I think running a P2P bitcoin business (on Paxful, Local Bitcoins etc) is one of best forms of monthly income. Yet, the tricks of successfully running a P2P bitcoin business are generally kept a secret. So to share knowledge about it, I am starting by sharing my knowledge.
- In P2P marketplaces each payment method is called a ‘Market’. So bank transfer is one market, Paypal is another, Credit/debit card is another etc etc.
- Profit is made by arbitrage opportunities across different markets. For eg in bank transfer market you buy bitcoin at market rate and sell it at a profit in another market (credit card, western union etc)
- While receiving fiat we need to exactly know the sender details.
- Initially our profit margin is low to attract traders and increase our ratings.
Feel free to add your questions, thoughts, experiences or insights.
Have a nice day.