is that right good exhange or i get ripped localbitcoin

so a friend of mine did an exchange he had about $365.7 he exhanged and $get 332.3 $ what was the rate

Quote from: nasi on December 13, 2015, 06:32:15 PM

so a friend of mine did an exchange he had about $365.7 he exhanged and $get 332.3 $ what was the rate

Localbitcoins is a decentralized exchange which means people simply decide the rates they want and you either accept or refuse , it's that simpple . Anyway , the rates you said should be +10% (approximate) .
I'm not sure the payment method used on the trade , but that most of the time a good rate and the usual rate that people sell for .

EDIT : I'm not sure if I'm getting you right honestly , Bitcoin should have a higher value so if you had fiat $365.7 and you bought 332$ on BTC then you are good , however if you had 365$ BTC and sold them for 332$ then it's pretty low . you could sell it higher

Quote from: nasi on December 13, 2015, 06:32:15 PM

so a friend of mine did an exchange he had about $365.7 he exhanged and $get 332.3 $ what was the rate

Well in a way your friend is ripped up, but he did it to himself. If you choose a service like localbitcoins you will get less then on average exchanges.
If this sounds new to him, he should have done some proper research.

It is a common fact localbitcoins have this kind of fees.

Quote from: nasi on December 13, 2015, 06:32:15 PM

so a friend of mine did an exchange he had about $365.7 he exhanged and $get 332.3 $ what was the rate

If you are new to bitcoin you will make a lot of mistake just learn your mistakes.
Well if you sell your bitcoins you should have a higher price, but if you hade fiat and convert to bitcoin I think you are fine.

In localbitcons.com, you have to pay about 5% extra compared to trading in an exchange. So if you just want to buy a small amount and do not trade frequently, it is OK.

yeah with localbitcoin it seems I have always paid a premium in order to get btc.
Sometimes you can get a good deal at exchange rate but its usually a new user
trying to establish trades. Any seasoned seller will want a higher % than going rate

I find that localbitcoins is always £10 more per btc. you cant really get cheaper than that but some people will charge more.

Localbitcoins works in that way. The market is created by suppy and demand and if you want cash well thenyou will have take a loss on your bitcoin value.
I never use sites like that. WIth kraken you get the maximum value for your bitcoin. Then 1 day later it is added to your bank account. What's better then that?

The seller did not rip you off, the rates on localbitcoin are just different and you should have check the actual rate on a larger exchange (bitstamp f.e.).
If you just sell your bitcoins without checking the rate, you make a big mistake.

im not on bitcoin not a fan cuz i have no idea what it is all i know its a digitial open source currency.

he just wanted to some investment wait 5-10 years. even if bitcoin get zero he got no probs.

he is rich so he does not care . if he can double it would be good

it look like he traded with someone that was doing +10% more for earning

there are many traders doing so on local bitcoin and this forum

Quote from: nasi on December 13, 2015, 10:46:14 PM

Should be quite easy to double his money over 5-10 years. At the very least ot would be double.

In localbitcons, I usually have to pay higher price if I want to buy from seller. The spread is about 5-8%.

well i do see the future of digial currencys espically bitcoin camon we are in 2016 technologye is growing day by day

Don't know how or what your friend did but before a trade LBC clearly shows the calculator on every trader's advertisement page, where you can enter how many bitcoins you're buying/selling and it shows the exact amount you'll get after the trade.

If you think something went wrong, it is better if your friends contact the support, they have a live support system and an agent will clear your friend's doubts.