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January 21, 2016, 10:47:45 PM |
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Hello, I'm a newbie here and I am trying to get started selling bitcoin at Localbitcoins.com. Several buyers there are paying very handsomely for bitcoin via prepaid debit cards. I just want to minimize my chances of being scammed.
The buyers I am looking at all have great feedback from previous trades so I don't believe these guys are scammers but I'm curious how this works. I did try a search here at this forum to see if there were previous post but I couldn't find any.
If I trade $500 of bitcoin and the buyer is paying around $700 for it on a prepaid card, how exactly does that work? Are they giving me a code that I can put on my card or are they giving me the card number, expiration date and CVV# on the back of the card?
After I release my bitcoin which is in escrow at localbitcoins.com how can I quickly extract the money off of the card in case someone attempts a fraudulent charge back? Should I just use disposable pre-paid cards, immediately take the money off and dumb the card?
I've never done this before, any feedback would be GREATLY appreciated.
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