Bitcoin Forum

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00 >:(

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself. Then I realized after that the seller had the value of one btc at $51,000!!! Aside from an idiot like me. Who would pay that for a bitcoin when its not worth near that much.

Ok rant over!

personally i hate localbitcoins , overprice

Maybe next time I'll use an exchange like coinbase.

I also was very stolen in the localbitcoin, I had to buy bitcoin for a very high price, it even gave me headaches, i pay all fees because I bought using my paypal account, I had to deliver selfie, sign my name on paper, give print screen of my paypal account. imagine doing all this process and still buy bitcoin at an extremely high price, you were not dumb. you just did not pay attention


I think that you better do this.

Look at the bright side you got your bitcoin quick though. On coinbase it took me a week before they released my bitcoin but at a slightly higher/reasonable buy price.

Or go to the Currency Exchange (https://bitcointalk.org/index.php?board=53.0) section.

This is the main problem for bitcoin now. It is not easy to buy and sell your bitcoin for USD at the moment. Too many fraudster try to scam and steal your btc, so many don't accept paypal and credit card.

That would be the sickest thing happen to you and maybe you shouldn't go there next time and try to seek for another option where you can buy bitcoins at the lowest price. There's so many selections that we can choose and some of the popular ones are in exchange nor here but make sure to use some escrow quality service to avoid scammed by scam minded people.

I am still using localbitcoins to trade bitcoin for local fiat and haven't touched any reversible deals there and always carefully check different price offer before starting trade.

It is not like other exchange platform where you can buy around market rate, if you are willing to buy bitcoin with reversible payment method there than you will only get offer with price which will be very high over market rate.

Looking at the bright side, at least the seller released your coins :P
ANyway, you'd be better to hold that coins for a few months, with the crazy price volatility of Bitcoin I wouldn't be suprised if you had recouped your loss in a few months :)

Next time use trusted user or go to Currency Exchange section on this forum and deal with +rep users

It's obviously your fault for not checking beforehand. Localbitcoins is a trading platform, not a vending site. They don't actually set the prices meaning that prices can't be regulated and you'll find a lot of outliers here and there.

$50k is obviously way too much to pay for a bitcoin at current prices.

But keep in mind that if you're paying with unpopular payment methods such as gift cards, you can actually expect to pay these sort of premiums and perhaps you were getting the best deal for your payment method after all.

Yes, i hate LBC too.  Usually price vary by payements method. So if you payed with ank kind of coupon or gift card price will be really high

   We need to make mistakes and learn from them! I am sorry for you, next time
you will be much more careful then you were now.
   I do not like local bitcoins too, prices of bitcoins there are higher then on ATM`s,
probably they are waiting for naive and new people to scam them.
   Next time before you are giving away your money for any reason check everything,
or you will face with same problem again in the future.
   

maybe the other day, you will be lucky because of buying bitcoin and don't think too seriously about this because it already happens. one thing that I can suggest to you that you need to always check your purchase and the amount every time you bought at any of sites. you need to double check before you finish the transaction. but I think you can have a worth experience here and I hope that you are lucky someday.

Sorry to say this but this is not localbitcoins' fault but yours. You had to check the price before you picked up this option or ask the seller about conditions. You can't blaim localbitcoins for your own mistake.
Personaly I like localbitcoins because of variety of options to buy or sell Bitcoins and I have trusted seller there who is always pleasant working with.
Next time do your due dilligence.

Wow, that's not even near to the total amount you buy for that BTC. Not even at it's half actually. That's too overpriced. It's not the fault of the exchange. But atleast they should check what's happening on the transactions. There's so many fraudsters and abusers on localbitcoins. They are offering Bitcoin for a very high price than any exchange offers. They must remove them. Maybe next time try other exchanges. Coinsbase is good too. You should try this instead of localbitcoins. At the current price of Bitcoin, it's at the peak right now. Maybe it will take time to recover your loss.

Obviously I understand that it was my fault. The guy has been sending me messages asking if I want to buy more. I think he likes me. I was panicking there for a little bit because I sent the payment and he didn’t respond for about an hour. I thought he took my money and left.  When the funds finally came in. The relief that he actually paid me did help offset the pain of my mistake.

What do you mean not near the amount you buy for that BTC? Why would you pay 51,000 per coin ever when the market is at 17,000? Clearly I have a lot more to learn

You didn't able to get the idea or the things he do mention on here. Let me clarify on what he was saying on here. He do bought $224 worth of bitcoin in the price of $875  price which means if you do make calculations basing on the possible price on where those bitcoins being bought on $875 range then you would sum up on having a $51k or even more depending on the current price of bitcoin on the time he did make a purchase. for now if we do base on $17k price then hes buying on $66k/coin.

You are worry about the deposit fee right! that is burden for all the users who is selling or buying bitcoin in this site. However, with the fiat we can use this site to buy the bitcoin or exchange your bitcoin for cash or almost all the online wallet options and multiple countries.
If op wants to change the trade value, He can ask to trader cancel the trade and you can reopen with him or can open the trade with the different user too. Keep eye while you are setting trade value and giving the payment details to him. Else you may face any payment related issues.

Ouch! That must have hurt.

Always, always check the current prcice of bitcoin before blindly buying from loclabitcoins. In fact i'd say that even the best offers on both sides of the book on localbitcoins carry around a 10-15% spread to them normally, which is really huge compared to the rates that you could be getting if you just verified yourself on a government regulated exchange(of course you would be doing KYC and all that).

There are going to be anomaly offers and you probably just chose that. Same thing on paxful.

Be careful man. Dont make the same mistake twice.

But it was not the seller's fault, it was your fault, how could you be so dumb to buy $224 worth of bitcoin for almost $900?


Are you aware that you bought them all at aproximately x4 of the actual price? It is more than $50,000 per bitcoin.

He scammed you, aren't you able to start a dispute in there?

Maybe the support will not consider it because you "agreed" to buy, but it is unfair mate, try to find a solution.

Good luck with this... shit..

I think I may have mentioned earlier that I was dumb and realized the price I paid after the transaction had taken place. Could he have been a stand up guy and made mentioned that. Sure he could have but why should he? He doesn’t know me or care about me. To him if I’m stupid enough to make the deal he will gladly accept. I blame myself do to ignorance. Last time that will ever happen. I can guarantee you that.

The problem come from you not learning how the exchange works. In the world of crypto currency we have 3 type of exchange site. They exchange that sell using current price in market,the one that sell above and below. Localbitcoin,bithumb, cex etc sell above current market price while exchange like coinbase, bitmex deal with current price and exchange like bitstamp sell below.

You should be very cautious before choosing traders to confirm the trade amount clearly. Better to change your trading to other websites like coinbase.
It looks very difficult to do those formalities like submitting your selfie and so on. However that will not reward you anything and its depends on where you make trading. Yes i do had some bad experience as the fee was too high.
We've to change our trading activities to other exchanges like coinbase.

Be glad that it was only for $875. I've made these kinds of mistakes exchange trading for 5-figures at a time. These are called "fat finger" orders because one misclick of a button can cost you potentially millions of dollars on the larger exchanges. There still aren't good controls for this at the UI level, and there are always newbies making mistakes with API calls as well, so these things are inevitable.

Think of this as "paying tuition" because you've learned a very valuable lesson for only $651. Always double-check -- no, triple check -- your order before executing. I've personally known traders that have lost millions of dollars on misclicks.

I guess that is just a part of how trading works. Because i too am getting confused sometimes with these exchange sites i depositing in. But not as USD but as in trading. I did not know then the one on the 1st list is the most cheap. And i actually tried some of the buy orders below. Luckily the coin then was not of great value so it might be a small fortune but still i learned some things in trading.

Its your fault bro,you have been cheated by a trader on an exchange but you know localbitcoins is a best place to buy bitcoins and I am always using this exchange to buy and sell bitcoins because traders in this exchange good price for our bitcoins.
Sometime you can get bitcoin for lower price than the actual market value and you can sell for more price than market value as well so you need to explore around before picking up the trader so Next time spend more time on buying because I know it is very hard to earn money,so spend it wisely.

That's much!  :(
Why on earth would you even go to Localbitcoin to buy a coin at the first place?
That place is full of scammers. In a total of 100%, 90% there, are confirmed scammers.
When I started in my journey of bitcoin, I wanted to buy from there too.
But I was glad I hard to check well, I did a background research and saw a lot of negative reviews about the sellers there. Few sellers are legit though, but you don't want to risk it.

Did you even try to recheck what you will be trading? I feel sad for you bro. I think it is a lessoned learn for you. Do not confirm any transactions yet especially in localbitcoins unless your sure what amount you will be getting.

Whoa! $51,000? What must he be thinking? Did he take buyers for fools.
Mostly, I sometimes, I don't consider Localbitcoins as a genuine site for purchasing bitcoins, considering from so many unfortunate stories about there.
There are good sites for buying bitcoins like Coinbase, Bittrex, Gemini or even Coinmama.
It would have been better if you choose from any of the above sites.
And I guess you didn't want to pass through a verification process like other sites demands which is why you choose to purchase from there.

never used localbitcoin over price  ;D ;D i dont why people still buying at there.. there so many exchange platform not like 3-4 years ago

That’s kinda a sad story, maybe try the most popular one. Coinbase for this king of transaction than using a suspicious looking sites and that is mostly be the case. Sometimes we tend to go for convenience than safety. Let this be a leading to you and those who have read this. We can’t force to stop this kind of bad doings but we just have to be cautious.

You guys need a tuition for trading in localbitcoins means check the videos in the youtube. Most of the vidoes would be perfect to understand recent updates of the site.
You will get the more information explained in your own language moslt English created language of the videos.
LBC very easiest way to trade your bitcoins for fiat cash.

LBC? can you link me to that? I also want to try trading, I have been studying for days now. But I don't think I am ready for it. LOL

Op admitted that he made a fool mistake, simply didn't check carefully the price.
Localbitcoins is a better place to trade bitcoin, it's better to do OTC trading (trade bitcoin for fiat currencies through person-to-person trades) with an escrow service as this site provide; Escrow protection for safe trading protects both the buyer and the seller.
Overprice? It's your call to buy bitcoin at any price obviously, if you can't find any fair price, then just move to another exchange.

Yeah, it is on the buyers perspective if he will buy bitcoin in higher price than usual. In trading I guess, there should be minimal error to make. Its money were talking about. LOL