Price question-bitcoin

Discussion in 'Digital Currencies' started by michael19, May 27, 2014.

  1. michael19

    michael19 New Member

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    Hello everyone i just have a stupid simple question...

    Im thinking to buy some bitcoins..and lets say the prices goes crazy again in some time...who will buy my bitcoins?

    Example i buy bitcoin for 500dollars and it ends up being 10,000 one day...who will buy it from me?

    I just dont understand it thanks

    Michael
     
    michael19, May 27, 2014
    #1
  2. Load of Bullion

    Load of Bullion Well-Known Member

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    You can spend bitcoins on all manner of things. Cash out if you must I guess. Support govt issued dosh.
    You live in the UK. Localbitcoins is one route. The Mycelium wallet for android phones has local traders on it.
    https://bittylicious.com do your own research, there will be plenty of others in the UK :)
     
    Load of Bullion, May 27, 2014
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  3. mr-dead

    mr-dead Member

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    dont forget 1 btc is divisible to about 8 decimal points (maybe more cant think off the top of my head) so you could do multiple smaller transactions rather than 1 large one if needed.
     
    mr-dead, May 27, 2014
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  4. iluvbeanz

    iluvbeanz Member

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    You can spend it on things. But if you want the easiest route to cash out, then use the exchanges.
     
    iluvbeanz, May 27, 2014
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  5. dozerz

    dozerz Well-Known Member Silver Stacker

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    better to understand it first before buying some.

    think of it as foreign currency, many places will take it off your hand but at different rates of commission. there are some reputable places that charge a small fee, use these.
     
    dozerz, May 27, 2014
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  6. trew

    trew Active Member Silver Stacker

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    To answer the original question - you would sell to somebody else

    If bitcoin goes to a certain price that means there are buyers at that price - you would sell to those buying at that price
     
    trew, May 28, 2014
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