Buying and Selling Bitcoin with Cash on Wall of Coins | Jerry Banfield | Skillshare

Buying and Selling Bitcoin with Cash on Wall of Coins

Jerry Banfield, Teaches 105 Skillshare Classes

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16 Lessons (1h 4m)
    • 1. Welcome to helping people buy Bitcoin with cash!

      1:14
    • 2. What is Bitcoin?

      2:42
    • 3. Where do I get a Bitcoin wallet?

      6:31
    • 4. How do I buy for 1 percent higher than market and sell for 11 percent more?

      1:16
    • 5. Setting up the seller account and testing the buying process

      4:58
    • 6. How much have I already sold?

      2:12
    • 7. What steps to take to make a seller account?

      1:47
    • 8. Which steps do I take to change my USD into BTC?

      4:55
    • 9. When will my deposit be confirmed and available for sale?

      4:06
    • 10. Setting dynamic pricing at 11 percent higher than market for sale

      5:03
    • 11. Limiting the minimum and maximum sale amount

      2:00
    • 12. How do I confirm a deposit?

      2:00
    • 13. How to avoid incorrectly confirming a deposit?

      3:47
    • 14. Mitigating the risk of Bitcoin prices going up and down

      4:44
    • 15. Chase Bank closes my business account after selling Bitcoin with Coinbase and Wall of Coins

      15:44
    • 16. Thank you for finishing the class! Would you share what you learned in the project?

      0:47

About This Class

Discover how I use Wall of Coins to buy and sell Bitcoin with cash above market prices!

Love,

Jerry Banfield

Transcripts

1. Welcome to helping people buy Bitcoin with cash!: welcome to how I buy Bitcoin and 100 1% and sell it at 100 and 11%. This is a very straightforward class. Why will show you exactly how I'm making essentially 10% on every big coin I buy and sell today, using a website that I have a friend who owns called Wall of Coins at jerry banfield dot com slash Bitcoin I've got everything laid out there for you. I will present in this class all of the potential ups and downs. I'll show you exactly how to do everything. Explain why it's worth it and help you decide if this is something you'd be interested in doing, too. The basic value is that people want to buy Bitcoin with cash and then sell it and get cash back. So that's the basic value proposition is. By participating in this, I'm helping people turn their cash directly into Bitcoin. I'm doing the work of buying the Bitcoin with my bank account and depositing it and then people pay 10% extra for the convenience of just depositing cash. So I'll show you how all this works. I'm really excited to get started with you, and I hope you love this class 2. What is Bitcoin?: What is Bitcoin? If you've never heard of Bitcoin before, you've just heard it in passing. Bitcoin is kind of like a Wikipedia for money. I like the analogy because it is a currency created online that's managed by users so individual people manage. It is not issued by government. It's essentially just a user created and generated innovative payment network. It's a new kind of money, and currently Bitcoin is a is big business. Big Corn right now is $17 billion in terms of the market capacity. That's how much it cost you to buy. All of the available Bitcoin and toe have all of it. So Bitcoin and other online currencies air huge business today, there's hundreds of millions of dollars being traded every single day. Now what's the main thing Bitcoins good for? It's good for fast peer to peer transactions. So if I want to send you money, one of the easiest and fastest ways to do it is with Bitcoin or another even newer currency like Dash, I send payments to my freelancers, who I'm able to pay directly with Bitcoin instead of having to do a wire transfer or PayPal . The processing fees with Bitcoin are also much lower than credit cards. I think Bitcoin is the future off shopping online If you want to see much more about Bitcoin, I've got video after video after video on jerry banfield dot com slash Bitcoin. I have a complete free Bitcoin course here that it is hours long. It's like two hours of introductions and basic tutorials about Bitcoin. I have a tutorial on how to trade Bitcoin into other currencies right here on my website. And then I have a tutorial on how to buy Bitcoin using the website I'll show you, which is on the bottom of this page called Wall of Coins. So the basic premise is that Bitcoin is an online currency that is very helpful for sending global payments very quickly with low fees. Big coin is just online money, and then there's an opportunity for me, for you, for anyone to help out today, because people who have cashed have a difficult time turning that into Bitcoin. The main way people currently buy Bitcoin is by using a website like coin based where you have to deposit money from your bank account into coin based and then change that into Bitcoin. So I'll show you Maura about that exactly out of by Bitcoin added the lowest rate, and then how to sell Bitcoin into cash and get paid an extra commission for doing so. 3. Where do I get a Bitcoin wallet?: What is the most basic necessity for Bitcoin? What you really need is a Bitcoin wallet. That's a place where you can buy, sell and hold your Bitcoin. What wallet do I use? I use coin base available at coin based dot com. If you see on the jury banfield dot com slash Bitcoin, The coin based link is right here. It's on this big. See you click on it or you can click on one of the links down here. If you would like to sign up for a coin based wallet, would you please use my link specifically on this page? Because then coin bases you can see here when you refer friends to coin base, coin based offers a bounty. When you invite your friends, you both get $10 in Bitcoin. I've referred 75 friends to Coin Base by now, and my friends and I each have received over a Bitcoin for signing up the coin based directly through my link. Some of the value of that collectively is about $1000 today, so when you sign up, you get $10 after you fund your wallet for at least 100 or more either buying or selling $100. You get $10 when you use my link. And I get $10 when you use my link as well. So you fund your wallet with $100 in Bitcoin from your bank account or you get $100 in Bitcoin and sell it. And that's how you get the $10. Now, why do I use coin base? I'm just showing you what I use here. My primary purpose is to explain how to have a good wallet online. So I use coin base because coin basis based in the U. S. My money is insured. So if I go over to my dashboard here and I'll zoom in and show you the accounts I have. So right now, I've been getting all of my Bitcoin clean Now by listing it on wall of coins, so I keep buying it and then sending it to wall of coins. Anwar Coin based. I have three different wallets over here, so I've got my US dollar wallet. Now, this is an insured F D I. C, just the same as a bank account. So if anything happens to this, it's just a Z insured as it is putting it in the bank. So this is like my coin based bank account, which I have to fund using my existing bank accounts. I fund I put the money in here with the A C H Transfer Elektronik Funds Transfer, or I can actually wire money in to get it in there faster. And then what I can do? I can go to this buyer cell option here, and then I can change my US dollar wallet into Bitcoin or into Ethereum. I also can use my bank account directly to change that in there and in using my bank account, it will just essentially handle the process of depositing into the U. S. Dollars and pull it straight in the Bitcoin or a theory and at a guaranteed rate. So I like coin based because coin based handles keeping my wallet secure. It handles. All I need to do is be able to sign into my coin base account and coin bases insured against theft. If I just put a free Bitcoin or ethereum wallet on my computer and someone steals it, I've lost it. But if someone steals my Bitcoin or a theory. Um, off of coin base. It's insured, so I will get it back now the number one risk with using Bitcoin Earth theory, Um, or any of these online currencies. You would think it's theft, but actually it's losing access. So I use coin based because I trust them. All I have to do is have the account and sign into it, and then I have access to my money. Whereas if I put a Bitcoin wallet on my computer and I don't back it up correctly and let's say my computer crashes or gets hacked or just I the house burns up in a fire and I can't get back to my computer, and I didn't have it backed up correctly. I would simply lose my entire wallet. So the number one risk to having and holding Bitcoin it's just like having a ah wallet in cash. If my house burns down in my wallets, in it, all the cash just gets burned up with it. I can't ever get it back, so I like using coin based because it takes care of that Coin based holds my money securely and is insured against theft. So I don't have to worry about hackers taking my Bitcoin, which I do if it's on my computer and a coin based. Also then covers the scenario of me losing access to my wallet. All I do, I verify my identity with them. And then even if I lose access to my account, even if I forget my password, then I just need to be able to work with coin Base to get back access to my account. So I don't have to worry about losing my password to coin base. I don't have to worry about being able to lose my Bitcoin that easily with Coin based. So that's why use coin based because it covers buying and selling. I can also get Bitcoin sent to me and put that directly back into my bank account. So it's really easy using coin based to then do these transactions that I'll show you for selling Bitcoin big coin based charges a 1% feet of by So you'll see if I want to buy all of my Bitcoin out. It will take a small fee, $7.80 to buy out all my Bitcoin. So once I buy out all my Bitcoin and only cost me 1%. So essentially, that's it cost me 100 1% on whatever the cost is to buy the Bitcoin, which then gives me a great opportunity to sell it. So this is why use coin based today and use. There are other wallets websites you can use just like this. For example, an alternative is bit stamp bit. Stamp is I'm considering creating an account there so you can also use bits, stamp to open an account, deposit money and buy Bitcoin there. And the fees may even be lower than coined based. So I'm considering opening a bit stamp dot net account as well. So if you would like to, I'll probably put a link to this up on the Bitcoin page at some point as well. So you can also use bits stamp dot net instead of coin base. So I appreciate you watching this with me. I hope this is helpful for explaining how exactly to buy, sell and store and send Bitcoin using a wallet online like coined based or like bit stamp 4. How do I buy for 1 percent higher than market and sell for 11 percent more?: before, get much farther and let me show you how the money is actually made on this system. So what you'll notice is that I am at looking at one of my wall of coins. Sell orders, so I'm getting a little bit ahead, but I'll show you where the money is made. So on coin base, you can see I can buy Bitcoin for 1102 99 plus 1% right now. At the same time, I can automatically price that at 11% higher so I can list that for sale. And I have my Bitcoin for sale at 11% markup, which is currently $1220. So, you see, I buy Bitcoin over here for 1100. I have it for sale at $1220. So this is the opportunity that I'm basically sharing in here with you. This opportunity I'm participating in today because this allows me to just consistently mark my Bitcoin up by 10% from what I buy it. So I buy it at 1%. I saw it 11%. That's a 10% markup. So this is awesome. I'm excited to be able to participate, and I'll show you more about exactly how to be able to do this. 5. Setting up the seller account and testing the buying process: How am I able to sell my Bitcoin into cash? You might want to see that before you even see how to buy Bitcoin and transfer and make it available. So what I've got on my page, I have a widget right on the bottom of jury banfield dot com slash Bitcoin. Technically, it's an eye frame and if you buy Bitcoin directly through this, I will be grateful because then the website wall of coins that knows that you bought through me and they give me a commission based on how much you buy through me. So if you would please use this widget directly on my page, you can also just go directly to wall of coins. If you would prefer at wall of coins dot com and then you will be able to get the same experience. So I've got this on my website, so I'll show you exactly how to buy Bitcoin with cash because I feel if you want to participate in this, it's essential to experience the process on the other side. So if you are looking, you see Okay, great giris making 10% selling his Bitcoin. I have bought more than $1000 of Bitcoin on wall of coins as a buyer. So I understand the exact process as a buyer, and that helps me gives me courage to participate as a seller. So when you go down here and you don't have to buy a whole lot, either, But just do this, I recommend, just like I've done do this so that you know exactly how this whole process works. And then it's not some mystery. It's not something uncomfortable, but it's something you already know how to do so on. You'll see when you go. The jury banfield dot com slash big corner wall of coins You'll see Wall of Coins, The most trusted marketplace on Earth. That is their slogan, I guess. And then what you've got is buy or sell options. I recommend to start out with the buying process on here just to see how this works. So go down and click on the buy button right here. Now I'm signed out so you can see what this looks like on your end so you can do find my location. This can make it easier or I'll show you what it looks like. You don't even have to put your location. It's all hit. No, thanks. Now what you do, once you have a coin based wallet, you get your address out of here, and then you can put this is the way you receive the Bitcoin you buy So this you get wallet addresses and this is where you'd put it. However, if you just want to look, you can it? I will supply an address later. Now, if you want to buy some Bitcoin and you I recommend doing an amount that's significant to you. So rather, that's $20 or 100 or 1000. Do this with enough money so that it's slightly nerve wracking, so to speak. And basically you get access to sellers based on how much you put available to. And it thinks I'm in Canada because a long story short, my Internet. But I'm not. So I put in $100 here, and then what I get, I get options where I can go by. All I do is I go put ah $100 deposit directly in one of these banks. And then once I put the deposit in, I received the Bitcoin to my address. So I tried this idea $2000 deposit or something like that with Bank of America. I went made a deposit in the account at Bank of America. And then I received my Bitcoin to my wallet address after that. So I recommend have somewhere, like coin base. Were you gonna have your wallet and make sure you'll be able to see your Bitcoin there. And then this is exactly how you're able to go in and order Bitcoin. So all you do next is click on the order button. Now, if you haven't signed up yet, it will ask you to enter your email. I recommend entering an email and or a mobile phone number. You will need to be able to get your transaction confirmed and confirmed that you've put it in there so you will need your mobile phone number to do this. I put in my number and I'm very happy with the text messages I received to confirm the transactions. I just get text message. It says, hey, confirm a $50 deposit and I'll show you that a little bit of head. So I recommend go through this by process, go through the process of buying some Bitcoin like this before you consider selling on it. Because invariably, to make money, you're going to need to put large deposits on to make a significant amount of money. So I recommend Do this on a small scale. Make sure it works for you. Do it. Make sure you get your Bitcoin that way, and then once you've done that and you can click more over here to see additional options, once you've done that, then you'll have the knowledge you'll see. OK, this is something that actually works that I want to participate in. So I'm grateful today. I'll show you shortly how much I've already participated in this. 6. How much have I already sold?: How much have I already bought and sold on wall of coins? You can see for yourself right here. I have over $40,000 off verified deposits. So I've put a good bit of money through this myself in my chase account actually got clean out because I someone bought $1900 of it. So what I'm going to do is show you how I get my money funded on there. So I have $788 right now in my coin based account, when I want to do is put that into my chase account. Now I have another deposit for $7000 coming in another deposit for $4000 coming. So I'm scaling this up because this is working so good. So I've got these accounts in here. And then what I do is I put the Bitcoin in for a deposit to each individual account. That way, if someone wants to use Chase Bank, they can deposit straight to my chase account. If they want to use regions PNC or City. I have Bitcoin available on all of those now. And the nice thing is, if the Bitcoin doesn't move on the account that I don't keep funding it. For example, You see, this city account hasn't gotten a lot of action. So I just leave the Bitcoin there and then if someone wants it, they can buy it. But I'm not in a hurry to do anything with it. That chase, as you can see, is the main account people usedto by and make deposits. And so what I do is I send the majority of my Bitcoin over to the chase account. So I've already sold over $40,000 of Bitcoin on wall of coins. There's huge buyer demand and there's not a lot of sellers because of the process. I'm showing you here. This is a pretty involved process. And when people buy it and clean it out, you have to go do all of this again. So, in order to have sold $40,000 of Bitcoin on here, I've had to also by about that much Bitcoin and then gold make all the deposits. So I'm showing you all the steps to this right here so that you can see exactly how to get this set up for yourself. 7. What steps to take to make a seller account?: How do you make a selling account on wall of coins? What you need to basically do is you go over to the seller option you see up here, you go to the cell option on wall of coins and then you put your mobile number in you pick your country. Put your mobile number in you put your email on a password in. And once you've got those details entered, then what you need to be able to do You need to be able to go in and enter your bank account information for deposit because the purchases are completed by making a cash deposit into your bank account. So you need to put your bank account information on wall of coins. And that's how wall of coins and no lists your Bitcoin for sale. It uses your bank account as a direct deposit information to make your bank account available for deposits, which then, as soon as you confirm them wall of coins, released the Bitcoin. Now, Yes, I realize there are issues in terms of Well, I don't know if I want people depositing to my bank account or what if What if there's lots of what ifs. The fact is, so far on $40,000 in transactions, I haven't had any problems yet. I will go through and explain the potential problems and risks with everything. So, uh, that you can take an honest look at it and see what are the ups and downs of one of the risks, one of the potential gains. And then you can see if this is something you're interested in doing. So setting up a selling account is very easy. You just get your contact details in, and then you put in your bank account that you will make available. You don't have to verify your bank account or anything. You verify your bank account when the customer goes to make a deposit into your bank account. 8. Which steps do I take to change my USD into BTC?: How do I turn my US dollars or if you have Canadian on Australian Euros? Pounds out? Oh, I turn my US dollars into Bitcoin or a theory. Um, if you want to, I'll show you how to buy Bitcoin on coin base for 1% right now. In order to fund by wallet, I need to first be able to turn my U S. Dollars in the Bitcoin. So in order to get these US dollars on here, I linked my bank account, made a deposit to my US dollar wallet. You'll see, right here that coin base has these different wallet. So it's gotta be TC wallet and Ethereum wallet in a US dollar wallet. So what I did I deposited from my bank account into my US dollar wallet because then I can just buy Bitcoin whenever it's available. Now it takes like a weakened business day so it can take 6 to 8 days between one. You take your bank account, put the deposit on up until when you actually have it. So that's one of the biggest limitations of this system is the ability to run this through fast. Now, if you correctly get your account verified. As I've got mine verified, I have the option to send a wire transfers in for a $10 transfer, and that is how I'm going to start speeding this process up that way. If I sell, say, 10,000 and one day on wall of Coins that then I can simply wire transfer it off the 11,000 I've made back on the coin base and re by the Bitcoin and Aven on Wall Aucoin's again the next day. The key is to be able to go through this whole system faster and faster. If you make 10% on $1000 that's $100. If you make 10% on ah 1000 then 1112 100. If you keep making 10% it will grow faster and faster and faster the more times you cycle through it. So to me, this is a much better thing to do with my money than having it just sitting around in my bank account, earning nothing. This helps people, so I'll show you the key thing you need to be able to buy Bitcoins. So I've got my Bitcoin. I've got my bank account linked you can buy it directly from your bank account if you'd like to know the Bitcoin rate. But with this system, I recommend fund your wallet and then by the Bitcoin. Once you've got the actual money, you see if I bought the Bitcoin today at 1100 let's say tanks and goes down to 900. By the time that I've got my money out of my bank account, then I'm putting it up to sell on while a coins for 1000. Then I would have actually lost $100 selling Bitcoin. So when I do, I buy that the price. I actually want to deposit it on wall of coin. So when I buy it at this rate, it will be available for that much on wall of coins. So when I want to do, I've got Bitcoin selected. I've got my US dollar wallet selected and I'll move my face toe. I want to clean out my wallet right now, so I'm going to go $780. That will just about cleaned my entire US dollar wallet out. I will now hit by Bitcoin instantly, so I'm changing $780 us in 2.7 Bitcoin. So I hit by and then you see a fee confirmation. So this is the 1% I'm getting charged foreign coin based plus A. They often make a slight above market, so they're forcing me to buy it for $1110 for Bitcoin. And meanwhile, it's 10 93 over here, so I may start using bits. Stamp dot net Also, because if I bought it on bits stamp, I might be able to buy it even lower. You see, there's offers on bits, Stampfer even $10 less I've been using coin based coin base is the easiest way to get started, at least for me. Right now. You might be able to start straight on bits stamp and I'm a transferred a bit stamp for buying at the very lowest price. However, I've just started scaling up my selling before I've mostly sold in like these amounts, so I'm going to confirm this by for now, even though it's $10 above market price plus another $10 fee because you see, even though I just paid 11 essentially 11 24 I can sell this for at least $100 Mawr or of per Bitcoin. So I could sell this a shipbuilding, make 70 or $80 profit on this 780 something dollars I spent here. So even with the extra fees from coin based, it's still an outstanding deal. So the larger the amounts get, Obviously I want to make the loss smaller. So you see, even though I had $788 I now actually just lost money. Transferring this in my account So I coined based gives you the very highest price to buy and sell from which that makes sense. They're trying to make money. So I'm grateful. Have this to share with you. This is how I turn my cash into Bitcoin from a bank account deposit over to yes, the dogs air So excited about this. So thank you for watching 9. When will my deposit be confirmed and available for sale?: How do I now send and get this on wall of coins? So after I've went through and done my seller count set up. So I've added four different seller accounts years ago on wall of coins. And now all I need to do is deposit to my cellar account. So what I do, I click on this. Whatever. You want to call that there. And now what coin? What I get out of wall of coins, I get an address to send my Bitcoin to, So I send it to this specific address. And that's how I fund my wall of coins account. So I go over to coin base. I'm going to hit send request here. I paced the address directly in here and always double check that the address pasted correctly. What I usually do. I go over here and double check the 1st 45 in the last four or five. So it won a four d five and then the capital SS lower SD one. Because there are clever little hacking programs out there that don't do anything on your computer. Except whenever you paste a Bitcoin address, they switch it into a different Bitcoin address. And also just to make sure I didn't copy it wrong. For example, if I were to just copy this and leave off the end, it wouldn't work correctly. So one of the biggest ways to mess this up is to not send the Bitcoin correctly. So I encourage Test this on a small amount first to make sure you do it correctly. Test this on. Maybe. What? Whatever amount is small enough to you that if you lose it, you wouldn't get upset. So test this out on a small scale. You can see I've So far, I've made 40,000 and deposits. I haven't had any problems yet, so I test this out on smaller mouths. But now I'm very comfortable with it. So then, from here, I send the entire amount over toe wallet, coins. And then I put in here exactly what this is. Four. On my counting. I say Jenna, trust wall of coins deposit for chase account. This way, if there's any audit or counting, I'm showing exactly what the purpose of this is for. Exactly why I'm sending this money out exactly where it's going. So then all I do on here I hit, send funds and then you can see I'm sending my entire wallet out here and I double check again that this address that wall of coins asked for on here is the exact same as the one I'm sending to us. So it looks good. So I hit. Confirm Now Coin based now says that that send is complete. So I've sent that 0.7 Bitcoin I just bought. And then you look over here now, I've just got 20 cents left in my account. Hopefully, today or tomorrow have 7000 more so we can do this again now. Coin on wall of coins. These verifications are manual. So someone asked, Actually see that you made the deposit and hit it. So I encourage sending amount that you're comfortable with. You know, don't send if you've only got $1000. Don't send all that in the first transaction and then lose your mind. Send a little bit $20. 50 100 Whatever. Send it out and then just wait until you get the confirmation. It takes a little bit of time to get things confirmed on While Aucoin's it takes about 30 minutes to get the Bitcoin transaction itself confirmed, and then to get wall of coins actually confirm it sometimes can take a few hours, especially if you send it on a weekend or something. It may take a day or two, so the slowest part of this process is going back and forth, buying the Bitcoin and getting it reloaded on wall of coins. But once it's reloaded on wall of Coins, then it's available for sale there all the time. So once you've got it deposited, things usually have been going for me pretty fast on making the transaction. So I'm grateful I've showed you the process here from start to finish from buying and getting it listed on wall of coins. 10. Setting dynamic pricing at 11 percent higher than market for sale: How do I control my rate? I sell at on wall of coins. You can see on the exact account I deposited to here. Even though I spent 1100 per Bitcoin and if you include the Wall of coins fee, I spent about 11 20 or so to buy that Bitcoin and then I have it for sale right now at 1222 . So it's available for $100 mark up per Bitcoin. So about $70 or so mark up from what I bought at. So how do I set that? What I do, I hit edit over here and then I use dynamic pricing to allow wall of coins to change the price that my Bitcoin is available at based on the market. So as it fluctuates up and down wall of coins automatically adjust my price. I believe dynamic pricing is great because it allows the user to pay whatever the market value is. And then you might ask, Well, what if it goes down a bunch? That's okay because you can re buy it at the lower price. So let's say I just bought that 1100. What if it tanks and goes down to 900 and someone cleans out my Bitcoin at 11% and they only pay 900. Well, I've got the cash deposited. I can then just re by the same amount of Bitcoin at $900 stick it right back on there and market up 11%. So then, if someone re buys that again, I make 10% and I re bite it the exact same rate they paid for it. This a takes the risk almost completely out of this because whatever I whatever someone buys it at, I simply re bite at that same amount. So if the price goes up and down over time, then I make 10% on whatever the prices. So, for example, that goes down $200 I initially lose 100 or whatever on lowering it. Then whenever I buy it at 900 the exact point I that someone else bought it out. When I re by at 900 it goes back up $200 then not only do I make $200 but I make the 10% increase as well. So with this system volatilities actually ideal. I want the price to go up and down because I can just re buy it at the exact same price. I sold it at minus the markup. And then if the price goes up and down whenever the price goes down, I end up having a chance to make even more money. And I don't lose that much because I simply re buy it at the same amount, offer it for sale for 11% higher again. So I recommend using dynamic pricing because on a good day, when people get excited, wanna buy Bitcoin and the price goes up, you can simply re buy it there. And if you think it's going to go down in a little bit, you can just wait and re buy it when it goes down and then reload it. Put it back on there. Once it's gone up, or you can buy it down and mark it up, you can. You can even enhance the system I've given you here. I choose to use bits stamp as my primary market. So wall of coins gives you these options here to set the dynamic price based on the price somewhere else. So I use the bits. Stamp is my primary bit stamp dot net. Whatever the prices on bit stamp dot net I pulled the price from there and then I have a back up market here. There's different ways to do the backup. So I just put it, bid for the backup and then I mark it up 11% now, Wall of coins takes a fee on top of mine. So whatever I sell it for 11% markup wall of coins takes their feet. After that, so is a buyer a wall of corns. You pay a cash premium for being able to spend cash and instantly get Bitcoin, whereas it takes me a while between when I've got money in the bank to actually get it on coin base. Ah, wall of coins. You pay a little bit extra for the convenience of just but depositing cash and getting your Bitcoin right away. So I recommend you use that dynamic pricing. That way you don't need to change for example, of that way. I want my Bitcoin price to always be competitive. For example, some people just stick it on there and put it at like 1500 then leave it there. Well, if the price tanks down to 900 or 800 no one's gonna pay 1500. Ford, I want to keep moving my big coin over and over again so that I get to make just that 10% difference every time. So I want my Bitcoin to be close to the dynamic price. Because if people have set, there's manually and the price tanks, my Bitcoin, all the sun will be the very lowest price. And I can simply re by it at the lowest price when someone else who may be set it manually now has way too high of an offer. So I sat mind manually. This is why I said it that way. And I appreciate you learning about this with me. 11. Limiting the minimum and maximum sale amount: one more really powerful feature on wall of coins is the advanced options, but so at the bottom below the rate where I just showed you Click on advanced options and this will allow you to make a minimum and a maximum deposit. Now, you want to do this based on how many transactions you want to process. If you put $100 on, you might not want to put 50 as a minimum deposit amount. But with me putting the hundreds, if not thousands of dollars on, I don't want to fool around with a bunch of $20 deposits all day because the amount of money I make versus the time I spend making it. If I have to go deposit ah $120 deposits and confirm each of those in my bank account the amount of time that tags will start to make this not so lucrative. So I made the minimum deposit about $50. That way I make a minimum of $5. Every time I have to do the work to read a text message, Go check my phone, make sure that the deposits there So I set the minimum deposit right now $50 because other sellers, if they want to fool around with $20.10 dollar deposits, then that's fine. So I set the minimum 2 50 on mine, and then I set the maximum to 9990 because if someone tries to make a $10,000 deposit, for example than the bank's going toe want all this ire s information and I'd rather not fool around with gigantic deposits either. So I set the max deposit in 9990 the minimum deposit at 50. That way it helps me know that I won't be confirming a bunch of tiny transactions all day that will be disrupting my workflow. However, I may test it out lower just to see if there's five buyers every day. It might be worth $10 every day to check my phone a few times and confirm a few $20 deposit , so I may test that out. But for now, I've started with $50 minimum to help me reduce the amount of deposits I have to go through 12. How do I confirm a deposit?: Here's how I confirm a deposit to my bank account with wall of coins. So right now I'm on my mobile phone. I've got my app all set up to allow me to confirm this deposit, and I can confirm it via text message, or I can confirm it using the online website here. So I'm on the website and all I have to do is confirm that this is in my account. So I look on my mobile phone, I find my app. I have installed my regions app. I simply put my password in. I paste that in over here and then I hit log in and then all I need to do is see, Is there a $50 payment in there? And just based on the balance, it looks like there is. It says there's a deposit off $50 in the bank account now. It also says my available balance is higher now, $50 which means it's a cash deposit. It's immediately available. So now that I've got that verified, I can see that that's a deposit in the account. I can then hit, deposited, I hit, verify deposit and then this allows me to confirm that that deposit was made into my count . And now on wall of coins, they know that they can give $50 in Bitcoin to the person who just made that deposit in my account. So that's how you go forward and finish the process of making the sale. And now I've got $50 in my account that essentially was marked up 11%. So the person who deposited $50 I only need to re by $45 or so in Bitcoin to replace the amount of Bitcoin that they spent with me today. So I'm grateful. Wall of Coins has this amazing opportunity, and I hope showing you how simple it is when you look at all your selling accounts to just look in your bank account, confirm it is deposit. I hope that's helpful for you. 13. How to avoid incorrectly confirming a deposit?: What is the main risk for things going wrong in this system? The main risk I see for things going wrong in this system is trouble confirming the deposits. When I get a deposit in my bank account, it just shows up is a miscellaneous credit deposit. And then you can see this recent deposit for $1913.62. This was a deposit from wall of coins, so I confirm that deposit. However, with so little information from my bank about exactly what happened, then it's possible to either not correctly identify deposit or it's possible for someone to do a deposit. Let's say to try and deposit a check into my account instead of cash a reversible deposit, so to speak, so Wall of Coins easily has the ability of someone makes a fraudulent deposit to ban them from being able to participate on wall of coins anymore, however, is simply a risk that I keep on top of today because I realized if I confirm a deposit that doesn't actually go through, that's the easiest way for me to lose the money I have in the system. So it's a little nerve wracking, sometimes toe look at miscellaneous credit and think, Is this the right deposit? So I encourage you, if you can, to have a friend or family member test out this system to make sure you see exactly what a deposit looks like or start small that way, you know what a deposit looks like? I know now it says, Miscellaneous credit deposit. If someone makes a cash deposit in my bank account, and I also know then that my available balance, because it's a cash deposit, will immediately reflect the entire amount. So I know today if someone makes a deposit that doesn't give me the ability to withdraw that immediately, then they've made a deposit that is not genuine. So far, this has not happened yet in 40,000 and deposits. However, I point this out because I feel this is one of the things you need to be aware of. If you want to do this, that you have the ability to confirm deposits correctly in case there is a buyer that comes along and decides they want to try and game the system and to just do a check deposit. Now, of course, that is a in the U. S. A. That is a federal crime to go commit check fraud. So that is not a little small crime messing around with committing fraud inside a checking account like this would be a felony. But that wouldn't stop some people from doing it. Or it wouldn't stop some people from doing it by accident, so to speak, either. So today I paid careful attention of deposits. I make sure my bank says my available balance reflects that new deposit. If that's the case, my bank is saying they trust the deposit so much that they're willing to let me withdraw all of the deposit immediately. Even if it was a cash deposit made 30 minutes ago, my bank will allow me to take that out of my account again. And that means, for example, if you deposited check, the bank will often Onley make $100 or a small amount available until the full amount actually goes through and clears. So with a cash deposit, the full amount is available as soon as it's deposited in there, and that is one of the as I see one of the bigger risks in doing this is in a correct deposit transactions. So I would say, Get to know the inside of your bank account, get to know what cash deposits look like star with a small amounts of your comfortable. And if something goes wrong, it's not a complete disaster, and this is what I've done. I've started small and continued to work my way up to bigger and bigger deposits. 14. Mitigating the risk of Bitcoin prices going up and down: one of the price of Bitcoin completely tanks or something bad happens with it. You can see over the last year on Coin based, the Bitcoin price has been his lowest $400. It's up now to its peak at $1100. What happens if, let's say I spend $7000 on Bitcoin at $1100 and then say it goes back down to 400 before I can sell it? There's a potential to lose money if the price is to hire the buyer. Demand is not high enough that you can. Then you could lose a whole bunch in terms off, at least in the short term of selling with this. So what I see the way to mitigate that is to just keep participating and to be aware of how many other buyers air on wall of coins. So I go look around. I searched the buy orders as a potential customer. I see how many people are listed on wall of coins, So if there's a ton of Bitcoin available a great price on wall of coins, then I have the option to just hold my U. S dollars in my coin based account and wait to buy it until a rainy day, so to speak. So on a day like today, I want to get I got the 700 something deposited. But until someone buys that I don't have any more I can put in, but in chills, I'm going to get a $7000 deposit shortly. There's no need for me to convert it in the Bitcoin until it looks good Do listed on there . So you see, when I've got the accounts cleaned out there down under a few $100 the main deposit, I've got about $300. So if my accounts are less than 300 I definitely want to top those off. However, I've got deposits, his biggest three plus $1000 at once. So in my main bank account, I want to have at least that much available is well because even if the price does tank, let's say overnight it goes as it did from here. It went from 1000 down to 800 nearly overnight, with some bad news about the Chinese market. What I'm doing is having my US dollars available so I can instantly change Bitcoin on a rainy day, or that I just refill my wall of coin seller account as needed when I get deposits. So essentially, when I get a deposit, I re by the Bitcoin at that rate, so that greatly reduces my risk of having the Bitcoin price go up and down. And in fact, the price going up and down presents more opportunities. For example, if the price tanks toe 800 again and I've got money that's not tied up on Wall Aucoin's, I will try and grab a hold of his much Bitcoin as I can and then have it. Even if there's more than I need for sale and then is the price goes up, I'll make much more than 10%. And if I someone sells it, I can just re bide immediately. So if I you start doing it like this as the price goes up, you can make money on the price going up at the same time. If the price keeps trending down, you can mitigate your losses by just re buying at the exact price it was sold out before or holding onto your money a little bit watching how much farther goes down. There's all kinds of different ways. You can do this. So obviously there's risk in this. If you keep buying it over and over again and the price keeps tanking, you could lose out. But the thing is, with 11% markup, you've got such a good opportunity to earn money. Even if the price drops 5% and you sell it for your 11% markup, you've still made 6% even or if it cost you five, you still made money even when the price drops. And even if the price keeps dropping, there's still the chance to keep making money on it. So I think this is an incredible system. Where else can you get a consistent 10% markup and actually make sales on it? So I've shared this with you with the hope that this is useful for you to see if this is something you want to participate in. In some countries, the demand for Bitcoin there's no sellers or hardly any sellers available. You might be able to have a monopoly on your market in some places. If Wall of Coins doesn't have a seller account available in your country, see if you can work with them to get your bank added ence, or to get things set up so that you can sell because then if anyone in that country tries to use cash, you'll be the Onley cellar they can buy from. So having a monopoly in a market is generally really good thing. If you could be the only person in that market, you might be able to market up like 20 or 30% and make sales there. So if the Bitcoin price goes down, sure there's potential for a loss. However, if it just goes up and down over time, I'd say that's ideal for being able to earn money. 15. Chase Bank closes my business account after selling Bitcoin with Coinbase and Wall of Coins: one a surprise. Today I have a Chase Business Bank account. While I had I had a chase of business account platinum their top level business account that I could get. At least it was $95 a month. I've been using it since 2000 and 13. I logged on new my account today to find this little error message. We're sorry. We have suspended access to your chase dot com account because of recent activity on your account to reactivate your access, please call and guess what? When I call the number they say, Mr Banfield, your account is closed and we will not give you a reason. No one at Chase will give you a reason for your account closure. And I was like, Whoa, actually, I was really cool about it, and I said, Okay, well, let's fix this up and figure out how I can get my money out of the account and how I can move it to another account. And I went into the Chase Branch location today and they were extremely helpful, giving me my money withdrawn and helping me get my credit cards transferred over. And it closed the credit cards associated with that business account. I tell you this because I believe in transparency. I believe in sharing the good, bad and the ugly. It's funny. We want people to be creative. We want people to try new things. We want people innovate. And yet what tends to happen? Things like this. The founder of Nike got his Bank of California account closed, and they actually reported him to the FBI, and they ended up losing their ah, huge business deal over. And I am I have no feelings against Chase. I respect that. They did what they felt was right. Now you might want to ask. Okay, I'm two minutes injury. How did you get your account closed? The purpose of sharing this with you is to show you exactly what I think I did that got my account closed. And to help educate and share this information. What was I doing with my chase business account? All of the things I do online most all of them were going into this business account. It was available for everything I do on my website teaching classes at jury banfield dot com. I have classes available and all the books, and most of the money I make online was being sent into this business account. So what happened that they decided to close it just recently? Well, I got into a new little hobby. It's called Bitcoin selling, buying and selling trading bid coin. I am using coin based dot com A. Still have a coin based in a US dollar wallet. What I started doing was scaling up my big coin buying and selling. In the last month or so, I bought about $20,000 off Bitcoin on coin base, including a wire transfer for $7000 that initially flagged my account, which then, just a few days after that, my account ended up getting closed. Now I had been using Coin based for two years Before this. I'd been in 2014. In 2015 I sold Bitcoin as well into my Chase Bank account. I was doing everything I thought just fine, and all of a sudden my account got closed with no reason. Is it possible that Chase just does not want any Bitcoin buying and selling done in cash that they don't want accounts dealing with Bitcoin? That's possible. I don't know. What I do know is that I did about $20,000. I sent about $20,000 to coin base in a relatively short period of time within the last month or so, and then I was selling it. I listed it on wall of coins, which is an outstanding website where you can go pay cash, deposit cash directly into a bank account. I have 1/2 percent ownership in wall of coins. It's important to note that I did the ads for wall of coins, too. Help them get built up and I have been selling Bitcoin on wall of coins on wall of coins. You pay a convenience fee of an extra say 10 plus percent for being able to take cash immediately straight out of your wallet and deposit it and get big coin. It's one of the fastest, easiest ways to get a hold of Bitcoin, and now all of coins offers Dash, also the place I was then sending my Bitcoin after I was sending account transfers, a CH transfers or electronic funds transfers, and I started then sending one wire transfer over the coin based to get my account funded faster. I then was putting that money on wall of coins, which I have actually a course showing you exactly how I was buying Bitcoin and 100 1% of market value and consistently selling it at about 111%. Which is why I was using $20,000 in one month to do this. Because then that's about $2000 in profit. I This is still available for you, although I wouldn't recommend doing it with Chase currently and some other bank accounts. If you do too many transactions, they may close your account. However, if you want to do this, I do have it listed. It is available to learn as a course free on my website. It's under number 19 now, but if you search for how I buy Bitcoin at 101% and sell at 111 there it is. You see, I have nothing to hide. I don't see anything wrong with what I was doing, and at the same time I'm okay. That Chase decided they didn't want my business anymore. You see, I still have 2.5 Bitcoins sitting on wall of coins. I have $43,000 of pending deposits, more than 10,000 of which were into this one account. Within one month, I'll show you the actual transactions that I was doing here. So it seems my account got flagged on March 1st when this $2500 deposit was made on February 28th. And that's possible because in one month I hit some kind of flag. What you do on wall of coins, you just make the deposit straight into the bank account. And then when the seller me confirms that I have to deposit my bank account, the Bitcoin is released to the customer in February. Then you'll see I took payments in this one account of 2500. I took all these payments for a few 100 this one for 652 and one day for over for 2700 total. Another one for 1900 here. And I just started with this a few weeks ago. So in a very short period of time, I did about $10,000 or so off deposits in this one account alone. Plus, I took deposits into other accounts. I have because people make choices where they want to buy, primarily based on how close and convenient a bank is. So I actually opened a new bank accounts to take deposits for wall of coins, and then I was transferring the money from those other accounts back into the chase account and sending the wire transfers, then over the coin, based to get my account funded and then chased closed my account up saying they don't want my business anymore on this business account. And now I've asked Wall of coins to send my bid corn back to coin base while I figure out what I want to do next with it. What I hope is interesting to learn out of this is to see how an opportunity you might think to help people out, to get Bitcoin in cash, that convenience, something people would find helpful. Instead of literally I to be able to buy Bitcoin directly with my bank account on bit stamp , I had to literally send them my passport, not in the mail, but I had to take a picture of it and sign and give them my passport to buy Bitcoin as these new currencies and a czar Technologies advancing is so exciting. Sometimes it seems to run in conflict with the existing organizations and institutions we have. I'm grateful for the chance to have helped people get big coin with their cash. And I'm grateful that chase let me take 10,000 and deposits this in the last month. And I haven't looked at the numbers yet. I would guess I made about $1000. Now what was it? Ah, 1000. Or if you count all the transactions, maybe 2000. Was that worth all the time and energy and effort and then dealing with getting my bank account closed? I would say that's up to your judgment. I have found this to be an excellent learning experience. If you are interested in being able to do this and make the money doing it without the risk of having your account closed, the owner of the website recommends keeping your transaction small. It's likely it seems possible to me at least this 2500 Depart dollar deposit, the $7000 wire transfer I sent to coin based. It seems these larger amounts of money flagged the Chase account and got them interested in what was going on. And then when they took a look at all these different transactions, they just decided to close the account. The Wall of Coins Owner recommends keeping your transaction limit under $200 which you have the option to dio and I actually just a day or two before this. My friend Albert, who works with Wall of Coins, suggested I do the same thing and I said, Well, if I only take transactions for up to $200 that's drastically lowering the amount of money I could potentially make. A $2500 deposit allowed me to make about 200 or $250 profit in just a few minutes yesterday . At the same time, that might have brought the whole thing tumbling down. If you just take smaller deposits, it seems there maybe a smaller risk of getting the bank all upset. However, if you take 10 or 15 small deposits in one day from locations across the country, the bank may still get upset. Anyway, I'm interested to see how we developed this need. There's a lot of people who have cash that want to buy Bitcoin. I don't know exactly why. I do know that it takes a lot of effort to set something like a coin based account up. It's taken me form after form after form to get verified enough to buy Buy Bitcoin on coin based. It's taken me a lot of time and effort to get an account where I could set up and by my Bitcoin, as I said with my bid stamp account, it took sending them my passport. Ah, copy of that with a signature from the current date in order to get verified there, it takes a lot of effort to go buy Bitcoin online. I can imagine why people who just want to get a hold of some big corner trade Bitcoin would want to get it in a quicker way without having to wait a week to get something or a week or more to get something set up to directly transfer it online. I'm grateful for this experience today. I'm the business banker said something that was very nice, he said. Most people who've got their accounts closed, which I guess it feels good to know there's other people that get their accounts close to. I wonder what they were doing. This is exactly what I was doing, and I'm not sure exactly what thing in particular got my account closed. I guess they just don't want the risk involved. What if someone makes a big cash deposit and causes a problem? What if someone uses the service to commit fraud or to launder money? I could see our chase wouldn't want to potentially be in the middle of that. And hey, I think it's simpler to live my life with fewer things to do in it. Having to move all this Bitcoin around was a bit stressful to be sending $7000 wire transfers and moving it back around. So I'm grateful for the learning experience, and at the same time, I see that chases helped simplify my life. Today, I won't be involved in selling anymore Bitcoin. I'm going to let the Bitcoin I have on wall of coins and other accounts cell, and then I'm going to. I'm not having any plans to start selling or continue selling or buying more Bitcoin to sell it. This has been an adventure, and it it's been fun as I've explored these different ways to use the currency's online. It's an amazing contradiction in our society, though, how we want people to push the limits. We want people to try new things. We want people to create innovate. But then what happens? We punish and don't give any feedback. I would think it would help if Chase would at least say, Look, Jerry, we don't want customers who are fooling around with all these cash deposits because they could potentially be, ah, fraud situation that you could get in the middle of. We don't want all these wire transfers, whatever it is, it be nice if they'd at least have given me a reason. Therefore, I could learn what not to do. They said, Jerry, we don't want the cash deposits. Then that would make things very simple. If they said Jerry, we don't want you interacting with coin based specifically, if you I don't know, I have no idea what they decided. But it's it's Ben and experience today that I felt I should share with you because there's an entrepreneur online. It seems so fun. It seems so sexy to start your business, and but This is the reality off. Trying to push the limits, so to speak. This is the reality, all the having a business online. I've got almost every kind of account suspended before that I have. Well, that's I've adds so many accounts online. I've gotten a lot of the accounts. Most of the accounts I've used on a regular basis, I've got suspended, I've got banned. I taught on you to me. They banned me, and I'm trying to learn from that and do my part not to get banned from things today. At the same time, when you want to do the best you can to be of service to other people. When you want to make a living for your family, when you want to try something new, sometimes you just may run into a situation you couldn't have planned for. So I'm grateful today that I have more bank accounts that they're not all closed. And I'm grateful that I'm willing to share what could potentially be seen as a painful fair . You're here with you out in the open instead of holding my head down and feeling like sorry for myself. I respect that chase. This is their bank. They can do whatever they want to with it within the rules for their system. And, hey, I can choose to open a bank account somewhere else. Now, I appreciate you watching this. I value your feedback on it. And I hope you have a wonderful day today. I hope if you are finding this as a result of searching for it, that this has been helpful for you to either avoid the same thing I ran into or perhaps to feel better if you in a similar situation. 16. Thank you for finishing the class! Would you share what you learned in the project?: Thank you very much for learning here with me today. How you can buy and sell Bitcoin on wall of coins and how I turn 101% into 111% buying and selling Bitcoin as I've just shown you with this system here, I will continue to update. The resource is on jury banfield dot com slash Bitcoin To be of service to you if you want to use this system. Thank you very much for experiencing this with me. If you've enjoyed this class, would you please share your feedback on it? Leave a positive review if even you've just learned something that's useful that maybe you don't even need But you maybe it's inspirational. Maybe you're motivated to try something today. So thank you so much for spending this time with me. I hope you have a wonderful day today.