Silk Road forums

Support => Technical support => Topic started by: Nonyabiz on April 03, 2012, 10:05 pm

Title: A quick question on bitcoin fluctuation.
Post by: Nonyabiz on April 03, 2012, 10:05 pm
Hi, I'm sure it's been asked before but I couldn't find a topic on it using search, so do buyers need to pay attention to bit coin fluctuation? Does it make a difference if I buy my coins low and then make purchases while the fluctuation goes up? Sorry again if it's been asked before.
Title: Re: A quick question on bitcoin fluctuation.
Post by: TalkingHead on April 03, 2012, 10:25 pm
Many vendors' prices are tied to BC prices (although they do lag) so I find it's best to only buy the amount of bitcoins you need per purchase.
Title: Re: A quick question on bitcoin fluctuation.
Post by: kidx on April 05, 2012, 01:03 am
Hi, I'm sure it's been asked before but I couldn't find a topic on it using search, so do buyers need to pay attention to bit coin fluctuation? Does it make a difference if I buy my coins low and then make purchases while the fluctuation goes up? Sorry again if it's been asked before.

Yes, it totally makes a difference. Both buyers and sellers should monitor Bitcoin exchange rate fluctuation very carefully. Bitcoins can fluctuate so much within just one day, that $2500 worth of Bitcoins could increase or decrease in over $100. That's in just one day.

Right now, Bitcoins exchange rate fluctuates between 4.5 and just over 5. I find that I can minimize my loss by not buying the Bitcoins if they go over 5.00 and always buy when they are under 4.8.

Also, keep in contact with the seller regarding changes in Bitcoin exchange rates. They may be willing to split the loss associated with currency fluctuation if you explained that when you bought them they were worth x, but now that you are trying to spend them they are worth y, as long as it hasn't been weeks or months since you bought them. Leaving a Bitcoin balance in your Silk Road wallet isn't a good idea anyway.