Did i lost 100$? - bithumb

[lennie]

Today I had the glorious idea to sell BTC at bithumb 

I wanted to test the price difference.

At coinbase a BTC costs about 17K
With bithumb a BTC costs approx. 22K

So why not buy from coinbase BTC and sell it at bithumb. Then buy litecoin and send it back to coinbase. Than buy BTC ... and so on.

The problem is that I can't withdraw with an Level 1 account, right?

Have I lost the money now? 

[Ilanoh]

Were you able to get your money back ?

[1eth1]

Any news?

[tomahawk9]

I don't know if you lost your money, but what you were trying is called 'arbitrage'. And while this looks like it could be very profitable since the btc price is different between exchanges, it is not recommendable to do it unless you have enough experience in this practice as it could be a very risky practice.

You need to know the procedures behind bitcoin arbritrage (how withdrawals work, the time it takes to move btc, sudden swings in the price, etc), so you have to be prepared before jumping in to make quick money, otherwise, you'll lose your money in one second.

[Ilanoh]

Hey Lennies any news ?

[zzz163519]

hi from what i know bithumb needs you provide your ID and Bank account in Korea, and you must have a phone number from Korea in order to register the account on Bithumb

[Ilanoh]

That is why we can see +50% arbitrage there... Which is not real arbitrage unless your daddy is korean and mommy european