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This method is easy enough to implement without diving into the wonders of Satoshi Nakamoto and blockchain. But if you are interested, you should get up to speed on what it is.
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LocalBitcoins holds the Bitcoin until payment is made and marked as received. Acting as an intermediary between buyer and seller. Making trading bitcoin seamless. Register an account Before you can flip Bitcoin, you need an account on LocalBitcoins.
This the site where you will be flipping your Bitcoin. Its the most popular marketplace, and has years behind it proving it is safe and the number one marketplace for bitcoin transactions. Stay on track with it, it will all make sense. The wording may change over time, but you know the drill.
Click it then start filling in your details. You username will be with you for the length of your time on the site. So choose wisely.
Do not hinder your chances of making money by flipping Bitcoin. Yes, you can make another account, but you will lose any earned feedback from your transactions if you go this route.
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Choosing a good username for a LocalBitcoins account Try and gear your username towards a cryptocurrency styled feel. Think about it. Crypto-based puns will make you look like your know a thing or two about Bitcoin.
If you know about it, you must be trustworthy! Knowledge is power, and not only in the mind on the beholder.
This a pretty simple task, but will require you to dig out your ID. Go to the Settings page on LocalBitcoinsthen click on the Verification tab.
Common sense really. Build feedback Before you can profitably flip Bitcoin, you need to build 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.
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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.
Flip Bitcoin to make money with LocalBitcoins in 2021
Goto the Buy Bitcoins section Take a look at the prices that people are currently selling at, and tailor your buy price around the price others are buying at. Click on the Post a trade button, and start filling out the parameters local bitcoin how to make money the trade that you want to undertake. Avoid Paypal. Undercut the competition You can undercut by 0.
Set a price equation that will allow you to buy under market rate. Once the trades, up, wait for the traffic. Sell Bitcoin over market rate We want to flip Bitcoin for profit, so we need to sell what we just bought. Go the Post a Trade section, and fill out the parameters of your trade.
Set your margin Add a positive margin onto the price of Bitcoin. Open another trade, start flipping Bitcoin over market rate Wait for a customer LocalBitcoins gets a load of traffic. Within a few minutes, someone will contact you looking to buy your Bitcoin. It is easy to flip Bitcoin, have faith and wait!
Complete your trade Once a customer gets in touch with you, wait for them to pay you. Never release Bitcoin before you have received your money.
Conclusion Create a LocalBitcoins account, get verified. Build some feedback buy placing small trades with multiple people. Then, post trades to buy Bitcoin under market rate and to sell over market rate.
Profit on the price difference.