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Author Topic: Tips for local transactions  (Read 306011 times)
detkhobut
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May 15, 2016, 08:36:36 PM

This is an excellant post as I am just starting to become interested in bitcoins and all information will be usefull
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Davnarkel2
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May 17, 2016, 01:33:16 PM

Thank you so much! A very useful and valuable information.

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VerdinaNET
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May 26, 2016, 04:28:55 PM

Great post! Thank you for sharing with us.  Smiley

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TommyBitcoin
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May 29, 2016, 02:55:47 AM

- 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

Until you trust someone, and even then, your cell phone number can be used as part of social engineering (con) to gain control of your accounts.  For example, a trader I know got his localbitcoins account hacked via social engineering. The scammer had the guy's cell number among other info, like where he went to college, etc.  With some of that info, the scammer took control of the victim's email account and it snowballed into owning the LBC account.  It lasted only a couple of days, but some damage was done.

Honestly, if you are the type of person who doesn't buy too often, say once a week or month, I doubt anyone will do anything harmful with your phone number.  If on the other hand, you are a big trader, you could be a target of a scam.  It also depends on how anonymous you want to be.  I know someone who is constantly selling to many different traders.  I have bought from him a couple of times and still he prefers to message me through LBC.

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BigBos
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June 10, 2016, 04:02:55 AM

lots of good tips were written here, and maybe that can be used in local transactions are gathering, security, and in a crowded place, I think it would make the transaction more secure
onlinelife
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June 10, 2016, 09:36:19 AM

Really thank I needed it now!
rachana031
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June 13, 2016, 06:28:00 AM

You must verify ID of your transaction partner before making a deal  Kiss

Text
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June 15, 2016, 08:03:46 AM

Alright valid ID's is important too, you should know who you are making a transaction with. It brings a high chance to avoid scam and thief.
I got more knowledge here that I could apply  this for myself. I believe, we are safe for knowing about this.

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Sorrowfox
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June 17, 2016, 05:43:22 AM

If you gonna join a local transaction it must be a meet-up
Its Sure than making online transactions Smiley
Just a piece of advice but i think you dont want because i think many people here want to hide their true identity so they dont want to meetup transaction but if they want less risk theyll do that
ausbit
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June 19, 2016, 02:19:04 PM

If you gonna join a local transaction it must be a meet-up
Its Sure than making online transactions Smiley
Just a piece of advice but i think you dont want because i think many people here want to hide their true identity so they dont want to meetup transaction but if they want less risk theyll do that
Yes, most of the people want to hide their true identity, it is much safer to meet-up and do a local transactions.
Therefore you are risking a less vulnerabilities if the above presentation followed.

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June 27, 2016, 11:37:58 AM

Very Informational thread for new traders to trade with some good tips.

Commodity tips
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July 05, 2016, 03:24:52 PM

I think it's best for a local transaction is to do some public meet up on a public crowded place like malls or other places that is popular and easy to reach. But if you don't want to do meet up, it will be best if you ask for valid infos like real name,address, and don't forget to ask some valid IDs so if he scam you, you could easily track him down using his valid info.

hermanhs09
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July 11, 2016, 02:09:37 PM

Hm...
If there would be someway to tip people with bitcoins,at the shops,
i would probably send them some every day haha Cheesy
for example,the people working there could give me some way to do it,i could give them a tip for a good service.

Text
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July 13, 2016, 12:53:41 PM

You misinterpret the title especially the word "tips". The tips that is referring here is the advice not the tip (gratuity) we are giving to the person that serve us. I suggest you read first the original post for this thread before posting

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rubberman
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July 13, 2016, 10:17:49 PM

Verry nice tips!  Grin

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checkmatesir
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July 15, 2016, 10:53:51 AM

Thank you as this is very helpful and intuitive. It helps a newcomer like me understand the loops.
damar09
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July 16, 2016, 04:10:37 PM

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.

Fantastic info, thank you for providing this.

Personal safety does need to be top of mind, as is also emphasized on ShadowLife's post:

Quote
Once you received the money, you have to make sure that you don稚 leave the protected public places with the money to avoid getting robbed after the deal
- http://shadowlife.cc/2012/11/secure-and-professional-bitcoin-otc-exchanges

I haven't completed all that many in-person trades myself but more than once now I have been asked to sell for cash an amount of bitcoins larger than any amount I would be selling by myself.  But had I previously gotten in contact with other traders in my area a larger trade amount probably could have been arranged since that would allow me to have to trade only up to my personal max level and then also there would be two or more of us present when the cash traded hands.

As far as buying bitcoins from an untrusted stranger, the risk of double spending (due to either a Race attack or a Finney attack) is significant enough to require at least one confirmation (or a Green address transfer or a service such as a LocalBitcoins "Transaction" where the funds released to the buyer would always be already-confirmed funds).

One challenge with in-person trading is with communications and coordinating the meet.  Unless you are already planning on spending a couple hours at a coffee shop or wherever, make sure to specify in advance your expectations otherwise you'll often be stuck waiting for your trading partner to show, oftentimes in vain.

For a recent trade the buyer arrived on time but he needed to get cash from an ATM.  It was only then that he learned that his bank account has a low maximum daily withdrawal amount, leaving me holding more bitcoins (and less cash) than I had planned.  Had I confirmed that the buyer had cash in-hand before even setting a meeting time and location is something that would have saved me time, money and the resulting headache.

[/quote<a href=https://bitcodaily.com/?ref=Damar09><img src="https://bitcodaily.com/images/300x250.gif" width="300" height="250"></a>

1Cz
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August 12, 2016, 06:56:21 AM

I highly discourage public WiFi...despite what most of these so called security expert clowns would have you believe the simple fact that a website uses HTTPS alone is not enough to shield yourself from someone capturing packets (assuming they know what their doing). I have a data plan phone too, but WiFi works a lot quicker. Anyways, it seems like you value privacy in your transactions, which is fine. As long as you feel safe in your trades, go with what's comfortable for you.
capoeira
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August 14, 2016, 11:01:27 PM

I want to sell a bigger value localy.
I was thinking about in a bank, but I have one problem:
What if the person doesn't show up in the bank, waits for me to come out, and than kidnaps me on the street to steal my coins?

mo122
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August 17, 2016, 10:45:10 AM

How can I get this more secure wallet.
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