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Author Topic: Perhaps a USD>BTC>USD challenge  (Read 411 times)
eclecticuniversalas
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February 22, 2017, 04:58:07 PM
 #1

I was wondering who could transfer $10 From an existing USD bank account into a BTC cold wallet QR code format then immediately change it back from that BTC to USD and back into the USD bank account. Who could keep the most of their $10 at the end of the cycle once its back into your bank account. (Note this would have to be a quick exchange transaction completed in to avoid excess market fluctuations from grossly effecting the outcome, or it needs to be recorded and adjusted for the market fluctuation), .

So what is the most effective means of transfer to and from USD/BTC/USD and i was wondering who on this forum can save the most USD through this transfer process of $10. . a contest challenge perhaps. . . Any takers?

This has real world implications. so yes I would like to know.
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February 22, 2017, 05:08:21 PM
 #2

this is such an strange question!
when you exchange USD to BTC no matter what method you use, you will end up paying a bit more either for fee or a bit more because the other guy has to make profit.

the same goes when you want to exchange BTC back to USD, a little bit for fee and a bit because the other guy has to make profit too.

for example you will end up paying $11 to buy then after selling end up with $9 and there is no other way around it.
in short you lose money not save money.

and if you are a seller yourself, you can't do it right away. you have to wait for a long time to get someone to buy from/sell to you

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May 21, 2017, 11:31:03 AM
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this is such an strange question!
when you exchange USD to BTC no matter what method you use, you will end up paying a bit more either for fee or a bit more because the other guy has to make profit.

the same goes when you want to exchange BTC back to USD, a little bit for fee and a bit because the other guy has to make profit too.

for example you will end up paying $11 to buy then after selling end up with $9 and there is no other way around it.
in short you lose money not save money.

and if you are a seller yourself, you can't do it right away. you have to wait for a long time to get someone to buy from/sell to you


Yeah thats really confusing question an didn't really understand what he really want achieve with that. The loss would be for sure there. When you talk about bitcoin you have to give some time for it so that it an grow into price and that too ahead of your buy price which is always higher than your sell price at all time. Otherwise all exchangers would end up with loss. So, for you to transfer back your $10 you will have to wait for that right point when BTC price hits your buy price. That would be your break even point. And it is not that quick to achieve as well.

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eclecticuniversalas
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May 22, 2017, 08:57:27 PM
 #4

it said adjusted, and yeah it was an unimportant thing anyways, trying to find ways to save money , thats all, and if the costs for services and such happen every time i move btc at all, why am i not using a bank, I looked into this to get away from being over taxed and charged for people handling my money, looks like btc isnt the answer to that one then, I mean a charge every time i move it? plus exchange fees, taxes etc. I was looking for hassle free, guess ill stick to cash for now
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May 22, 2017, 10:24:33 PM
 #5

this is such an strange question!

I like it.

And I'll bet the answer is probably hideously depressing. You'll be attacked by fees from every conceivable angle until you come out the other end with virtually nothing.

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May 23, 2017, 05:22:06 AM
 #6

Interesting question. Doing fast and cheap is very hard. May be easier with a larger amount like $1000.

Several places (Coinbase, Bitstamp?) accept Visa/MC. Using a debit card would make it instant.

Getting it from BTC back to the bank may be harder.

Any one else?
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