How do BTC miners sell their BTC | Bitcointalksearch.org

Hamphser

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Quote from: buwaytress on December 04, 2018, 04:57:01 AM

OTC for sure, forget fees if you have the buyers ready, doesn't hurt you to offer to get the bitcoin off the miners without charging fees, since you already will get commissions from the buyers. Sort of like maker no fee kind of deal. Look for those new entrants, old ones probably have longstanding deals they aren't likely to disband. Trust in this business not easily gained.

Trust wont really able to built up overnight but somehow we can manage to make it on gradual.This is business and offering on that way is already worth to try.

Quote from: JuggSlash on December 01, 2018, 11:33:05 PM

I wonder if selling btc p2p is still a great way since you have no fee and you can meet the buyer 1 on 1 without no doubt.

Possible option but somehow risky compared to OTC which others do talk above.

1Referee

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Quote from: buwaytress on December 04, 2018, 04:57:01 AM

Look for those new entrants, old ones probably have longstanding deals they aren't likely to disband. Trust in this business not easily gained.

It depends on how competitive OP can be, because miners only care about the money, which we have clearly seen in the last couple of weeks. In no shape or form did miners bother to look at the economical damage they may have inflicted by allowing nChain and CoinGeek rent their hashrate, which potentially could have been used to 51% attack the ABC chain.

Offer them a better deal and miners will come to you, that's how it works when money talks.

shield132

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Quote from: megamind_bs on November 30, 2018, 08:29:25 AM

I represent a Swiss based Exchange which is having a Banking license to accept Fiat money in return for crypto ( passed all regulations ). One of the biggest problems we envision is the ability to source BTC to buyers. (Most of our buyers are institutional investors based out of Swiss).

Would like to know how currently miners sell their BTC and what is the Incentive for them to come onboard our exchange/OTC place like ours.

I know one small exchanger owned by bank which has contract with bitfury and exchange coins this way but also as far as I know you can be like a middleman and offer service to local customers through big exchangers. Big miners have contracts with others, some local companies offer special rate for those who have much btc. Small miners always use well known exchangers: binance, coinbase, xapo and etc.

buwaytress

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OTC for sure, forget fees if you have the buyers ready, doesn't hurt you to offer to get the bitcoin off the miners without charging fees, since you already will get commissions from the buyers. Sort of like maker no fee kind of deal. Look for those new entrants, old ones probably have longstanding deals they aren't likely to disband. Trust in this business not easily gained.

leowonderful

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I mine a moderate amount of BTC, and I also use an exchange like Coinbase to quickly swap my BTC to USD to my bank account. I personally don't look for features in an exchange, as my main goal's simply just to sell off coins for the best rate I can get, so I'd agree with NotFuzzyWarm that having lower fees would attract miners to your exchange. It'll take some time, but you'll be able to raise fees in the future as you gain a userbase if you wish.

gentlemand

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I would assume the big miners have longstanding deals with OTC operations. It's the first place an OTC buyer would think of. It's possible certain miners have been funded by OTC companies.

It may be worth asking other places with a constant inflow of coins and a need to get rid of them such as Bitpay. I seem to recall an employee of theirs saying all of their coins go straight to OTC buyers.

JuggSlash

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I wonder if selling btc p2p is still a great way since you have no fee and you can meet the buyer 1 on 1 without no doubt.

NeuroticFish

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From what I see you have 2 options:
1. Make your own exchange open for everybody and charge lower fees than the competition, at least until you'll have a name. Then you earn Bitcoin you can sell to the investors (and you can also buy from your own exchange)

2. Buy, like everybody else, from the established exchanges.

I mean, I am not convinced the miners will just come to you. The small miners are not really different from the ordinary people holding/spending small amounts of Bitcoin whenever they really need to or the price is good enough. And the big miners probably are the biggest speculators on the market too, a position they may not want to give up.

NotFuzzyWarm

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I currently sell using Coinbase or directly spend it with merchants accepting BTC.
As to how you as an exchange obtain BTC - same way a bank obtains any non-local currency: trade with other institutions or buy it from them and hold enough in reserve to cover operations.

Incentive for folks to use your exchange: charge low fees.

megamind_bs

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I represent a Swiss based Exchange which is having a Banking license to accept Fiat money in return for crypto ( passed all regulations ). One of the biggest problems we envision is the ability to source BTC to buyers. (Most of our buyers are institutional investors based out of Swiss).

Would like to know how currently miners sell their BTC and what is the Incentive for them to come onboard our exchange/OTC place like ours.

Topic: How do BTC miners sell their BTC (Read 253 times)