-
Notifications
You must be signed in to change notification settings - Fork 0
Trading
In this article, you will learn how to buy and sell titcoins.
Buying and selling Titcoin for real money is a two-step process:
- Trade Bitcoin for Titcoin on an altcoin exchange
- Trade Bitcoin for real ("fiat") money on a Bitcoin exchange
To see the final price of one titcoin on different altcoin exchanges, you can use this site: https://www.coingecko.com/en/coins/titcoin
In the following, we will go through the process of buying Titcoin - selling Titcoin follows exactly the same process, just the other way round. As always, if you encounter any difficulties please join our Discord server at https://discord.gg/PADaP7s and ask your questions in the #support channel!
First, as a beginner you should understand that it is not necessary to purchase an entire Bitcoin (over $10,000 USD). People usually buy only fractions of bitcoins, for example 0.005 Bitcoin. That way, you can even buy or sell some portion of Bitcoin for $50. Buying very small portions of Bitcoin (e.g. being worth $1) is usually not affordable because sending bitcoins (step 2) can cost between $0.10 and $5.00 per transaction.
There are hundreds of sites where you can buy Bitcoin for fiat. Some of the most popular options are:
- Binance (https://www.binance.com/en)
- Kraken (https://www.kraken.com/)
- CoinBase (https://www.coinbase.com/)
- LocalBitcoins (https://localbitcoins.com/)
This list is necessarily incomplete. There might also be Bitcoin exchanges that are specific to your country. Many Bitcoin exchanges have so-called Know-Your-Customer (KYC) regulations, which means that you have to verify your identity in order to start trading. Privacy-wise this is unproblematic because these sites have millions of customers all around the world and nobody knows what you are going to do with your bitcoins. ;)
- Create an account at a Bitcoin exchange of your choice
- Go through the verification procedures
- Buy a portion of Bitcoin
After you have bought a portion of Bitcoin, you can transfer it to an altcoin exchange where Titcoin can be traded for Bitcoin. In this guide, we will focus on Unnamed Exchange (https://www.unnamed.exchange). For an overview of our current exchanges, see https://github.com/titcoin/doc/wiki/Exchanges
In order to transfer your bitcoin, you have to create an account on Unnamed Exchange. Unlike Bitcoin exchanges, this site does not require any personal details and signing up can be done in a minute.
- Create an account on https://www.unnamed.exchange and sign in
- Go to your profile (top right corner) and select "Deposit"
- Click on New Deposit and select "Bitcoin (BTC)".
- After clicking "Next", you will see a Bitcoin deposit address, starting with "bc1...". Copy this address.
Now, we want to send the bitcoins that you have bought in step 1 to Unnamed Exchange. Depending on the Bitcoin exchange you are using, there will be a menu called "Withdrawal" somewhere. Initiating a Bitcoin withdrawal will ask you for a destination address. Insert your Bitcoin address from Unnamed Exchange here and confirm the withdrawal.
Back on Unnamed Exchange, after some time (10-30 minutes) you will see your Bitcoin transaction appearing in the Deposits menu. As soon as it says "Confirmed", you are ready to buy Titcoin!
Trading Bitcoin for Titcoin on Unnamed Exchange works the following way: Users can post buy and sell offers on the exchange, given a certain price and amount of coins. Other users can either accept these offers and initiate the trade, or post a new offer themselves.
To see the Titcoin market offers on Unnamed Exchange, go to https://www.unnamed.exchange/Exchange/Basic?market=TIT_BTC
At the bottom, you will see menus for buying and selling TIT. Clicking on a sell offer at the bottom right will automatically fill in the right numbers in the formulas:
- "Amount" is the number of titcoins that you are buying
- "Total" is the amount of Bitcoin that you are paying.
In general, you should always choose the best/cheapest offer, which appears at the top of the list. If the offer is larger than what you want to buy or what your balance allows, you can either click on your balance to fill in the maximum amount that you can buy, or manually fill in the amount of titcoins that you want to buy in the formula.
When you have made the decision to make the trade, click on "Buy TIT".
We are almost done! Now you are the proud owner of some freshly bought titcoins. In order start using Titcoin, you can finally transfer them to your Titcoin wallet. For a graphical intro about installing and using the Titcoin wallet, please read here: https://github.com/titcoin/doc/wiki/Using-Titcoin
- Go to your Titcoin wallet and click on "Receive".
- Type "from Unnamed Exchange" or something similar into the label field to keep track of your payment.
- Click on "Request payment". Copy your Titcoin address by clicking on "Copy Address".
- Switch back to Unnamed Exchange. In your profile, go to the "Withdrawals" menu.
- Click on "New Withdraw" and select Titcoin (TIT)
- Paste your Titcoin address into the address field.
- Click on the balance to transfer your whole balance to your Titcoin wallet
- Enter the two-factor authentication code and select "Continue"
- After a few minutes, your titcoins should appear in your Titcoin wallet!
We are done! :) This is how you can buy Titcoins for real money and transfer them to your Titcoin wallet.
The process of selling Titcoin is simply the reverse of what we have just done:
- Create an account at a Bitcoin exchange of your choice in order to sell Bitcoin for fiat money.
- Create an account on Unnamed Exchange (https://www.unnamed.exchange) in order to sell Titcoin for Bitcoin.
- Start a new Titcoin deposit on Unnamed Exchange in order to get a deposit address. Go to the send menu in the Titcoin wallet and insert the deposit address in the "Pay to" field.
- Wait until your Titcoin deposit has been confirmed on UE. For security reasons it will take between 1 and 3 days until your Titcoin deposit is fully confirmed (1440 confirmations).
- Go to the Titcoin market (https://www.unnamed.exchange/Exchange/Basic?market=TIT_BTC) and sell your titcoins for Bitcoin
- Start a new Bitcoin deposit on your Bitcoin exchange in order to get a deposit address. Start a new Bitcoin withdrawal on UE and insert the deposit address in the "Address" field.
- Sell Bitcoin for fiat money on your Bitcoin exchange.
- Transfer the money from the Bitcoin exchange to your bank account or credit card.
Besides the Bitcoin market, on UE it is also possible to trade Titcoin against other cryptocurrencies, for example Dogecoin (DOGE) or Litecoin (LTC). The process is analogous to the above tutorial, you're just using e.g. Litecoin instead of Bitcoin.
- Instead of buying or selling Titcoin instantly, it can sometimes make sense to wait a bit until better offers appear on the market that have a better price.
- You can put in your own price when buying or selling TIT, which creates a permanent buy/sell order that other users can choose from. After someone has accepted your offer, your coins will be automatically credited to your account on Unnamed Exchange.
- It is advisable to never store any coins (Bitcoin or Titcoin) on cryptocurrency exchanges longer than necessary, because crypto exchanges often get hacked or go out of business. You should always store your coins in a software wallet on your own PC or mobile phone, where you have full control over it. Similar to the Titcoin wallet, there are also software wallets for Bitcoin, for example the "Electrum" Bitcoin wallet or various mobile apps.
- If you do not have a PC and can not install the Titcoin wallet, it is also possible to use a Titcoin deposit address from Unnamed Exchange as your Titcoin address for receiving titcoins, and to use the "withdraw" feature to send titcoins to other users. However, this is not recommended, as explained above.