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Author Topic: Tips for local transactions  (Read 304019 times)
mateo
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July 14, 2013, 04:51:29 PM
 #41

Or: bring a gun if you're afraid of getting mugged.

BTC to the moon!
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Stephen Gornick
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July 19, 2013, 12:07:05 AM
 #42

Just a reminder on the importance of checking for counterfeits.   A cashier at the convenience store knows what to look for and is vigilant with every bill.  Bitcoin traders don't generally have those skills and aren't disciplined enough to consider the possibility that the cash they are receiving could include fake bills being passed to them (i.e., we are green and thus make good targets for counterfeitters).

From another thread:

Afterwards we concluded the trade and I went on my way. However shortly thereafter I noticed 2 of the bills were fake! Now since I didn't check during the transaction I can't prove whether or not the buyer was complicit and had any knowledge of these fake bills but I have learned my lesson and will be investigating bills more closely. They arn't too shabby I definitely could pass them off if I wanted to (though I won't cause I don't wanna screw someone else over) but a simple 30 second investigation would've aroused my suspicions as they both have the same serial and feel slightly different.
DON't MAKE THE MISTAKE I DID CHECK THE BILLS BEFORE RELEASING ESCROW.

There are some tips on detecting counterfeits here:

Counterfeit Bills A Risk For Local Bitcoin Trading
 - http://bitcoinmoney.com/post/36244271879

ngenko
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July 24, 2013, 05:39:27 PM
 #43

Thanks for the tips, this is indeed very important to choose a safe place to trade btc against cash.

I am wondering if there is any other places than localbitcoin to meet exchangers. I have the feeling to be stolen each time I use their service. High exchange fees (1%) and the fact that they reserve some additional money for network fees.

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July 24, 2013, 07:57:10 PM
 #44

http://btcnearme.com/

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July 30, 2013, 01:57:15 PM
 #45


right, but not very user friendly Sad

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July 30, 2013, 08:11:19 PM
 #46

You don't have to use localbitcoins escrow service either. Just do a contact through the site, and the BTC exchange off it.

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August 18, 2013, 04:02:06 AM
 #47

None of the dudes I've met are involved in drugs or any shady stuff, and I tell them all to not bother me if that's their angle.  They're just software developers, ex liberty reserve customers or what not, and almost always a bit on the geeky side.  (lol)

Same as my experiences.  Very tech-smart people.  Very business-smart people.
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September 01, 2013, 10:41:49 AM
 #48

None of the dudes I've met are involved in drugs or any shady stuff, and I tell them all to not bother me if that's their angle.  They're just software developers, ex liberty reserve customers or what not, and almost always a bit on the geeky side.  (lol)

Same as my experiences.  Very tech-smart people.  Very business-smart people.


And they could be smart enough to fool you, so always exercise caution.
Love btc
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September 16, 2013, 12:19:26 PM
 #49

A new  trading platform:https://www.btc100.org
karmazynt
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September 24, 2013, 06:32:09 PM
 #50

Very good topic, but there is one question. For example I want to buy x BTC worth y $, the guy sits next me with notebook and what now? Should he transfer money firstly or I should give him money? In both cases someone can cheat other person.
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September 24, 2013, 08:13:18 PM
 #51

Show/count money, put money under notebook, receive BTC with at least 1 confirmation, let him pick up notebook, then money underneath, and leave.

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September 28, 2013, 06:51:06 PM
 #52

Yes.  Both parties must clearly demonstrate that they have all the cash or Bitcoins in their possession at the start.  If it is a first transaction between the two parties, the transaction can be done incrementally, to lessen the risk to both parties.  For example, if the planned transaction is for 10 Bitcoins, agree to transfer $100 (or some other fraction of the total amount) along with an exchange of the equivalent BTC, and repeat.  It is easier to send fractional BTCs to match an equivalent fiat, than it is to create exact change to match a specified amount of BTC.  Agree on the number of confirmations necessary before proceeding.

If there is ever any hint of deception, excuses, or "change of plans"; leave immediately.  Don't debate or argue.



Stephen Gornick
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September 30, 2013, 06:38:44 AM
 #53

Getting stuck with counterfeit money is a real (and growing) risk:

Quote
Buyer passed me 25 x fake $20 bills at http://localbitcoins.com , defrauded me for $500. Seller beware too, quality counterfeit $20s traded
- http://twitter.com/aantonop/status/384556888974557184


TippingPoint
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October 01, 2013, 07:08:50 PM
 #54

Eight Ways to Spot Counterfeit Money

Most of the counterfeit notes that change hands are computer-generated, which are easily distinguishable from real bills.
http://finance.yahoo.com/news/eight-ways-to-spot-counterfeit-money-181716971.html


rampalija
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November 01, 2013, 08:05:11 PM
 #55

Nice detalied explanation, after i read this i cant make mistake Smiley

Stephen Gornick
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November 10, 2013, 08:20:53 PM
 #56

Certain times of the day carry a higher risk of being robbed or mugged than others.

Quote
"Most of the crimes take place between 6p.m and 3a.m."
...
"A walk along Nairobi streets confirms that mobile money shops operators are not taking any chances with security. Most of them have fortified their shops with metal bars and heavy glass the way commercial banks do."
- http://www.nation.co.ke/lifestyle/smartcompany/Mobile-money-agents-fortify-shops/-/1226/1755372/-/viwl6j/-/index.html

Here's a report by someone claiming to have gotten knocked down and robbed while enroute to do a trade:
 - http://www.reddit.com/r/Bitcoin/comments/1qb0yz

FTWbitcoinFTW
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November 10, 2013, 08:22:45 PM
 #57

Yep but nothing related with the trade.
Just bad timing/place

If we have to notice  every bad things who happend to bitcoiner....

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
it has lots of buttery taste..
Sevvero
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November 19, 2013, 09:59:52 PM
 #58

Just a reminder on the importance of checking for counterfeits.   A cashier at the convenience store knows what to look for and is vigilant with every bill.  Bitcoin traders don't generally have those skills and aren't disciplined enough to consider the possibility that the cash they are receiving could include fake bills being passed to them (i.e., we are green and thus make good targets for counterfeitters).

From another thread:

Afterwards we concluded the trade and I went on my way. However shortly thereafter I noticed 2 of the bills were fake! Now since I didn't check during the transaction I can't prove whether or not the buyer was complicit and had any knowledge of these fake bills but I have learned my lesson and will be investigating bills more closely. They arn't too shabby I definitely could pass them off if I wanted to (though I won't cause I don't wanna screw someone else over) but a simple 30 second investigation would've aroused my suspicions as they both have the same serial and feel slightly different.
DON't MAKE THE MISTAKE I DID CHECK THE BILLS BEFORE RELEASING ESCROW.

There are some tips on detecting counterfeits here:

Counterfeit Bills A Risk For Local Bitcoin Trading
 - http://bitcoinmoney.com/post/36244271879
These were my first thoughts. The fear of trading bitcoins in real life, because why would anyone buy unless they really can't use the internet or have some other motive. Counterfeit cash sounds like it could work as an effective scam.
Relian
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November 30, 2013, 11:25:50 AM
 #59

have had done real time trading before. Its a matter of trust, but doesn't mean you should be naïve! Escrow services are superb for this kind of business!

Bitcoin, a new era!
yasircheema
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December 13, 2013, 10:51:19 AM
 #60

thanks for such a nice tips
i hope that i could be much safe after this.
Thanks

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