Making Money with Bitcoin Arbitrage Opportunities!
Hi Folks!
I think I find a simple money-making technique, and I would like to hear your opinion about it.
I am a Turkish citizen who happens to work in Lithuania, which means I can open bank accounts in both countries, and so buying and selling bitcoins from their local exchange websites. In Turkey bitcoin prices is generally 10% higher compare to European markets. So I can simply buy bitcoin in Lithuania and sell back to Turkey via local exchange sites or localbitcoins with a profit.
Let me show you how I am planning to do this step by step:
1- Deposit money to my local bank account in Turkey.
2- Withdraw the money from Lithuania via ATM machine, because it is the cheapest option to transfer money. And I also increase the withdrawal limit to maximum.
3- Take that cash and deposit to Lithuanian bank physically.
4- Transfer that money to local bitcoin exchanges site where I can buy bitcoins or again I can buy it from localbitcoins
5- Then sell it at Turkish bitcoin exchange site with a profit.
6- And repeat the steps above daily.
In the beginning I thought by doing this I may encounter some problems with my bank and government. Therefore, I have talked with my Turkish lawyers, and they informed me that I shouldn't have any problem doing this as long as I save all transactions and trading history.
So what do you think you guys? Is it a legit procedure?
Make it rain bro!
So essentially it is arbitrage between the Turkish and Lithuanian currencies, using BTC to facilitate. If this works then you need no permission to start doing it. I give you permission. Start with the ATM and build up from there. Better to apologize afterwards than to ask permission. Good post. Thanks!
hahahaha if it does work, I'll be you're friend for some cheap bitcoins hehehe
But seriously, If the prices are as you say the are, go for it!
Feel free to try out our arbitrage system and follow us for alerts http://arbiswap.com
If it works, then work it! Have you accounted for the fees?
may not be so attractive with the fees and buy/sell spreads if premium is just 10%
Sounds smart if it works and isn't illegal? Thumb up.
Shouldn't be an issue unless one of the two countries has a negative stance over BTC. Another factor to consider if if cashing out to your bank account would incur taxes.
Really interesting stuff.. I'm very new to it all.
I upvoted but I will put you on steemit blast edition trying to make it look like natural followers. I have proof you unfollowed me
I had the same idea! even with SWIFT and Tx expenses it seems , it can be done!
I'm in India with family in New York. So naturally, I too tried it out - since btc was trading at a high premium - nearly $5-600 more than the US exchanges earlier in this month. Easiest money I made before the gap closed. It continues to trade at $100-150 premiums here
Hi, you can try it first with smaller amount and you will see whether it is profitable. Bitcoin cryptocurrency should be above national laws, because there is no national authority emiting this currency nor participating on its circulation so there is no right for taxing the profits. Wishing you good luck and please share with us your experience!