Varying bitcoin prices and a few questions.

[jonnyben]

Hi guys, so I am relatively new to the bit coin world and I have a few questions:

why is there such a large price difference between bit coin exchanges? on Bittylicious it is now £900 and on mt.gox it is around £713! I have read a little about it and I understand that Bittylicious is convenient for UK buyers (where I am bases) but surely it's way over priced?

I bought .2 bitcoins for £150 2 days ago and now they want £180! But the value of bitcoin has not risen anywhere near this amount.

I am looking for the best way to invest around £1000-£2000 from the UK. I hear Bitstamp is the most reliable way from the UK, would any one recommend this?

What is stopping me from depositing £2000 with mt.gox and then selling it on Bittylicious?

Thanks for any help guys and sorry these questions have been asked before, but I couldn't find anything about it on the forum.

[hilariousandco]

Hi guys, so I am relatively new to the bit coin world and I have a few questions:

why is there such a large price difference between bit coin exchanges? on Bittylicious it is now £900 and on mt.gox it is around £713! I have read a little about it and I understand that Bittylicious is convenient for UK buyers (where I am bases) but surely it's way over priced?

I bought .2 bitcoins for £150 2 days ago and now they want £180! But the value of bitcoin has not risen anywhere near this amount.

I am looking for the best way to invest around £1000-£2000 from the UK. I hear Bitstamp is the most reliable way from the UK, would any one recommend this?

What is stopping me from depositing £2000 with mt.gox and then selling it on Bittylicious?

Thanks for any help guys and sorry these questions have been asked before, but I couldn't find anything about it on the forum.

Bittylicious does seem to be the best for us UK-ers. Nothing is stopping you. You can make a bit of money just by buying and selling from one exchange to the other. MtGox is terrible for sellers because they have trouble getting their money out, especially in the states, so that could be why. Price will always differ on certain exchanges for a number of factors, but yeah, the price difference is ridiculous.

You could try localbitcoins or check gumtree or whatever for peeps in your area to buy some coins from in person. You can sometimes find better deals because sellers don't have to deal with the fees and the hassle of exchanges. I'm sure you could haggle if you're buying £1-2Ks worth.

[NUFCrichard]

Bittylicious is very expensive to buy from.  I don't know how stringent they are about sellers selling over 1k a week, but that would be a lot for an average joe.

[jonnyben]

Ok, thanks for the reply, so really I want to stop buying on Bittylicious and instead buy them from localbitcoins I suppose as its a fair bit cheaper.

I want to buy a few thousand worth and then sell them on and reinvest the profit ideally.

Has anyone got any experience of doing this? Would be great if anyone could impart some knowledge and point out the pitfalls!

[hilariousandco]

Ok, thanks for the reply, so really I want to stop buying on Bittylicious and instead buy them from localbitcoins I suppose as its a fair bit cheaper.

I want to buy a few thousand worth and then sell them on and reinvest the profit ideally.

Has anyone got any experience of doing this? Would be great if anyone could impart some knowledge and point out the pitfalls!

Just do that. Buy some, wait X amount of time, the sell on an exchange. Hopefully by the time you come to sell them there will be even better exchanges and ways to sell. Hopefully ebay will sort their lives out and build a decent escrow system for cryptos. If not, I'm sure there will be other companies working on this. Good look with your investment.

Oh, and If you can't find any on localbitcoins, just get them from Bittylicious or do some research on others, and if you do buy in cash from localbitcoins, just be careful. Meet in a public place, and don't take any sweeties they may offer you haha.

[jonnyben]

Thanks, I think I will buy from localbitcoins, there are a few traders near me offering me 1btc for around £820 at the moment. Actually the Bittylicious price has now fallen inline with this too. Strange!

With local coins do i have to use my wallet on localbitcoins to do the trade? As I have an offline wallet i would prefer to use. If so  I assume I can then transfer to my offline wallet without any fees?

Thanks