My bitcoin wallet "US dollar" amount is changing. It's Saturday the market is closed. How is this happening?

  • 7
    Basic, fundamental misunderstandings like this are why I'm concerned about people investing into Bitcoin. It's very different from what a lot of people are used to, and not many are doing the research they should before putting money into a system. Treat it like any other investment; get to know how it works, what the risks are, etc.
    – Nic
    Dec 25 '17 at 3:41

To my knowledge, bitcoin is not traded on any stock markets. It is traded directly on exchanges specialized in cryptocurrencies. These exchanges don't necessarily close, and therefore trades are always occurring.

Your wallet is reading the price feed from one of these exchanges (you can probably configure which one if you look at the settings), and is therefore getting updates about the going rate on that exchange. Whether a stock market is open or closed it's irrelevant.

  • I do have settings. I'm using "bitpay". No matter what I do I can't transfer the funds to my bitpay card. I've never had this problem until now. I've gotten emails from them stating that fees would be extremely high due to mass transactions. I just don't know when it'll return to normal Dec 24 '17 at 0:46

Bitcoin is not a stock. It's a decentralized currency and its markets are open 24/7.

  • Ok thanks. On Friday it recovered all from Thursday plus some. Also, right now I have 500 in my wallet. It won't even allow me to transfer to my bitpay card due to many transfers. My guess is the holidays?? Also maybe many people panicked when bitcoin dipped this past week. In your best estimation when will it be back to normal? Meaning the fee for a 500 dollar transfer go back to a reasonable rate and speed of transfer? Dec 24 '17 at 0:37
  • 2
    The fee issues are not related to the holidays, rather there was a lot of media attention lately that drove up demand for transactions. When the market quiets down, the fees usually retract somewhat. It's hard to predict how low they will go though, I could see them staying fairly high for weeks or even months as Segwit adoption is lagging and Lightning Network not ready.
    – Murch
    Dec 24 '17 at 0:58
  • I jumped on bitcoin as a means of faster sports book payout. I've been using it for maybe 6 months. First time I've had any issues. Usually if I kept my transfers under 1,000.00 US dollars it went pretty fast with manageable fees. Now, it's unbelievable and I'm not sure if I should stick with it Dec 24 '17 at 1:06
  • 6
    @BrooksFinch The fact you thought bitcoin is traded via the stock market is a huge red flag, you shouldn't be using it if you don't understand what it is. Dec 24 '17 at 13:34

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