Tips for local transactions

[junmisakiro]

This is an old post from 2013. Who is still doing in-person cash transactions and how are you doing them? I have not done an in-person Bitcoin transaction before but I have P2P using Cryptolocally. They also offer a non-custodial escrow service for cash in person. Id be interested to know how you conduct in-person cash transferss now 

People are still doing them through so many p2p trading platforms like localbitcoins and localcryptos that will act as their escrows, especially if they are from the same city. Let's say some want to buy Bitcoin in exchange for cash. If you are from the same city, you can open a trade and the Bitcoins go into an escrow. You go meet the person who then gives you the cash, and then you release the Bitcoins

I appreciate your perspective on local transactions using peer-to-peer trading platforms like local bitcoin and local crypto. The utilization of an escrow system in these transactions enhances user security. For instance, if you wish to purchase Bitcoin with cash, you can initiate a trade and place the Bitcoin in escrow. Subsequently, you can arrange a meeting with the buyer and collect the cash payment. Upon receiving the cash, you can release the Bitcoin from escrow. This method facilitates secure and convenient transactions, particularly when both parties are in the same city.
However, I would like to provide an alternative viewpoint. Despite the additional protection offered by the escrow system, there is still a risk of fraud or dishonest transactions. There may be situations where the individuals you meet fail to honor their commitment of providing cash after receiving Bitcoin. Thus, it is crucial to conduct meetings with trustworthy individuals who have a reputable background. Exercise caution and prioritize personal safety when interacting with unfamiliar individuals. It is advisable to select a secure location for meetings and transactions.
Considering these potential drawbacks and implementing appropriate measures is vital in minimizing risks associated with local transactions.

[Emma34]

Thanks for the helpful tips! You're absolutely right — finding a safe and trusted place to trade BTC for cash is super important.

I've actually been wondering if there are any better alternatives to LocalBitcoins. Honestly, every time I use their service, I feel like I'm getting ripped off. The 1% fee is pretty steep, and on top of that, they hold back extra funds for network fees, which just makes it worse.

Are there any other platforms or trusted communities where people meet and exchange safely without losing so much in fees?