Bitcoin Forum

Hey ! Good to see you all again!

Ok so I have come to scratch the Bitcoin itch after a break of nearly 3 years (to be honest, I didn't make much if anything mining)
So I have been buying small amounts of Bitcoin to invest in cloud mining (another subject for another day maybe, but in a nutshell I am thinking VERY long term)

I just wanted to comment on LOCAL BITCOIN where I buy my fractions of BTC from and ask for some opinions.

I am still able to buy after a break of nearly 3 years and still a verified user on the site.
But the cageyness (is that a word?) of the people on Local Bitcoins who are selling 'shocked me to the core' :(

I was told by one seller that they even needed some kind of 'money transmission' licence to sell bitcoin.

I guess the world has embraced Bitcoin but at the same time, stuck rules, laws and regulations on it. I'm gona need to start reading up on it all.

I was asked for pictures of myself holding my Drivers licence and bank card and asked to sign notes and send scans of documents?

What the heck? Verified isn't enough anymore?

Anyone want to enlighten me? What have I missed?

Thanks all and good to see you all again!

G

U dint mention where u r from. In certain states of USA and all parts of Russia, Germany & Bangladesh, people would be careful to deal in LocalBitcoins. Elsewhere, it should be as easy as it always was...

I would not even ever consider giving that type of confirmation to a random person you are buying small amounts of btc from... If you are going to provide that level of id, you might as well sign up with the big exchanges or service providers and buy from there..

There should be no need for them to have the information, so please don't give it, it is screaming for potential ID fraud somewhere along the lines.

most localbitcoiners do not do enough trade to meet the thresholds to require a licence.
most localbitcoiners do not make enough profit from the spread to cover the costs of having a licence

but here is the thing. if they are licensed, they will have registration numbers and documents. so ask them for their MSB number and their data protection policy. they cannot refuse it. but if not presenting it, they are obviously not an MSB

secondly some localbitcoiners dont actually need the documents, but ask anyway to scare off scammers trying to do chargeback/wire reversal scams.

thirdly if you are being asked for such documents you might aswell just use a well known more legit service that supplies registration details and an office address, rather than a complete stranger who wants your life story.

after all that stranger might then ID fraud you by scamming someone else but pretending to be you because he now has your info.

in short.
if they are asking for your life history, dont be afraid to ask for their business details

There are many scammers on localbitcoins and the sellers are trying to protect themselves.

The bitcoin world isn`t the same three years later. ;D

And forget about cloud mining.It`s a scam.

Blame scammers and regulation for ruining free commerce.

localbitcoins is for those who don't want to or can not use the regular way of buying bitcoin. you can just check the prices and see for your self that it is not a good idea to buy from localbitcoins if you can buy from somewhere else like an exchanger or coinbase. you are already willing to give your documents out so why not use exchanges?!

there are many other trusted exchanges which have come up with their services and are much more faster than localbitcoins. over time, you will come to know about everything that had changed under your absence provided that, you will be active enough in this forum from now on.
good. now what ? lock this thread- bottom left corner of this page.