Welcome, to the fully uncovered, no bullshit guide to flipping Bitcoin on LocalBitcoins.
This is not a buy and hold strategy; you will be taking advantage of a clear, arbitrage opportunity.
It’s a really simple process, but make sure you read on so you don’t miss some important parts.
- Buy Bitcoin under market rate,
- Sell Bitcoin over market rate,
- Make profit,
- Do it all on the same site.
And trust me, it’s not everyday someone shills out this sort of information. Lets get into it…
Understand the requirements
You need a few things before you can start. They’re pretty reasonable, and simple to come buy.
- You need a LocalBitcoins account; this is where you will buy and sell your bitcoin.
- You need a little starting capital; checkout with the trading minimum is on LocalBitcoins is changes
- You need a bank account; so you can receive and send money, duh..
- ID to verify who you are. No verification, no sales, no bitcoin, no profits.
This tutorial also assumes you have some basic knowledge about what Bitcoin is. If you don’t know what it is, don’t worry, you don’t need to know.
This method is easy enough to implement without diving into the wonders of Satoshi Nakamoto and blockchain.
Can’t read? Need a video? I gotchu cuuuuh … click dat LocalBitcoins link doe …
Register an account
Goto LocalBitcoins, Register. It’s not hard, we register to things all the time; same workflow, input email, password .etc.
HOT TIP: Don’t pick an idiot name; pick a name that inspires trust, somewhat…
No one wants to buy bitcoin from “smoke_weed_666420”.
People will buy from users with nice names like “DrCoinBoss”, or “BitCoincidental”.
Verify your ID
Whether you’re buying or selling, on both ends, you need to confirm your identity. This process is for the safety of everyone involved in the trade.
If you don’t verify your ID then no-one will trade with you. And you shouldn’t trade with anyone that’s unverified either. Common sense, really.
Build some quick feedback
Easiest way to do this is do a number of small trades; buy Bitcoin from multiple people. Get to at least 10 feedback. Otherwise people will avoid you. Hit the Buy bitcoins tab.
There’s a number of people on the site, at different prices with different payment methods. You want to trade with National Bank transfer.
Open a trade offer with someone, and type in the minimum limit into the input box.
This process will get you accustomed to how the trades work, and build your confidence in the security of site.
Buy some Bitcoin under market rate
Once you’ve built a little feedback, it’s time to post a trade. Take a look at the prices that people are currently selling at, and tailor your buy price around the price others are buying at.
You can undercut by 0.01, and you’ll be right at the top of the board, soaking up all the traffic.
Once the trades, up, wait for the traffic. It’ll be with you within minutes.
Sell your Bitcoin over market rate
Once you’ve done a few trades, stacked some Bitcoin, post another trade, over market rate.
Again, look at the price people are selling at, and undercut them. Make sure you’re selling over market-rate, for more than you paid.