How to make quick money with Bitcoin

Davide Di Cillo

Categories

Latest Posts

As I mentioned in my previous blog post, when I attempt to fully understand a fresh technology, I like to explore numerous aspects of it. Sometime I’m fortunate and I end up making some money while learning (if only college was like that…). In this post I will showcase you how to lightly make some extra money or increase your Bitcoin stash by spending only a few minutes a day and with a few mouse clicks. I promise to spill some of my numbers before the end of this post ��

One thing that always fascinates me is finding arbitrage chance and with Bitcoin there are a few points that are fairly effortless to exploit one. The most visible one is the price difference inbetween different Bitcoin exchanges; for example as I’m writing this blog post, Bitcoin is exchanged on Mt.Gox against the Dollar for $110 more than on BTC-e.

Another arbitrage chance, which I experimented in the past few days and that I’ll explain in this post, is taking advantage of the Bitcoin price on Coinbase and what you can sell those bitcoins for on LocalBitcoins. Coinbase is most likely the easiest site to purchase bitcoins and LocalBitcoins is a platform that permits users to sell and buy bitcoins inbetween each other with cash or other payment systems. Basically we’ll attempt running a currency exchange service.

STEP one – Join Coinbase and buy some bitcoins

One interesting feature of Coinbase is that, once you verify your identity and accomplish a purchase, it permits you to buy bitcoins instantly. Primarily the instant buy limit is very low (0.1BTC) but after thirty days you’ll be bumped to 1BTC.

You can begin by buying even a petite amount like $100 or less, this is just to get the verification process embarked.

STEP two – Join LocalBitcoins and transfer your bitcoins

LocalBitcoins is where we’ll create an ad to sell our bitcoins and to do so you’ll need an account. Once created, visit the wallet page on LocalBitcoins, copy the address, and send your bitcoins from Coinbase to that address (how to send money from Coinbase).

STEP three – Create a bitcoin trade advertisement

You can do this right away or wait until you have been verified by Coinbase. On LocalBitcoins, click “post a trade” in the menu. The form is pretty self-explanatory, but there are a few suggestions:

  • Payment method: I did my experiment using cash deposit. It’s very safe and deposits showcase up instantly on your account
  • Premium: the easiest way to set your price automatically based on a Bitcoin exchange is to use this field. For example if you put 5%, your price will be set at 5% more the current exchange rate on Bitstamp. If you determine to use this I suggest you to stay around 5% premium.
  • Price equation: this is what I used to set my price. I experimented with a few formulas and I think the one that performed best was (mtgoxusd+bitstampusd+btceusd)/Three*1.02 (2% premium over the average of the exchange rate of Mt.Gox, Bitstamp and BTC-e). Your objective is to sell at least 5% more than the exchange rate on Coinbase, since by doing so you’d have a

3% net profit (both Coinbase and LocalBitcoins have a 1% transaction fee).

  • Min. amount: I’d set this at least $100 to avoid puny wasting time transactions. I ended up setting my at $300 but at the beginning you’ll need those $100 transaction to build a positive history.
  • STEP four – Embark exchanging

    Assuming that you’ve already been fully verified by Coinbase, now you can just wait for people to contact you on LocalBitcoins. The way LocalBitcoins work is by escrowing the amount of BTC requested by your buyers from your LocalBitcoins wallet. Once you see the deposit emerge on your bank account you can release the escrowed bitcoins by clicking the release button. What I usually did was to instantaneously contact the buyer, to make sure it was serious about making the purchase and then buy the equivalent amount of dollars requested in bitcoins from Coinbase. If instead of growing your stash of bitcoins you choose earning some old style dollars, simply buy the same amount of bitcoins escrowed and keep the difference.

    Since now you can buy up to 1BTC instantly, even if you only originally possessed 0.1BTC, you could trade that 0.1BTC over and over again without actually speeding a dime more. To give you an example, if you originally bought 0.1BTC and you trade your entire wallet ten times at with a 5% premium, you’ll be doubling your initial investment in Two.Five days.

    Final notes

    This type of exchanges won’t make you rich, but they could lightly generate a few hundred dollars every week. Using this process I was able to grow my (puny) Bitcoin stash of about 10% daily. While I haven’t of course accepted all the requests, I received enough trade requests to exchange even $Ten,000/day, so there’s certainly a meaty request.

    Attempt to keep your margin smaller at the beginning (but keep in mind that 2% of the transaction will go towards transaction fees) to create a positive history and embark accumulate positive ratings. People will be willing to pay a higher premium if they know they can trust the seller.

    One thing one needs to pay attention to is the price trend of Bitcoin, since during a meteoritic rise of the price, even few minutes delay in buying back the coins could mean losing all the margin (or more). It’s actually lighter to make money on down trends since often a few minutes delay will increase the spread inbetween your LocalBitcoins exchange and Coinbase exchange.

    You can attempt other payment methods other than cash deposit but beware that Paypal, Pursue Quickpay, Venmo and other services permit chargebacks and are often use to scam Bitcoin sellers. LocalBitcoins does a superb job in explaining all the different methods and their risk level.

    If you are in South Florida and you are interested in Bitcoin and crypto currency, don’t miss the upcoming Refresh Miami on the future of money on Jan 30th.

    If you plan to this consistently and with a volume superior to $1000/day, make sure to register as a money business service and go after all the given regulations.

    How to make quick money with Bitcoin

    Davide Di Cillo

    Categories

    Latest Posts

    As I mentioned in my previous blog post, when I attempt to fully understand a fresh technology, I like to explore numerous aspects of it. Sometime I’m fortunate and I end up making some money while learning (if only college was like that…). In this post I will display you how to lightly make some extra money or increase your Bitcoin stash by spending only a few minutes a day and with a few mouse clicks. I promise to spill some of my numbers before the end of this post ��

    One thing that always fascinates me is finding arbitrage chance and with Bitcoin there are a few points that are fairly effortless to exploit one. The most visible one is the price difference inbetween different Bitcoin exchanges; for example as I’m writing this blog post, Bitcoin is exchanged on Mt.Gox against the Dollar for $110 more than on BTC-e.

    Another arbitrage chance, which I experimented in the past few days and that I’ll explain in this post, is taking advantage of the Bitcoin price on Coinbase and what you can sell those bitcoins for on LocalBitcoins. Coinbase is most likely the easiest site to purchase bitcoins and LocalBitcoins is a platform that permits users to sell and buy bitcoins inbetween each other with cash or other payment systems. Basically we’ll attempt running a currency exchange service.

    STEP one – Join Coinbase and buy some bitcoins

    One interesting feature of Coinbase is that, once you verify your identity and accomplish a purchase, it permits you to buy bitcoins instantly. Primarily the instant buy limit is very low (0.1BTC) but after thirty days you’ll be bumped to 1BTC.

    You can embark by buying even a puny amount like $100 or less, this is just to get the verification process began.

    STEP two – Join LocalBitcoins and transfer your bitcoins

    LocalBitcoins is where we’ll create an ad to sell our bitcoins and to do so you’ll need an account. Once created, visit the wallet page on LocalBitcoins, copy the address, and send your bitcoins from Coinbase to that address (how to send money from Coinbase).

    STEP three – Create a bitcoin trade advertisement

    You can do this right away or wait until you have been verified by Coinbase. On LocalBitcoins, click “post a trade” in the menu. The form is pretty self-explanatory, but there are a few suggestions:

    • Payment method: I did my experiment using cash deposit. It’s very safe and deposits display up instantly on your account
    • Premium: the easiest way to set your price automatically based on a Bitcoin exchange is to use this field. For example if you put 5%, your price will be set at 5% more the current exchange rate on Bitstamp. If you determine to use this I suggest you to stay around 5% premium.
    • Price equation: this is what I used to set my price. I experimented with a few formulas and I think the one that performed best was (mtgoxusd+bitstampusd+btceusd)/Three*1.02 (2% premium over the average of the exchange rate of Mt.Gox, Bitstamp and BTC-e). Your aim is to sell at least 5% more than the exchange rate on Coinbase, since by doing so you’d have a

    3% net profit (both Coinbase and LocalBitcoins have a 1% transaction fee).

  • Min. amount: I’d set this at least $100 to avoid petite wasting time transactions. I ended up setting my at $300 but at the beginning you’ll need those $100 transaction to build a positive history.
  • STEP four – Commence exchanging

    Assuming that you’ve already been fully verified by Coinbase, now you can just wait for people to contact you on LocalBitcoins. The way LocalBitcoins work is by escrowing the amount of BTC requested by your buyers from your LocalBitcoins wallet. Once you see the deposit show up on your bank account you can release the escrowed bitcoins by clicking the release button. What I usually did was to instantly contact the buyer, to make sure it was serious about making the purchase and then buy the equivalent amount of dollars requested in bitcoins from Coinbase. If instead of growing your stash of bitcoins you choose earning some old style dollars, simply buy the same amount of bitcoins escrowed and keep the difference.

    Since now you can buy up to 1BTC instantly, even if you only originally possessed 0.1BTC, you could trade that 0.1BTC over and over again without actually speeding a dime more. To give you an example, if you originally bought 0.1BTC and you trade your entire wallet ten times at with a 5% premium, you’ll be doubling your initial investment in Two.Five days.

    Final notes

    This type of exchanges won’t make you rich, but they could lightly generate a few hundred dollars every week. Using this process I was able to grow my (puny) Bitcoin stash of about 10% daily. While I haven’t of course accepted all the requests, I received enough trade requests to exchange even $Ten,000/day, so there’s certainly a gigantic request.

    Attempt to keep your margin smaller at the beginning (but keep in mind that 2% of the transaction will go towards transaction fees) to create a positive history and begin accumulate positive ratings. People will be willing to pay a higher premium if they know they can trust the seller.

    One thing one needs to pay attention to is the price trend of Bitcoin, since during a meteoritic rise of the price, even few minutes delay in buying back the coins could mean losing all the margin (or more). It’s actually lighter to make money on down trends since often a few minutes delay will increase the spread inbetween your LocalBitcoins exchange and Coinbase exchange.

    You can attempt other payment methods other than cash deposit but beware that Paypal, Pursue Quickpay, Venmo and other services permit chargebacks and are often use to scam Bitcoin sellers. LocalBitcoins does a fine job in explaining all the different methods and their risk level.

    If you are in South Florida and you are interested in Bitcoin and crypto currency, don’t miss the upcoming Refresh Miami on the future of money on Jan 30th.

    If you plan to this consistently and with a volume superior to $1000/day, make sure to register as a money business service and go after all the given regulations.

    How to make quick money with Bitcoin

    Davide Di Cillo

    Categories

    Latest Posts

    As I mentioned in my previous blog post, when I attempt to fully understand a fresh technology, I like to explore numerous aspects of it. Sometime I’m fortunate and I end up making some money while learning (if only college was like that…). In this post I will demonstrate you how to lightly make some extra money or increase your Bitcoin stash by spending only a few minutes a day and with a few mouse clicks. I promise to spill some of my numbers before the end of this post ��

    One thing that always fascinates me is finding arbitrage chance and with Bitcoin there are a few points that are fairly effortless to exploit one. The most visible one is the price difference inbetween different Bitcoin exchanges; for example as I’m writing this blog post, Bitcoin is exchanged on Mt.Gox against the Dollar for $110 more than on BTC-e.

    Another arbitrage chance, which I experimented in the past few days and that I’ll explain in this post, is taking advantage of the Bitcoin price on Coinbase and what you can sell those bitcoins for on LocalBitcoins. Coinbase is very likely the easiest site to purchase bitcoins and LocalBitcoins is a platform that permits users to sell and buy bitcoins inbetween each other with cash or other payment systems. Basically we’ll attempt running a currency exchange service.

    STEP one – Join Coinbase and buy some bitcoins

    One interesting feature of Coinbase is that, once you verify your identity and accomplish a purchase, it permits you to buy bitcoins instantly. Primarily the instant buy limit is very low (0.1BTC) but after thirty days you’ll be bumped to 1BTC.

    You can embark by buying even a petite amount like $100 or less, this is just to get the verification process began.

    STEP two – Join LocalBitcoins and transfer your bitcoins

    LocalBitcoins is where we’ll create an ad to sell our bitcoins and to do so you’ll need an account. Once created, visit the wallet page on LocalBitcoins, copy the address, and send your bitcoins from Coinbase to that address (how to send money from Coinbase).

    STEP three – Create a bitcoin trade advertisement

    You can do this right away or wait until you have been verified by Coinbase. On LocalBitcoins, click “post a trade” in the menu. The form is pretty self-explanatory, but there are a few suggestions:

    • Payment method: I did my experiment using cash deposit. It’s very safe and deposits demonstrate up instantly on your account
    • Premium: the easiest way to set your price automatically based on a Bitcoin exchange is to use this field. For example if you put 5%, your price will be set at 5% more the current exchange rate on Bitstamp. If you determine to use this I suggest you to stay around 5% premium.
    • Price equation: this is what I used to set my price. I experimented with a few formulas and I think the one that performed best was (mtgoxusd+bitstampusd+btceusd)/Trio*1.02 (2% premium over the average of the exchange rate of Mt.Gox, Bitstamp and BTC-e). Your purpose is to sell at least 5% more than the exchange rate on Coinbase, since by doing so you’d have a

    3% net profit (both Coinbase and LocalBitcoins have a 1% transaction fee).

  • Min. amount: I’d set this at least $100 to avoid puny wasting time transactions. I ended up setting my at $300 but at the beginning you’ll need those $100 transaction to build a positive history.
  • STEP four – Begin exchanging

    Assuming that you’ve already been fully verified by Coinbase, now you can just wait for people to contact you on LocalBitcoins. The way LocalBitcoins work is by escrowing the amount of BTC requested by your buyers from your LocalBitcoins wallet. Once you see the deposit show up on your bank account you can release the escrowed bitcoins by clicking the release button. What I usually did was to instantly contact the buyer, to make sure it was serious about making the purchase and then buy the equivalent amount of dollars requested in bitcoins from Coinbase. If instead of growing your stash of bitcoins you choose earning some old style dollars, simply buy the same amount of bitcoins escrowed and keep the difference.

    Since now you can buy up to 1BTC instantly, even if you only originally possessed 0.1BTC, you could trade that 0.1BTC over and over again without actually speeding a dime more. To give you an example, if you originally bought 0.1BTC and you trade your entire wallet ten times at with a 5% premium, you’ll be doubling your initial investment in Two.Five days.

    Final notes

    This type of exchanges won’t make you rich, but they could lightly generate a few hundred dollars every week. Using this process I was able to grow my (puny) Bitcoin stash of about 10% daily. While I haven’t of course accepted all the requests, I received enough trade requests to exchange even $Ten,000/day, so there’s certainly a massive request.

    Attempt to keep your margin smaller at the beginning (but keep in mind that 2% of the transaction will go towards transaction fees) to create a positive history and embark accumulate positive ratings. People will be willing to pay a higher premium if they know they can trust the seller.

    One thing one needs to pay attention to is the price trend of Bitcoin, since during a meteoritic rise of the price, even few minutes delay in buying back the coins could mean losing all the margin (or more). It’s actually lighter to make money on down trends since often a few minutes delay will increase the spread inbetween your LocalBitcoins exchange and Coinbase exchange.

    You can attempt other payment methods other than cash deposit but beware that Paypal, Pursue Quickpay, Venmo and other services permit chargebacks and are often use to scam Bitcoin sellers. LocalBitcoins does a superb job in explaining all the different methods and their risk level.

    If you are in South Florida and you are interested in Bitcoin and crypto currency, don’t miss the upcoming Refresh Miami on the future of money on Jan 30th.

    If you plan to this consistently and with a volume superior to $1000/day, make sure to register as a money business service and go after all the given regulations.

    How to make quick money with Bitcoin

    Davide Di Cillo

    Categories

    Latest Posts

    As I mentioned in my previous blog post, when I attempt to fully understand a fresh technology, I like to explore numerous aspects of it. Sometime I’m fortunate and I end up making some money while learning (if only college was like that…). In this post I will display you how to lightly make some extra money or increase your Bitcoin stash by spending only a few minutes a day and with a few mouse clicks. I promise to spill some of my numbers before the end of this post ��

    One thing that always fascinates me is finding arbitrage chance and with Bitcoin there are a few points that are fairly effortless to exploit one. The most visible one is the price difference inbetween different Bitcoin exchanges; for example as I’m writing this blog post, Bitcoin is exchanged on Mt.Gox against the Dollar for $110 more than on BTC-e.

    Another arbitrage chance, which I experimented in the past few days and that I’ll explain in this post, is taking advantage of the Bitcoin price on Coinbase and what you can sell those bitcoins for on LocalBitcoins. Coinbase is very likely the easiest site to purchase bitcoins and LocalBitcoins is a platform that permits users to sell and buy bitcoins inbetween each other with cash or other payment systems. Basically we’ll attempt running a currency exchange service.

    STEP one – Join Coinbase and buy some bitcoins

    One interesting feature of Coinbase is that, once you verify your identity and accomplish a purchase, it permits you to buy bitcoins instantly. Primarily the instant buy limit is very low (0.1BTC) but after thirty days you’ll be bumped to 1BTC.

    You can begin by buying even a puny amount like $100 or less, this is just to get the verification process embarked.

    STEP two – Join LocalBitcoins and transfer your bitcoins

    LocalBitcoins is where we’ll create an ad to sell our bitcoins and to do so you’ll need an account. Once created, visit the wallet page on LocalBitcoins, copy the address, and send your bitcoins from Coinbase to that address (how to send money from Coinbase).

    STEP three – Create a bitcoin trade advertisement

    You can do this right away or wait until you have been verified by Coinbase. On LocalBitcoins, click “post a trade” in the menu. The form is pretty self-explanatory, but there are a few suggestions:

    • Payment method: I did my experiment using cash deposit. It’s very safe and deposits showcase up instantly on your account
    • Premium: the easiest way to set your price automatically based on a Bitcoin exchange is to use this field. For example if you put 5%, your price will be set at 5% more the current exchange rate on Bitstamp. If you determine to use this I suggest you to stay around 5% premium.
    • Price equation: this is what I used to set my price. I experimented with a few formulas and I think the one that performed best was (mtgoxusd+bitstampusd+btceusd)/Trio*1.02 (2% premium over the average of the exchange rate of Mt.Gox, Bitstamp and BTC-e). Your purpose is to sell at least 5% more than the exchange rate on Coinbase, since by doing so you’d have a

    3% net profit (both Coinbase and LocalBitcoins have a 1% transaction fee).

  • Min. amount: I’d set this at least $100 to avoid petite wasting time transactions. I ended up setting my at $300 but at the beginning you’ll need those $100 transaction to build a positive history.
  • STEP four – Embark exchanging

    Assuming that you’ve already been fully verified by Coinbase, now you can just wait for people to contact you on LocalBitcoins. The way LocalBitcoins work is by escrowing the amount of BTC requested by your buyers from your LocalBitcoins wallet. Once you see the deposit show up on your bank account you can release the escrowed bitcoins by clicking the release button. What I usually did was to instantly contact the buyer, to make sure it was serious about making the purchase and then buy the equivalent amount of dollars requested in bitcoins from Coinbase. If instead of growing your stash of bitcoins you choose earning some old style dollars, simply buy the same amount of bitcoins escrowed and keep the difference.

    Since now you can buy up to 1BTC instantly, even if you only originally wielded 0.1BTC, you could trade that 0.1BTC over and over again without actually speeding a dime more. To give you an example, if you originally bought 0.1BTC and you trade your entire wallet ten times at with a 5% premium, you’ll be doubling your initial investment in Two.Five days.

    Final notes

    This type of exchanges won’t make you rich, but they could lightly generate a few hundred dollars every week. Using this process I was able to grow my (puny) Bitcoin stash of about 10% daily. While I haven’t of course accepted all the requests, I received enough trade requests to exchange even $Ten,000/day, so there’s certainly a hefty request.

    Attempt to keep your margin smaller at the beginning (but keep in mind that 2% of the transaction will go towards transaction fees) to create a positive history and commence accumulate positive ratings. People will be willing to pay a higher premium if they know they can trust the seller.

    One thing one needs to pay attention to is the price trend of Bitcoin, since during a meteoritic rise of the price, even few minutes delay in buying back the coins could mean losing all the margin (or more). It’s actually lighter to make money on down trends since often a few minutes delay will increase the spread inbetween your LocalBitcoins exchange and Coinbase exchange.

    You can attempt other payment methods other than cash deposit but beware that Paypal, Pursue Quickpay, Venmo and other services permit chargebacks and are often use to scam Bitcoin sellers. LocalBitcoins does a superb job in explaining all the different methods and their risk level.

    If you are in South Florida and you are interested in Bitcoin and crypto currency, don’t miss the upcoming Refresh Miami on the future of money on Jan 30th.

    If you plan to this consistently and with a volume superior to $1000/day, make sure to register as a money business service and go after all the given regulations.

    How to make quick money with Bitcoin

    Davide Di Cillo

    Categories

    Latest Posts

    As I mentioned in my previous blog post, when I attempt to fully understand a fresh technology, I like to explore numerous aspects of it. Sometime I’m fortunate and I end up making some money while learning (if only college was like that…). In this post I will display you how to lightly make some extra money or increase your Bitcoin stash by spending only a few minutes a day and with a few mouse clicks. I promise to spill some of my numbers before the end of this post ��

    One thing that always fascinates me is finding arbitrage chance and with Bitcoin there are a few points that are fairly effortless to exploit one. The most visible one is the price difference inbetween different Bitcoin exchanges; for example as I’m writing this blog post, Bitcoin is exchanged on Mt.Gox against the Dollar for $110 more than on BTC-e.

    Another arbitrage chance, which I experimented in the past few days and that I’ll explain in this post, is taking advantage of the Bitcoin price on Coinbase and what you can sell those bitcoins for on LocalBitcoins. Coinbase is most likely the easiest site to purchase bitcoins and LocalBitcoins is a platform that permits users to sell and buy bitcoins inbetween each other with cash or other payment systems. Basically we’ll attempt running a currency exchange service.

    STEP one – Join Coinbase and buy some bitcoins

    One interesting feature of Coinbase is that, once you verify your identity and accomplish a purchase, it permits you to buy bitcoins instantly. Primarily the instant buy limit is very low (0.1BTC) but after thirty days you’ll be bumped to 1BTC.

    You can begin by buying even a petite amount like $100 or less, this is just to get the verification process commenced.

    STEP two – Join LocalBitcoins and transfer your bitcoins

    LocalBitcoins is where we’ll create an ad to sell our bitcoins and to do so you’ll need an account. Once created, visit the wallet page on LocalBitcoins, copy the address, and send your bitcoins from Coinbase to that address (how to send money from Coinbase).

    STEP three – Create a bitcoin trade advertisement

    You can do this right away or wait until you have been verified by Coinbase. On LocalBitcoins, click “post a trade” in the menu. The form is pretty self-explanatory, but there are a few suggestions:

    • Payment method: I did my experiment using cash deposit. It’s very safe and deposits display up instantly on your account
    • Premium: the easiest way to set your price automatically based on a Bitcoin exchange is to use this field. For example if you put 5%, your price will be set at 5% more the current exchange rate on Bitstamp. If you determine to use this I suggest you to stay around 5% premium.
    • Price equation: this is what I used to set my price. I experimented with a few formulas and I think the one that performed best was (mtgoxusd+bitstampusd+btceusd)/Three*1.02 (2% premium over the average of the exchange rate of Mt.Gox, Bitstamp and BTC-e). Your objective is to sell at least 5% more than the exchange rate on Coinbase, since by doing so you’d have a

    3% net profit (both Coinbase and LocalBitcoins have a 1% transaction fee).

  • Min. amount: I’d set this at least $100 to avoid petite wasting time transactions. I ended up setting my at $300 but at the beginning you’ll need those $100 transaction to build a positive history.
  • STEP four – Begin exchanging

    Assuming that you’ve already been fully verified by Coinbase, now you can just wait for people to contact you on LocalBitcoins. The way LocalBitcoins work is by escrowing the amount of BTC requested by your buyers from your LocalBitcoins wallet. Once you see the deposit emerge on your bank account you can release the escrowed bitcoins by clicking the release button. What I usually did was to instantly contact the buyer, to make sure it was serious about making the purchase and then buy the equivalent amount of dollars requested in bitcoins from Coinbase. If instead of growing your stash of bitcoins you choose earning some old style dollars, simply buy the same amount of bitcoins escrowed and keep the difference.

    Since now you can buy up to 1BTC instantly, even if you only originally wielded 0.1BTC, you could trade that 0.1BTC over and over again without actually speeding a dime more. To give you an example, if you originally bought 0.1BTC and you trade your entire wallet ten times at with a 5% premium, you’ll be doubling your initial investment in Two.Five days.

    Final notes

    This type of exchanges won’t make you rich, but they could lightly generate a few hundred dollars every week. Using this process I was able to grow my (petite) Bitcoin stash of about 10% daily. While I haven’t of course accepted all the requests, I received enough trade requests to exchange even $Ten,000/day, so there’s undoubtedly a phat request.

    Attempt to keep your margin smaller at the beginning (but keep in mind that 2% of the transaction will go towards transaction fees) to create a positive history and embark accumulate positive ratings. People will be willing to pay a higher premium if they know they can trust the seller.

    One thing one needs to pay attention to is the price trend of Bitcoin, since during a meteoritic rise of the price, even few minutes delay in buying back the coins could mean losing all the margin (or more). It’s actually lighter to make money on down trends since often a few minutes delay will increase the spread inbetween your LocalBitcoins exchange and Coinbase exchange.

    You can attempt other payment methods other than cash deposit but beware that Paypal, Pursue Quickpay, Venmo and other services permit chargebacks and are often use to scam Bitcoin sellers. LocalBitcoins does a fine job in explaining all the different methods and their risk level.

    If you are in South Florida and you are interested in Bitcoin and crypto currency, don’t miss the upcoming Refresh Miami on the future of money on Jan 30th.

    If you plan to this consistently and with a volume superior to $1000/day, make sure to register as a money business service and go after all the given regulations.

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