I don't see how people profit largely

[pooya87]

Okay so first of all you buy bitcoin through places like coinbase and cex.io and so on, and they usually have a higher price for bitcoin then the market price, so you get screwed there.

places like coinbase and cex.io are the market price! they are two of bitcoin exchanges which are exactly at the market price. don't confuse less than $10 difference with being higher. being higher means what you find on localbitcoins.com

Then there is a huge fee to actually purchase the bitcoins. Then there is a transfer fee to the exchanges. Then there are trading fees. Then you send it back to coinbase or wherever for fees. Then you try withdrawing to cash out...and there is fees. Then year end you have to do tax, which is the biggest fee.

These "profits" are reduced by like 60% by the time you cash out.

if it really were 60% all sorts of trading (including Forex, Stocks, Gold,... trading) would have died a long time ago.
and much of those fees you mentioned are regarding fiat. you should take that up with your government and banks and ask them why are they taking so much fee for doing so little like transferring your money from your bank to another account. or ask them why they ask so much taxes.

[cpfreeplz]

Holy crap you make it sound complicated. Why don't you just HODL and not worry about the dips unless you have too much fiat kicking around that you need to convert?

[Rajat97]

Okay so first of all you buy bitcoin through places like coinbase and cex.io and so on, and they usually have a higher price for bitcoin then the market price, so you get screwed there. Then there is a huge fee to actually purchase the bitcoins. Then there is a transfer fee to the exchanges. Then there are trading fees. Then you send it back to coinbase or wherever for fees. Then you try withdrawing to cash out...and there is fees. Then year end you have to do tax, which is the biggest fee.

These "profits" are reduced by like 60% by the time you cash out.

Are people doing something different or am I not understanding this? Because there are WAY too many fees and then you gotta do taxes? Like damn.

What's everyone elses method?

There are huge amount of fees in each and every process of bitcoins it is the only reason that bitcoin will be replaced by other cryptocurrencies. At this point holding is the only option and this fee structure will surely change.

[Ultegra134]

Okay so first of all you buy bitcoin through places like coinbase and cex.io and so on, and they usually have a higher price for bitcoin then the market price, so you get screwed there. Then there is a huge fee to actually purchase the bitcoins. Then there is a transfer fee to the exchanges. Then there are trading fees. Then you send it back to coinbase or wherever for fees. Then you try withdrawing to cash out...and there is fees. Then year end you have to do tax, which is the biggest fee.

These "profits" are reduced by like 60% by the time you cash out.

Are people doing something different or am I not understanding this? Because there are WAY too many fees and then you gotta do taxes? Like damn.

What's everyone elses method?

I don't see how you get screwed by buying Bitcoin on exchanges, never noticed extraordinary prices on Kraken, which I constantly use. I've never used none of those you've mentioned though. Most of the times, trading in small amounts of BTC is unprofitable, sometimes, the transaction fees are way too high, which is way too noticeable on small amounts. (0.01-0.30 BTC).

[streetlight]

If you feel like people profit largely a lot of them are just tooting their own horn, but the majority aren't actually making as much as they imply they are because it's hard to trade. Unless they bought early and have held it since.

[clickerz]

If you feel like people profit largely a lot of them are just tooting their own horn, but the majority aren't actually making as much as they imply they are because it's hard to trade. Unless they bought early and have held it since.

Well you maybe correct here. But sometimes in those shitcoins which are highly speculative, people earn there largely. As an advise, stay away fom trollbox, they will hype and earn a whooping large amounts. You can see the 100+ percent in gains. But this will not last long.