The Doctor
Senior Member
- Dec 18, 2010
- 1,110
- 474
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).
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).
