Topic: Selling bitcoins on localbitcoins for prfoti? - page 2. (Read 2843 times)

If you do this don't count on coinbase.  If they think you are selling over on localbitcoins they don't support it.

Sure some make profit selling over on localbitcoins.  Depending on your location look up if it's considered money laundering.  And consider that plus the possible loss if a bad trade.

if you want to make profits from arbing bitcoin price, register on localbitcoins and make an exchange face to face with people ure dealing with.
I most certanly wouldnt trust reversible payments, since everyone has their moral price, and these days, it is quite low.
Buy on exchange, sell localy, and vice versa, but never accept reversible payment, and you will profit, but not much imho

cheers

This is exactly right. Peer-to-peer trading allows for more freedom for the seller with flexible terms and payment methods. It also allows for a faster release of the bitcoin to the buyer, which is why you often see those mark-ups.


Cash deposit at your local bank branch is the least reversible payment method for bitcoin trading, aside from in-person cash payment (which is obviously much more dangerous). Technically cash deposits can be reversed via social engineering (this is very difficult, but it's also what a lot of low-lifes spend most most of their time figuring out how to do).

 

Online bank-to-bank transfers are highly reversible, and I would not recommend trading via this method unless you are interacting with a highly accredited and trusted business or individual. 


LocalBitcoins is good for a lot of people that don't have access to Bitcoins (they service most countries), but generally it's better practice to trade through a trusted business if you are trying to do the cash for Bitcoin method if you'd rather not get burned.

Indeed, a lot of people do play the spread by paying the 1% on coinbase to buy and then sell the coins at a markup of 5-8% on sites like LocalBitcoins.

However, LocalBitcoins probably has the most fraud in all of Bitcoin trading at the moment. Fraud is mostly prevalent when you don't have to meet in person on LBC, but even if you do meet in person, there's a decent risk that you could get seriously hurt. I think that this method of trading should be done away with since people have been stabbed and shot by meeting in person. I know that a lot of people here might disagree with me, but I've seen articles about people getting robbed, and many scams happen everyday on LocalBitcoins. To me it's not worth the risk, so to somebody starting out I'm going to recommend that they go through a trusted service.

Here's some safe alternatives for trading with cash:

Buy & Sell:

-BitQuick

Buy:

-Cash to Crypto

-Expresscoin (Credit Union only)

I see that you could sell bitcoins on localbitcoins to ppl who offer cash deposit and other online payments.  I also see they offer you higher rate than the current price as well though not that much more.  Example if btc is worth say $250... i would see ppl offer $255 or $260 for it.  If thats the case, isn't it better since if you do that as oppose to withdraw through coinbase, you have to pay 1 percent fee?  Thus not only do you get money faster, someone is actually paying you a vig for it?


I see lot of ppl on localbitcoin seem to have very good feedback and they offer boa cash deposit.  I had read cash deposits are reverisible but only till the end of the banking day.  Is that correct?  Thus once they deposit it, bank closes, then they cannot reverse a cash deposit no matter what?  ]


I believe online boa transfer is reversible but as long as its a hakced account?  The thing is im curious if anyone here had lot of good feedback about localbitcoins b/c couldn't one just buy bitcoin for 1 percent fee... then sell it to someone on localbitcoins for a profit since most pay more than 1 percent vig?  the negative though is you have to meet them so that would be using up time and thats the inconvenience?  Thus most dont meet with others unless its minimum say $500 worth of btc trade?