If you could get bitcoin at a certain price and then sell it to another exchange or person... how profitable would this be? For example bitcoin is 2500 a coin. You get them at 2500 a coin. Localbitcoins it seems like ppl who buy bitcoin actually offer you more than 2500 per coin right? If thats the case, why not look for a buyer... then buy your bitcoin from an exchange... then sell that bitcoin to a buyer for profit? The issue of course is you need to make sure the price doesnt drop much between when you get the actual bitcoin in your wallet and doing the transaction with the other user. Does anyone know how much money ppl are buying over the market price for bitcoin on localbitcoins? For example if price is 2500... are people paying like 3 percent for it? Thus 2575 etc for a coin? Or is it the other way around? Because i recalled didn't people sell bitcoin at face value or actually get less than face value? But since bitcoin gotten really big, its actually worth more than cash value?
I planned to do the same thing here in Italy but then I realized that the gap between exchanges would take away my profit. If we knew the bitcoin price would stay constant, this would be a good way to earn money but the price moves and this could result in loss for us.
