Things I should know about localbitcoins?

[joeyjoe]

I am looking to trade some bitcoins today for cash on the site.

I am a new member, and never done cash transactions before. Is it safe?

Also can I trust members with 100+ 100% feedback to do a bank transfer to my account / paypal?

Just had a long and bad experience with mtgox.

[aninterestedparty]

I did a transfer on Local Bitcoins a couple of days ago and it worked fine. I suggest that you require that traders submit a picture of government-issued ID when they purchase for the first time (or if they have a low number of trades). That way, if the funds get frozen by your bank you'll have some evidence of the fraud.

Buying the coins with cash should be safe but I suggest you follow the guide https://localbitcoins.com/guides/cash-exchange-howto on their website on how to conduct the trades safely.

Also, just because I'm curious, what happened on Mt Gox?

[joeyjoe]

Mt Gox let me deposit bitcoins, but couldn't withdraw them without ID. Fair enough (maybe), I spent over a week submitting government issued documents, which they kept declining as valid.

In the end, after 15 - 20 emails, they accepted a picture of a printed copy of an internet bill. Something I could have typed out myself.

They really didn't want to give me my bitcoins.

[aninterestedparty]

That's pretty shitty. Glad you got the coins in the end. I had to close my Mt Gox account because they don't let people under 18 get an account, and I couldn't be bothered whipping out Adobe Photoshop to edit my Driver's License

[joeyjoe]

They work in odd ways. The proof of address I ended up giving them was even for a different address. Didn't seem to bother them.

[Shallow]

Yeah local bitcoins has worked so far for me, just make sure to conduct any face to face deals in public so you don't get mugged.

[joeyjoe]

Yeah local bitcoins has worked so far for me, just make sure to conduct any face to face deals in public so you don't get mugged.

I done the deal, all went fine. Kinda hard to count £1000 in a very public place, was more worried someone else was going to mug me, not to mention it looked like a drug deal.

[aninterestedparty]

Yeah local bitcoins has worked so far for me, just make sure to conduct any face to face deals in public so you don't get mugged.

I done the deal, all went fine. Kinda hard to count £1000 in a very public place, was more worried someone else was going to mug me, not to mention it looked like a drug deal.

You can get around that by just announcing at the top of your lungs "THIS IS NOT A DRUG DEAL". That should keep your £1000 safe

[forevernoob]

What's it like trading face to face?
Do you have to wait for six confirmations?

And what's to stop a guy from just taking the cash and running away?

[Samir_H]

I done the deal, all went fine. Kinda hard to count £1000 in a very public place, was more worried someone else was going to mug me, not to mention it looked like a drug deal.

I don't know why but once I had a same feeling. Never used drugs so it must be because of movies

@forevernoob
First confirmation is enough, no way back so no need to wait all six.
Don't go alone if it's bigger amount.

[forevernoob]

@forevernoob
First confirmation is enough, no way back so no need to wait all six.
Don't go alone if it's bigger amount.

Sometimes 1 confirmation can take a few minutes. Kinda of awkward having to wait around I would think.
Do you up the TX fee or how do you deal with this?

[joeyjoe]

Well he had like 3000+ transactions with 100% feedback. I guess if he made a runner, I could just set up another deal as someone else.

Also, I transferred direct to his address. He didn't seem to care about checking it, but I insisted anyway. Checked block chain, even though it had 0 confirmations, he was happy enough. His balance was 1600btc+

I bet he is even more happy that the value has now gone up by £300 in the 3 days!

[AndrewWilliams]

Best to go with a friend.

Always meet in a public place, especially one with many security cameras.