localbitcoins.com site

[gochk]

Does anyone know anything or have anything to report on localbitcoins.com site??

I don't live in Beverly Hills, but, for arguments sake, I input 90210 as the zip
https://localbitcoins.com/zipcode/US/90210/

and it shows me all the people selling btc there. I'm guessing there needs to be some escrow account needed for the transactions - especially those cash by mail transactions on that site.

[DataPlumber]

Used it last week for an in-person trade.  The BTC was escrowed at the site (proof, I suppose, that the seller has the BTC and doesn't just want to rob you in-person).  Transferred the BTC out, though the site withheld something like 0.001btc "for transaction fees" (wtf? whatever.)

No meaningful complaints.

[btbrae]

I have used it successfully for selling online but decided to stop. Apparently there is the potential for your bank account to be frozen if you receive funds from a bank account victim to fraud, and this would be a huge problem for me. Of course the site is primarily intended for face-to-face where you don't get that problem. The site worked very well though and the feedback system is worth paying attention to and using. For buying BTC online I would also recommend it if the price is right. If you're quick on the transactions people will note it for others.

Fyi, the site takes the seller's Bitcoins into Escrow and are "released" when the seller receives funds and clicks a button, if the seller fails to release then you take it up with the site who are holding the BTC in Escrow until an outcome can be determined. I imagine bank transfer is the safest option for a buyer as there is evidence of funds being transferred.

[gochk]

Thanks for the info and advise. Appreciate it.

[djalexr]

The site has been great for me (i'm in the UK, big exchanges either do not accept £GBP or it is difficult/expensive to do so) 

Sites like this are pretty much the best option for me! No problems to report, I can get bitcoins within minutes through the site.

[gochk]

Great to hear.

My concern as usual are the sellers. I mean ... cash by mail sounds like mailing cash to thin air.

[djalexr]

hmmm yeah that does sound pretty dodgy, but the sellers have a feedback score, If they have 10 or more recent good transactions that is normally good enough for me...I can find sellers with 300+ but they tend to sell their coins for me.

I'll avoid sellers with low feedback scores/the selling price is stupidly cheap.

[viajero]

how do they transfere the BTCs when u buy or sell face to face in cash?

[DataPlumber]

how do they transfere the BTCs when u buy or sell face to face in cash?

In my experience, they tap a button on their phone's browser.  A moment later you get the secret "success" code that localbitcoins gave you beforehand, txted to your phone.  So you know for sure that they did the BTC transfer.  (I'm of the understanding that they can also txt a code to localbitcoins if they don't have a browser-enabled phone.)

Because they pre-escrowed it to LocalBitcoins, you also don't have to worry about someone attempting to double-spend, though how you'd do that in-person in practice escapes me.

[btc2cards]

Used it to buy some BTC by wire. Worked fine. I will try to buy in person soon too