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Easy money with bitcoins (2k$ required) easy extra 150-200$ per month

Discussion in 'Making Money' started by hip_hop_x, Mar 5, 2014.

  1. hip_hop_x

    hip_hop_x Jr. VIP Jr. VIP Premium Member

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    This is my method for some extra $$$ per month, currently without mtgox in the picture bitcoins are really volatile (i've seen up's and downs of over 20% in a day). But this is actually an advantage for us, because the prices aren't equal in trade volume.
    My method is plain simple and involves transactions but at a small scale.
    First you have to verify your account in bitstamp and btc-e (this could take up to 2 weeks).

    Steps:
    1. Deposit 2k$ in btc-e and convert to bitcoins.
    2. transfer to bitstamp
    3. withdraw via wire from bitstamp
    4. wait about a week for money to come then rinse and repeat

    Currently the price variation is at about 20$ from btc-e to bitstamp and after taxes you will make a profit of at least 15$ per transfer.
    In average with 2k$ you can make about 30$-50$ per week and up to 200$ per month from 2k$ but depends on your luck, how fast they send and receive the money.

    It's not a big profit but it's an easy way to make money just by moving cash around :)
     
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  2. skinnyboi

    skinnyboi Regular Member

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    Not too bad if it works
     
  3. hip_hop_x

    hip_hop_x Jr. VIP Jr. VIP Premium Member

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    This works but be careful with taxes, because wire transfers depend on bank + country
     
  4. SeoWrecker

    SeoWrecker Jr. VIP Jr. VIP Premium Member

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    Doesn't matter
    has anybody tried this before ?
     
  5. xalyy

    xalyy Registered Member

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    With that much money you can earn back atleast 500-1000$... If you do the right way.
     
  6. webmasterbd

    webmasterbd Jr. VIP Jr. VIP Premium Member

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    I see a lot of people lately on those virtual coins but my question is are they really as profitable as people claims to be?
     
  7. fitnessdivaa

    fitnessdivaa Newbie

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    can you express how you can do it the right way so you can clear 500-$1000 instead of 200$ per month ? feel free to pm me your thoughts
     
  8. dripdrop

    dripdrop Junior Member

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    A lot of buts, seems a bit risky moving 2k for only $150. To be honest im not even getting the method
     
  9. Coepi

    Coepi Registered Member

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    I gave it a try some weeks ago, with small amounts and yet i lost 30$.
    BTC-e fees just ruins it, maybe if they were as easy to handle as Bitstamp this method could actually be a good one, otherwise is just to risky and like you said, it's only worth it if you invest big amounts.
    But hey, just my opinion :)
     
  10. hip_hop_x

    hip_hop_x Jr. VIP Jr. VIP Premium Member

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    Doesn't work unless you have at least 2k$ else the transfer fees will ruin your profit.

    Well I tested with 2k only and it takes me about a week+ for a full circle. You can scale it but requires more money.
    The risk is indeed there, after all the biggest exchange got bankrupt.

    The virtual coin isn't such a big thing even if it's volatile, because you will convert $ to btc in btc-e, then transfer those bitcoins to bitstamp (that takes about 2 hours max) and after that you just change back to $
     
  11. plut0

    plut0 Regular Member

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    that is bitcoin arbitrage method. btc-e still working even some bad reviews about the withdrawal things.
     
  12. nikoinc1

    nikoinc1 Registered Member

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    Sounds like another method where you

    - Purchase coins on one exchange Buy Low -
    - Transfer to another exchange Sell High -

    Everything has its risks, These exchanges go
    through some heavy lag which slows the whole
    process to a halt. By the time everything has gone through,
    most profits have been lost.

    Something to keep in mind for those who want to Rush out there.
    Both Methods Will Work but You have to stay Alert.