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Author Topic: how to buy BTC in person  (Read 1638 times)
kostagr33k (OP)
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May 07, 2013, 09:26:39 PM
 #1

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
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May 07, 2013, 09:32:32 PM
 #2

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

And also more in the parent forum for that post.
FocusMedia
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May 07, 2013, 09:52:13 PM
 #3

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
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May 07, 2013, 10:00:21 PM
 #4

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
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May 07, 2013, 10:02:36 PM
 #5

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
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May 07, 2013, 10:07:22 PM
 #6

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
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May 07, 2013, 10:09:27 PM
 #7

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
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May 07, 2013, 10:32:27 PM
 #8

Hmm, isn't there a bitcoin ATM now?
melonedged737
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May 07, 2013, 11:11:17 PM
 #9

 Thanks for the link!
nitefire
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May 07, 2013, 11:12:25 PM
 #10

Thanks for the link!

"a" bitcoin ATM doesn't do much good unless there are many of them Smiley
FocusMedia
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May 07, 2013, 11:17:13 PM
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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
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May 07, 2013, 11:18:37 PM
 #12

 Soon there will be many bitcoin atms.
superkawaii
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May 07, 2013, 11:30:04 PM
 #13

this is really helpful if you live in a major city Smiley
anyroll
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May 07, 2013, 11:45:57 PM
 #14

Local Bitcoins? Sounds sketchy.
FocusMedia
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May 07, 2013, 11:51:39 PM
 #15

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
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May 07, 2013, 11:52:37 PM
 #16

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
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May 07, 2013, 11:52:45 PM
 #17

Localbitcoins.com if your in a larger city might be a viable option.
houseofchill
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May 07, 2013, 11:55:34 PM
 #18

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
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May 07, 2013, 11:58:15 PM
 #19

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
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May 08, 2013, 12:05:52 AM
 #20

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