I am beginner in crypto-currencies, i just created my account in cryptsy and can make buy/sell orders but how do i accept orders from others(i.e open orders(all buy/sell orders)) i can view the list of all buy/sell orders but don't know how to accept those orders?
1 Answer
You cannot accept or reject an order. When you place a sell order (for clarity's sake assume 1 BTC for 100 dollar) and there is no-one with a buy order above $100/BTC you end up in the list of buy orders. When someone thinks "hmm, that is a nice price to pay for a bitcoin" he can create a buy order for 1 BTC (or less) for $100/BTC. Cryptsy looks then if there is a sell order for that price (or lower) and his order will be filled, and you get your money. So if you leave an order open while you go away, it can be filled without you noticing it.
If you want more clarity about the filling of orders, you can look at my answer here.
edit: so if you want to close the deal immediately, buy (or sell) at a rate that there is a seller who sells at that rate. Otherwise the market can go up, and your bid will be missed out.
answered May 2, 2014 at 10:59
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Then all the orders are automated(match buy/sell) by cryptsy itself, Is there any opensource project available for trading? and i want to know what will happen at the back end– M.RCommented May 2, 2014 at 11:18
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Yes, all orders are matched automatically by cryptsy. So don't worry when you want to buy something at $101.52351/BTC and no-one will like your not-round value. When you have the highest bid, your order will be matched automatically. For an opensource exchange I think it is best to refer you to Buttercoin but I have no clue if that suffices. If you meant something else, like a trading bot: pick your like. I tried to make them myself instead of copying it (much more to learn) Commented May 2, 2014 at 11:22
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And of course this applies for all exchanges out there, not just cryptsy. Commented May 2, 2014 at 11:28
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One more question, trading engine matches buy/sell orders, but how the amount got transferred to buyer/seller for e.g DOGE/BTC in different crypto-currency, Is it also done by trade engine? Buttercoin not at all work, anyother opensource trade engine in ruby?– M.RCommented May 6, 2014 at 5:41
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The currency in the exchange is not really in wallets you can access. When you deposit 1 btc the site keeps track of that. When you trade 0.5 btc for 200 doge, the exchange knows you have 0.5 btc and 200 doge, but it's not in your wallet. When you withdrawal, it is transferred to your wallet of choice, and the exchange knows you have less btc/doge on the site. I don't know another open-source exchange, but it may be out there Commented May 6, 2014 at 6:15