this is a common method a lot of traders are using.
if i am not mistaken, all the localbitcoins.com traders are doing the same thing with the huge spread in price.
but my experience i saw a lot of users that are buying/selling bitcoin locally (in my country) for bank transfer (it has no charge back) and with lower/higher prices respectively to earn profit.
Topic: Trading Bitcoin For Profit With Different Buyers? - page 2. (Read 1461 times)
i looked at the thread. He is selling btc. However, many of his posts say he won't sell btc to newbies paying with paypal/skrill. If thats the case, what is the method he is receiving then?
I mean buying bitcoin with whatever method you have where you pay no fee or say 1 percent fee. Then you go and sell the bitcoin at the same price to someone else for a fee.
A huge amount of traders make money off of this tactic.
The reason i ask this is because i can sort of acquire bitcoin at no fee or very low cost. But if i want to sell the bitcoin, are there people that would pay like 2-3 percent fee that are legit? I know there are ppl that pay 5 or 10 percent fee but they use paypal which is reversible etc which is not good.
Of course. If you're at the right place at the right time, there will always be a golden opportunity for you where a buyer really wants bitcoin and is willing to pay a bit more than the market price; but it can go without saying that this situation can be rare since they could easily go on the market and buy some.
Let me show you an example. 5%+ fees. He gets a lot of customers who consider the fee as a price to pay for his reputation and not getting scammed.
TL;DR: Yes, there are a lot of people who do this and it works, trust me.
I don't mean buy a lot of bitcoin at a set price like $430. Then once it goes up to $450, you sell a lot of them etc. I mean buying bitcoin with whatever method you have where you pay no fee or say 1 percent fee. Then you go and sell the bitcoin at the same price to someone else for a fee.
First off, are there people that do this? For example if you could acquire bitcoin for no fee. Example its $350 per bitcoin. You buy 10 of them for $3500. Let say bitcoin price after a bit is exactly $350. You have someone looking to buy bitcoin and paying a vig/premium such as 3 percent. Thus for the $350 per bitcion, they willing to pay you 3 percent so $360.50 per bitcoin. Say they want to buy all 10btc for that price. Thats a total of $3605. Thus the person selling the bitcoin made $105 profit.
My questions are first... are there people doing something like this? If so, i assume they are doing so in large quantities? The reason i ask this is because i can sort of acquire bitcoin at no fee or very low cost. But if i want to sell the bitcoin, are there people that would pay like 2-3 percent fee that are legit? I know there are ppl that pay 5 or 10 percent fee but they use paypal which is reversible etc which is not good.
First off, are there people that do this? For example if you could acquire bitcoin for no fee. Example its $350 per bitcoin. You buy 10 of them for $3500. Let say bitcoin price after a bit is exactly $350. You have someone looking to buy bitcoin and paying a vig/premium such as 3 percent. Thus for the $350 per bitcion, they willing to pay you 3 percent so $360.50 per bitcoin. Say they want to buy all 10btc for that price. Thats a total of $3605. Thus the person selling the bitcoin made $105 profit.
My questions are first... are there people doing something like this? If so, i assume they are doing so in large quantities? The reason i ask this is because i can sort of acquire bitcoin at no fee or very low cost. But if i want to sell the bitcoin, are there people that would pay like 2-3 percent fee that are legit? I know there are ppl that pay 5 or 10 percent fee but they use paypal which is reversible etc which is not good.
Jump to: