Topic: Methods of growing your Bitcoin? - page 195. (Read 453559 times)

Another arbitrage opportunity, which I experimented in the past few days and that I’ll explain in this post, is taking advantage of the Bitcoin price on Coinbase and what you can sell those bitcoins for on LocalBitcoins. Coinbase is probably the easiest site to purchase bitcoins and LocalBitcoins is a platform that allows users to sell and buy bitcoins between each other with cash or other payment systems. Basically we’ll try running a currency exchange service.

STEP 1 – Join Coinbase and buy some bitcoins
make money with bitcoinTo start you need to create an account Coinbase. It’s very easy, and once setup with your bank account info, you’ll be able to purchase bitcoins in a click.
One interesting feature of Coinbase is that, once you verify your identity and complete a purchase, it allows you to buy bitcoins instantly. Initially the instant buy limit is very low (0.1BTC) but after 30 days you’ll be bumped to 1BTC.
You can start by buying even a small amount like $100 or less, this is just to get the verification process started.

STEP 2 – Join LocalBitcoins and transfer your bitcoins
LocalBitcoins is where we’ll create an ad to sell our bitcoins and to do so you’ll need an account. Once created, visit the wallet page on LocalBitcoins, copy the address, and send your bitcoins from Coinbase to that address (how to send money from Coinbase).

STEP 3 – Create a bitcoin trade advertisement
You can do this right away or wait until you have been verified by Coinbase. On LocalBitcoins, click “post a trade” in the menu. The form is pretty self-explanatory, but there are a few suggestions:

Payment method: I did my experiment using cash deposit. It’s very safe and deposits show up instantly on your account
Premium: the easiest way to set your price automatically based on a Bitcoin exchange is to use this field. For instance if you put 5%, your price will be set at 5% more the current exchange rate on Bitstamp. If you decide to use this I suggest you to stay around 5% premium.
Price equation: this is what I used to set my price. I experimented with a few formulas and I think the one that performed best was (mtgoxusd+bitstampusd+btceusd)/3*1.02 (2% premium over the average of the exchange rate of Mt.Gox, Bitstamp and BTC-e). Your goal is to sell at least 5% more than the exchange rate on Coinbase, since by doing so you’d have a ~3% net profit (both Coinbase and LocalBitcoins have a 1% transaction fee).
Min. amount: I’d set this at least $100 to avoid small wasting time transactions. I ended up setting my at $300 but at the beginning you’ll need those $100 transaction to build a positive history.
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STEP 4 – Start exchanging
Assuming that you’ve already been fully verified by Coinbase, now you can just wait for people to contact you on LocalBitcoins. The way LocalBitcoins work is by escrowing the amount of BTC requested by your buyers from your LocalBitcoins wallet. Once you see the deposit appear on your bank account you can release the escrowed bitcoins by clicking the release button. What I usually did was to immediately contact the buyer, to make sure it was serious about making the purchase and then buy the equivalent amount of dollars requested in bitcoins from Coinbase. If instead of growing your stash of bitcoins you prefer earning some old fashion dollars, simply buy the same amount of bitcoins escrowed and keep the difference.

Since now you can buy up to 1BTC instantly, even if you only originally owned 0.1BTC, you could trade that 0.1BTC over and over again without actually speeding a dime more. To give you an example, if you originally bought 0.1BTC and you trade your entire wallet 10 times at with a 5% premium, you’ll be doubling your initial investment in 2.5 days.

Final notes
This type of exchanges won’t make you rich, but they could easily generate a few hundred dollars every week. Using this process I was able to grow my (small) Bitcoin stash of about 10% daily. While I haven’t of course accepted all the requests, I received enough trade requests to exchange even $10,000/day, so there’s definitely a huge demand.

Try to keep your margin smaller at the beginning (but keep in mind that 2% of the transaction will go towards transaction fees) to create a positive history and start accumulate positive ratings. People will be willing to pay a higher premium if they know they can trust the seller.

One thing one needs to pay attention to is the price trend of Bitcoin, since during a meteoritic rise of the price, even few minutes delay in buying back the coins could mean losing all the margin (or more). It’s actually easier to make money on down trends since often a few minutes delay will increase the spread between your LocalBitcoins exchange and Coinbase exchange.

You can try other payment methods other than cash deposit but beware that Paypal, Chase Quickpay, Venmo and other services allow chargebacks and are often use to scam Bitcoin sellers. LocalBitcoins does a great job in explaining all the different methods and their risk level.

If you are in South Florida and you are interested in Bitcoin and crypto currency, don’t miss the upcoming Refresh Miami on the future of money on Jan 30th.


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my methods is very simple...
just make post's everytime everyday, and everywhere when i can to make it "make a post"
when we make many many post.. we can get positions up and the payment make high tooo...
like HEro or legendary like that.. still to try.. and join the good signature.

Well it is combined then much better earnings. You suggesting to a starter like me to try gambling? As you see Im on Yobit's signature campaign. They have a max post of 20 post. What will I do after posting 20 post? Don't worry Im not claiming a hourly on faucet. Im doing it after doing signature campaign. And in case of trading ,  I will need more study to do it.

It is better that we comment less and that also constructive posts, if we keep on spamming by posting more and more then we would surely get banned from the campaign, which would result in financial loss, so it is better to post quality comments in campaign.

There are many campaigns which pay more as compared to others but all the campaign have a limit of posts which they count. And above that count we are not get paid for extra posts.
And those which have no limits on posting, the slots are full.

Yes faucets are for newbies who don't have any idea about how Bitcoin works.

Trading between altcoins is very risky as there are much chances of you loosing your Bitcoin in a single strike.
And about gambling it also requires some skill and knowledge of what we are doing otherwise it's the same as burning our money.

Why after you doing signature campaign you still on faucets again? You should see the different between faucets and signature campaign for now, and you can see how much effort did you use on campaign and faucets. The different is so clear and still you are doing faucets again, you should change your faucets into some other thing that can earn more like trading or may be you can even try your luck in gambling



Nope you are wrong on this, you can earn much if you are higher rank and you are a good poster, doesnt mean a bad posts but high quality one, I guess you can earn 1 btc per month and that is a lot for signature campaign doing. You will chance your perception about signature campaign when you see someone earn that much

Is there a trading strategy that allows for some steady gains?

I mean, I know the basics: buy low, sell high but for example... How much raise before selling for some gains that are not too risky and still worth it? aim for a 1% daily? 2% in two days? Compensate loses buying more yes or not?

Tips like that would be nice for a newbie like me.

Yeah, Trading with a good strategy can make a difference, as you can earn bitcoins quickly when it comes to trading, whereas sig campaigns is a time consuming to earn bitcoins as from a single account you cannot earn huge number of bitcoins.

Fair enough, whatever works. Trading is def where bulks of the BTC is though.

Yeah it is worth my time and it will much worth the time if my account will rank up soon. Trading requires more knowledge and besides I dont have an idea about trading for now but I will got there someday.

Sig campaingns really worth it? I say go trade, thats where I do it.

Sig campaigns are so tedious and you prob need many accounts.

Signature Campaign and Faucets are my only way of growing my bitcoin. Nice my rank will update later. Additional earnings in Signature Campaign.

We call it investment, which its the good way to grow your bitcoin with many ways. If we just earning it, then there is no difference between bitcoin and fiat. We can avoid any risky with collect all information about what kind of place or site we will invest.

Most of the cloudmining Services are pure garbage and work like a ponzi scheme.
To find a trustorthy one is not easy at all. So I will look for other options.

Investing in good way is best option for all but its need too much care because in last days many scams around here in name of investment hurting cause

so you just wait for your money to come naturally? haha that his name not work, there are times when you're taking a risk in your job, if you want to be rich you have to get out of your comfort zone

but it is good to invest a part of your money and don't just sit on it hoping for the grow.

I find it funny that people are so obssessed with trying to 'grow' their bitcoins. Bitcoins will do that naturally over time if you have patience. Don't do anything risky by investing in dodgy schemes and just concentrate on earning more bitcoins in whatever way instead.

What you mean put your money in a Ponzi scam "cloudminer" like the one in your signature?
Yeah, great advice that is