Hello, I'm a newbie here and I am trying to get started selling bitcoin at Localbitcoins.com. Several buyers there are paying very handsomely for bitcoin via prepaid debit cards. I just want to minimize my chances of being scammed.

The buyers I am looking at all have great feedback from previous trades so I don't believe these guys are scammers but I'm curious how this works. I did try a search here at this forum to see if there were previous post but I couldn't find any.

If I trade $500 of bitcoin and the buyer is paying around $700 for it on a prepaid card, how exactly does that work? Are they giving me a code that I can put on my card or are they giving me the card number, expiration date and CVV# on the back of the card?

After I release my bitcoin which is in escrow at localbitcoins.com how can I quickly extract the money off of the card in case someone attempts a fraudulent charge back? Should I just use disposable pre-paid cards, immediately take the money off and dumb the card? 

I've never done this before, any feedback would be GREATLY appreciated.

I did some further digging and found out that I have a limit of $500 that I can receive for the day on a Greendot card, so how can I receive $700 from the buyer then?

There has to be a way because this guy has dozens of positive reviews, what's the secret?

Thanks so much for the reply. I'm in the US so the 3rd point won't be an issue for me but I'll contact Greendot and find out what my restrictions are on receiving money.

Hello,

I'm new to bitcoin and I was at Localbitcoins.com and saw the following offer to purchase bitcoin: https://localbitcoins.com/ad/288343/cash-out-your-bitcoins-other-pre-paid-debit-card-prepaid-greendot So if I understand correctly this person is willing to pay $692.94 at the time of post for one bitcoin via an upload of cash to a Greendot card?

Is this correct and based on the buyers reputation would you consider this a safe transaction? What's the catch?