Bitcoin Forum

Lately I see www.100bit.co.in is being advertised as LocalBitcoins alternative on this forum. Has anyone actually tried this ?

I did. So far so good. They are indeed offering a few more features than LocalBitcoins, e.g. direct trading of Alt coins. But, they are very new. So, the volume is low.

I wish local bitcoins had a Alt coin option. Step up your game local bitcoins!  ;D

that's defiantly a great new option.

Looks like a great new site, just waiting for volume on it to pick up steam.

if everyone is just waiting for the volume to raise, then it will never raise, better to take advantage of its feature and join it now, if you need localbitcoin but for altcoin, it should be the best available service out there


they should indeed come up with localaltcoin, would be fabulous

While I agree it is a good new site with decent features, it has been around for quite some time so far without picking up steam, maybe they need to start and keep up a decent marketing campaign to get fully noticed, because once people notice it that will be used more without a doubt.

I'm surprised no one has tried to make a localbitcoins model with Altcoins
Liqudity issues aside there is likely a large enough demand for it to scale once a trusted site is established.

Hadn't heard of this alternative no, but will definitely check it out. Thanks for sharing!

Exactly. Especially their fees are right now 1/10 of LocalBitcoins. LocalBitcoins take 1% for escrow, whereas 100bit.co.in is charging 0.1%.

Well, I dont think so. Because they are not Alt coin specific. They are offering everything that LocalBitcoins does, Alt coin trading is just an added property to their service. Moreover, Alt coins & FIAT both can only be exchanged with bitcoin. Bitcoin is at the epicenter.

This is the first time I have heard of this service and they'd have to travel a long way to be called a LBC alternative and I don't think it's going to be that easy, LBC is running from a long time and is trusted by many traders worldwide.

looks great, I am looking for alternative LBC too.
So thanks for sharing :D

i said that because there are still some users who are interest in specific good coin, that they find superior to bitcoin, for whatever reason, 1 of them is the anonymity

coin like dash and monero are very appreciated for that reason, they could find their position in something like localbitcoin

I have been using it lately. I feel its a better alternative that localbitcoins. The support for localbitcoins isn't too good either lately. They have been avoiding support tickets and have been charging my 0.0011 for fees to send bitcoins out of my account to an external wallet.

Same here. This system is working better for me than LocalBitcoins. I wish more people uses it and volume goes up.

Volume will take time to build up. Especially when most of the today's media do not cover a new service without payment. Unless there is some VC backing them, they wont be able to afford it. So, everyone needs to wait for more people to discover them.

i do believe right now the bitcoin industry is all about marketing and whos willing to invest in your start up or business model, maybe if they get out a bit more or use the proper pr in order to get the bitcoin trend on their side it could turn bigger and better.

I was part of their sig campaign and tried this site too. The site appeared to me far simpler and easy to use than LocalBitcoins. But, the volume is low...

I don't understand how it is an alternative to localbitcoins.

I can sell to "Europe"?

Ok...so where do I meet this person who is buying in Europe? Fly to Paris? Rome?

I've already discovered that SEPA transfers are of no use for selling bitcoins. How is this site supposed to work?

Are not there any irreversible online payment method that works for Euro ?

People prefer to deal with the real cash on those transaction instead of taking risk of getting chargeback , only method irreversible probably is PerfectMoney but not a lot of people use that

AFAIK, www.100bit.co.in does not facilitate cash transaction. It can only be used for direct trading online. Hence, if for a currency, there is no irreversible payment method, that can not be used. I used to know OKpay is irreversible too and it allows EUR transfer.

I guess they don't do it because it would be a mess to manage. Too many alts, too many potential scammers. They want to focus on BTC only.

In fact, there is a LiteCoin specific alternative, which is known as www.litecoinlocal.net.

I didn't sell or buy via Localbitcoins so far but I know that it is a well established service. What is exactly better in www.100bit.co.in (http://www.100bit.co.in) than localbitcoins does not have and what will make me wanna try it over localbitcoins?

If it's just for trading online, bitquick.co is a lot better. They deposit the cash directly into your account. No reversing that transaction.

No one here is paid to give you a sales pitch. Try yourself and find out.

Well... after little bit of usage, I could immediately spot three advantages...

1. Their escrow fee is 0.1% as against LocalBitcoin's 1%.

2. They allow Alt coin trading against bitcoin.

3. Your fund can not be locked by scammers as there is no site wallet concept (if you have not used LocalBitcoins, you wont understand how severe this problem is).

I have spotted two disadvantages as well...

1. Low volume against almost all currencies.

2. You can not do face to face cash trade using 100bit.co.in. They allow online trade only.

I'm not much aware of the service quality of bitquick.co. So, I'll refrain from commenting about that. But, I have read many comments on this forum regarding the bad service provided by bitquick.in, which is the Indian counterpart of bitquick.co. In comparison, 100bit.co.in has given a great service against INR and I, myself, has experienced it. Moreover, bitquick.co or its subsidiaries are not global like LocalBitcoins/100bit.co.in. So, they are not directly comparable either.

True, I would only recommend the US version since I got screwed out of 180 euro when I used the SEPA option. My bank called me and claimed that the 180 euro I received was from an account that claimed their account was hacked. Unfortunately I had already sent my bitcoins so there was no way of getting them back. And being in a foreign country there's no way I could work within the system to get it back without a lot of hassle and unwanted meddling into my finances.

The US version, someone gets your bank account info, they go to the bank and deposit the money then take a picture of the deposit slip and upload it. Then you wait to see if the funds are in your account and you release the coins. No way to reverse a cash deposit. It's just as good as meeting in person (except the part about involving a bank).

A poor site by design not much features, to verify even.

No. If you click you're interested in a trade that offer is not taken out of public view. It moves from Trade page to Order page for the user who has shown interest. As long as you are not selecting your counterparty to trade with in that order, the order is still publicly viewable in Trade page for everyone who has not already shown interest in that order.

Yes and hopefully that would change after increased amount of people start using it . Most of the people are hesistant to try new services. As for face to face, can't it still be done on 100 bitcoin ? You can just set it up as a bank transfer and agree with the buyer to meet face to face , and hit confirmed after getting the cash.

I tried signing up, but its acting pretty weird. Tried to sign in, after confirming email, said my password was incorrect, then tried to recover it..and it said incorrect email ID...something is up???

if they feel that they are loosing customer to a competition then they will change their services and add new features. untill them this is the only crappy option we got

I will definitely check it out. Thanks for sharing!

Is there any way to see if there are traders around my area or in my country without registering an account?





I remember there was a site called Localdogecoin.com that did the same thing for dogecoins although some people have accused it of being a scam. Their site seems to be under maintenance right now.

Personally, I think the added utility of offering direct altcoin trading would be small. All altcoins are priced in terms of BTC anyway with the prices being dictated by altcoin exchanges where anyone one can trade their bitcoins for altcoins and vice versa. I know 100bit.co.in prices their altcoins in terms of BTC but pricing altcoins in terms of fiat in the same way others like Litecoinlocal.net and Localdogecoin.com do also introduces an extra conversion step into the calculations that makes it harder to tell if you're getting a good price.

Also, a huge reason why LocalBitcoins is so popular is because the traditional exchanges tend to have more restrictive verification procedures and many people don't want to go through the hassle of setting up an account just make the occasional trade. To trade at Bitstamp or BTC-e for example, requires you to submit proof of ID and proof of residence, wait 3-5 days for bank wire transfers to clear, pay withdrawal or bank fees, etc. Altcoin exchanges, on the other hand, usually admit anyone who has BTC to trade.


They have a signature campaign here (http://bitcointalk.org/index.php?topic=1079681) although it only has 5 spots.

I'm looking forward to the launch of Coinffeine, as that will be a true LocalBitcoins alternative :)

Neither OpenBazaar will be an alternative to eBay, nor Coinffeine or BitSquare will be an alternative to LocalBitcoins. Whenever there is a requirement of an escrow, centralized services will work better. Escrow based decentralization will never work.

Let the community give it a shot, maybe it does get to work, i like the way bitsquare is going about it then again is all about mass adoption and having people using the market with out that there is no point build the best of the best if there is no mass adoption is has good has a fail one.

Well I wouldn't say mass adoption is they key, most start ups now are getting some good Venture capital funding which takes then to a better level of development and being then acquire by bigger companies, I think if they have a good business model they could make it big.   

I participated in it. But, it is over now. They were very quick at payment.

...

For the first time, localbitcoins failed me.  I made an appointment to meet someone new for me to buy BTC, but we could not agree on price.  He wanted 12% over "spot", too much!  I offered 8% (more than I ever had paid before, typically 5% - 6%), he would not agree.

Lesson learned: I should have negotiated this beforehand, grr... 

Still, now I know, document everything before.

I tried to sign up a new account. Everything worked perfect. You might have tried to log in with your Email ID. That is why they stopped you. Once you confirm your Email, they send another email containing your User ID. Try to log in with that.

I see it as an opportunity for all of the webdev(s) specially interested in cryptocurrencies . If I had a team to work out , I would have made it like lbtc . By the way do you have any idea about what happens if anyone refuses to release bitcoins by saying he hasnt received any money ?

this thread looks like a marketing thing to me.
especially as not once anyone mentioned mycelium wallets local trader function, which is well, just like localbitcoins. trade btc for cash, and yes it doesnt charge any fees at all.

(there is no escrow service included) - so only trade with people who you know or at least keep the volume low at first time meetings.
apart from that - this is what you want if you really were looking for an alternative.

Direct trading bitcoin without an escrow is a joke. You will be scammed left and right. Apart from www.100bit.co.in, the only decent alterative to LocalBitcoins is BitQuick.co. Mycelium is a good wallet, but not an alternative to LocalBitcoins at all.

LocalBitcoins is successful without any VC funding, whereas ButterCoin was folded even after getting million dollar in funding...

http://www.coindesk.com/bitcoin-marketplace-buttercoin-folds-despite-1-3-million-investment/

Funding does not make or brake anything. It just make a movement faster ot slower. Its the determination of the dev team that makes a project successful or a failed one...

Given that I have some tiny holdings of alt coins, the direct fiat - alt conversion really enticed me on using this exchange platform. However, the volume and number of customers is not that high compared to what is present in localbitcoins. Anyway, I just created an account there, hoping to see if people would begin on noticing this service. I must say that fiat - altcoin is its best feature I see.

LTC would def be a good start.

I think you misread something. I use 100bit.co.in for INR-BTC conversion and there is significant rise of volume in this sphere. But, they dont offer direct fiat - alt conversion. You have to first convert Alt coins to Bitcoin and then Bitcoin to FIAT. Bitcoin is their primary medium of exchange.

Yeah, maybe I missed that part. From first sight, I thought that the service offers direct fiat - altcoins exchange. It turns out that you need to change to bitcoins before fiat (the common method of selling altcoins to cash).

There is already one at www.litecoinlocal.net.

www.100bit.co.in allows litecoin trading as well...

You sold at the wrong time man. Bitcoin just tested 290 and gonna break through 300 soon ;)

Yesterday, some Chinese exchanges have already tested 300+.

I have not tried it, I'm more than satisfied with localbitcoins.com, but generally it's positive with alternatives, given they are legit. Some of the services that will be started wont be that, but some will. A few will lose money, but the competition on a free market is far more important than that.

We crossed 300 globally, but again back to ~280.

LocalBitcoins is good. Definitely good. But, 100bit.co.in has some advantages...

i. Escrow cost is 0.1% instead of 1%

ii. You dont need to lock your fund till a trade begins

iii. Alt coins supported.

...so, worth a try. :)

I dont really like Local Bitcoins but it seems like the best way to connect with "local" people.

any has tried it? http://bitquick.co

Their SEPA transfer is expensive.

LocalBitcoins sellers get higher than market price, not lower.

This is a new site with certain advantages of LocalBitcoins. Of course the volume is low. But, signing up does not cost you a penny.

Is not SEPA reversible ?