Saturday, July 28, 2012

Know Where To Sell Thy Bitcoin

Those of you, who are looking to trade reasonably sized amount of bitcoins, most probably are familiar with this issue: the market ticker does not provide enough information to make decision what price should you be calling. For example, look at this market graph:

Market Depth Snapshot @BitFloor


The ticker shows bid at $8.62, but what if you need to sell 50BTC? You can't at this price. The bid size is only 2 bitcoins, so you will need to keep eating bids at lower price before you could actually sell. You will end up getting price down to $8.50 before you complete the trade.

This makes it important to know the market depth. Unfortunately, not all markets have depth data easily accessible. Many would only provide the raw order book data. In order to address this issue, I wrote a Bitcoin Market Info tool. It's not one of those complex android applications that take your breath away, but what do you want, it's free.

Bitcoin Market Info tool QR code

Download and enjoy real-time data on your market depth. Everybody's feedback is mostly appreciated.




3 comments:

  1. The bid size is only 2 bitcoins, so you will need to keep eating bids at lower price before you could actually sell. You will end up getting price down to $8.50 before you complete the trade. buy ukash online with paypal

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