Connect with us


This early Bitcoiner sold BTC on eBay for a 100% markup in 2015



Chris Maurice, CEO of Nigeria-based crypto exchange Yellow Card, made his first business venture into the crypto space back in 2015, selling Bitcoin (BTC) on eBay.

“We did that for about a week and we did over $40,000 in sales at a 100% markup,” Maurice told Cointelegraph in an interview. “We were seeing stars at this point,” he recounted, describing his euphoria at the time. 

The CEO first learned about Bitcoin in 2013 through a friend — Justin Poiroux, the co-founder of Yellow Card exchange, although Yellow Card was not formed until later, unrelated to the eBay endeavor. 

While surfing eBay in 2015, Maurice saw BTC selling on the site for triple its going market rate at the time.

Coming up with an idea for profit, Maurice explained,

“I called up Justin and I said, ‘Hey, we’re two relatively smart individuals. I Know how to use eBay, you know what Bitcoin is so let’s make some money,'”

After the mentioned initial success of BTC sales on eBay, however, the situation started unravelling. “That’s when I learned what a credit card chargeback is,” he explained. “People were just stealing credit cards online, coming to us on eBay and charging the cards,” he said. “When PayPal found out, they pulled the money back from us, and then we had already sent the Bitcoin.”

“Of course that was how I also learned just how irreversible Bitcoin is,” he added. “Credit cards, not so much.”

Credit card chargebacks essentially allow parties to take their funds back after a making transaction. Bitcoin does not host the same feature — both a benefit and a drawback, depending on the situation.

“That was my first foray into crypto,” Maurice said.

Although evidently not especially feasible, the eBay endeavor shows a profitable early example of arbitrage, a common trading tactic used to profit on price discrepancies seen across exchanges and other avenues.  

Source link


Bitcoin sheds $2.5K amid warnings of a repeat BTC price dip




Bitcoin (BTC) fell precipitously on June 25 after a rejection above $35,000 sparked a rout toward familiar support.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin heads back towards $30,000

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it shed over $2,500 during trading on Friday.

The pair had hit local highs of $35,400 overnight before abruptly reversing trajectory to fall below $33,000.

For popular trader Crypto Ed, the situation was similar to events last month after BTC/USD first bounced at $30,000 support.

“Current, sluggish PA reminds me of a similar situation a few weeks ago….. I thought we did a 1-5 and started next cycle but after 1 more top, BTC made a deeper correction,” he commented on an accompanying chart.

“Thinking we might get the same here.”

BTC/USD scenario. Source: Crypto Ed/ Twitter

That would place Bitcoin in a position to rechallenge the $20,000 corridor which it briefly broke into several days ago.

As Cointelegraph reported, the mood among many traders remains skewed to the cautious side after BTC/USD failed to reach a $37,000 target before its latest rejection. The possibility of a new lower low is thus far from off the cards.

BTC buy interest remains

Signs of underlying confidence nonetheless remain.

Related: Bulls on parade: Galaxy Digital and Alameda pundits tip market recovery

On Friday, it was again El Salvador and its Bitcoin law in the spotlight after president Nayib Bukele announced that every eligible citizen would receive $30 free in BTC for downloading its wallet.

Institutional bullishness meanwhile came in the form of the Purpose Bitcoin ETF, which continued to add to its assets under management throughout the price dip.

Meanwhile, altcoins were flat, with no single asset managing to break out of established trading zones.