Topic: why is the price at localbitcoins so much higher? (Read 292 times)
People who buy on Localbitcoins above market price ARE ALL SCAMMERSS! Try to sell on them and you'll get chargeback on your Paypal account the next day. AVOID Localbitcoins and Paxful!!
A possible big difference is not always a fraud. It may well be a fee for the risk of losing their money with such a non-automated exchange. Perhaps this is related to the difficulties of cashing (transfer to / back fiat) of these amounts. Another option is that there is insider information about a strong change in the bitcoin rate and this is reflected in the price.
Because localbitcoins.com it self don't have the control over the seller on their site. The seller has the authority to change the price which the seller could take advantage of that. That's the bad thing localbitcoins. Some sellers are abusive at their pricing. They price too much compares to exchanges regular price. Others are scammers. So be careful dealing with sellers there. Make sure you check everything before you make order to avoid mistakes which cause you losses. I saw a user here bought $200+ worth of Bitcoin for $875. That's not even on it's half.
At the end of the day if people decide to accept a bad deal that is their fault, this is no different than to look for the best prices for any product, you need to look at different providers and choose the one that has a good combination of reputation and good price, after all bitcoin is about establishing a true free market and if people want to charge a fortune for their bitcoin they can do it. 
Unlike exchanges,localbitcoins is a website which provides platform for individual buyers and sellers to do their trade.Here we could even directly buy bitcoins from a trader by holding a meeting with him personally.Here sellers offers their price as per they decide and they don't offer the exact market price of bitcoin.Mostly the price is very high from market price.But the buyers price is good and it is also higher than the market price.That's why,i always use LBC to sell my bitcoins and not to buy.
The price simply depends upon the quantity of investors
they are getting and the number of transactions that's
been generated there..
And all this is something dependent on the site also you
will find the value of bitcoins higher in many countries for
example Zimbabwe and that's just because of the demand
and supply rule at that particular sector which we are
considering..
Thus very obviously the price will be higher if there is high
demand on that particular site..
they are getting and the number of transactions that's
been generated there..
And all this is something dependent on the site also you
will find the value of bitcoins higher in many countries for
example Zimbabwe and that's just because of the demand
and supply rule at that particular sector which we are
considering..
Thus very obviously the price will be higher if there is high
demand on that particular site..
Because localbitcoins.com it self don't have the control over the seller on their site. The seller has the authority to change the price which the seller could take advantage of that. That's the bad thing localbitcoins. Some sellers are abusive at their pricing. They price too much compares to exchanges regular price. Others are scammers. So be careful dealing with sellers there. Make sure you check everything before you make order to avoid mistakes which cause you losses. I saw a user here bought $200+ worth of Bitcoin for $875. That's not even on it's half.
I did able to see that incident too which a certain user did able to buy lower amount of bitcoin for higher price which do really signifies that scammers are everywhere which we should really be aware on our actions.Be vigilant on anytime since we are talking money on here. The reason why do price is different its normal because sellers will normally rise up their prices because of profit reasons.
It is really up to the seller on how they dictate their prices however you should be warned that if prices are too good to be true and barely has a positive reputation with it you should not take the bait as it is most likely a scam a 2,100$ difference is really big and I don't think it is a good idea risking your money because they are offering a little difference. You should stick to people who have realistic offers with good reputation on their name as your Bitcoin is always on the line.
As per subject header, I noted that the price quoted on localbitcoins is much higher that the actual BTC price.
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
The market is unstable, so the bitcoin sellers overestimate the commission for exchange from the market price. An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
As per subject header, I noted that the price quoted on localbitcoins is much higher that the actual BTC price.
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
So, you are thinking of arbitrage. You can very well do that and many are doing that specially at Korean exchanges where Bitcoin price almost always at premium from international price. But do you think getting into a localbitcoin exchange is easy? Certainly not. Korean government recently released an announcement that they'll be banning foreigners from having accounts on Korean exchanges. Similarly, many such rules and regulations comes in way when you think of arbitrage including tx fees and time as Bitcoin is highly volatile. So, at the end, unless you have huge amount(which most of the local exchanges would want verification for), you end up with minimal profit that doesn't worth the hassle. An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
As per subject header, I noted that the price quoted on localbitcoins is much higher that the actual BTC price.
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
The market is unstable, so the bitcoin sellers overestimate the commission for exchange from the market price. An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
As per subject header, I noted that the price quoted on localbitcoins is much higher that the actual BTC price.
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
Its because its the individual sellers who sell bitcoins there.Localbitcoins.com is not an exchange.Even we too can register in it and start selling our bitcoins.We could mostly buy bitcoins here even without disclosing any of our personal details.It's available in almost 249 countries.No big formalities needed. An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
As per subject header, I noted that the price quoted on localbitcoins is much higher that the actual BTC price.
You have noticed the right thing and the reason for that is the seller who is selling the Bitcoins not the site itself.An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus. Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
The sellers at that site have been doing the thing for a long time and because of higher rates they are making more profits than those who are selling Bitcoin at the exchanges. They set higher prices for many purposes, like the localbitcoins site fees, transaction safety, and the foremost important reason is the profits that they make.I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
Yes, you can do that and it is not objectionable that you can make some good profits. But in order to do that you will need to verify your account completely and have at least 0.1 BTC to start. 
As per subject header, I noted that the price quoted on localbitcoins is much higher that the actual BTC price.
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
Being one of localbitcoin user, i would love to say yes, the bitcoin price is 7-10% higher than the normal bitcoin rate in localbitcoin.com. I always exchange my bitcoin into local fiats in localbitcoin. The traders are really trustworthy and trasations happen in 5 to 10 minutes. Well secured and easy to use. No fees on trading.
I guess the point of buing at high prices from localbitcoin, with the exception of particular local gouvernment regulations, is owning perfectly anonimous bitcoins you can spend i places you fear being traced in.
As per subject header, I noted that the price quoted on localbitcoins is much higher that the actual BTC price.
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
Localbitcoins.com is not an exchange like poloniex or bittrex.It jut provides a platform between sellers and buyers.Sellers usually sell their bitcoins much higher in price than its market value.Even when they buy in LBC,they buy at a price more than its market price.An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
Yes this may be the reason for the price was high to buy in local bitcoin and you can sell at high price.So I suggest you to sell at local bitcoin to get more profit and buy at any other exchange like Poloniex or Bittex.If you hold your bitcoin for a couple of period and sell when the price reaches the peak means, you will get some more dollars.
As per subject header, I noted that the price quoted on localbitcoins is much higher that the actual BTC price.
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
Localbitcoins.com is not an exchange like poloniex or bittrex.It jut provides a platform between sellers and buyers.Sellers usually sell their bitcoins much higher in price than its market value.Even when they buy in LBC,they buy at a price more than its market price. An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
As per subject header, I noted that the price quoted on localbitcoins is much higher that the actual BTC price.
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
Since you can buy from coinbase and sell at localbitcoin in Singapore and make some money why not embark on that? At local bitcoin one can easily change his bitcoin to fiat through local exchangers and since people find it difficult to pay for goods and services in Singapore they have to make exchange to Singaporeans dollars before use the value and this will definitely rise the exchange value. An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
I think that bitcoin ATM's, crypto resellers and some exchanges who can get away with marking up the price of crypto, often do so. Its similar to ticket scalping for sports events or concerts where all of the tickets will set out quickly only to be resold for a higher price on ebay, etc.
The most expensive bitcoin resellers I know of are in africa on the http://golix.com exchange. I've seen bitcoin selling higher than $30,000 on there. Fees and taxes are so high on electronic transactions in africa that people there are willing to pay a lot more for bitcoins as they're much better and more affordable than using bankers electronic payment systems.
The most expensive bitcoin resellers I know of are in africa on the http://golix.com exchange. I've seen bitcoin selling higher than $30,000 on there. Fees and taxes are so high on electronic transactions in africa that people there are willing to pay a lot more for bitcoins as they're much better and more affordable than using bankers electronic payment systems.
As per subject header, I noted that the price quoted on localbitcoins is much higher that the actual BTC price.
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
That is precisely what some of them are doing, they are using arbitraging in order to earn money, not only that, if they have been doing that for some time it is very likely that their earnings are way bigger than that, imagine if they bought a lot of bitcoin at the beginning of the year, not only they earned a lot of money through arbitrage but through the appreciation of the price of bitcoin. An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
This is the problem if Bitcoin is being controlled by a certain person. They bully buyers by selling at higher price compared to its SRP (Selling Retail Price). However, there's a scarcity of supply and availability going on, that's why we can't blame them. Also, I see this as one of the main reason why the general public goes crazy over BTC.
Localbitcoins should not tolerate it. They'll lose reputation and potential customers if this goes on. You don't need to take advantage of its volatility just to gain profits. Now that BTC has become more mainstream, it will eventually become more available to any platforms, sites or apps. Its just a matter of time for the site being taken down.
Localbitcoins should not tolerate it. They'll lose reputation and potential customers if this goes on. You don't need to take advantage of its volatility just to gain profits. Now that BTC has become more mainstream, it will eventually become more available to any platforms, sites or apps. Its just a matter of time for the site being taken down.
As per subject header, I noted that the price quoted on localbitcoins is much higher that the actual BTC price.
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
There is no such thing like actual BTC price. The price of Bitcoin is shaped from its demand.
The international price is the average of prices of markets around the world. The demand of bitcoin is higher in some countries than the demand in other countries. So the average price is Combined Arithmetic Mean of these prices. While what you see on LocalBitcoin is the real price at your location. If it is higher than international price then it means demand in your location is higher than worldwide average and people there are ready to pay higher prices. This is nothing to do with TX id or other expenses.
PS: If you see such difference, you can make good profits using Arbitrage Trading. Search Google for more info.
As per subject header, I noted that the price quoted on localbitcoins is much higher that the actual BTC price.
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
Localbitcoin is a peer to peer platform where people are allowed to quote the price they so wish to while the buyers have the option to buy from them or not. I am sure that if you look closely, you will see someone quoting a lower price depending on individual quest to make profit if you see an opportunity of getting it lower and selling at a fairly higher price then go for it. No one is restricting entry and exit in the market.
first of all that's the place for buyer or seller to face one and another,
which mean it's the place for them who offer their coin with their prices or the seller can put the sell order as much as he/she want.
actually it's due to fee that they need to pay whenever they make a trade in there .
go here if you want to know how much is the fee that you need to pay for every transaction :
https://localbitcoins.com/fees
look at here :
they increased the price because they want to cover up the fees that they need to pay whenever they make a trade.
every trade,you will be charged for around 1% from your total transaction.
which mean it's the place for them who offer their coin with their prices or the seller can put the sell order as much as he/she want.
actually it's due to fee that they need to pay whenever they make a trade in there .
go here if you want to know how much is the fee that you need to pay for every transaction :
https://localbitcoins.com/fees
look at here :
Quote
LocalBitcoins users who create advertisements are charged a 1% fee for every completed trade.
do your own math and tell me,it's higher from others ? or it's just the same ?they increased the price because they want to cover up the fees that they need to pay whenever they make a trade.
every trade,you will be charged for around 1% from your total transaction.
Because its actually people that sell there and they too have to determin a price at which they'd be able to value their time by earning something by providing the service of selling bitcoin. In person trades serve a special purpose and some buyers are willing to pay a little extra. There are many use cases, for example those that can't or do not want to get verified at exchanges.
Because localbitcoins.com it self don't have the control over the seller on their site. The seller has the authority to change the price which the seller could take advantage of that. That's the bad thing localbitcoins. Some sellers are abusive at their pricing. They price too much compares to exchanges regular price. Others are scammers. So be careful dealing with sellers there. Make sure you check everything before you make order to avoid mistakes which cause you losses. I saw a user here bought $200+ worth of Bitcoin for $875. That's not even on it's half.
As per subject header, I noted that the price quoted on localbitcoins is much higher that the actual BTC price.
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
People who sell on LocalBitcoins can determine the price whatever they want,and it is all about profit.Since price in your county is almost 24 000$ it is realistic to expect that some resellers want to make profit.If LocalBitcoins is only way for someone to buy BTC then he will pay such high price because there is no other choice.
You can buy BTC and then sell at whatever price you want,the question is will you find a buyer.The market always determines the price,but it is not same in every country,and in your example is visible that the demand is bigger then supply in your county.
As per subject header, I noted that the price quoted on localbitcoins is much higher that the actual BTC price.
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
An example, as of now: BTC is trading at (my country Singapore) S$23,900 but on localbitcoins, sellers are quoting S$26,000 plus.
Why so? I do understand that there is a TX fee and some profit margin for the seller, but S$3000+?
I might as well buy from coinbase and sell BTC at localbitcoins to make a profit..??
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