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STEP 1
Join Coinbase by click here or circleand buy some bitcoins make money with bitcoinTo start you need to create an account Coinbase.It’s very easy, and once setup with your bank account info, you’ll be able to purchase bitcoins in a click.
One interesting feature of Coinbase is that, once you verify your identity and complete a purchase,it allows you to buy bitcoins instantly. Initially the instant buy limit is very low (0.1BTC) but after 30 days you’ll be bumped to 1BTC.You can start by buying even a small amount like $100 or less, this is just to get the verification process started.
STEP 2
Join LocalBitcoins create your account and transfer your bitcoins LocalBitcoins is where we’ll create an ad to sell our bitcoins and to do so you’ll need an account. Once created,
visit the wallet page on LocalBitcoins, copy the address, and send your bitcoins from Coinbase to that address (how to send money from Coinbase).
Whatch movie show you how to buy bitcoin on LocalBitcoin
STEP 3
Create a bitcoin trade advertisement

You can do this right away or wait until you have been verified by Coinbase.On LocalBitcoins, click “post a trade” in the menu. The form is pretty self-explanatory, but there are a few suggestions:
Payment method: I did my experiment using cash deposit. It’s very safe and deposits show up instantly on your account
Premium: the easiest way to set your price automatically based on a Bitcoin exchange is to use this field.For instance if you put 5%, your price will be set at 5% more the current exchange rate on Bitstamp.
If you decide to use this I suggest you to stay around 5% premium.Price equation: this is what I used to set my price.I experimented with a few formulas and I think the one that performed best was (mtgoxusd+bitstampusd+btceusd)/3*1.02
(2% premium over the average of the exchange rate of Mt.Gox, Bitstamp and BTC-e).Your goal is to sell at least 5% more than the exchange rate on Coinbase, since by doing so you’d have a ~3% net
profit (both Coinbase and LocalBitcoins have a 1% transaction fee).Min. amount: I’d set this at least $100 to avoid small wasting time transactions.I ended up setting my at $300 but at the beginning you’ll need those $100 transaction to build a positive history.
STEP 4
Start exchanging
Assuming that you’ve already been fully verified by Coinbase, now you can just wait for people to contact you on LocalBitcoins.The way LocalBitcoins work is by escrowing the amount of BTC requested by your buyers from your LocalBitcoins wallet.
Once you see the deposit appear on your bank account you can release the escrowed bitcoins by clicking the release button.What I usually did was to immediately contact the buyer, to make sure it was serious about making the purchase and then buy the equivalent amount of dollars requested in bitcoins from Coinbase.
If instead of growing your stash of bitcoins you prefer earning some old fashion dollars, simply buy the same amount of bitcoins escrowed and keep the difference.Since now you can buy up to 1BTC instantly, even if you only originally owned 0.1BTC, you could trade that 0.1BTC over
and over again without actually speeding a dime more. To give you an example, if you originally bought 0.1BTC and you trade your entire wallet 10 times at with a 5% premium, you’ll be doubling your initial investment in 2.5 days.
Final notes


This type of exchanges won’t make you rich, but they could easily generate a few hundred dollars every week.Using this process I was able to grow my (small) Bitcoin stash of about 10% daily. While I haven’t of course accepted all the requests,
I received enough trade requests to exchange even $10,000/day, so there’s definitely a huge demand.Try to keep your margin smaller at the beginning (but keep in mind that 2% of the transaction will go towards transaction fees)
to create a positive history and start accumulate positive ratings.People will be willing to pay a higher premium if they know they can trust the seller.One thing one needs to pay attention to is the price trend of Bitcoin, since during a meteoritic rise of the price,
even few minutes delay in buying back the coins could mean losing all the margin (or more).It’s actually easier to make money on down trends since often a few minutes delay will increase the
spread between your LocalBitcoins exchange and Coinbase exchange.You can try other payment methods other than cash deposit but beware that Paypal, Chase Quickpay,Venmo and other services allow chargebacks and are often use to scam Bitcoin sellers.
LocalBitcoins does a great job in