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OmegaCollector (OP)
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June 27, 2015, 02:06:10 PM |
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Hypothetically speaking, if I wanted to buy 10 bitcoins for $240 US each ($2400 US), what would be the best way of paying for them? Wire Transfer? Perfect Money? And this is the type of thing I would want to use escrow for, right?
How long does escrow take - is it instant on both parties completing the trade? I assume the coins would get sent to the escrowers wallet, and the money sent to the escrowers account, and when both parts were complete, the escrower would send them on to the new owners.
Can I use escrow with people not on this forum? If I go to an exchange, can I insist the seller of the bitcoins use escrow?
This will be a long term thing, so I need to understand it thoroughly if I'm to do it.
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Squilly
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Activity: 36
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June 27, 2015, 02:19:57 PM |
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I have 3 BTC I'm looking to sell, but suggest Western Union or similar.
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Blazed
Casascius Addict
Legendary
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Activity: 2128
Merit: 1119
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June 27, 2015, 02:32:51 PM |
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Hypothetically speaking, if I wanted to buy 10 bitcoins for $240 US each ($2400 US), what would be the best way of paying for them? Wire Transfer? Perfect Money? And this is the type of thing I would want to use escrow for, right?
How long does escrow take - is it instant on both parties completing the trade? I assume the coins would get sent to the escrowers wallet, and the money sent to the escrowers account, and when both parts were complete, the escrower would send them on to the new owners.
Can I use escrow with people not on this forum? If I go to an exchange, can I insist the seller of the bitcoins use escrow?
This will be a long term thing, so I need to understand it thoroughly if I'm to do it.
How long the deal takes really depends on the payment method. Escrow is a must when doing deals here so even if that adds some time to the deal it is worth it. Escrow does not quite work that way for your type of deal so let me explain: The seller sends the BTC to the escrow - wait for escrow to confirm he/she has them After escrow confirms coin you send payment to the seller Seller confirms payment and the escrow releases to the coin to you. *most people here will only use known forum escrows* Most sellers charge different prices depending on your payment method. Edit: -> https://bitcointalk.org/index.php?topic=1040193.0 |
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xmaxbit
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June 27, 2015, 03:22:01 PM |
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You can buy it from any exchanger and its not hypothetical , escrow will be a good option too . I think staffs of this forum should authenticate escrows on whom they could trust the most .
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secone
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June 27, 2015, 03:25:50 PM |
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Try localbitcoins it is faster.
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OmegaCollector (OP)
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June 27, 2015, 03:28:29 PM |
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Try localbitcoins it is faster.
I looked at localbitcoins, but the prices are very high. I'm in Canada, and the exchange rates change so much it's complicated. If I need the coins, I want to get some of them on this forum. But I don't know yet if I need them, I'm just getting prepared in case. |
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monbux
Legendary
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Activity: 1736
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June 27, 2015, 04:11:33 PM |
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Try localbitcoins it is faster.
I looked at localbitcoins, but the prices are very high. I'm in Canada, and the exchange rates change so much it's complicated. If I need the coins, I want to get some of them on this forum. But I don't know yet if I need them, I'm just getting prepared in case. Are you looking to pay in USD or CAD, then? Have you ever thought of actually meeting up with someone and trading - cash for bitcoin? It depends, where do you live in Canada? |
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Quickseller
Copper Member
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June 27, 2015, 05:18:50 PM |
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The best way to pay for them would be in a non-reversible payment method. A cash deposit is going to be the quickest way to get the money to the seller, and should cause the seller to release the funds from escrow quickly.
Your other options would include wire transfer-like services like Western Union, money gram and other similar services. The cost to use these services will obviously be greater then a cash deposit, however there will be a paper trail involved which is good if that is what you are looking for.
For a deal that size you will almost certainly want to use some kind of escrow service, as the small cost of using escrow is much less then the risk of getting scammed outside of escrow.
The escrow process would be that the seller would send the amount of bitcoin being sold (plus the escrow fee) to the address that the escrow tells both parties, and once you can confirm the funds have been confirmed, you send the fiat to the seller. Once the seller confirms receipt of the fiat, he will instruct the escrow to release the funds to you, at which point you should provide an address for him to send the bitcoin to. In the event of a dispute, the escrow should listen to both sides as well as gather evidence from both sides as to what happened. The escrow would also want to attempt to mediate the dispute so that all parties agree to a resolution prior to taking action that both parties do not agree to
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cointell
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June 27, 2015, 05:47:34 PM |
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I looked at localbitcoins, but the prices are very high. I'm in Canada, and the exchange rates change so much it's complicated. If I need the coins, I want to get some of them on this forum. But I don't know yet if I need them, I'm just getting prepared in case.
Put up an ad with your price and wait for offers. I recently put an ad on localbitcoins to buy at $240 (usd). It took about a week to get 10 bitcoins. |
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noel57
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June 30, 2015, 09:48:14 AM |
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The price of bitcoin as at today have gone beyond $240, but if you want to buy from an exchange at current price, you can fund your account using wire transfer or perfect money as you asked in your thread and buy directly, this will keep you safe from scammers and you will not have to pay for escrow.
I suggest btc-e dot com trading platform.
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nieninja53
Member
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Activity: 280
Merit: 10
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April 26, 2018, 08:02:13 PM |
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It is good idea to buy bitcoin because its price will go up again in near future and it will provide you the great future and this is the good thing do if yoyu wants to buy bitcion that’s good thing to do,
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Awesomus Maximus
Member
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Activity: 392
Merit: 66
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April 27, 2018, 09:57:27 AM |
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Once the seller confirms receipt of the fiat, he will instruct the escrow to release the funds to you, at which point you should provide an address for him to send the bitcoin to.
Maybe I will go slightly off topic here, but I'm curious. What happens if you buyer sends fiat money to the seller, but the seller doesn't want to confirm that they got it? And even more now the seller wants their BTC back from the escrow. In what way is the buyer protected? |
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newbie-hero
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April 28, 2018, 10:59:38 AM |
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It is good idea to buy bitcoin because its price will go up again in near future and it will provide you the great future and this is the good thing do if yoyu wants to buy bitcion that’s good thing to do,
I think we had to use the best time for it - buy Bitcoins when the market was bleeding. However, you can still do it: BTC will be gaining further and further. |
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