Tips on Selling BTC using Banks

[waterholeIO]

[Deleted]

[Dudeperfect]

Thanks for detailed tips, although I have never tried selling bitcoins through bank but I have recently created account on unocoin where I can see a feature to sell btc and get fiat in banks, although this service is in India (not sure that they provide service for foreigners or not). I think trading without escrow is risky (especially like non trusted person). I would like to try new options to sell bitcoins with bank as payment receiving option, suggest if you know any.

[waterholeIO]

Dudeperfect, are you located in India? I've been wondering what the environment for Bitcoin in India so far, and the general public view of it in the cities and in the rural areas. As you said, trading online without escrow is extremely risky, and even for myself I would not trade outside of escrow unless it's an amount I'm willing to lose to a returning customer. I'd rather lose $25 to a returning customer rather than wait until later and lose $1,000 from that same person.

[Dudeperfect]

Dudeperfect, are you located in India? I've been wondering what the environment for Bitcoin in India so far, and the general public view of it in the cities and in the rural areas. As you said, trading online without escrow is extremely risky, and even for myself I would not trade outside of escrow unless it's an amount I'm willing to lose to a returning customer. I'd rather lose $25 to a returning customer rather than wait until later and lose $1,000 from that same person.

Yes, I am from India. I am extremely optimistic about future of bitcoin in India in near future.

Right now we have around 10,000+ bitcoin users which are far less than 0.001% of the overall population but since 65% population is of age below 35 the potential of acceptability is tremendous because of the young population.

I’m not sure about bitcoin’s popularity but we are now adopting cashless fiat transactions on larger levels using digital wallets (eg –freecharge, paytm etc) and that’s similar to bitcoin transactions so again, it’s an advantage for us.

Since PayPal has restrictions in India (we can’t send funds using PayPal unless credit card linked to the account and any balance we receive is auto withdrawn in the bank account associated with the account) so bitcoin could take place of PayPal.

At this moment not many businesses (other than bitcoin companies) accepting bitcoin in India, the awareness of cryptocurrencies is limited to IT sector employees and technology enthusiastic and some bloggers.

[Slark]

Awesome guide. I want to thank you especially for that Quick Tips about Scams and How Not To Get Scammed information.

Seeing how you seem to be a seasoned trader I have a question: have you ever been scammed or have you noticed that someone is about to scam you?

[waterholeIO]

Awesome guide. I want to thank you especially for that Quick Tips about Scams and How Not To Get Scammed information.

Seeing how you seem to be a seasoned trader I have a question: have you ever been scammed or have you noticed that someone is about to scam you?

Hi Slark, thank you for the kind feedback. I have actually been scammed several times and so I was forced to develop methods to counter and prevent future scams, as well as trying to think like a scammer in order to see what possible methods they would try next. For example, as I deal primarily with cash deposits, I had to slowly develop a way to find all the necessary requirements of a legitimate deposit on the receipt. Meanwhile, I learned how to read the codes on the receipt which would correlate with the bank's state, teller of the transaction, and whether it was a cash or check deposit. I have noticed that when people have ill intent in a transaction they will appear either overly friendly or very demanding. Since I have dealt with numerous daily transactions, it was easy for me at the beginning to let slip a few dollars but since then I have become more strict in each and every transaction.

One of the biggest scammer is Fastestcoins which ran a website by pulling in bank accounts from LocalBitcoins' sellers and, using the MIM method explained above, would aim for the sellers (going so far as blackmailing me) and the unsuspecting purchasers on their website. One of my biggest advice is to slowly build up your reputation/repertoire, even though it may take some time. This will allow you to earn the trust as a seller so that even if your pricing is slightly higher than others, your customer service will always trump theirs (that's what we were doing before as we gave mutual respect to our buyers).

[rphk]

Good guide , and very really informative , it gives more details for the person who want transact BTC with banks , like OTC etc . but many countries may not have this feature  i believe , hope there will be more  countries and government will allow bitcoin as legal currency to transact with bank.