What's up guys! In this video I'll be showing you step-by-step how to make money with bitcoin using localbitcoins.com
00:42 Buy bitcoins
Repeat 2 & 3.
I did a similar tutorial on this a while back, but it wasn't really the best. So, I've made this video, much easier to understand and you can see everything step by step.
The key is to buy bitcoins low and sell them high. To do this, you buy with Bank Transfer and sell via Paypal!
Remember to put your margins on and making money won't be a problem.
1# I don't have PayPal.
Too bad, I'm sorry.
2# Do I need a bitcoin wallet?
No, localbitcoins gives you a wallet.
3# Do I need money to start this?
Yes, you need to be able to satisfy the 0.4 limit. I would advise you start with at least 200-300£.
4# Do I need to be 18?
I think so, yes.
5# Is this safe?
Yes. Just make sure you fill out your security, set the right terms and take screenshots at every opportunity.
6# What if the bitcoin price changes?
Read the news everyday, check the price isn't going to fall out the sky. It's unlikely, but its a possibility.
Generally, your profit margin will cover any short-term price changes.
7# I need more feedback
Make lots of small trades for small proportions of bitcoin. Ask for them to leave feedback.
8# What about chargebacks?
Chargebacks are unfortunately a possibility. The method I teach you in this video, however, will ensure that you're only trading with trusted & verified traders.
When you write up your terms, you will look at other traders' terms too. In these terms you will find the firm process that pro-traders use. Remembering to certify these points:
1) Only trade with verified accounts
2) Only trade with traders that have had a good proportion of trades
3) Only accept payments from PayPal accounts matching the buyers credentials (which are given in the trade)
4) Always take screenshots and/or retain invoices.
5) Never delete any conversations held on LocalBitcoins, and only ever hold them on LocalBitcoins.
These points, and potentially more, will keep you safe from any such actions taken against you. In light that you are faced with such a matter, you will have all the details, records and proof that the buyer bought and received your currency in good faith.
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