Bitcoin reddit amazing
But a beginner trader would then experience the fear of missing out, and so buy back in again - often at a higher price. This statement is highly speculative, but next time this happens, if you look at the eToro Bitcoin user feed, you'll see many people in this scenario.
If you'd stored your Bitcoin on a wallet, the time between moving it back to the exchange would have given you a better time frame to make your decision off. That said, if you're a more experienced trader you'll likely be aware of this scenario so it won't be an issue for you. If you were to go on an exchange right now to buy Bitcoin, the price would be determined by the person willing to sell their Bitcoin for the lowest amount. On this exchange you'd normally pay a fee of around 0.
On eToro you pay a fixed fee of 0. This is only 0. This problem by itself makes profitable trades harder, but given the extra functionality you get, some justify this as an acceptable cost.
Where this isn't ok is how their system for opening orders works. We'll explain a situation we experienced ourselves. Regardless; the trade we just made should not have been possible. Allowing a trade to be opened with a difference between the opening value and stop loss of such a low amount is an incredibly dangerous feature. But if you're dealing with small amounts of a few hundred dollars this will both eat away at your profits and encourage you to deposit and withdraw larger amounts of money to increase profit margins.
This is something that we find very concerning as this encourages new traders to invest larger amounts of money than they should given the associated risks of trading cryptocurrencies. With all the above said, you might think that we don't like eToro, that you should avoid it. But this isn't the case. Being aware of all the above issues, we're able to avoid the issues caused by them; we tend to avoid Bitcoin Cash trades for example!
Cryptocurrency trading is still very new to platforms which previously only dealt with CFDs, so quirks like this are expected. Our hope is that over time eToro will decrease their spreads for cryptocurrencies and add functionality to avoid the pitfalls we've described above. If you want to try out eToro and help us out, here's a link we'll get some money if you sign up via this. This site cannot substitute for professional investment or financial advice, or independent factual verification.
This guide is provided for general informational purposes only. The group of individuals writing these guides are cryptocurrency enthusiasts and investors, not financial advisors. Trading or mining any form of cryptocurrency is very high risk, so never invest money you can't afford to lose - you should be prepared to sustain a total loss of all invested money.
This website is monetised through affiliate links. Where used, we will disclose this and make no attempt to hide it. We don't endorse any affiliate services we use - and will not be liable for any damage, expense or other loss you may suffer from using any of these. Don't rush into anything, do your own research. It happened like you saw in the video--I had to create an account with the Bitcoin Agents through the Robocoin machine, giving it my telephone number for SMS verification , creating a PIN, scanning my palm, letting it take my photo, and then also scan a copy of my driver's license.
That's a whole lot of personal information, which in retrospect was pretty stupid of me. Bitcoin Agents holds on to that identification data to comply with government anti-money laundering laws, but there's no promise that they can't be hacked or won't use that information for suspect ventures in the future. Anecdotally, my identity hasn't be stolen yet, but I have received on average one strange telemarketing call a week since signing up for Robocoin--the first of which was from an adult chat service just hours after giving the Robocoin machine my phone number.
Robocoin operators make money from these fees, which they charge for both buying and selling of Bitcoins. These fees are just one of the sources of controversy regarding Bitcoin ATMs; in Vancouver, the Robocoin operator had to hire a part-time chaperone to watch over the kiosk and prevent other traders from intercepting customers with the promise of lower-cost or free transactions.
The biggest hassle was in trying to get our money out from the Robocoin machine, selling the Bitcoin back to Bitcoin Agents. The process here was incredibly convoluted and opaque. After logging back into the machine with my phone number, PIN, and palmprint, the kiosk spit out a receipt with a QR code representing the wallet address of Bitcoin Agents.
The idea was that I would use my wallet to send the Bitcoin value to the operator, with the promise that after receipt, the machine would dispense the equivalent in cash--minus the transaction fee. My mistake was in not paying a "miner's fee" after sending the Bitcoin to the operator. This was a step that wasn't made clear in the selling process, neither by the Robocoin machine or my Blockchain app.
The way I understand it now, transactions have to be confirmed by the Bitcoin network, with the data of that transaction being attached to new blocks of data that's generated by the mining process. The data blocks keep a permanent record of all the transactions taking place in the network, but miners don't have to include your transactions in newly mined blocks. That's why the miner fee exists--it's a small fraction of a Bitcoin to incentivize miners to attach your transaction to their blockchains and therefore validate it.
Merchants and operators typically require the arbitrary number of six confirmations before considering the transaction legit. And the typical transaction fee So instead of the transaction being confirmed in the minute average it usually takes, our Bitcoin was lost in limbo for over a day. I sent a support email to Bitcoin Agents, and received a text message the next day they matched my name to my phone number, I assume from Mike Piri, the owner of the Austin Robocoin machines explaining the situation.
Fortunately, Mike agreed to refund the transaction for exactly what I had sent to the machine, but by that time I was already on a flight back to San Francisco. Was it foolish to give so much personal information and cash to machine?