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Author Topic: Tips for local transactions  (Read 304305 times)
fantasyMarket
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September 15, 2017, 03:00:30 PM
 #321

What volume of BTC do you suspect trades hands in person on a daily basis?
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BitcoinBallerina
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September 16, 2017, 03:56:44 PM
 #322

What volume of BTC do you suspect trades hands in person on a daily basis?

In person, not much. Bitcoin is mostly being used as a store of value right now. Once it gets to the medium of exchange stage that's when we're really going to see p2p txns take off.
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September 16, 2017, 03:59:45 PM
 #323

From past few days Bitcoin price is fluctuating badly.
Its not safe to invest money on bitcoin for short term. If you are planing for a long term than you can buy now maybe around $4000.
Since Bitcoin price is going down and because of it price of all other crypto currencies will fall down and those of you who are keeping there whole money in crypto will face a huge loss, so better convert all your money into Tether (USDT) since it is the only one stable in the whole crypto currencies world.
   

Tether is great for being stable yes, but that's it's use case. BTC's is sound money and is aiming for the worlds reserve currency spot so you want to be holding your $ in BTC when price increases.
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September 16, 2017, 04:02:21 PM
 #324

Very interesting post. I will keep it in mind for my first sells. Hope I will not get scammed.

If you have to hope you will not get scammed, you will most likely get scammed. Just get comfortable buying and holding BTC for them long term.
fantasyMarket
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September 16, 2017, 05:07:54 PM
 #325

Thanks for the detailed reply / information. Much appreciated.
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September 17, 2017, 05:32:19 AM
 #326

That's for local transaction I guess. It's quite good to sensitive people about online scam and how to trade safely online. Nice one

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patrik1012
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September 22, 2017, 03:36:14 PM
 #327

Can I just use the localbitcoins? There are many buyers and sellers their and they must be verified before they can trade? What do you think guys?

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Daniel Alexander
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September 23, 2017, 06:28:17 AM
 #328

Thumbs up for this! a thread that is helpful in local transactions, I think the first thing a person to do if he/she
is the buyer is look for the level of trust of the vendor, the vendor should do the same as well, they both need
witness or a bodyguard if the going get tough! that is  Grin

I am a newbie to bitcoin and trading. Have you heard about Paycent ICO (https://www.paycent.com)? The whitepaper and website look promising.

Paycent
BRIDGING THE GAP BETWEEN CRYPTOCURRENCY AND FIAT
WHITEPAPER | LINK TO DISCUSSION | Pre-ICO: October 12, 2017
Marileno
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September 23, 2017, 04:47:46 PM
 #329

localbitcoin works a treat for me. i move around the world alot and selling BTC for transfers into my accounts within that country are easy and fast using that platform. Have never swapped for cash as i dont see the need to take any additional risk.
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September 23, 2017, 04:55:31 PM
 #330

Can I just use the localbitcoins? There are many buyers and sellers their and they must be verified before they can trade? What do you think guys?



Exactly! Great platform and there are many traders on there with over 1K transactions and 100% ratings.
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September 27, 2017, 01:38:25 PM
 #331

LocalBitcoins, one of the main bitcoins trading platform, has announced that it will compensate its users for the hard fork related to the creation of Bitcoin Cash on August 1st.
The compensation model announced by the company is a response to the numerous requests to support Bitcoin Cash in the buying and selling platform. However, LocalBitcons decided not to support Bitcoin Cash, according to the announcement of September 25, 2017.
The procedure taken by LocalBitcoins is to credit its users with the same balance in bitcons at the moment of the bifurcation. In this sense, LocalBitcoins sold all BCHs and exchanged them for BTC, distributing the funds among the users who kept a Bitcoin balance in their accounts when Bitcoin Cash was created.
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September 29, 2017, 05:57:28 AM
 #332

I'm fairly new to Bitcoin. I am planning on meeting this Bitcoin seller in my area that I found on Localbitcoins. I'm not quite sure about the process, so I'll describe how I plan on having this work.

I will bring a couple thousand cash into a coffee shop where we plan on meeting. I'll ask him for more details on this process and we'll get some coffee. I'll show him a QR code of my wallet address to which he can send the Bitcoin. I will give him the cash and have him send me the coin. I will connect to the coffee shop wifi on my laptop to check my Desktop wallet to see if he has deposited the Bitcoin. Once the coins are released from escrow, we will leave the coffee shop and go on with our lives.

Does this sound reasonable? Is this a sketchy way of doing things? How is it normally supposed to work?
Burks
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September 29, 2017, 10:14:58 AM
 #333

I'm fairly new to Bitcoin. I am planning on meeting this Bitcoin seller in my area that I found on Localbitcoins. I'm not quite sure about the process, so I'll describe how I plan on having this work.

I will bring a couple thousand cash into a coffee shop where we plan on meeting. I'll ask him for more details on this process and we'll get some coffee. I'll show him a QR code of my wallet address to which he can send the Bitcoin. I will give him the cash and have him send me the coin. I will connect to the coffee shop wifi on my laptop to check my Desktop wallet to see if he has deposited the Bitcoin. Once the coins are released from escrow, we will leave the coffee shop and go on with our lives.

Does this sound reasonable? Is this a sketchy way of doing things? How is it normally supposed to work?

Hey bro.I think your transaction type sounds good.But be aware of the scammers and smugglers,only meet the traders on the public places.it is highly safe and secure of your money.If he is scammer then he don't want to meet you in the public places,if he is accepted the public place meeting thenhe maybe a good trader.And finally you can ask him to transfer the bitcoin to your wallet and make sure that it the transaction was successful and then u give him the money.
VintageBazaar
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October 01, 2017, 02:59:42 PM
 #334

There are many others options, i would never, ever meet in person.

You really need to be able to trust the person, if you live in the same country you can use bank transfer to send the funds, also they could send you a paypal Gift payment (with strictly no mention of bitcoin or any message), start with low ammount, have the seller send you the cash first, then build up trust.

Obviously, as a seller you need to build up a trust rating. 

You can do that here, by offering services and delivering them, like you see on my profile i have a +8 rating for many transaction.
There are websites like Bitrated again to prove who you are and make you more trustworthy.

Then you can join groups, channels and make friends with people who are also trusted and who could vouch for you.

In this day and age and with the price of bitcoin, meeting someone to do a Bitcoin trade is asking for trouble.


usorin
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October 01, 2017, 05:58:51 PM
 #335



related to the local transaction, can you please help me with the specific safety measures so i will not be scammed by all kind of professional bad intended persons?


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barabut
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October 03, 2017, 07:29:12 AM
 #336

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
Great tips for local transaction understanding, thanks for sharing

mavee33
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October 06, 2017, 02:02:47 AM
 #337

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
Great tips for local transaction understanding, thanks for sharing

This abosulutely great!! thanks for great info

IsotopeDeveloper
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October 12, 2017, 06:28:15 AM
 #338

The best way to complete a local transaction would be to initiate a secret pass code. It is important to be very cautious of what software you expose this transactions 
istudy92
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October 12, 2017, 09:00:43 AM
 #339

Its pleasant to earn tips wile performing transactions that are productive . Tips come a long way and come in handy when it comes to it.
miccb
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October 12, 2017, 11:13:37 AM
 #340

I'm fairly new to Bitcoin. I am planning on meeting this Bitcoin seller in my area that I found on Localbitcoins. I'm not quite sure about the process, so I'll describe how I plan on having this work.

I will bring a couple thousand cash into a coffee shop where we plan on meeting. I'll ask him for more details on this process and we'll get some coffee. I'll show him a QR code of my wallet address to which he can send the Bitcoin. I will give him the cash and have him send me the coin. I will connect to the coffee shop wifi on my laptop to check my Desktop wallet to see if he has deposited the Bitcoin. Once the coins are released from escrow, we will leave the coffee shop and go on with our lives.

Does this sound reasonable? Is this a sketchy way of doing things? How is it normally supposed to work?


Hi fellow newbie.
Would you mind sharing your immediate plan after buying bitcoin?
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