To those who use bittrex, i never used it. But could you trade btc for litecoin, waves and other altcoins pretty easily? Im talking about using btc to trade for altcoins. Im also not familar with trading but say you want to trade 1 btc for litecoin. When you do this, how do you do it? I assume you are trading with another trader who is offering litecoin at a certain price that he wants right? Then there would be lot of other traders who offer litecoin but give a bit higher price? This is what also confuses me. When you trade btc for altcoins on bittrex, so you would post you have 1 btc looking for litecoin? Or would it be 1 btc and looking for litecoin at a certain price? The thing that confuses me more is would you be putting the litecoin price you want in terms of dollars or like 0.03901 etc? Because wouldnt that be very confusing to do since well you are looking at the litecoin price in terms of dollars?
It works like any other exchange, where you can exchange btc or ltc for any other currency, including usd. You don't post any requests, you put a trade into the order book, and it gets filled or not depending on how much you requested. For example, if you are trying to sell 1 BTC and the current USD price is $2850, you could put $2849 and someone is going to buy that 1 BTC very quickly. But if you put $2855, it may take a few minutes, or not get executed at all if the price falls.