how to buy BTC in person

[kostagr33k]

Im looking to make a purchase in BTC and wanted to avoid mtgox for now. I saw this site:

www.localbitcoins.com


But not sure if thats the best method to find someone local to me to do an in person trade.


Secondly, what is the proper method to do the trade to ensure I don't hand someone my money and  I get no BTC out of the deal?

thanks

[tiktoc]

Read here https://bitcointalk.org/index.php?topic=137272.0

And also more in the parent forum for that post.

[FocusMedia]

Months ago I did a trade with someone, we met up in a cafe and he sent me the Bitcoin and I handed him the money and we waited together untill 6 confirmations on the block chain. Once we had 6 confirmations the coins can not be double spent so your safe. Also make sure it's in a public space and make sure they show they have the coins and you show you have the cash.

[DannyHamilton]

localbitcoins.com now offers a transaction service.  With this service, you don't have to wait for 6 confirmations as long as you trust the localbitcoins.com website.

The seller sends the bitcoins to the transaction service ahead of time.  You can see when the transaction is funded, so you know that they have the coins.

At the time of the transaction, the seller sends a text message with their phone to localbitcoins.com (or they log into their account at localbitcoins.com) to release the transaction.  localbitcoins.com immediately releases control of those coins to you in your localbitcoins.com wallet, and sends you a text message to your phone to let you know that you now have control.  In this way, the buyer doesn't need to have anything with them but the cash, and the seller doesn't need to have anything with them but a cell phone capable of sending a text message. The buyer can confirm before leaving to meet up that localbitcoins.com has the coins.

Beyond the transaction service, additional good advice is to meet up somewhere public, populated, and with decent security.  Personally, I like the idea of meeting in a casino if you have one nearby.  I've done several transactions at casinos and they've all gone smooth.  Basically, you want to make sure that someone doesn't steal the cash that you bring with, without releasing the bitcoins.  A thief will be less likely to pull out a gun, or otherwise threaten your life in a populated, secure, public place.

The next best option is to choose somewhere with more tempting targets.  Example a fast food restaurant.  Why pull out a gun and threaten you for the $200 or so that you might bring for a transaction, when they could threaten the employees and empty the cash registers instead.  Same exact risk for them, but a much bigger reward.

[FocusMedia]

localbitcoins.com now offers a transaction service.  With this service, you don't have to wait for 6 confirmations as long as you trust the localbitcoins.com website.

The seller sends the bitcoins to the transaction service ahead of time.  You can see when the transaction is funded, so you know that they have the coins.

At the time of the transaction, the seller sends a text message with their phone to localbitcoins.com (or they log into their account at localbitcoins.com) to release the transaction.  localbitcoins.com immediately releases control of those coins to you in your localbitcoins.com wallet, and sends you a text message to your phone to let you know that you now have control.  In this way, the buyer doesn't need to have anything with them but the cash, and the seller doesn't need to have anything with them but a cell phone capable of sending a text message. The buyer can confirm before leaving to meet up that localbitcoins.com has the coins.

Beyond the transaction service, additional good advice is to meet up somewhere public, populated, and with decent security.  Personally, I like the idea of meeting in a casino if you have one nearby.  I've done several transactions at casinos and they've all gone smooth.  Basically, you want to make sure that someone doesn't steal the cash that you bring with, without releasing the bitcoins.  A thief will be less likely to pull out a gun, or otherwise threaten your life in a populated, secure, public place.

A casino sounds great, I don't have many near me so that wouldn't be that good for me. Also I don't have a car, so can't travel that far unless I pay for a cab but that would be expensive.

[DannyHamilton]

A casino sounds great, I don't have many near me so that wouldn't be that good for me. Also I don't have a car, so can't travel that far unless I pay for a cab but that would be expensive.

Perhaps a nearby bank lobby? Or the lobby of a courthouse?

[FocusMedia]

A casino sounds great, I don't have many near me so that wouldn't be that good for me. Also I don't have a car, so can't travel that far unless I pay for a cab but that would be expensive.

Perhaps a nearby bank lobby? Or the lobby of a courthouse?

How about a betting shop, here in the UK they have quite a few CCTV cameras installed.

[mikeyyz]

Hmm, isn't there a bitcoin ATM now?

[melonedged737]

 Thanks for the link!

[nitefire]

Thanks for the link!

"a" bitcoin ATM doesn't do much good unless there are many of them

[FocusMedia]

I think there is only one Bitcoin ATM at the moment, isn't very viable for a few years if they even decide to make more.

[chaoticmark5266]

 Soon there will be many bitcoin atms.

[superkawaii]

this is really helpful if you live in a major city

[anyroll]

Local Bitcoins? Sounds sketchy.

[FocusMedia]

Local Bitcoins? Sounds sketchy.

Not really, a scammer isn't going to scam someone in real life. Unless they are scum or a scam artist.

[anyroll]

Local Bitcoins? Sounds sketchy.

Not really, a scammer isn't going to scam someone in real life. Unless they are scum or a scam artist.

Its happend, I was reading last week about some guy who did a face to face deal. The guy put in his USB to deliver the bitcoins, the next day all the bitcoins were gone. Probably installed some keylogger on his machine.

[bvall]

Localbitcoins.com if your in a larger city might be a viable option.

[houseofchill]

Months ago I did a trade with someone, we met up in a cafe and he sent me the Bitcoin and I handed him the money and we waited together untill 6 confirmations on the block chain. Once we had 6 confirmations the coins can not be double spent so your safe. Also make sure it's in a public space and make sure they show they have the coins and you show you have the cash.

Sorry if off topic, but does 6 confirmations mean 60 minutes? Or is there another way to tell?

[FocusMedia]

Months ago I did a trade with someone, we met up in a cafe and he sent me the Bitcoin and I handed him the money and we waited together untill 6 confirmations on the block chain. Once we had 6 confirmations the coins can not be double spent so your safe. Also make sure it's in a public space and make sure they show they have the coins and you show you have the cash.

Sorry if off topic, but does 6 confirmations mean 60 minutes? Or is there another way to tell?

Depends, sometimes it's slow sometimes it's fast can take 20 minutes. Make sure you have enough time to wait around, you're normally safe after the 1st confirmation but it's better to be safe than sorry.

[anyroll]

Yes, confirm times do vary, For larger transfers you can expect a good hours wait.