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Re: How currency exchange business works on localbitcoins or paxful
Hi everyone 
I am just thinking about starting a bitcoin exchange business on local bitcoins or paxful but i have a confusion about how it works in the long run.
For example i have $1000 to invest and i want to add 5% profit margin to stay competitive on localbitcoins.So $1000*1.05=$1050.Okay i earned $50 on my $1000 investment.But again if i want to continue trading i will have to put $1000 back in my localbitcoins account so again if i buy $1000 worth of bitcoins on localbitcoins from some other trader by paying him his 5% margin that,s $50 and here the $50 i earned is gone.So apparently for reinvesting if i buy bitcoins from localbitcoins it won,t work for me as a bitcoin trader. But how is it working for other traders on localbitcoins?
The other traders buy cheap bitcoins from other exchanges or at market price? And please tell me from where i can buy bitcoins at a market price or at a cheaper fee?
Regards
For example you will trade paypal to btc. In this case you can take 100$ paypal to btc from your local people and on localbitcoin you can sell 100$ payapal to 110$ btc then you can get 10% profit and you can do vice versa.I am just thinking about starting a bitcoin exchange business on local bitcoins or paxful but i have a confusion about how it works in the long run.
For example i have $1000 to invest and i want to add 5% profit margin to stay competitive on localbitcoins.So $1000*1.05=$1050.Okay i earned $50 on my $1000 investment.But again if i want to continue trading i will have to put $1000 back in my localbitcoins account so again if i buy $1000 worth of bitcoins on localbitcoins from some other trader by paying him his 5% margin that,s $50 and here the $50 i earned is gone.So apparently for reinvesting if i buy bitcoins from localbitcoins it won,t work for me as a bitcoin trader. But how is it working for other traders on localbitcoins?
The other traders buy cheap bitcoins from other exchanges or at market price? And please tell me from where i can buy bitcoins at a market price or at a cheaper fee?
Regards
How currency exchange business works on localbitcoins or paxful
Hi everyone
I am just thinking about starting a bitcoin exchange business on local bitcoins or paxful but i have a confusion about how it works in the long run.
For example i have $1000 to invest and i want to add 5% profit margin to stay competitive on localbitcoins.So $1000*1.05=$1050.Okay i earned $50 on my $1000 investment.But again if i want to continue trading i will have to put $1000 back in my localbitcoins account so again if i buy $1000 worth of bitcoins on localbitcoins from some other trader by paying him his 5% margin that,s $50 and here the $50 i earned is gone.So apparently for reinvesting if i buy bitcoins from localbitcoins it won,t work for me as a bitcoin trader. But how is it working for other traders on localbitcoins?
The other traders buy cheap bitcoins from other exchanges or at market price? And please tell me from where i can buy bitcoins at a market price or at a cheaper fee?
Regards
I am just thinking about starting a bitcoin exchange business on local bitcoins or paxful but i have a confusion about how it works in the long run.
For example i have $1000 to invest and i want to add 5% profit margin to stay competitive on localbitcoins.So $1000*1.05=$1050.Okay i earned $50 on my $1000 investment.But again if i want to continue trading i will have to put $1000 back in my localbitcoins account so again if i buy $1000 worth of bitcoins on localbitcoins from some other trader by paying him his 5% margin that,s $50 and here the $50 i earned is gone.So apparently for reinvesting if i buy bitcoins from localbitcoins it won,t work for me as a bitcoin trader. But how is it working for other traders on localbitcoins?
The other traders buy cheap bitcoins from other exchanges or at market price? And please tell me from where i can buy bitcoins at a market price or at a cheaper fee?
Regards
Yes, after synchronization completes you will see your correct balance.
The client is downloading and verifying blocks from way back when the network first went up to this day, so until it reaches the block your transaction was in, it can't know about it. If you are in a hurry, you might want to use a light wallet such as Electrum.
Thanks for the quick reply :)I should have used electrum now i am getting a little impatient. Well is there any way i can transfer my balance to some other wallet which its still syncing ?The client is downloading and verifying blocks from way back when the network first went up to this day, so until it reaches the block your transaction was in, it can't know about it. If you are in a hurry, you might want to use a light wallet such as Electrum.
Hi everybody:)I just bought 0.1541 worth of bitcoins on localbitcoins and later i transferred bitcoins from my online wallet at localbitcoins to my bitcore core wallet which is installed on my desktop.I used one of receiving address of bitcoin core wallet(1M5ToiHG1NRjsSmE8iwWHePUPYyQNymDGH)which is also appearing on the blockchain as you can see(https://blockchain.info/address/1M5ToiHG1NRjsSmE8iwWHePUPYyQNymDGH) but the problem is that the balance in my bitcoin core wallet is not updated yet.Well i have just installed bitcoin core on my windows PC and it was still syncing and downloading the blockchain when i used the receiving address. Well i think this is the reason my balance is not up to date?After the synchronization the balance will appear automatically?
Thanks
Thanks
Hi,Few wallets including the electron claim to rotate adresses which makes tracking payments difficult ?Is that true and is rotation adresses a alternative to mixing your coins ?
Secondly i know the receving address on electrum can be used only once but what about the sending adress of our electrum wallet ,is it different everytime we send ?
Secondly i know the receving address on electrum can be used only once but what about the sending adress of our electrum wallet ,is it different everytime we send ?
Hi,i have used these tor nodes below in my linux(debian) command terminal ,so far i only manage to connect one time .Today i tried to connect but the following appears in the command terminal
"warning not changing server because it was passed as a command line option"
./electrum -s 56ckl5obj37gypcu.onion:50001:t -p socks5:localhost:9050
./electrum -s 4lhnnupincd3gyda.onion:50001:t -p socks5:localhost:9050
So the warning appeared because i am connecting to my wallet on clearnet instead on tor ?
Also using which tor adresses and ports you people use to connect to your electrum wallets ?
I am using tails and every time i have to recover my wallet since tails is amnesic(short term memory) system.Is it any way to avoid recovering it every time i start my tails ?
"warning not changing server because it was passed as a command line option"
./electrum -s 56ckl5obj37gypcu.onion:50001:t -p socks5:localhost:9050
./electrum -s 4lhnnupincd3gyda.onion:50001:t -p socks5:localhost:9050
So the warning appeared because i am connecting to my wallet on clearnet instead on tor ?
Also using which tor adresses and ports you people use to connect to your electrum wallets ?
I am using tails and every time i have to recover my wallet since tails is amnesic(short term memory) system.Is it any way to avoid recovering it every time i start my tails ?