Topic: New to BTC, about to start buying and selling on LBC. Looking for some advice! (Read 592 times)

Coinbase and maybe Circle are gonna shut you down if they realise you're selling on LBC. I don't how the exchanges feel about it. Maybe they don't care. Depends which one I guess.

1. For local cash sales, depending on the size, I would carry a small counterfeit detector, especially if you are dealing in 100$ bills (and assuming you are in the US. Here in canada it is harder and even rare to find a counterfeit bill anymore because they are no longer made of paper). Also, I would try and meet in a public place, maybe a cafe, or a shopping mall. Also, you could use a payment processor such as Stripe, Square or  any other payment processor that you can sign up for in seconds and use your smart phone to accept bank payments.

2. When it comes to profiting from physical sales and not exchange sales, you don't really need any formulae. Usually if you buy BTC from LBC, you will be paying a little higher than what it is worth at that point in time, so the best way (In my opinion) would be to buy the BTC, and hang on to it for a while until you see a small to moderate increase in the price. Then sell it. That is a sure-fire way to profit, but it will take longer (usually). You could also purchase the BTC, place a bit on a multi-coin exchange and ride some high-volatile/high-volume coins for quick returns. Naturally this is more risky, but has the potential to reap profits extremely high. If you go that route, I would advise you do a small bit of research on reading charts, and learning to read the number of indicators related to price analysis such as Bollinger Bands, Fibonacci retracement, Exponential Moving Averages (EMA) and Simple Moving Averages (SMA), etc. These can be intimidating at first glance, but is really not that difficult to pick up, and is quite exhilarating to use. If you would like some great resources regarding this please feel free to PM me. I have much material on charting.

3. If you would like to track your progress there are numerous tools for watching your portfolios for you and delivering reports. Personally I do not have any spreadsheets for that purpose, but you can google "Crypto portfolio tracking" and there are countless services and sites dedicated to just that. I am sure you could find something to use. (Here is an example of a free one)

4. Coinbase is as good of a place as any. They probably have the lower fees out of most also. You could use LBC to buy BTC from around the world. It does not have to be locally that you buy/sell BTC on Localbitcoin, there are a number of ways to sell and buy on LBC ranging from Gift cards to Bank deposits, so you are not forced to buy locally or even domestically. If you would like to know the current price of BTC in whatever FIAT value worldwide, I use the site preev. That site is an absolute essential as it is so minimal, no distractions, quick loading and great for quick price-checking for most main exchanges. Also, you can get addons for Chrome and Firefox that have a little ticker showing you the price at all times. I use that also (Usually for alts like ETH and LTC) (Here is one)

Please feel free to PM me with any questions you my have, or if you would like any further advice. If you would like that material on charting, let me know.

Mistercoin--

In addition to safety and legality, another major issue is currency risk. You want to make sure that you sell the coins for more than you pay for them. That means that

1. You need a good reliable cheap way to acquire bitcoins.
2. The price you sell them for should be based on the price you can acquire them at.
3. Replenish the bitcoins you sell as soon as possible. Immediately after you sell them, if possible.

Meet in public places, dont get lured away, e.g. because "Oh, I have it right here in my car". Make sure you understand possible issues with confirmations and confirmation times. Counterfeit fiat can be a problem as well.


Depends on your area, some charge up to 20% in each direction. Whether or not that works I cant tell.


There is no correct price, there are different markets that have people willing to sell for different prices. A nice overview can be found here -> https://bitcoinwisdom.com/

Hey everyone,

My father and I have grown distant as his father (my grandfather) passed away about 2 months ago. My father and I are interested in selling BTC through LocalBitcoins in our city and surrounding cities.


I will be buying $500 worth of btc from a vendor using LBC near me in order to see how he works and will take some mental notes.  He is the only vendor in our surrounding cities and I would like to join in on selling.

Initially, I will purchase $500 USD worth of BTC; followed by $7,000 USD of BTC in order to start selling locally and online.

I've got a few questions I would greatly appreciate if someone of you folks could answer.

1.) Does anyone have any tips for local cash sales? Is a counterfeit/dollar bill counter necessary?

2.) Does anyone have any formulas they can send my way that would help with trying to profit from selling?

3.) Does anyone have any spreedsheet templates they can spare? I feel like you all are much more experienced and would like something to track my progress. Would a simple google docs spreadsheet/chart suffice?

4.) I've only bought personal ammounts of BTC through coinbase and Circle. Are there any other websites that offer a better price? How do I kow which price is correct? I get 2/3 different values of BTC's whenever I google them

5.) I would greatly appreciate any other tips/formulas or guides to selling Locally or online in order to start the ball rolling.

Thank you all very much for everything,

I hope this isn't the wrong sub-thread.