Yes I agree method of payment matters here. Probably a lot of US payment methods have higher risk of chargeback (for example paypal). Thus people selling btc in US are asking for higher prices to compensate chargeback risk. I will probably try to do some analysis on cash payment price: cash payment btc price in US vs in other countries. Not sure how many data points are available though.

Thanks for the suggestions. Just curious why do you exclude Coinbase pro above? Was looking to use coinbase pro for this.

Selling on bitcoin atm probably is not very economical. Never tried it though. I once bought btc in an ATM. It's 20% mark up compared to exchanges.

Thanks what would you suggest to use in US to sell BTC. My concern is reliable irreversible payment method. For example I see a lot of posts on localbitcoin looking to buy btc with paypal/venmo etc. Those payment methods doesn't sound safe. Plus I don't want to meet people in person to get cash. Especially in this covid environment.

Yes agree some of it is due to exchange control and government set FX rate is not really what people want to pay. ARS is definitely this case.

On the other hand the btc price in USA is relatively high compared to other countries. Guess this is due to more stringent AML monitoring in US. As a result people are willing to pay more to use BTC.

How do I rank up? Just keep posting?

Thanks for the detail explanations. 20k or 200 trade threshold sounds pretty low to me. Guess a lot of pro traders on the exchange will get this form. I wonder how do they file taxes? My case would be different since I'm just selling btc. I'm US resident btw.

Thanks for the detail explanation.

Up

Thanks didn't realize. This forum charges $25 for newbie to post image. Why?

A side question, how do I make the image on page show directly without click the link?

Hi I did some analysis on most recent localbitcoin transaction price across major FX ccy. Summary below. Any comment welcome.

Column description:
Fiat FX Rate: current official FX rate in the fiat world
BTC Implied FX Rate: FX rate implied from BTC price in different currencies. For example BTC price in CNY divided by BTC price in USD will be USD/CNY numer

BTC FX Premium: positive mean BTC price is more expensive in that currency compared to USD. Not surprising ARS is +53%

I calculate price using volume weighted price.

Surprising thing is you can see BTC is relatively expensive in USD compared to most currencies. For example using CNY as example, if I buy bitcoin in CNY and sell in dollar. I can realize exchange rate of 6.578 which is significaly better than official FX rate of around 7.0

Any comment welcome!




https://i.imgur.com/ZhWCD4I.png

Hi I need escrow service to sell BTC for USD. Could anyone suggest an escrow? Thank you.

Thanks actually I would prefer escrow service. How is the btc price usually determined if buy/sell here at forum? Is it usually higher or lower than exchange? Obviously I'm selling for now so hoping it's better than exchange.

Thanks this is very helpful. I've already done some trading in US exchange so aware of the operations. But I'm not sure the impact of doing this in larger amount (like 10 btc over one year period, actually each transaction amount is not that big) in exchange like Coinbase.

Hi can you help suggest fastest/safest way to sell btc in United States? These are my own btc so don't mind KYC/AML verification. Concern is speed. Also wanted to avoid the risk of flagging as money laundering thus get account shut down and money frozen.

Also what would be the tax implication of this?  I purchased btc out of country. Wanted to do this to bypass FX control of my home country. Total amount is around 10 btc but wanted to do this over one year or so in small amount each time.

I think 4-6 hours is way too long to be exposed to btc price risk. Say it I transfer $10k USD and if price drop $200 then equivalent to loss of 2%. This is not trivial loss in terms of international money transfer.

How long would above step take? What if btc drop significantly like 10% during this process? It doesn't seem impossible for this scenario to happen.

The point of tether is to avoid bitcoin price risk. What if after I bought btc in china and before I sell in exchange in US btc drops 20%?

Thanks for pointing this out. In this usage setting, I think the concern is not really the price of btc I buy at rather the price I buy in China vs I sell here at US. Ideally I would want buy/sell price is almost the same and the time between buy/sell is as short as possible so that I'm not exposed to bitcoin volatility. Recent btc volatility is relative low but I've been btc dropped 10%+ within 15min time frame.

A separate question, is there way for small user like me to hedge btc price in a short time frame? Let's say I buy 0.1 btc in China. I know takes 30 mins for trade to settle/escrow then transfer to US exchange. Within these 30 mins is there a cheap way for me to lock in the price of btc? One idea I have is use the recent Defi loan:

1. Buy 0.1 btc in China
2. Take out a defi loan and borrow 0.1 btc then sell those 0.1 btc immediately. Hopefully btc price at 1) and 2) are close. Hopefully interest rate is not that high. This is also part of the cost
3. Transfer btc to defi loan so that I repay the btc loan

Does this look practical?