Digital Currencies

Man Doubles, Then Triples His Money Selling Bitcoins for Cold Cash

btc1 Man Doubles, Then Triples His Money Selling Bitcoins for Cold Cash“A friend wants to sell any amount of Bitcoin (up to $9,000 worth) for cash today in NYC (or from elsewhere) at TradeHill Last Price. Call me,” local Bitcoin evangelist Bruce Wagner tweeted two days ago.

True to the spirit of Bitcoin (recall: digital cryptocurrency that touched off a gold rush among geeks-turned-investors and speculation as to whether it’s the financial sector’s turn to feel the disruptive might of the internet), the seller wanted to remain anonymous. Our questions were relayed to him by email via Mr. Wagner, who facilitated the trade’s one-day turnaround.

“Actually, I have never had ANYONE that I know… be UNABLE to sell them all in one day,” Mr. Wagner typed over Gchat. “I know one guy who wanted to sell Bitcoins.  He tweeted it on Twitter, and one guy drove down to NYC from Boston within 2 hours…. just to buy them with cash.”

The seller described himself as a “medical doctor” and surprisingly, he’s not a geek. He was able to unload his cache of coins in one day, all to the same person, found through BTCnearme.com. The quick sale isn’t shocking; buying Bitcoins online can take weeks. The alternative is “mining,” the process of creating your own Bitcoins, which can take months.

This is the third time the good doctor has sold BTC in bulk. He’s going to do it again, he said.

How many Bitcoins (number of coins) are you trying to sell?

It was 480 Bitcoin. So that ended up being about $8,400 at $17.50 per Bitcoin.

When did you first hear about Bitcoin? What convinced you to acquire some?

I first heard about Bitcoin from a friend of mine around December of 2010. What convinced me to buy some was when I saw the first article in Forbes magazine about Bitcoin.

How did you acquire them?

I bought some from someone I met online. There is a very active Bitcoin forum online at Bitcoin.org.  And now there are even sites for finding local people to buy and sell from like BTCNearMe.com.

Why are you selling them now?

I have bought Bitcoin before, then sold them all, more than doubling my money. I sold them all to test out the system and make sure it really worked.

Then, right after selling them all, I bought more. Later, I sold them all again. I tripled my money again.

Do you know many other Bitcoin investors?

No. None. However, I have told many of my friends and they are now interested in investing in Bitcoin. I have referred many of them to the various educational sites about Bitcoin.

Did you meet the buyer like, at Starbucks with your laptop, or…?

Yes, since that time, I was able to connect with a young man who purchased all of my Bitcoins. I simply met him at a restaurant. He handed me an envelope of cash, and I transmitted the Bitcoins to his Bitcoin Address, using my iPhone’s web browser and MyBitcoin.com. He verified that I had sent the Bitcoins to him by using his Android phone’s web browser. It was so simple. It really is amazing.

Follow Adrianne Jeffries on Twitter or via RSS. ajeffries@observer.com

Comments

  1. Serge says:

    LOL @ 2 hours from Boston to NYC. UNREAL