Interview with a Bitcoin Trader Making $10,000 a month

[fatman711]

How does one even make that much money anymore? Unless there is a huge spike in bitcoin, and you sell it for more
than you paid for it, how does one even make 10k as a normal person with normal savings? Perhaps day trading between
the other crypto currencies? But then he says just on localbitcoins so I'm confused now...

[acoindr]

How does one even make that much money anymore? Unless there is a huge spike in bitcoin, and you sell it for more
than you paid for it, how does one even make 10k as a normal person with normal savings? Perhaps day trading between
the other crypto currencies? But then he says just on localbitcoins so I'm confused now...

I don't think you need a huge price spike to make money. Often people on localbitcoins buy at a much lower price and sell at a higher price than what is on exchanges. Many people would opt for localbitcoins because they can trade in/out for cash instantly, and anonymously. Those are two things exchanges are not best for, so charging a premium is definitely workable. I imagine if you work hard at it you can do pretty well.

[goose20]

Still, it's pretty risky going just to make 10%. The price can take a dive at any time leaving you holding coins no longer worth what you paid. You'd need closer to 50% profit margin given that risk.

[Cubic Earth]

How does one even make that much money anymore? Unless there is a huge spike in bitcoin, and you sell it for more
than you paid for it, how does one even make 10k as a normal person with normal savings? Perhaps day trading between
the other crypto currencies? But then he says just on localbitcoins so I'm confused now...

I'm not sure what a normal person is exactly, but you do have to have specialized knowledge and skills to handle big bitcoin transactions on a regular basis and not mess up.  You don't need to have savings, you can take out a loan.  You are not speculating, so a price decline of BTC would not impact the loan.  Having a stash of bitcoins would make things far easier though.  Otherwise, you will constantly be struggling to avoid being long in BTC, which would make you an unwitting speculator.

[Elwar]

Meh, without knowing the amount he has to work with $10k could be good, could be normal.

On average in 2013 the price went up by 1% per day if compounded daily. So with $100k you should have $10k more in less than 10 days.

There are plenty of opportunities to make decent money through several different avenues. In this environment it is easy to get a high percentage return. But you have to be ok with the risk. The price could crash while your money is in bitcoins or the price could skyrocket while you're moving fiat.