Trading Bitcoin For Profit With Different Buyers?

I don't mean buy a lot of bitcoin at a set price like $430. Then once it goes up to $450, you sell a lot of them etc. I mean buying bitcoin with whatever method you have where you pay no fee or say 1 percent fee. Then you go and sell the bitcoin at the same price to someone else for a fee.

First off, are there people that do this? For example if you could acquire bitcoin for no fee. Example its $350 per bitcoin. You buy 10 of them for $3500. Let say bitcoin price after a bit is exactly $350. You have someone looking to buy bitcoin and paying a vig/premium such as 3 percent. Thus for the $350 per bitcion, they willing to pay you 3 percent so $360.50 per bitcoin. Say they want to buy all 10btc for that price. Thats a total of $3605. Thus the person selling the bitcoin made $105 profit.

My questions are first... are there people doing something like this? If so, i assume they are doing so in large quantities? The reason i ask this is because i can sort of acquire bitcoin at no fee or very low cost. But if i want to sell the bitcoin, are there people that would pay like 2-3 percent fee that are legit? I know there are ppl that pay 5 or 10 percent fee but they use paypal which is reversible etc which is not good.

Quote from: viking02 on March 03, 2016, 01:16:15 AM

I mean buying bitcoin with whatever method you have where you pay no fee or say 1 percent fee. Then you go and sell the bitcoin at the same price to someone else for a fee.

A huge amount of traders make money off of this tactic.

Quote from: viking02 on March 03, 2016, 01:16:15 AM

The reason i ask this is because i can sort of acquire bitcoin at no fee or very low cost. But if i want to sell the bitcoin, are there people that would pay like 2-3 percent fee that are legit? I know there are ppl that pay 5 or 10 percent fee but they use paypal which is reversible etc which is not good.

Of course. If you're at the right place at the right time, there will always be a golden opportunity for you where a buyer really wants bitcoin and is willing to pay a bit more than the market price; but it can go without saying that this situation can be rare since they could easily go on the market and buy some.

Let me show you an example. 5%+ fees. He gets a lot of customers who consider the fee as a price to pay for his reputation and not getting scammed.

TL;DR: Yes, there are a lot of people who do this and it works, trust me.

i looked at the thread. He is selling btc. However, many of his posts say he won't sell btc to newbies paying with paypal/skrill. If thats the case, what is the method he is receiving then?

this is a common method a lot of traders are using.
if i am not mistaken, all the localbitcoins.com traders are doing the same thing with the huge spread in price.

but my experience i saw a lot of users that are buying/selling bitcoin locally (in my country) for bank transfer (it has no charge back) and with lower/higher prices respectively to earn profit.

Can you briefly explain the same thing with huge spread in price?

What country are you located in where the bank transfer has no charge back.

You mean, whatever the price you buy, you will sell the price +1%??

In fact, it is feasible. As I know that a lot of people are doing like this, and the key is that you must have more channels and buyers.

If too more the wolf and too little the meat, you have to reduce your profits, so let your stockpile can be sold.

Quote from: viking02 on March 03, 2016, 03:57:22 AM

Can you briefly explain the same thing with huge spread in price?

for example if the bitcoin price on exchangers are $420 at the moment, they will sell bitcoin at more than $430 and they will only sell bitcoin at $410 which makes a $20 difference.

although this $20 varies from time to time and person to person

Quote

What country are you located in where the bank transfer has no charge back.

maybe the method is called something else in English. anyways for charge back you will have to go through the bank by going to a branch an officially ask for it with a complicated process.

but how do these ppl accept money from others where its not reversible then? is webmoney and those other similar payments not reversible?

I also trade in bitcoins and sometimes the profit is 5% while sometimes it's as high as 15% but I don't get buyers so fast. If you trade on websites, you can earn profit only when the price increases but that's better than trading independently and searching for a buyer.

Can someone tell me the exact payment methods they receive selling bitcoin so they can sell bitcoins and not worry about chargeback/fraud etc?

Quote from: viking02 on March 05, 2016, 12:17:01 AM

Can someone tell me the exact payment methods they receive selling bitcoin so they can sell bitcoins and not worry about chargeback/fraud etc?

No

Please stop asking for people to give you everything. What you are asking is not very complicated. Buy as low as possible and sell as high as possible.

Read the Currency Exchange sub-forum to see what methods people us to buy/sell.

Read this sub-forum to gain info on these methods.

Read the scam accusation threads to see the pitfalls.

Quote from: viking02 on March 05, 2016, 12:17:01 AM

Can someone tell me the exact payment methods they receive selling bitcoin so they can sell bitcoins and not worry about chargeback/fraud etc?

This is a good guide to the risks of the various payment methods: https://localbitcoins.com/guides/how-to-sell-bitcoins-online#toc3

I have tried this method in the past and I ended up losing. Just one day trades are not much profitable compared to long term trades and it is better to hold the bitcoins and sell them when you have earned a good profit rather than at the same price.

Quote from: BlueStackz on March 06, 2016, 08:38:17 AM

Please try Bitfinex and kraken I guess there is no big difference in rate chart.
Very low percentage to sell or buy the bitcoins. I think 0.2 percent fee consumptions.

Many users do it. They buy bitcoins via their bank and then sell it for PayPal (earning at least 10-20% profit) but that is also risky due to PayPal chargebacks. People who buy via bank transfer also can cheat by using hacked accounts.

Quote from: lixer on March 07, 2016, 05:29:39 AM

Selling in public without proper verification of there source of funds will be quite risky for the buyers. Now a days, there are many people are eagerly waiting to scam people. If just lose money should be ok but if it put you in some other issues than it will be bigger issue. So carefully accept payments from unknown guys,

Quote from: lixer on March 07, 2016, 05:29:39 AM

Did this happen to you or you just heard about this? For example you mean if someone sends boa online... and then it later gets reversed because the original account holder would then say their account got hacked right?

so how does one counter this then if someone is sending you bank transfer? do a real time skype with them and have their ID as well to make sure that is really them? Because that seems to be the only way it seems?

but wire transfers are hard to get reversed right? However if a bank acct is hacked and someone does an online wire, well thats sort of like a bank transfer still isn't it?

Quote from: pooya87 on March 03, 2016, 04:10:18 AM

Quote from: viking02 on March 03, 2016, 03:57:22 AM

Can you briefly explain the same thing with huge spread in price?

Quote

What country are you located in where the bank transfer has no charge back.

maybe the method is called something else in English. anyways for charge back you will have to go through the bank by going to a branch an officially ask for it with a complicated process.

You must watch out for scammers. But the best thing is just make some good profit everytime. that is the best way.
And the value will be more in the future so that will be also good for trading, than you can make also more money.

Heres another thing i wanted to ask. Couldn't you buy bitcoin from circle or coinbase... then sell the bitcoin on localbitcoins for a profit due to the prices? I heard someone mentioned a while back circle or coinbase not sure which one would ban you if they think you are buying bitcoin only to sell it later on, on localbitcoins for a profit. Is this true or not?

Example say bitcoin is $450 on circle. Typically how much the buyer of bitcoin buy 1 bitcoin via localbitcoins? Because even if they buy it for 2 percent vig... thats good if they buy a lot.

Also one time when i cashed out bitcoin to my bank acct via circle... i notice the btc price circle was buying from me higher than from coinbase. coinbase also charges 1 percent. So in a way, isn't it sorta profitable to acquire bitcoin at regular price with no vig... then sell it at circle where you make a small profit? Im just assuming here but i recalled the one time i sold bitcoin to circle... the price was higher than the price when i googled btc to usd. Does anyone know if this holds true or not or it was rare occassion.