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Author Topic: Tips for local transactions  (Read 304303 times)
gregyoung14
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February 28, 2016, 10:18:04 AM
 #201

Thanks for the note here. Really helpful. Precautions as they are, they really are a life saver. Lol
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March 02, 2016, 04:43:53 PM
 #202

Stickied. Great tips for local transactions, and should help to keep new users safe.

Thanks!  ;
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March 05, 2016, 03:42:46 PM
 #203

Thanks for the heads up You have been warned .
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March 10, 2016, 12:53:50 AM
 #204

Great tips. Ive learned a lot from reading this thread.
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March 10, 2016, 01:43:04 AM
 #205

I prefer local transactions

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March 20, 2016, 09:14:38 AM
 #206

thanks for giving this great advise.its really contant all security while local transaction.
its mostly for new users which haven't experience in market.without taking this tips they must can be frauded anytime by someone.

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March 23, 2016, 06:19:55 PM
 #207

Great thread!

I have done a few local transactions using the local bitcoins platform.  I agree with a lot of what's been said.  Just to reinforce or add on to best practices:

1)  If I am doing a big transaction in which I have to bring a few k to the meeting, for the first time:  I get to know the seller as much as I can thru chat.  If the guy (mostly men; met 1 woman) sounds like he is ok, just a bitcoin "enthusiast" (people who want to live under the radar), then I meet. 

2)  First time meets, I always do during the day.


3)  As people have mentioned, I don't recommend wifi.  Use mobile tethering if possible.  If not possible, just use your phone.  If you don't have a phone, which some people don't, localbitcoins has a secret code to ensure that buyers don't get scammed.  Once the bitcoins are released, the secret code is revealed to the seller, who then confirms with the buyer. 

4)  I would suggest to women: bring someone else.  As someone mentioned earlier, strength in numbers.

5)  If you don't use local bitcoins (because of their 1% fee) make sure to use blockchain.info and wait for at least 1 confirmation.  Again, establish a minimum level of trust.

ETC.

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March 23, 2016, 07:17:48 PM
 #208

Great thread!

I have done a few local transactions using the local bitcoins platform.  I agree with a lot of what's been said.  Just to reinforce or add on to best practices:

1)  If I am doing a big transaction in which I have to bring a few k to the meeting, for the first time:  I get to know the seller as much as I can thru chat.  If the guy (mostly men; met 1 woman) sounds like he is ok, just a bitcoin "enthusiast" (people who want to live under the radar), then I meet. 

2)  First time meets, I always do during the day.


3)  As people have mentioned, I don't recommend wifi.  Use mobile tethering if possible.  If not possible, just use your phone.  If you don't have a phone, which some people don't, localbitcoins has a secret code to ensure that buyers don't get scammed.  Once the bitcoins are released, the secret code is revealed to the seller, who then confirms with the buyer. 

4)  I would suggest to women: bring someone else.  As someone mentioned earlier, strength in numbers.

5)  If you don't use local bitcoins (because of their 1% fee) make sure to use blockchain.info and wait for at least 1 confirmation.  Again, establish a minimum level of trust.

ETC.

Those are very good additions to the best practices (especially the bolded ones).  When I started doing local transactions I did not have the ability to tether a laptop from my own phone.  Now I do, and it works great.  It eliminates the need to connect to a "free" wifi and eliminates that possibility of compromise.
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March 28, 2016, 03:23:43 AM
 #209

plus one for this being a great thread with good advice. I have been able to start small with local people before I build a trusted relationship for bigger transactions.
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March 31, 2016, 11:30:49 PM
 #210

I thought of a few more, and this goes for buyers as well as sellers:

- Don't give your cell phone to your trading partner, even if he asks, until he has built up trust.  With that info alone, he could pull some social engineering (con) and take over your phone account, your email account, and even your exchange accounts.  I know of at least 2 people who have had that done to them.  Sometimes it takes a trade or 2 to build up the trust, and even then, you may not want to give out any of your personal info.

- Which leads to another point: make sure you have 2fa on (nearly) EVERYTHING!  Yes, it can be a pita but do it at least for your email account that is tied to any banks, exchanges, and obviously, any bank, exchange, wallet and anything else of value.

-If you do give your cell phone, and you get a text, if it includes a link, use extreme caution.  It could have malware in it.

-Don't use whatsapp to talk or even text with your trader.  He could send a phishing link or invitation and hack your phone/computer.  Other apps to avoid: skype, teamviewer, etc.  Where there is an app, behind the scenes is a hacker.  Don't be tempted to make trade easier by using an app like skype to arrange a meeting.

That's all I can think of for now!

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April 01, 2016, 04:17:49 AM
 #211

You know I did not know all this precautions were necessary in local transactions, maybe because I live in a third world country. Sad
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April 01, 2016, 07:07:57 AM
 #212

you must check their feedback before starting transaction

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April 03, 2016, 01:39:05 PM
 #213

- Don't give your cell phone to your trading partner
I assume you mean "cell phone number", right? I would never give my phone.
If you're afraid to give your number, get a prepaid burner phone. Here I pick up a prepaid cheap Samsung phone including credit for 10 euro, and the battery lasts for weeks. This way you keep your personal number private.

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April 05, 2016, 01:49:03 PM
 #214

I was writing this as a reply to someone else's topic and it got kind of lengthy, so I decided to make it into a topic instead.

The intention of this topic is to help new buyers and sellers in the BitCoin community who are looking to meet up and trade locally. I've done a lot of local trades and sales over the years, so I'm hoping that my experiences can help beginners by giving them ideas on how to trade safely. For this purpose I've separated my advice into three sections: meeting for trades, advice for buying, and advice for selling.

I've tried to format everything in a clear and concise manner to make this topic more readable. I'm open to suggestions for edits and additions to help make this guide as useful as possible.

Hope this guide helps anyone looking to start trading locally!

Note: Some names/locations I mention are US based, so I apologize if they're irrelevant for your location. The theories behind this topic should be fine regardless of country.



Meeting:
There are three main things I look for in meeting places:
  • Public Location - Are there plenty of people around?
  • WiFi Access - Is there free or cheap public WiFi access in the area?
  • Security - Are there security cameras or security guards in the area?

Public Location:
Public locations are like Local Trading 101: it is always better to meet in a public place. Scammers and muggers are a lot less likely to try anything with witnesses around. You can usually find these people early on by simply requesting a public meeting place: they want to meet their victims alone.

WiFi:
Places like McDonalds, Starbucks, Barnes & Noble, and many local coffee shops offer free WiFi access. A lot of hotels offer WiFi as well, but usually not for free or to non-customers. Bring a laptop or tablet with you if you have one so you can check transaction details and confirmations. Depending on what you're buying/selling/trading, having a computer to do some last second research on item values can never hurt if you're worried about getting the short end of the stick.

Security:
A location with security cameras adds an extra layer of security to a trade. If the other party does get away with stealing from or scamming you, you'll have physical evidence in a recording that can help the authorities track the offender down and bring him to justice. Security guards can help set your mind at ease if you're concerned that you might get mugged: muggers are a lot less likely to rob you if there's a guard with a gun a few yards away. A guard can easily step in and save you if a mugger does start attacking you.

My personal recommendation would be to meet at a mall, if there's one in your area. Malls have tons of security measures to help protect you as you make your trade, and many malls have WiFi access across the entire property: there's a good chance that one of the mall's stores has WiFi access even if the mall itself doesn't. Banks are a good choice too: banks have great security, and some bigger banks have WiFi access as well.

Buying:
There are three things I want to cover about buying in-person:
  • Reviewing Your Purchase
  • Paying with BitCoin
  • Paying with Cash

Reviewing Your Purchase:
For buying items, remember that there's a lot you can't tell about something just from pictures. Make sure to look the item over carefully and make sure everything is in working condition/described condition before you pay the seller. A seller who is unwilling or nervous about letting you check out an item may know something about the item he doesn't want you to find out. It's a good idea to meet during the day or in a well lit area so you can see everything clearly. Don't be afraid to ask questions if anything feels off and don't feel obligated to complete a sale you're uncomfortable with.

Paying with BitCoin:
One of the easiest ways to pay in BitCoin in person is with a mobile wallet app from a smartphone. Blockchain a mobile wallet app for Android and iOS. It's an online wallet, so I wouldn't recommend it for long-time storage: strictly transactions. Once I know how much I need to pay for an item I put that much in the wallet, and maybe 1 or 2 BTC more just in case there's a last second price change, and when I get home I immediately transfer any leftover funds to a more secure wallet. Blockchain works the same as any other client: enter the seller's payment address and the amount of BTC for the sale to send payment. Blockchain also has a QR scanner built in if the seller has a QR code address.

As a side note, I use an iPhone and Blockchain is, to my knowledge, the only wallet app for iOS without jailbreaking your phone. I have no knowledge about jailbreaking or Android apps for alternatives to Blockchain, but you can always do your research here on the forum or on the BitCoin wiki to find an app that works for you. You can also use your laptop, if you have it with you, to access your wallet and pay the seller. I recommend creating a brand new wallet for the transaction, especially if you're the paranoid type. Better safe than sorry, right? Wink

Paying with Cash:
This section focuses on buying BitCoins. One of the more common OTC transactions is buying BitCoin with cash. If you're buying BTC, you need to give the seller a payment address to receive your funds. You can use your mobile wallet to receive the funds, which you can then transfer to a safer wallet when you get home, or you can write down or print out a wallet address for the seller to send the BTC to. If you do the latter method, make sure to confirm the transaction before you part ways: use a laptop to check your wallet and confirm the payment or have a trusted friend/family member monitor the wallet and contact you with confirmation of the funds.

Selling:
There are a few things to review for sellers:
  • Terms of the Sale or Trade
  • Accepting BitCoin Payment
  • Accepting Cash Payment
  • Other Forms of Payment

Terms of the Sale or Trade:
If you and the buyer have agreed to the terms of the trade ahead of time (as in what is being sold and for what price), I recommend printing out a copy of the agreement or correspondence (emails, forum posts, etc.). I've had experiences where the buyer tries to change the deal at the last minute or claims that I agreed to a lower price for the sale. Printing out what you offered and he accepted will back you up and help you get the price you asked for. You can also take a picture of these correspondences with your phone or digital camera if you don't have a printer, or use a laptop/tablet to bring them up if WiFi access is available.

Accepting BitCoin Payment:
Write down or print your payment address and bring it with you: I also recommend having a QR code address printed for buyers who use mobile wallets. Make sure you have a way to confirm payment before you part ways with the buyer. Use a laptop/tablet to check on the transaction for confirmations as well as affirming that the buyer paid the correct amount. You could also have a trusted friend/family member monitor your wallet and contact you with confirmation if WiFi is unavailable. Mobile app wallets may be able to confirm transactions on the spot, negating the need for WiFi access and a computer if you have a 3G/4G phone: the Blockchain app I mentioned can do this for you.

Accepting Cash Payment:
The main concern with cash payment is counterfeit bills. Most banks and retail locations keep special markers at the registers that can show if a bill is real or counterfeit. Here's an example on Amazon. These markers are a cheap investment if you're worried about receiving counterfeit money. I've also found them at office supply stores like Office Depot and Staples for around $5-$15. Keep one in your pocket and mark the bills before you finish the sale. Make sure you explain to the buyer what you're doing so they don't freak out on you: I've had that happen before.

Other Forms of Payment:
The are two things to remember about alternative forms of payment: one; try to agree with the buyer ahead of time about the use of non-cash/non-BTC payments, and two; do your research on the payment method to make sure you know what you're getting and how it works (and how easily, if possible, it can be forged or reversed). This forum is full of warnings about certain payment methods for good reason. BitCoin purchases seem to be the bigger targets for chargeback fraud, so keep yourself educated when you're selling BTC in person.

There is one final warning I would like to give in this section: do not accept personal checks. One of the first in-person sales I ever did was for a personal check ($450), and I'm sure you can guess how that went simply by the way I've brought it up. Another check sale a few months after that one was paid for with a stolen checkbook and I had police show up at my house asking about the sale so they could find the guy. If you absolutely must accept a sale by check, I would recommend completing the sale at a bank so you can cash the check on the spot.

Other Tips:
This section is for good advice submitted by other posters. Thanks for your contributions!
  • Make sure to specify your expectations in advance. Confirm the time and place of meeting and make sure that both parties have everything on hand to complete the sale or trade. ~ Stephen Gornick
  • Strength in numbers: bringing along a second person can be an excellent source of additional security and protection. ~ Vernon715

thank you very much his contribution helped me a lot.
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April 06, 2016, 06:43:18 AM
 #215

Thank you for the awesome guide! Smiley
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April 09, 2016, 06:51:33 PM
 #216

- Don't give your cell phone to your trading partner
I assume you mean "cell phone number", right? I would never give my phone.
If you're afraid to give your number, get a prepaid burner phone. Here I pick up a prepaid cheap Samsung phone including credit for 10 euro, and the battery lasts for weeks. This way you keep your personal number private.

Yes, I mean't cell phone number

Good point about the burner phone.  Once you give your cell # to someone, there is no taking it back unless you get a new number.  You may get people texting you in the middle of the night.

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April 13, 2016, 04:52:26 AM
 #217

- Don't give your cell phone to your trading partner
I assume you mean "cell phone number", right? I would never give my phone.
If you're afraid to give your number, get a prepaid burner phone. Here I pick up a prepaid cheap Samsung phone including credit for 10 euro, and the battery lasts for weeks. This way you keep your personal number private.

Yes, I mean't cell phone number

Good point about the burner phone.  Once you give your cell # to someone, there is no taking it back unless you get a new number.  You may get people texting you in the middle of the night.


I'm new to this, but if I have phone specifically designated to BTC sales/trade. Why would that be a bad I? Sure you get calls in the middle of the night. But what else would be a risk ? Thanks
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April 15, 2016, 05:13:05 PM
 #218

Thank you for the very informative thread, you helped us knowing the safest method for transactions.
Almost important things that we should know was included.
I would recommend this every time makes a transaction.
I just doubt the outdoor free wifi such as in mall, stores and etc., because there is the possibilities that it may not have the access to the internet and yet limited. So better don't forget the main use of mobile phones of course with data, and laptop if really needed.

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April 29, 2016, 03:14:29 AM
 #219

Those are all very good tips and I'm taking note of them if and when I have a transaction done via meet up. From where I come from, there are banks that don't allow you to use your mobile phone while inside their premises, so the better option for me would be the mall where I'd feel safer and more secured.
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May 04, 2016, 09:21:56 PM
 #220

As someone who has done hundreds of local trades across Indiana, Kentuck and Ohio I have a few suggestions.

An alternative to localbitoins and their fees is Mycelium android app. It has a local trader feature that is easy to set up and doesn't charge any fee. The transaction is a lot faster than the blockchain also.

A good place to meet is in front of police stations. Many local police stations offer "safe zones" for meet/transactions. I have never had anyone ask but if I did I would just say I was trading with someone I met on Craigslist since I do get some clients there. Here is an article about it.
http://www.npr.org/2015/03/27/395586863/police-departments-open-up-safe-lots-for-craigslist-transactions

Another good place is Panera. Well lit, open late and the booths are good for being discreet but still in public.

If you are doing a large trade make sure you bring something to put the cash in. I use a small deposit bag from my bank. Before that I used a priority mail envelope from the USPS.

Some people like to pay with USPS money orders which I am fine with. Takes me a little longer (2 days) to turn back into bitcoin but its easier to count and I don't have to worry about carrying all that cash around.

Last thing about trades is make sure you use a counterfiet and UV marker. I haven't had an issue with fake bills from a bitcoin trade but I did get a few when I sold a car on Craigslist.

I sell Bitcoin for cash, money orders, Paypal and more. If interested contact me at www.844bankbtc.com (please, do NOT send PMs)
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