I sell Bitcoin / crypto with no commission fee

(The Wizard gave me permission to post this on the forum.)

I have BTC, ETH, USDT, and USDC to sell.

How it Works
(1) Any amount $200 to $1000.
(2) You walk into a local credit union and deposit cash into my account.
(3) I send you your crypto.
(4) Your WoO account must be at least 3 years old and you must have at least 50 posts here as of yesterday.

PROS OF BUYING FROM ME

(1) I'm registered as a Money Services Business, so there is no question whether the transaction is legal. It absolutely is. You can look up my registration at FinCEN.gov.

(2) I have a good reputation. I've known the Wizard for over 22 years and he'll vouch for me.

(3) No commission. I sell at market price.

CONS OF BUYING FROM ME

(1) I do KYC. Because I'm a registered Money Services Business, I follow the regulations, which means I have to get a copy of your ID. FWIW, FinCEN has never asked me for customer IDs, and I keep all id images stored on a local password-protected computer and not on the Internet.

(2) Other. I'm sure you'll think of some other downside I missed.

Note: I'm required to report if any customer tells me that they intend to skirt tax laws or engage in any kind of crime, and if I report I'm not allowed to tell the customer that I reported.

Quote: MichaelBluejay

(The Wizard gave me permission to post this on the forum.)

I have BTC, ETH, USDT, and USDC to sell.

How it Works
(1) Any amount $200 to $1000.
(2) You walk into a local credit union and deposit cash into my account.
(3) I send you your crypto.

PROS OF BUYING FROM ME

(1) I'm registered as a Money Services Business, so there is no question whether the transaction is legal. It absolutely is. You can look up my registration at FinCEN.gov.

(2) I have a good reputation. I've known the Wizard for over 22 years and he'll vouch for me.

(3) No commission. I sell at market price.

CONS OF BUYING FROM ME

(1) I do KYC. Because I'm a registered Money Services Business, I follow the regulations, which means I have to get a copy of your ID. FWIW, FinCEN has never asked me for customer IDs, and I keep all id images stored on a local password-protected computer and not on the Internet.

(2) Other. I'm sure you'll think of some other downside I missed.

Note: I'm required to report if any customer tells me that they intend to skirt tax laws or engage in any kind of crime, and if I report I'm not allowed to tell the customer that I reported.
link to original post

Maybe I’m dense, but if you sell at market price, and don’t charge a commission, how do you make a profit?

Quote: SOOPOO

Quote: MichaelBluejay

(The Wizard gave me permission to post this on the forum.)

I have BTC, ETH, USDT, and USDC to sell.

How it Works
(1) Any amount $200 to $1000.
(2) You walk into a local credit union and deposit cash into my account.
(3) I send you your crypto.

PROS OF BUYING FROM ME

(1) I'm registered as a Money Services Business, so there is no question whether the transaction is legal. It absolutely is. You can look up my registration at FinCEN.gov.

(2) I have a good reputation. I've known the Wizard for over 22 years and he'll vouch for me.

(3) No commission. I sell at market price.

CONS OF BUYING FROM ME

(1) I do KYC. Because I'm a registered Money Services Business, I follow the regulations, which means I have to get a copy of your ID. FWIW, FinCEN has never asked me for customer IDs, and I keep all id images stored on a local password-protected computer and not on the Internet.

(2) Other. I'm sure you'll think of some other downside I missed.

Note: I'm required to report if any customer tells me that they intend to skirt tax laws or engage in any kind of crime, and if I report I'm not allowed to tell the customer that I reported.
link to original post

Maybe I’m dense, but if you sell at market price, and don’t charge a commission, how do you make a profit?
link to original post

He probably isn't trying to make a profit(notice he isn't buying, just selling). I will assume he is making money from online casino affiliate stuff or whatever who pays in Cryptocurrency and he is looking to turn that into cash.

Quote: SOOPOO

Quote: MichaelBluejay

(The Wizard gave me permission to post this on the forum.)

I have BTC, ETH, USDT, and USDC to sell.

How it Works
(1) Any amount $200 to $1000.
(2) You walk into a local credit union and deposit cash into my account.
(3) I send you your crypto.

PROS OF BUYING FROM ME

(1) I'm registered as a Money Services Business, so there is no question whether the transaction is legal. It absolutely is. You can look up my registration at FinCEN.gov.

(2) I have a good reputation. I've known the Wizard for over 22 years and he'll vouch for me.

(3) No commission. I sell at market price.

CONS OF BUYING FROM ME

(1) I do KYC. Because I'm a registered Money Services Business, I follow the regulations, which means I have to get a copy of your ID. FWIW, FinCEN has never asked me for customer IDs, and I keep all id images stored on a local password-protected computer and not on the Internet.

(2) Other. I'm sure you'll think of some other downside I missed.

Note: I'm required to report if any customer tells me that they intend to skirt tax laws or engage in any kind of crime, and if I report I'm not allowed to tell the customer that I reported.
link to original post

Maybe I’m dense, but if you sell at market price, and don’t charge a commission, how do you make a profit?
link to original post

“The answer is simple — volume!”

Quote: SOOPOO

Maybe I’m dense, but if you sell at market price, and don’t charge a commission, how do you make a profit?
link to original post

You're not dense, I didn't explain (which I now realize looks sketchy). Trading crypto is not really part of my business. My real business is websites, and one of my clients pays me in crypto, so every month I have a need to sell it. I can't do that at the exchanges (e.g., Coinbase, etc.) because they won't touch me because one of my websites is about gambling, even though I'm not operating a casino. I registered my company as a Money Services Business because there's some unspecified volume and frequency of selling crypto where FinCEN considers you to be in the exchange business and criminal penalties are possible if you're not registered.

Although, I *could* make money by charging a premium when I buy, and then selling it at market, making my margin on the purchase rather than on the sale. (Except, again, I'm not in the business.) Or another way: I know a BTM (Bitcoin ATM) owner who pays *over* market price when he buys (which looks like no profit), but then he sells it at an even *higher* price. In fact he's my main buyer, but he's not buying at present.

Quote: Joeman

“The answer is simple — volume!”

Beat me to it!

I indeed approved this thread and will vouch for Bluejay's honesty. We were business partners for many years and I can't think of a more honest person I've ever met.

Quote: Wizard

I indeed approved this thread and will vouch for Bluejay's honesty. We were business partners for many years and I can't think of a more honest person I've ever met.
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Thank you for the kind words, Wiz!

I feel the same way about the Wizard. We've each trusted each other with tons of money over the years, and from my perspective, it was really nice that I never had to worry about him cheating me.

Why not register a personal Coinbase account, convert every coin to USDC, then convert to fiat currency(us dollar)? There's no commission fee for doing that.

Explained above.

Quote: ReyGarcia

Why not register a personal Coinbase account, convert every coin to USDC, then convert to fiat currency(us dollar)? There's no commission fee for doing that.
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Of course there is a cost to do that! It has to do with the spread, same as for example the difference between the bid and the ask in a stock price.