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Title: Making a profit by buying and selling in USA and UK Post by: bittyboop on February 05, 2014, 02:57:40 PM Hi - Just getting started with bitcoin this week, so very new. Looking for feedback if you think this will work.
I have bank accounts in USA and the UK (I'm dual citizen) and I've noticed a difference between prices for bitcoins in US (for example $806 today on coinbase) versus what I could sell those coins for in the UK (a popular site in UK selling today for £520 which is about $860). Could I not buy a bitcoin or 2 at US prices (using coinbase for speed and low fees -- 1% + 15 cents) and then immediately turn around and sell them in the UK for a US$50-60 profit. I understand I'd have seller fees (another 1% approx) and a fee to convert the cash back to USD to start the process over again. But it could be OK profit ($40-50 USD) for 10-20 minutes of "work". What do you think? My main concerns: 1. My US and UK banks would end up seeing frequent transactions in the $1000-2000 range and might flag it up and question it. 2. Price volatility: value of held bitcoins could decrease between buying and selling. Thanks for any advice. BB Title: Re: Making a profit by buying and selling in USA and UK Post by: yatsey87 on February 05, 2014, 03:08:31 PM Of course you can do it. People do, but it's not always as simple as as you stated there are price fluctuations and other factors like time it takes to get money in and out etc so be wary of the risks involved.
Title: Re: Making a profit by buying and selling in USA and UK Post by: Sonny on February 05, 2014, 03:40:47 PM You may try it in a small scale first, and make sure the process go smoothly...
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