Monday, 17 October 2011

I'm A Bitcoin Trader

This morning my money transfer cleared into my Mt Gox account. It had taken two working days from the point I instructed the bank. I'm looking to buy 10 BTC, but I've got the maths wrong in the previous post. I'm going to make a first go at getting as many BTC as possible for my 3 GBP and transfer over some more funds.

The price this evening for BTC on Mt Gox is 1.71 per BTC. I'm going to put in an order for 1 BTC at 1.70 and another at 1.30 and see what happens. My 1.70 offer was immediately taken up. The 1.30 sat there.

Next I decided to get my new BTC out of Mt Gox. After my transaction fee I had 0.994 BTC left. I put in my Bitcoin address and submitted the request to Mt Gox. The option that I wasn't aware of was the "green address" This option seems to mean that the receiver can trust the transaction with zero confirmations. As I'm not that time sensitive I decided not to take the option. I fired off the request at 19:10 UK time. By 19:11 I had an unconfirmed transaction in my Bitcoin client. Next I went to the internet banking site, put 16GBP in the Mt Gox account, and then fired off an email to Wuala requesting 100GB of storage for 10BTC. By 19:28 I had my first confirmation of the Bitcoin transfer.

4 comments:

Dave Potts said...

Wow. Wuala got back to me the next day to say that they had added in the 100GB to my account and to give me a Bitcoin address to pay to. What great service!

Dave Potts said...

The next day the funds cleared into my Mt Gox account. I needed by 9.1 BTC to have enough to pay for the storage. With the 0.6% fee I would need to put in an order for 9.15 BTC.

After poking around for a bit I had bought 1 BTC for 1.38 GBP. I have to admit at this point I ran out of time and decided to put in an order for 8.15 at 1.40 GBP. That went through instantly.

Next to get my BTC out and pay Wuala.

Dave Potts said...

It took three hours this time to get my BTC confirmed from Mt Gox. I then had 10.941 BTC in my wallet. I put in the payment address that Wuala had sent me. I fired off the payment at 20:48.

Dave Potts said...

By 21:03 I had my first confirmation in the Bitcoin client.