Topic: What would you do? (Read 1560 times)

If these guys want to sell you bitcoin at a price of over $500 when the exchange price is $250. Do not buy from them. If they want to sell it to you, it has to be below exchange price.

I have been trying to get myself little by little into the market. It would be awesome to get further into it, but I am pretty confident the more I learn, the more I am going to get ahead of the margin. To be able to buy local coins. There is a surprising market, but I am finding more people who are just trying to recoup a loss rather than learn more about how to make these coins work for them.

There are several angles I can get this under wraps. I am seeking out escrow to see if I can work with someone. We will see. I am in no rush and firly believe everything comes together accordingly.

One thing that I would have done in the same scenario if I were you is to find someone from your location that will go with you to make a deal with the other guy in person and as result since he bought those cheap, you get some percentage of profit from him (let's say by making this deal he will benefit 50% and you could charge 20% of the profit) since your the reason he found out about this profitable deal but in this case you only earn a little but it's the easiest one I guess

I don't think that it's a good idea to start any business by taking a loan. You need to have a plan B, because you may not get a profit at all and how then are you going to return this loan. Think twice, before you do it.

Depends which country you're in I suppose. There was a guy in central London who had a temporary BTC shop. No idea how well it did but at least it happened. ATMs pretty much do the same thing without people present so I don't see why it couldn't be possible in places like the US.

That's what I am hoping to do here in my town. There are a lot of sellers and they seem pretty quick to want to sell. However they are able.

Well I've given the thought of doing btc business opening a shop where you can actually walk in to sell or buy btc. That gives people the confidence as you get to meet in person just like over the counter but the problem is the regulation part where you can't just open a shop just like that. Probably a grocery store and having the btc as side business

some thing that can match the value that you need from the lender, while being comfortable for you to give out

I could use that as collateral! Dude! Thanks, you are great. I didn't even think of that. Whoa!

Why don't you try http://www.rapidpaydayloan.net/ ?

They are not stores, like conglomerate corporations. There are many little boutiques that sell memorabilia, old stuff, crafts, etc. Some person or another got them hyped up to make money off one processor or another. It is a common sham amongst the retired community who do things on the side such as sell off their collection, knit, build, etc.

For example, one of the guys that I write his descriptions for his sports card collection. He'll mark the card for whatever price. Often times, someone wherever will have the itch to buy his card at the price that he wants which is usually 10-20% more than he expected. These people don't care. Another one sells dream catchers. They just want to sell whatever. More often than not. I meet those who aren't looking to make millions of dollars. They are tickled pink when someone even shows interest in whatever they have bought. These are people who are already making money through their payment processor.

One of my ladies told me directly. "Oh, I set this silly thing up, because someone in Canada really liked the scarf I made." The money sits in their accounts and just does whatever. I have tried teaching these people about how to sell their btc. I am not really taking money from them, they know that there is a margin. There is a guy I know who sells BTC for Paypal, and his markup is insane.

Most of the individuals I have met was because of their kids or my grandparents. They don't care to learn or just don't have time to learn. Like my one associate, he has 3 btc, he doesn't understand and all he wants is 500-600 dollars and he will move on, get more coin. That will be that.

Bridging the gap & dealing with coins!

Any store would be very dumb not to be dealing with a payment processor. And why would they be accepting a currency that depends on the internet yet not consider selling via reputable channels on there and sell for a loss to you? Sounds like they need to go back to business school.

If you cannot afford to buy the Bitcoins from them, you can tell them "I will teach you how to sell them". Then you appoint a date with them and a pc and sell them for money in front of their eyes. You can charge them, say 100$ for this lesson, they get their money, and you will have something to start with.

You won't get as much money, but will instruct them and get a very well paid teaching.

What would be considered good collateral?

you can ask a loan here, if you can find someone near you it would be better, but you need a valid collateral, seeing how the sum isn't that important, i think you can cover it quickly with something not expensive

The one guy sells memorabilia. He showed me, because I told him that he could just go online. I tried to school him on the various currency exchange places. I live in an older generation area where the internet is plausible but not exactly savvy. The one particular one still has the coins. He just wants quick cash. He made well over what he wanted from whatever he was selling. He owns a sports memorabilia. There is a craft store, thread store.

I know going to my bank would be kinda far out there because they would be like what is this. The bank in itself might understand but overall, no chance.

Thanks for the replies. I appreciate any and all thoughts. I know I can make good profit margins. BTC is known but it isn't very well thought through with the majority of those who accept them as the payment. You have to factor in several things and it's not the dollar to most.  

He didn't set up his payment route. Like I stated. I deal with the older generation.

So, this guy usually sells something or things for $825, but he decides to accept 3BTC instead of the dollars, even though he "doesn't trust the internet", even though he's "trusted the internet" enough to set up a wallet to receive the coins.
So, he accepts 3BTC and then is willing to sell them for $166.66 each, a loss of $325....
 

Mate I really don't know what advice to give you if you don't have $500 on your to buy 3 BTCs. That's a great deal you know, but you can't buy something with nothing, I mean you can't buy anything!!

Also, I sure as hell wouldn't be getting loans out of the bank to buy some bitcoins! This thing is still far from sure to make such a risky move!

Good luck to you!

Thank you for your response. Do you know anything or what to say as far as the loan application for the bank?

You could try to get a loan, make that good business, and then pay the loan.