? I believe bittrex reports to the IRS right? Well if thats the case, if you cash out from there but say you got bitcoin from somewhere else, wouldn't there be a discrepancy? For example say you cash out 25000 total bank transfer to your bank account that was bitcoin being sold. Well if you got that amount of bitcoin for say only 15000, then you only have 10000 profit. However, wouldn't there be issues if you got your bitcoin a while back or from sites like shapeshift etc? Thus wouldnt there be issues where it shows you cashout 25000 but say you got that amount of bitcoin for 15000? I heard someone who used coinbase had an issue like this where they send him a tax form where it was over 100k but the way coinbase did it... they basically reported every transfer. Such as even if going from blockchain to coinbase etc which is ridiculous. That guy mentioned he had to contact coinbase because of something like this. But is bittrex similar with this or not? The thing is i know you are suppose to report the profit... however, wouldnt it seem they would at your cashouts from bittrex as bittrex would send how much was cashed out to the irs? Or not?


3. I have traded bitcoin for altcoin like Litecoin with shapeshift. That is pretty easy but people say the fee they charge on sites like that are higher than on bittrex. So if you trade 1 bitcoin for ETH on bittrex, how much in fees are you paying? I heard its like 0.25 percent? Thus its that number whether its trading cryptocurrency or bank wire etc? On shapeshift you just type how much bitcoin you want to trade and they will tell you how much ETH you will receive etc.



4. Since bittrex is an exchange, you are basically exchanging with other users around the world right? Thus as oppose to coinbase and shapeshift where that site has the coins itself or the money itself like coinbase when you are selling to coinbase? Or am i wrong here?



5. So let say you have 1 bitcoin you want to sell. Let say value is 2500 usd to make it simple. If you want to sell it for cash... i know that on coinbase or circle when circle used to allow selling of bitcoin and buy... you then receive an ACH transfer to your bank account. Thus its like instant sell etc. But with bittrex, this is not how it works right? Thus if the price of a bitcoin is 2500... well when you want to sell bitcoin for bank transfer... you actually have to post how much you want to sell it for right? Thus there would be sellers that say they have 1 bitcoin for 2490? The next seller would be selling it at 2488 and they could say they have 0.5 btc for sale only? Is that how it works on a site like bittrex? You dont sell it for the price that is shown like on coinbase/circle? But you have to make an offer like okay the lowest price is 2488 someone is selling... so if you want to sell it fast... then just make it 2485? And then someone might buy it pretty quickly? So if you put 2480 someone would probably buy it very fast? Is that how it works? And when you sell the bitcoin for cash, so that mean your bittrex will have a cash balance right? Thus there is a cash balance on your bittrex account, a btc balance, and altcoin balances? Like for example you transfer 1 bitcoin to bittrex you want to sell. You send it from your wallet to there. Then once you sell it for 2480... then it show a cash balance of 2480? Or is it 2480 - 0.25% fee? Thus 2480-6.20 = 2473.80 cash balance in your bittrex account?



6. Assuming what i posted above is correct... say you want to do a bank transfer to your bank. Would this be a bank wire or ACH? How much would it cost to transfer 2473.80 usd to your us bank account? How long does it take? Now let say you want to buy bitcoin or altcoins with it. To make it simple... say you want to buy bitcoin or ETH. Let say ETH price is 225 dollars. You want to buy 10 of them. So when you do this, you have to look for the sellers of ETH on the exchange right? Then look for the lowest possible price which should be shown pretty easily? Then request to buy 10 of them? Thus the seller selling ETH at cheapest price might be 225 and have say 12 on hand? So you buy 10 off of them? Is that how it works? But let say he only have 8 of them. You buy 8 off of him at 225... then the next guy who sell it at 225.80... you buy 2 off of him? Is that correct? And can someone tell me how the prices look on bittrex? Like one seller might sell ETH for 225 usd. The next lowest seller would be selling it how far from that 225? Like 50 cents off? 1 dollar off? 5 dollars off?

7. This is what confuses me very much and would appreciate if someone could answer this. So many times on cryptcurrency sites, for example ETH. It would show as 220 dollars on the site. Then under it would show like 0.08131280 btc. I always wondered why they show this as i only look at the price of btc of each altcoin etc. Well from what i checked on bittrex, if you are exchanging one altcoin for another altcoin... you have to manually calculate how much the price you want to buy an altcoin in terms of btc? Is that true or false? If true, how is that even possible as that would be very complicated? For example if ETH price shows 230 dollars. You want to buy some ETH at 225. You wait till it hits 225. Now you want to buy 10 of them. If you buy it with cash balance on bittrex account, then its a breeze right? But if you want to trade btc for ETH... then how are you suppose to do this? You need to manually type out how much 10 ETH is in terms of bitcoin? Like okay 10 ETH is now 2200 usd. And assuming btc is 2500.... then its 0.88 btc? However this will never be the case since im using flat numbers to make it simple. So could someone explain how this trading would be work when trading cryptocurrency for cryptocurrency? Now what if you want to get a cheap altcoin like lisk for example. Its 2.06 usd at the moment. Say you want to buy 1000 lisk at that price. So if you have cash balance, its easy... but if you want to do this with btc or ETH, you need to manually enter the number? How is the number even right if these coin prices change all the time?



8. I heard of market orders where you set how much you want to buy or sell. Thus there is a buy order and sell order. Can someone explain how this would work on bittrex? So for example say btc is 2500 usd now. You want to buy btc when the price is 2300. Well if you want to do this manually, you have to be on the computer all the time etc. Am i correct or wrong about this? Because isn't that how coinbase or circle worked? Like they show you the current price, you can buy or sell now? But with a buy or sell order... you dont need to do any checking? So say you want to buy 2 bitcoin when the price goes from 2500 to 2300. Let say you want to buy 2 bitcoin for 4600 total @ 2300. So when you do this, whenever a seller offers bitcoin at 2300... it automatically buys 2 bitcoin in your account and 4600 is automatically deducted from your balance? However, what confuses me is what if no one offers to sell bitcoin at 2300? I mean people could be offering it at 2350, 2300.50, 2298.22. Then how would this even work?


9. Same question but what if you are selling. Say you btc is around 2500 now. You want to sell 2 bitcoin when price is 2550. So you set a sell order for 2 bitcoin at 2550 right? Then when you do that, once it hits 2550, it auto sells 2 btc so you profit 100 dollars? However... what are the fees when doing a buy order or sell order? Also is it true that there is a smaller fee doing this as oppose to yourself manually buying or selling a coin? Im not sure if i phrased this right but im sure someone gets what im saying here?



10. This is related to the market order above. If you want to trade btc for ETH and vice versa and btc with LTC for example. How in the world do you do this? What about if you want to buy ETH with cash? Say ETH is 220. If you want to buy 10 of them with cash. You would buy with 2200 cash balance plus fees right... then get 10 ETH in your bittrex account? But if you want to trade btc or LTC for ETH... how in the world would this work if this is a market order? I mean say you want 10 ETH for your LTC? Let say you have 50 LTC and want to get 3 ETH. Are you suppose to put in market order of x amount of LTC for 3 ETH? Thus you have to manually calculate how much LTC is needed for 3 ETH? Or do people just make sure they trade everything back to bitcoin first before they trade it for a different altcoin like lisk etc? I also assume people do not want to trade to cash over and over right because you have to calculate the gains/loss every single time so thats why they do bitcoin to altcoin and vice versa? However someone mentioned there are gains/losses when going from bitcoin to altcoin and vice versa but not sure if true or not.



11. I saw there are 3 markets.. one is bitcoin, then one is ETH and the other is USDT. From looking at this, does that mean you cannot buy lisk with cash balance? I looked at the bottom of the usdt/bitcny market and i dont see this. However im confused what this is actually. So if you have usd in your bittrex account, you cannot buy lisk directly? You need to buy bitcoin if you dont have any before you could trade the bitcoin for lisk? And if you want to sell the lisk, you need to first convert it into btc first... then sell the btc for usd cash? Thus its like 2 steps? However how are you suppose to do the amount of money you want to buy or sell lisk at? For example its 2.06. Say you want to sell it at 2.50. So you do a sell order for 2.50 for 100 coins. But you dont put 2.50 as the amount right since you cannot sell lisk for usd? You need to find out the btc amount like its 0.00000523btc etc? This is confusing because btc price changes all the time. So how could you make sure you sell lisk at 2.50? Im sure it cannot be this complicated right?



12. Are most buy/sell on bittrex market orders? Or are they just instant trading like... okay ETH is 215 now. I want to buy 10 of them immediately etc. What percentage are buy/sell market orders? What is regular trading? What is the term when you are looking at the screen and the price is this... then you buy or sell? Im guessing majority of ppl do this as oppose to buy/sell market order right? The pro of buy/sell market order is you dont need to be on the computer checking price all the time so that seems like a huge plus. I also believe the fees for this is less than regular trading?



Would like if someone who uses bittrex could answer these questions. I want to use bittrex soon but just do not know how to do this etc.


Thanks all.

If I send some coins to an exchange like HitBTC and then get coins sent back, do they send back from the same address? i.e. how much of a mixing job would happen

This depends on the exchange. But generally they will just send it from their wallet which has thousands of addresses (so most-likely not your address.) You could even wait till your deposit is spent on the blockchain.

That being said, analysis would probably link both of these addresses in the same wallet, so if you send the "same" amount (and/or quickly after).. it might be still easy to track. So would be better to have multiple deposits (only if they allow generating new deposit addresses)/withdrawals of different amounts (or maybe even get some alt coin.) If you are trying to hide from the FBI obviously it will be easy to track (I guess they would just inquire at the exchange )

Also, I don't think most services like this kind of this usage (just a heads-up - they might ask KYC stuff etc. if you do it a lot with big amounts.)

But, overall, to get some very basic extra privacy, it should work

Pauly I really doubt you will find someone wiling to answer a post with that many questions but I wish you luck. Maybe start with the 5 most important ones to you and see how that goes? And I don't mean 5 paragraphs with 17 questions each.

Not looking good for segwit2x:
https://twitter.com/f2pool_wangchun/...19665703043072

Hello. I am currently using coin base to buy my coins but they pissed me off so now I am looking for another exchange where I can buy bitcoin and instantly get the coins and be able to transfer my coins into my wallet so I can deposit them on bovada. Coin base is saying I have to wait 8 days to get my coins even though I have my account verified/bank account verified already. So if someone could please help me out with some other exchanges to try out tonight where I can get my coins instantly I would appreciate it. Or if there is some kind of list of trusted exchanges someone could post for me I'd appreciate it. THANKS, deep

Jihadwu is funny.

And yeah 2x meltdown is interesting.

you can now use bitcoin to purchase McLaren and Lamborghinis from the manufacturers. Epic

Could anyone help me out please? I'm looking for a place where I can buy btc instantly to transfer to my wallet. Ty, deep

localbitcoins.com

Cool ty, I will give them a try.

Swongs today for basically all cryptos.

Apparently there were some huge sell offs in bitcoin and ethereum, which inevitably caused a lot of people to panic sell.
For gods sake people, hodl!

Anyone sell at 4900 and buy 4450?

What is the next day going to look like? Monday morning? Up down? Lower highs in future, will it trade the downswong?

Who cares? Most people are holding it for speculation or using it for black market purposes. Neither use case is interested in short term price movement.

if you're using it for black market purposes wouldn't you be very interested in the short term price movement? eg. for 1 bitcoin now you get 15% less cocaine than you could've got with 1 bitcoin the other day.

Can anybody recommend a good exchange to buy bitcoin from the UK? I was using coinbase but they have a really small weekly deposit limit.

Bitstamp.

The goal is to sell top and buy lower. So your 1 Btc is now worth 1.1

(insert head explode gif here)

isn't this expected ?

misread the date on the previous post Nevermind

So much overreaction to China ban ICO's. China has long proven themselves irrelevent.

Remember when China effectively shut down all mainland exchanges and BTC price still increased ~20%?

China held a small but decent percentage of a lot of the market. Chinese are freaking out and dumping everything they held. Also some who have dug into the release from China (some Chinese exchanges) think this affects more than just ICOs