Selling Bitcoin Over Market Price?

[posternat]

I've seen things as much as 48 hours ago, we're some service I can't remember what it was but some service trade on paxful was it literally 10 times the market price. That doesn't mean that that's going to work for you.

The first thing I noticed was that the minimum was $500. The second thing I noticed was that it was definitely one of those Services where you could lose out in the end by a reversal or something like that. But if you did it right and you transfer the money out of that service quickly enough then you're only going to have to do them when account goes negative. With legitimate Services I've seen anywhere from 15 to 50% over market price, at the same time you can always set up your say mad and people usually jump on that pretty easy.

[1715327604]

1715327604

[HasHe]

If you could get bitcoin at a certain price and then sell it to another exchange or person... how profitable would this be?  For example bitcoin is 2500 a coin.  You get them at 2500 a coin.  Localbitcoins it seems like ppl who buy bitcoin actually offer you more than 2500 per coin right?  If thats the case, why not look for a buyer... then buy your bitcoin from an exchange... then sell that bitcoin to a buyer for profit?  The issue of course is you need to make sure the price doesnt drop much between when you get the actual bitcoin in your wallet and doing the transaction with the other user.  Does anyone know how much money ppl are buying over the market price for bitcoin on localbitcoins?  For example if price is 2500... are people paying like 3 percent for it?  Thus 2575 etc for a coin?  Or is it the other way around?  Because i recalled didn't people sell bitcoin at face value or actually get less than face value?  But since bitcoin gotten really big, its actually worth more than cash value?

Yes,i too have seen some buyers in localbitcoins.com willing to buy bitcoins more than the market price.I think they expect bitcoin price to rise high soon and so they buy at such high price.We can buy bitcoins at some exchange and then just sell it to such buyers in localbitcoins.com.We could check the best high price and sell to them.

[viking02]

If you could get bitcoin at a certain price and then sell it to another exchange or person... how profitable would this be?  For example bitcoin is 2500 a coin.  You get them at 2500 a coin.  Localbitcoins it seems like ppl who buy bitcoin actually offer you more than 2500 per coin right?  If thats the case, why not look for a buyer... then buy your bitcoin from an exchange... then sell that bitcoin to a buyer for profit?  The issue of course is you need to make sure the price doesnt drop much between when you get the actual bitcoin in your wallet and doing the transaction with the other user.  Does anyone know how much money ppl are buying over the market price for bitcoin on localbitcoins?  For example if price is 2500... are people paying like 3 percent for it?  Thus 2575 etc for a coin?  Or is it the other way around?  Because i recalled didn't people sell bitcoin at face value or actually get less than face value?  But since bitcoin gotten really big, its actually worth more than cash value?

Yes,i too have seen some buyers in localbitcoins.com willing to buy bitcoins more than the market price.I think they expect bitcoin price to rise high soon and so they buy at such high price.We can buy bitcoins at some exchange and then just sell it to such buyers in localbitcoins.com.We could check the best high price and sell to them.

Are there many people that do this and it does work etc?

[mobnepal]

Are there many people that do this and it does work etc?

I am selling my bitcoins at higher price in my country because there is no any legally operating exchange platform here. So all bitcoin or crypto trading is p2p based trading and I can set rate that I want and buyer will agree at some point. Usually I get 10% over market rate but I can't buy back bitcoin directly from exchange with those cash because no any exchange platforms accept our cards.  

[PancherBitCoin]

Are there many people that do this and it does work etc?

I am selling my bitcoins at higher price in my country because there is no any legally operating exchange platform here. So all bitcoin or crypto trading is p2p based trading and I can set rate that I want and buyer will agree at some point. Usually I get 10% over market rate but I can't buy back bitcoin directly from exchange with those cash because no any exchange platforms accept our cards.  

I also ran into this problem and even in countries where banks start to deal quietly with crypto currency, they manage to take 4% of commission for the withdrawal of Bitcoin in real money. And perhaps this is not the last payment for cashing money.

[ss890]

I've seen things as much as 48 hours ago, we're some service I can't remember what it was but some service trade on paxful was it literally 10 times the market price. That doesn't mean that that's going to work for you.

The first thing I noticed was that the minimum was $500. The second thing I noticed was that it was definitely one of those Services where you could lose out in the end by a reversal or something like that. But if you did it right and you transfer the money out of that service quickly enough then you're only going to have to do them when account goes negative. With legitimate Services I've seen anywhere from 15 to 50% over market price, at the same time you can always set up your say mad and people usually jump on that pretty easy.

Peoples are not that mad now a days and they also do the trade very carefully. Local bitcoin is still wonder for me as to how they really work even the price of bitcoin is very high. The price can be set by users and there are people selling the prices more than 10-15 percent of market price as you said. It's better to choose normal wallets and do a regular buy and sell strategies to earn more bitcoins. You can buy bitcoin at the market price on the wallet exchangers. Then you can sell them at higher rates when bitcoin goes up. That's the simple strategy to follow.

Local bitcoin is not real deal when we have to buy as people are putting crazy price tags on them.

[viking02]

Hey guys i have another thing i want to ask related to this.


Let say i could find buyers pretty easily for bitcoin where they would pay me say 2 percent extra in bank transfer or cash for my bitcoin.  If that is the case, couldn't when i have a buyer who wants bitcoin now and then they tell me how much i want to buy, i go and buy the bitcoin at an exchange like bittrex... let say the price is 3k for example to make it simple.  Then the agreed price with him is say 3k + 2 percent so 3060.  I buy the bitcoin from bittrex and i believe it would be like 3k x 0.0025 percent fee so 7.50 fee so 3007.50 total.  Then i sell the bitcoin to someone for bank transfer or cash deposit for 3060 so profit 52.50?


The thing is i think this would work only if when you get a message from a buyer they want bitcoin now, then you agree with them on the price and say they offer 2 percent fee... you go to buy bitcoin from bittrex immediately at the price and then make money on that?  Could someone tell me if this would work or not?  A way i see it not working is if that person wants to use a different exchange btc price like kraken?  I know some ppl use the google btc to usd rate whereas others use kraken or another exchange etc.  But if you guys agree on the fee and you see how much it cost on bittrex... like if its 3000 on bittrex and say okay its 3000+2% so 3060... then they agree.  Then you say okay give me a few minutes... then you buy the btc from bittrex... then trade it with them few minutes later... wouldn't that work or not?  Because im sure ppl dont mind like okay the price is this much now... i will send you it in few minutes?  Well of course it does take few minutes for the coins to be sent anyway no matter what.  Can someone tell me what would work/not work in this scenario? 


Because to me it seems like if you have a buyer who messages you and ask hey do you have any bitcoin, then you say okay i do how much you looking for... then they say this amount, then you say okay we can do it at this rate... like when you checking bittrex and going to make the order and he says okay 3000 + 2 percent fee so 3060 total... then you enter the trade and then you pretty much the lock price at that point so there is no price fluctuations... wouldn't that work or not?  Like once they said okay i agree.  Then you immediately buy it.  Then when you buy it, anyone know how long it takes for the bitcoin to hit your bittrex wallet?  And once that happens, they would send you bank transfer or deposit cash... then you agree on the okay 1.02939 bitcoin is the amount will be sent?  Thus you already agreed on the amt of bitcoin you will be sending? 


Would like someones opinion on this.  Because i thought this would be hard because say you have bitcoin, then you look for buyers, well if price goes down, you cannot make profit since price goes up and down a lot.  But if they agree on price/amount of bitcoin, then you buy immediately...and then sell to them?
 

And also how much in fees would you say is needed to make this work?  Because bittrex charges 0.025% fee so 3k is 7.50.  Then of course when you send bitcoin, you probably have to pay like 2 dollars or a bit more in fees so thats 10 dollar total... but they pay you 3060... so you profit 50 dollars each time with my figures?  Can someone tell me if my logic here is right or wrong here?  Because i think i could find bitcoin buyers who would pay 2 percent.  And i believe there are buyers that might even pay 5 percent or so?

[JL421]

This isn't possible except in korea if you see bithumb prices it is always more than the actual rate of bitcoin. In a interview one representative told korea has less traders when compared to the world but the exchanges still have more volumes claiming the demand is really high in korea

[1NV3ST0NM3]

This isn't possible except in korea if you see bithumb prices it is always more than the actual rate of bitcoin. In a interview one representative told korea has less traders when compared to the world but the exchanges still have more volumes claiming the demand is really high in korea

You are right in that  :

https://www.korbit.co.kr/?locale=en      here is an example on the prices over Korea I've noticed that and there's a good way to earn money if you have any partner located in KR.

[Rahar02]

Bitcoin worth more than cash value obviously, but we can't buy bitcoin according to market price and sell it to someone over the market price, simply because people will consider to buy bitcoin on exchanges or people who sell it for a cheaper price.
However, we don't have to do that because bitcoin value keep growing over time, all we have to do is waiting for uncertain time to sell bitcoin at higher rate, if you want to.

[viking02]

Bitcoin worth more than cash value obviously, but we can't buy bitcoin according to market price and sell it to someone over the market price, simply because people will consider to buy bitcoin on exchanges or people who sell it for a cheaper price.
However, we don't have to do that because bitcoin value keep growing over time, all we have to do is waiting for uncertain time to sell bitcoin at higher rate, if you want to.

Well the thing is what if you know people who are willing to buy bitcoin via bank transfer and paying 2 percent for your bitcoin and does not use an exchange?  And say they would message you and say hey do you have any bitcoin now?  Then you say yes then you google the rate and say okay rate is 3000 +2 percent so send me 3060 bank transfer and i will send you 1.032 bitcoin etc.  Thus you agree on the price and actual amount of bitcoin.  Then once he say okay, then you immediately buy the bitcoin at that price on bittrex.  Then you take 5-10 minutes to send him the bitcoin after you receive bank transfer.  So wouldn't this work based on what i described or not?

[BitMaxz]

Bitcoin worth more than cash value obviously, but we can't buy bitcoin according to market price and sell it to someone over the market price, simply because people will consider to buy bitcoin on exchanges or people who sell it for a cheaper price.
However, we don't have to do that because bitcoin value keep growing over time, all we have to do is waiting for uncertain time to sell bitcoin at higher rate, if you want to.

Well the thing is what if you know people who are willing to buy bitcoin via bank transfer and paying 2 percent for your bitcoin and does not use an exchange?  And say they would message you and say hey do you have any bitcoin now?  Then you say yes then you google the rate and say okay rate is 3000 +2 percent so send me 3060 bank transfer and i will send you 1.032 bitcoin etc.  Thus you agree on the price and actual amount of bitcoin.  Then once he say okay, then you immediately buy the bitcoin at that price on bittrex.  Then you take 5-10 minutes to send him the bitcoin after you receive bank transfer.  So wouldn't this work based on what i described or not?

Well i think it will be depends on us either to agree with that deal or not if you are living here in my country you can buy bitcoin instantly without the addiction rates .. we have an exchange site locally here that i think only people who are living in my country can join and buy bitcoin instantly here.. so there is no problem for us to buy in other 3rd party sites with more interest..
And this type of interest i think is just like you re buying in localbitcoin..
For wise buying bitcoin always looking for smallest rate and safe  because if you found some to deal with smallest rate but not safe better to don't deal if you found a trusted someone but they are giving a high rate well its good to deal but you will hurt about the rate.. 

[viking02]

I used to sell Bitcoins here on my country for almost a 15% over market price, people still buy it because they know that bitcoin will always go up.
the problem is that i can not buy bitcoins again with that 15% of profit because everybody sells with a 15%-20% over the price.
So yes, in my country bitcoin is so expensive.

So you are telling me if you could find someone that would sell you bitcoin for 5 percent fee... then you could find someone else to buy your bitcoin for 12 percent fee... wouldn't that mean everyone would buy bitcoin from you etc?   Where are you buying bitcoins from where you pay that much over the market price?  Is it your country website, exchange or others?

[viking02]

Can someone tell me if this strategy would work?


Let say i have an account at bittrex to buy bitcoin.  First off, i could buy bitcoin instantly and receive bitcoin instantly right if i use market order etc.  Thus buy at market order?


So let say i know a bunch of people who wants bitcoins.  Let say they message me and say hey im looking for around 3000 usd worth of bitcoin.  I'll pay you 2 percent so about 3060 usd for 3000 usd worth of bitcoin.  You then check price on bittrex and then also agree on the rate you guys are using.  Like say okay 1 btc = 3500.  Thus he would pay you 70 dollars for the 2 percent so 3570.  You calculate it on google and say okay i will send you 1.0023 btc.  But before you do that, you check to see what the current rate is at bittrex.  So say you could buy 1.0023 btc on bittrex for 3500 dollars... you tell the other guy okay i can do 3500 worth of btc now.  Then say okay btc = 3500 now on google so i will send you  1.0023 btc okay?  Then if he says okay, you quickly buy that amount on bittrex.  Then you pay i believe 0.0025 percent fee so 8.75 usd.  Then he sends you either a bank transfer for 3570 or he goes to the bank and deposits 3570.  But no matter what, you agreed on the 1.0023 btc.  So if you do that, wouldn't you be making 70 - 8.75 = 61.25 doing this? 


Thus assuming you can find someone looking to buy... then they agree and offer you at least 2 percent... then you say okay, then you check price and confirm it with him okay btc is this price i will send you 1.038 btc deal?  And then they say yes, you immediately buy that amount on bittrex?  Or is there something here where this would not work?


Because in this scenario, its like you buy bitcoin hold it... then wait for a buyer.  You are waiting for someone to message you and when they do, you confirm the btc rate... then buy exactly amount on bittrex and then sell them for profit?  So it works for both people because the guy sells it make profit.  And for the other guy, well he gets his btc quick and doesn't have to buy through exchange etc.


Can someone tell me if this would work?  And even if prices on bittrex moves, surely its not big deal because its basically you have one computer screen that has him confirm... then the other screen you have bittrex exchange and then you pretty much buy it very quickly to make sure you lock in the price?  Im guessing 2 percent is probably the minimum you would need here?  Because imagine you could do this with say 5 people a day... say they want to buy 3500 worth of btc and pay 2 percent fee.. you make around 60 per transaction and around 305 dollars total etc.  So can someone tell me if this works based on the scenario?

[kevpantof]

That’s possible, if you know guys that want to buy and they don’t have the resources to buy directly you can offer to sell to them at a little higher price and since they are desperate to get the coins they wont mind adding  a little bit higher money for you.

[eagle10]

it is all supply and demand.
when you want to sell your bitcoin through different methods (eg. on localbitcoins) you and other people like you form the supply and the people who buy bitcoin from you are the demand.

now because in these alternative methods there is always a lack of supply, meaning there are limited number of people offering a different method like trading with cash, that means they can sell it at higher price. they do it simply because they can and there is no alternative.

it is the same when you don't have any bitcoin exchange in your country and want to buy bitcoin with your local currency. you'll end up paying a higher price.

It's too risky. Even when we consider the supply and demand for bitcoin vs the buyers, bitcoin price is highly volatile. We can't say that next week the price is going up but the next day the price fell down 50%. It is happening. It is better if find investors to fund you and create bitcoin exchnage center.

[viking02]

That’s possible, if you know guys that want to buy and they don’t have the resources to buy directly you can offer to sell to them at a little higher price and since they are desperate to get the coins they wont mind adding  a little bit higher money for you.

Well i know very few people that want to buy btc but all of them are usually willing to give an additional 2 percent vig.  So if price is 4000, they would give 4080 for example.  The thing would be either they message me if i have bitcoin or i could ask them if they want bitcoin.  Usually its 2 percent vig... so if thats the case and they say they want 4k in btc for 4080 bank transfer or wire... then i look at the price on bittrex and tell them what is it and what the total amount is.. like okay its 4k so 4080.  Then the moment they agree, then i immediately click buy the bitcoin now.  Wouldnt that work?  People say issue is bitcoin is very volatile which is true but if you agree on the price right now and how much btc is being sent... say okay i will send 1.02 btc for your 4080 bank transfer... then the price is locked.  So whether i send the btc right in a few minutes or a bit later, we lock in the price.  But of course i would just rather do it now since when they are asking, then they want the btc now.  Or i message the guy asking if they want to buy btc etc.


So based on this, would this work with bittrex or not?  The other thing is usually when we look at the price, we look at the google btc to usd price.


So would this be a problem?  Because right now

google btc price = 4340.95
bittrex btc price = 4329.50


So can someone look at my math and tell me if this is correct?  Say they want 1 btc.  But we use google price so its 4340.95.  Add 2 percent... 86.82


So total they send me bank transfer or wire is 4427.77.


When i buy 1 btc at bittrex, price is 4329.50.  The 0.25% fee is 10.82


So i pay 4340.35 to bittrex.


4427.77 - 4340.35 = 87.42.


So wouldn't here, you make 87.42 profit if doing this with these 2 prices when selling 1 btc to someone who offers 2 percent vig when you go buy 1 btc at bittrex then sell it to them?

[viking02]

And lets add to this.  Let say the google btc price and the bittrex price is the same thing.  If they offer me 2 percent, aren't i going to make a little less than 2 percent since the price is the same and the only thing is im paying that 0.25 percent fee to buy from bittrex?


So example say google btc price and bittrex price is same.  Let say 4k.  He gives me 2 percent so i get 4080.  Now i buy 4k worth of btc at bittrex.  The fee of 0.25 percent is 10 dollars.  So it cost me 4010 at bittrex right?  Thus i make 70 dollars here?


The thing that is confusing is when i look at the btc price on bittrex, im looking at the last price.  But that price is the buying or selling price?  How far off is the price when buying vs selling?  Example say it shows the price as 4000 the last price.  What is the buying price around and selling?  Im guessing its not off more than a few dollars?  And if so, how much off usually?  I dont have bittrex account.  The other thing is when buying at bittrex, can you buy with usd in your account?  For example say i want to transfer 10k from my bank to bittrex.. solely to buy btc so i could sell it to someone where they offer me 2 percent and pay me by bank transfer or wire.  Well couldnt it keep repeating this process if i find buyers who want btc and offer me 2 percent?  Thus once i bought everything with that 10k ... then with the money the buyers send me to my bank, i just deposit another 10k or more in my bittrex account to keep buying?  Of course i believe these deposits cost money right?  Like if you want to do a bank transfer to your bittrex account?  Or only if you do wire?  Do they accept ach transfer?  Because i think ach transfer are free.


The other thing is couldnt you also do this on coinbase as well?  Thus send bank transfer there.  Then buy btc... but is the fee 1 percent still or not?  Because if it is, there is a huge fee since i would only get 2 percent extra so not much profit there?


Because if this is true, as long as you could find a buyer, then wouldnt this work?  The thing is how is there any volatility if im waiting for someone to tell me they want to buy btc now.  Its not like i buy lot of btc now... then wait for a buyer.  because if you do that and btc goes down, well you lose money doing this.  Thus the moment i get a message i want btc... i say okay how much you want and lets check the price.  Then they agree, then i say okay i send you this amount of btc for this price... he agrees.  Then i go buy it off bittrex, then he send me bank transfer, i then send him the btc.  Can someone tell me any issues with this?

[swscowods]

If you could get bitcoin at a certain price and then sell it to another exchange or person... how profitable would this be?  For example bitcoin is 2500 a coin.  You get them at 2500 a coin.  Localbitcoins it seems like ppl who buy bitcoin actually offer you more than 2500 per coin right?  If thats the case, why not look for a buyer... then buy your bitcoin from an exchange... then sell that bitcoin to a buyer for profit?  The issue of course is you need to make sure the price doesnt drop much between when you get the actual bitcoin in your wallet and doing the transaction with the other user.  Does anyone know how much money ppl are buying over the market price for bitcoin on localbitcoins?  For example if price is 2500... are people paying like 3 percent for it?  Thus 2575 etc for a coin?  Or is it the other way around?  Because i recalled didn't people sell bitcoin at face value or actually get less than face value?  But since bitcoin gotten really big, its actually worth more than cash value?

Its very possible, in a situation where people need the coin urgently and there are only limited sellers you can make use of that opportunity and sell over the market price and since they have no choice they would just have to purchase from you.

[investeerder]

If you could get bitcoin at a certain price and then sell it to another exchange or person... how profitable would this be?  For example bitcoin is 2500 a coin.  You get them at 2500 a coin.  Localbitcoins it seems like ppl who buy bitcoin actually offer you more than 2500 per coin right?  If thats the case, why not look for a buyer... then buy your bitcoin from an exchange... then sell that bitcoin to a buyer for profit?  The issue of course is you need to make sure the price doesnt drop much between when you get the actual bitcoin in your wallet and doing the transaction with the other user.  Does anyone know how much money ppl are buying over the market price for bitcoin on localbitcoins?  For example if price is 2500... are people paying like 3 percent for it?  Thus 2575 etc for a coin?  Or is it the other way around?  Because i recalled didn't people sell bitcoin at face value or actually get less than face value?  But since bitcoin gotten really big, its actually worth more than cash value?

Its very possible, in a situation where people need the coin urgently and there are only limited sellers you can make use of that opportunity and sell over the market price and since they have no choice they would just have to purchase from you.

If there's no exchanger available on there side then people will surely be pushed to buy some coins over the market price by buying it peer to peer to the people around him and this one is pathetic but we don't have a choice but to purchase it since the people is in need an immediate balance to their side. But buying peer to peer online is not recommended since there are some serious issues of scamming happenings.