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Author Topic: Tips for local transactions  (Read 304964 times)
nanobtc
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March 19, 2014, 02:02:43 AM
 #81

BitOnyx: It doesn't makes sense for you, because you have a smartphone, and can hook it into your bank. At some point, you have to have fiat. Some people don't have a bank. Some people have a bank, but could live in an area where btc is frowned upon. Some people have a bank, but their bank doesn't like bitcoin (many accounts have been closed even when doing nothing 'wrong', because the bank doesn't understand it). Some people live in an area with differing money laundering laws than others, and don't wish to be put under a microscope by anyone.

netbin: If your crypto is on anyone else's computer (like an exchange) then you can't be 100% sure of anything. Their computers could be top-notch, but an unscrupulous employee could empty it all. Long passwords are great to deter intruders, but don't help on an inside job. If it's on your computer, it's 100% up to you. Do you use Windows? Do you torrent anything? Do you visit web sites? Do you have effective malware filtering on your email? Do you follow good security practices? Do you live in a high crime area? Do you have outdated electrical wiring, or a wood stove (burn your house down)? Did you jailbreak your Iphone?

100% security is impossible, but we can eliminate the most likely things. If you use Windows, even though you keep your anti-virus up to date, there are *always* zero-day virii, that are not even known about by your virus profiles. If you are being security conscious, you should not let anyone (wife, kids, friends) use it that is not on your wavelength of taking care of things use your computer.

Unless you are a high-power day trader (and you are probably not) there's no reason to keep much fiat or crypto on any exchange. Offline cold storage with distributed backups is the safest way to hold your crypto.

Coinbase is to be commended for Americans, they have had to comply with AML/KYC laws for all 50 states. They are a convenient way to buy with ACH transfer, but only keep a small amount on there to buy things, or give/sell to friends/family, and move the rest off. They have an easy SMS method to buy, sell, send and check your balance, that works on any phone, and doesn't require you to install anything.

Good practices are using strong passwords for your crypto that you do not use anywhere else! Don't use that favorite one you use because it's easy to remember. Don't make your passwords any phrase from any book/song/movie/play. Dictionary attacks will try every word there is. There are attack dictionaries of song lyrics, movie quotes, Star Trek lines, and everything else. Pick a phrase that only means something to you, "When I was a kid, there was always SOMETHING I wanted to be older for."  Use the first letter of each word, and the punctuation, making it WIwak,twaSIwtbof.   and throw in a shift 567 (making %^&) at the end. Of course don't use that phrase, because this is public...

That's long enough, and random enough that it will certainly take more years to brute force (trying every combination of letters, and symbols) than you will have this computer, and maybe longer than you will live. As long as it's a phrase that means something to you, it will quickly be easy to remember.

Paper wallets are great as long as you can secure physical access to them. Truecrypt encrypted USB keys can be good as long as you trust the key to not die. Don't use it, make copies and keep them in multiple locations. Learn to use a Linux LiveCD to generate paper wallets, and crypto addresses. If you have a thousand-character password, it won't help if your Windows box gets a virus with a keylogger, they still get everything, everywhere  available from your PC. bitcoinfiresafe.com is good for long-term storage, QR codes drilled into metal blocks (no affilation, just a happy customer).

If you do all of these things you still aren't 100% secure, because there is no such thing. You will be very, very safe, however.

Unwanted BTC? Dispose of them safely here:  1PrdnbsRrv5fvpg2LAGCroBMqJGgp3pDRW
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rero2
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March 22, 2014, 05:46:29 PM
 #82

some of these tips are really basic but some of them are quite good and helpful, and will surely help new traders
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March 23, 2014, 01:05:08 PM
 #83

Thanks this was helpful
BitEscrow
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March 27, 2014, 01:48:57 AM
 #84

 Seems this retarded community is based on retarded public knowledge. What was the freaking point of posting this bs, yet alone stickying it?
Satterfield
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March 30, 2014, 03:17:22 PM
 #85

Great tips. Every newbie can take help from it. Thanks to share.

Stephen Gornick
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April 08, 2014, 07:27:16 PM
 #86

One resource available to those who want to do a trade locally but don't want to physically deliver the cash is a courier service.  But handing over an envelope full of cash to some kid on a bicycle might not seem to the most prudent move.

However, innovations from Uber (with Uber RUSH) and Postmates make it so that their courier / messenger services work fairly well for this task.

Here's a reddit post with a few more details on this:
 - http://reddit.com/r/Bitcoin/comments/22jc09

And here is a forum post describing another type of courier method, one that is less expensive than an Uber RUSH type of messenger service:
 - http://bitcointalk.org/index.php?topic=74912.0

Ivy-Team
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April 16, 2014, 04:21:01 AM
 #87

Good advice to know though

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April 21, 2014, 10:25:53 AM
 #88

thanks a lot
its very helpful

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joeventyra
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April 21, 2014, 09:13:46 PM
 #89

Seems this retarded community is based on retarded public knowledge. What was the freaking point of posting this bs, yet alone stickying it?

If you want more people to join the bitcoin community first you need to show them how to do it safely.
that is what this posting is about. helping newbies and teach them some basic rules

Crypto world is on the way to eruption.
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April 22, 2014, 05:54:52 AM
 #90

Thanks for these great tips  Roll Eyes Roll Eyes Roll Eyes



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Stephen Gornick
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April 22, 2014, 08:36:21 AM
 #91

There is something that has the potential to impact local trading -- the "Replace By Fee" patch (and related "Undo" service BitUndo):

Peter Todd's recent 0-confirm double spends:
 - http://bitcointalk.org/index.php?topic=574774.0

BitUndo:
 - http://BitUndo.com

Many in-person and online cash trades are settled immediately where the buyer hands over cash after seeing a transaction from the seller to the agreed-upon Bitcoin address.  But after the cash is handed over and the two parties each go their own way, the seller has the potential to reverse the transaction.  This is because with Bitcoin, transactions with zero confirmations are not safe -- until they receive a block confirmation or three (or six, depending on the risk level).

Historically, there hasn't been much "double spending" of zero confirmation transactions, and even significantly less double spending of transactions where there was at least one confirmation.   That's because the behavior of the Bitcoin client typically used by miners only recognizes the first spend and thus attempts to double spend (e.g., via race attack) are ignored.  
 - http://en.bitcoin.it/wiki/Double-spending

However, there is a modification to the Bitcoin client that miners can use that changes things signifcantly.  This change is intended to allow a person spending Bitcoin to submit an alternate of the transaction before the original gets mined such that the original transaction is ignored and the alternate gets included in the blockchain.

So though you as a trader might see a transaction where you receive your bitcoins, the seller could then mess with that transaction sent to you such that it will never confirm.

There is very little mining capacity currently using this modified client so the chances of someone trying to do this has a low likelihood of success.  But that risk exists (as it always has) just that it is now a higher risk.

A trade using LocalBitcoins doesn't have this issue because the coins are escrowed and then released into the user's E-Wallet with LocalBitcoins (i.e., trades on LocalBitcoins don't go through the blockchain).

Mycelium now has a "Local Trader" feature in which the risk can be lessened thanks to trader history ratings as well as a unique Transaction Confidence approach in which the network is probed to discover double spend attempts and the user is warned when transactions have a higher risk of being double spent (e.g., when they rely on other zero-confirmation transactions).

Mycelium Local Trader
 - http://www.mycelium.com/lt/help.html

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April 22, 2014, 09:44:13 PM
 #92

However, there is a modification to the Bitcoin client that miners can use that changes things signifcantly.  This change is intended to allow a person spending Bitcoin to submit an alternate of the transaction before the original gets mined such that the original transaction is ignored and the alternate gets included in the blockchain.

So though you as a trader might see a transaction where you receive your bitcoins, the seller could then mess with that transaction sent to you such that it will never confirm.

There is very little mining capacity currently using this modified client so the chances of someone trying to do this has a low likelihood of success.  But that risk exists (as it always has) just that it is now a higher risk.


That sounds significant.

So the corrective action is to wait for 3 or 6 confirmations before handing over the money or valuables.
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May 13, 2014, 07:09:03 AM
 #93

this artical is very useful! Wink
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May 13, 2014, 08:47:14 AM
 #94

Thank you for the good tips/ Some of them would be useful even in Russia.
Thank you for systemizing this information!
 Grin

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June 06, 2014, 10:59:52 AM
 #95

Physical security when trading in-person needs to remain the first priority.

Here's a report on Reddit of an attempted robbery during what was supposed to be a trade:

Be careful-Attempting mugging at in person trade
 - http://bitcointalk.org/index.php?topic=641160.0

Attempted to steal my bitcoins [and phone] in local trade
 - http://reddit.com/r/Bitcoin/comments/27gke8

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June 14, 2014, 04:49:56 AM
 #96

Great tips as I get ready to go to my 1st local bit coin sell.

Thanks so much!
Jerry
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June 17, 2014, 04:25:07 PM
 #97

wow .. this is the info that is very important and useful for all of us ..
I am personally very appreciative and say thank you for all of this. I often find these tips to make transactions with bitcoin.
but not as complete as this, and I find its place different

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June 17, 2014, 04:30:00 PM
 #98

I have a concealed carry permit Cool but I open carry when I do local deals, It makes them think twice if they had any ill intentions to start with. We know not all people use bitcoin in legal ways, and you never know who you area dealing with.


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June 18, 2014, 05:30:43 AM
 #99

I have a concealed carry permit Cool but I open carry when I do local deals, It makes them think twice if they had any ill intentions to start with. We know not all people use bitcoin in legal ways, and you never know who you area dealing with.

Impossible. Everyone knows that open carriers get shot the instant they are within 100 yards of a criminal, have their guns taken from their retention holsters, and are then coup de grace'd with them.  Roll Eyes

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June 20, 2014, 06:05:01 PM
 #100

I have a concealed carry permit Cool but I open carry when I do local deals, It makes them think twice if they had any ill intentions to start with. We know not all people use bitcoin in legal ways, and you never know who you area dealing with.


Great idea actually, the only problem is if they do want to scam you, they probably also have weapons and this will instantly provoke them

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