So I happen to have a pretty good connection for btc, only paying like 4.5-5% in fees right now with an unlimited supply. What would be the best way to be able to make money selling coin? Thanks
Best way to start vending coin?
So I happen to have a pretty good connection for btc, only paying like 4.5-5% in fees right now with an unlimited supply. What would be the best way to be able to make money selling coin? Thanks
[13 Points] robynbanxx:
[6 Points] penguinmixer:
Advertising LocalBitCoins (LBC) cash in-person trades could make you some money, depending on certain variables. Let's assume you can get your BTC for a 5% fee and sell for a 10% fee. 5% profit so far. LBC takes away 1% for themselves. Now you're down to 4% profit. Now you need to decide how much you value your time. Assume each trade will take 2 hours of your time. That includes communicating on LBC with the buyer before the trade, traveling to the trade location, making the trade, and traveling back home. Assuming you fall somewhere near the median US income range then your time (which you could instead spend earning money other ways) is worth about $20 / hour. So the time cost is $40. Assume you also have to pay for transportation, either gas, or bus/train/taxi, etc. Add $10 for that. Now your total cost is $50. You have to make sure that your 4% profit is higher than your $50 cost. Figure out how large a trade you must make to break even. $50 / 0.04 = $1250. Now that is the break-even point, but ideally you want to be making MORE money trading BTC than other uses of your time, so why not bump that up to $2000? So, in conclusion, using the sample variable values I came up with you would need to set your minimum trade size at $2000 (which is actually in line with lots of other sellers).
Trading bitcoins for cash in person only works if you're reasonably close to a medium or large city. If you aren't, don't even bother. There will be no one in your area who wants to trade.
The number of robberies is extremely small compared to the total numbers of trades. Meet in a public place. There was a bitcoin trade robbery in Florida recently, but it occurred during a meeting in a car in a dark alley.
Remember that if you get unlucky the BTC exchange rate will change by a few percent after you buy the BTC but before you sell it, and so you might make no profit, or even lose money.
If hiding your identity is not an issue, consider selling bitcoins for cash deposits in your bank or set up a PO Box and accept cash-by-mail.
[5 Points] MitalikaSucks:
Cash in person for 10-12% fees
[1 Points] Mckennaville:
Pm me
[1 Points] DooshNozzzle:
lol. 5% fee is not a "connection". that's like, a VERY basic and standard fee.
[1 Points] CocaineIsPrettyCool:
5% in fees is straight garbage
Ill let you in on a little secret. So heres what you do. Set up a kiosk at a mall or even like a little lemonaide stand type thing on the corner with pamphlets out on how to score awesome drugs online with BTC. Also i love how you say "connection for BTC" too. My connect is some machine in a liquor store 5-6% fee
In all realness LBC cash meetup