Chris Morris, CEO of Nigeria’s Yellow Card Cryptocurrency Exchange, made his first crypto business in 2015, selling Bitcoin (BTC) on eBay.

“We’ve been doing this for about a week and have over $ 40,000 in revenue, 100%,” Morris told Cointelegraph in an interview. “At that point in time, we always saw stars,” he said, describing his orgasm at the time.

The CEO first found out about Bitcoin in 2013 through a friend – Justin Poiroux, co-founder of the Yellow Card Exchange. Although the Yellow Card was founded much later, it has nothing to do with eBay’s endeavors.

When Morris rummaged on eBay in 2015, he was selling Bitcoin on the website for three times the market price.

Morris stated that he had an idea for profit

I called Justin and said, ‘Hey, we’re two relatively smart people. I know how to use eBay. You know what bitcoin is. So let’s make some money. ”
After the first reported success of BTC sales on eBay, the situation began to unravel. “That’s when I learned what a chargeback is,” he said. “People stole credit cards online, came to us on eBay, and sent cards,” he said. “When PayPal found out, they withdrew money from us, and then we actually sent Bitcoin in.”

“That was also how I naturally learned how irreversible Bitcoin is,” he added. “Credit cards, not much.”

Credit card chargebacks basically allow the parties to get their money back after a transaction. Bitcoin does not offer the same functionality – depending on the situation, it is an advantage or a disadvantage.

“This was my first foray into cryptography,” said Morris.

While this is clearly not particularly feasible, the eBay endeavors show a profitable early example of arbitrage, a popular trading method that capitalizes on price fluctuations that occur across exchanges and other avenues.

Source: CoinTelegraph

LEAVE A REPLY