Bitcoin Forum

Have you used Local Bitcoins?

How did it work out? Where did you meet your trade partner?

I'd like to hear anyone's experience who is willing to share.

No but would like to know what others say about this.

Pick a user with a lot of reputation (make sure to check who is giving reputation too) and you should be OK.

One year before I tried it. Had 3 interested persons, but all had revoked the meeting or conversation discontinued.

One time I remember that he wanted another place to meet than I defaulted. It's too much time-consuming work for me, I stopped it.

I have done a lot of business at

https://localbitcoins.com/accounts/profile/BurtW/

Are you buying or selling?

Buying:

Find a seller near you.

Open an order to buy BTC from them.  I suggest an even amount of USD and let the BTC fall out of the price.  That way the money is easier to count when you meet.  For example buy $200 worth rather than 2.000 BTC worth.  

The seller should then fund the contract.  You will be notified when this is done.  You will be given a secret number that only you know.  Remember or write it down as it comes in handy later.

Arrange a place to meet.  I usually meet at a public place with free WiFi, Starbuck's for example but any public spot (for safety) with free WiFi will do.

It is best to bring a smaller number of bills.  For example if you are buying $5000 worth you should bring $100 bills, not $10 bills as it takes a long time to count that many bills.  If you are buying only say $200 then it $20 bills work, etc.

The seller will then count the money and if it is all there they can release the BTC directly to your localbitcions account.

When the funds are released the seller will get the secret number that only you know.  If he shows you that secret number then you know the BTC has been transferred to you.  You can also just check your own localbitcoins wallet and see that the funds have arrived.

Most of the time the people I have met have been really cool Bitcoiners so if we have time we have some coffee and chat and get to know each other.  Sometimes the other person is in a hurry or they don't want to chat for whatever reason and that is fine too.

What he said. I've made quiet good experience with localbitcoins.

As a seller I have always worried about the "grab and run" and until recently I thought that I was just being paranoid BUT:

https://bitcointalk.org/index.php?topic=288053.0

So, as a seller what I do is meet toward the back of the coffee shop, not near the door.  I make sure I have my running shoes on in case I need to chase and tackle them.  If there are a lot of tables and people between us and the door then I figure it will slow them down enough for me to get them before they make it to the door.

Another word of warning for sellers here (lame scam attempted on me):

https://bitcointalk.org/index.php?topic=278352.0

And a word of warning to would be scammers.  You never know if the one you are scamming or attempting to scam has some real skills, read this entire thread, it is hilarious:

https://bitcointalk.org/index.php?topic=279648.0

If it is a face to face transaction, it should be fine.
But be careful with online transactions.

protip: don't go alone and don't bring all of your money and valuables with you.

I too use localbitcoins, and I thought I was paranoid, but this is beyond even MY wariness. Then again, his precautions make sense, for larger amounts. Because my transactions are so much smaller, I am a bit more casual. Plus, the first time you meet somebody, your PeopleRadar is active, and you can get a sense of the person.

For smaller amounts, I don't think a grab and run is going to take place, after you have all the equipment, laptop, cell etc out... Therefore, I would recommend that you keep the initial transactions smallish, until you know the person involved. JMHO.


That's how I picked my contact. Reputation is very important.

Good luck!

@Flagel8, I agree. It's always good to look carefully at the person to see if they might run away with your laptop + money :-)

LOL!