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Making Money With Bitcoin 4 Bitcoin Noobs

Discussion in 'CryptoCurrency' started by The Doctor, May 25, 2017.

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  1. The Doctor

    The Doctor Jr. VIP Jr. VIP

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    This is a really simple concept but it works. If you want to make quick money with Bitcoin, you don't have to put much thought into it. You don't have to worry about studying trends and all that. Just buy Bitcoin from one place and sell it to another.

    The most profitable way to do this (That I know of) is to buy from an exchange and sell to a market. First, make sure you're not incurring a large fee when you buy and that you're getting your coin at the best rate possible. Sign up to all the major exchanges: http://www.coindesk.com/bucks-to-bitcoin-top-exchange-platform-fees-compared/

    Put some money aside and buy from the exchange where you're going to get the most coin the fastest. You should start with at least $100 but it can be less if absolutely necessary. Make sure you have a few hours to work once you get the coin too. You don't want to hold onto it for long. Now sign up at localbitcoins and paxful. I always use Paxful but I hear a lot of people like localbitcoins too.

    Assuming you're using Paxful, transfer all your Bitcoin to your Paxful wallet. Now click on the Sell button and then click PayPal (If that's how you want to receive money). PayPal is good because people pay a premium to exchange with it.

    Beware though! You don't want to sell to the wrong person. Make sure whoever you sell to has good rep aka lots of trades under their belt and a longstanding account. There is room to take some risk here for more profit but don't get scammed. Make sure you review the person's profile as well as the profiles of a bunch of people they've traded with. If all the people they traded with signed up around the same time, don't do it. If it looks like a small circle of people only trade to each other, don't do it. If your spidey sense tingles, don't do it!

    You can start off selling to people with listings before you get verified and create your own listings. This is fine. If you start creating your own listings, try to undercut your competition slightly. You WILL sell the coin.

    Using this method I've made a considerable amount of money (Gobs and gobs). Each trade I do nets between 5 and 25% profit (Very good for a short-term investment). I just keep rinsing and repeating in my BTC -> PayPal circle over and over. Sometimes I leave money in my wallet and come back to profits due to BTC price increasing (Don't do that unless you have money to waste).
     
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  2. AlumniAce

    AlumniAce BANNED BANNED

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    You can make 5-10% profit per day by just keeping the bitcoin...
     
  3. The Doctor

    The Doctor Jr. VIP Jr. VIP

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    That's more risk than I like. Plus, selling it on a market makes you a lot more than holding onto it generally does, even when it's increasing. 10% isn't bad but is it worth the risk when you can steadily get 15-25% at very little risk?
     
  4. BuildMoreLinks

    BuildMoreLinks Jr. VIP Jr. VIP Premium Member

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    I feel that bitcoins are just going to crash as it was never developed to take such kind of loads, you can see the amount of unconfirmed transactions since last week.
     
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  5. The Doctor

    The Doctor Jr. VIP Jr. VIP

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    I'm focusing a lot on Ethereum too
     
  6. BuildMoreLinks

    BuildMoreLinks Jr. VIP Jr. VIP Premium Member

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    I am also actually getting interested in to Ethereum, but just not seeing much use as bitcoins, it will take some time to catchup.
     
  7. The Doctor

    The Doctor Jr. VIP Jr. VIP

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    It will. There's been a lot of investment in eth blockchain and infrastructure (So to speak). I wouldn't bet on it to crash.
     
  8. appytheking

    appytheking BANNED BANNED

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    ETH is going to reach BTC price for sure in couple year. so start investing
     
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  9. The Doctor

    The Doctor Jr. VIP Jr. VIP

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    Already on it. It's still good to mine too if you can afford enough GPU.
     
  10. The Doctor

    The Doctor Jr. VIP Jr. VIP

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    who charges 11?
     
  11. SEO1337

    SEO1337 Jr. VIP Jr. VIP

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    I saw my first ETH ad on YouTube today. Seems they may be upping their marketing game, which is only good.
     
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  12. curiouskt

    curiouskt Regular Member

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  13. BeanDH92

    BeanDH92 Regular Member

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    my bad. I didnt read your post carefully
    Can I ask you a question how much paxful charge or each trade from BTC -> paypal
    I havent heard about this site before
    thanks
     
  14. YusufPrince

    YusufPrince Newbie

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    I hope it's not too late now
     
  15. The Doctor

    The Doctor Jr. VIP Jr. VIP

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    1% to the seller.
     
  16. zerkamaz

    zerkamaz Junior Member

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    Thanks, I know about that, and I can get BTC for cheap price than Exchangers!

    However, my problem is to create a listing on Paxful/Localbitoins and get more reputations, plus, build a TRUST!
     
  17. Claudiu23

    Claudiu23 Registered Member

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    BTC just lost 500$ 30 minutes ago. Anyway, I heard about it getting bigger when it was just 500$. It might be a good tool to make some pocket money, but I wouldn't recommend to go for it with large amounts. Stick to what you can control, always!
     
  18. Panther28

    Panther28 Jr. VIP Jr. VIP

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    I got the exchange rate from both blockchain.info, and paxful, but it wasn't possible to make a profit, paxful was more expensive, what am i missing?
     
  19. avilux

    avilux Power Member

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    The best way to sell is to build a list of trustworthy people you know both online and offline and resell constantly to them for lower rates. Give them low enough rates so that they don't care to go to exchanges or others, but high enough where it's worth your time. If it's people who you know or have a connection built with, you have to worry less about scams. I sell Bitcoin for example to my youtube subscribers. 5x safer than through Paxful. I've had soooo many people try to waste my time on Paxful and LocalBTC.
     
  20. The Doctor

    The Doctor Jr. VIP Jr. VIP

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    From blockchain:

    [​IMG]

    From Paxful:

    [​IMG]

    Then you add the markup. Between 5% and 25%