Hi Folks!
I think I find a simple money-making technique, and I would like to hear your opinion about it.
I am a Turkish citizen who happens to work in Lithuania, which means I can open bank accounts in both countries, and so buying and selling bitcoins from their local exchange websites. In Turkey bitcoin prices is generally 10% higher compare to European markets. So I can simply buy bitcoin in Lithuania and sell back to Turkey via local exchange sites or localbitcoins with a profit.
Let me show you how I am planning to do this step by step:
1- Deposit money to my local bank account in Turkey.
2- Withdraw the money from Lithuania via ATM machine, because it is the cheapest option to transfer money. And I also increase the withdrawal limit to maximum.
3- Take that cash and deposit to Lithuanian bank physically.
4- Transfer that money to local bitcoin exchanges site where I can buy bitcoins or again I can buy it from localbitcoins
5- Then sell it at Turkish bitcoin exchange site with a profit.
6- And repeat the steps above daily.
In the beginning I thought by doing this I may encounter some problems with my bank and government. Therefore, I have talked with my Turkish lawyers, and they informed me that I shouldn't have any problem doing this as long as I save all transactions and trading history.
So what do you think you guys? Is it a legit procedure?
