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Author Topic: Best way to do large transaction, quick, sans fees?  (Read 363 times)
x86Daddy
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May 10, 2013, 10:02:51 PM
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I'm considering making a local, in-person exchange for a few hundred BTC... If using the Schildebach Android client and no third parties, about how long would such a transaction take to get good confirmations nowadays?

Is there a third party site with instant confirm that charges little to nothing and is trustworthy enough to use as a temporary wallet for such large sums?

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Come-from-Beyond
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May 10, 2013, 10:04:05 PM
 #2

I'm considering making a local, in-person exchange for a few hundred BTC... If using the Schildebach Android client and no third parties, about how long would such a transaction take to get good confirmations nowadays?

10 minutes for 1 confirmation. 1 hour for 6 ones.
x86Daddy
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May 10, 2013, 10:12:14 PM
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I'm considering making a local, in-person exchange for a few hundred BTC... If using the Schildebach Android client and no third parties, about how long would such a transaction take to get good confirmations nowadays?

10 minutes for 1 confirmation. 1 hour for 6 ones.
Thanks!  This inclines me towards a scenario of show product, agree to purchase, do any preliminaries and exchange BTC, and then treat the other party to a meal while we wait for some confirmations.

DannyHamilton
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May 11, 2013, 03:48:36 AM
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Is there a third party site with instant confirm that charges little to nothing and is trustworthy enough to use as a temporary wallet for such large sums?

Yes.  I can think of two options in such a scenario.

First you could use localbitcoins.com transaction service at a fee of 1% to set up the transaction.  The bitcoin sender would act as a "seller", and the bitcoin receiver would act as a "buyer" (using the product they have to buy bitcoins, instead of using dollars).

The bitcoin sender would send the bitcoins to the localbitcoins.com transaction address ahead of time (they could always just cancel the transaction to get their bitcoins back if the deal falls through).  They when you meet and exchange the product, the bitcoin sender would send the release code to localbitcoins.com.  localbitcoins.com would then notify the bitcoin receiver that the funds are released, and the would be immediately available to the receiver.  No need to wait for confirmations to ensure that the transaction is irreversible.

If you don't want to pay the 1% fee to use localbitcoins.com, you could just contact a trusted member of the bitcointalk.org community to hold the funds in escrow. There are several people here who would be willing to hold escrow in a situation like this and wouldn't charge anything (although they'd appreciate what every you're willing to offer as a gratuity at the successful completion of the transaction.

x86Daddy
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May 14, 2013, 06:55:29 PM
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Thanks; I've registered on LocalBitCoins and I like their instant transaction model...  the 1% might be worth it.  Are people happy with their trustworthiness?  Has anyone used them for very large sums?

DannyHamilton
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May 14, 2013, 07:32:50 PM
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Thanks; I've registered on LocalBitCoins and I like their instant transaction model...  the 1% might be worth it.  Are people happy with their trustworthiness?  Has anyone used them for very large sums?

The largest sum I've used the localbitcoins service for was $3000 (38.4024 BTC at the time).

I've never had an issue with them yet.

BTCoder
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May 14, 2013, 08:36:46 PM
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Is there a third party site with instant confirm that charges little to nothing and is trustworthy enough to use as a temporary wallet for such large sums?

Yes.  I can think of two options in such a scenario.

First you could use localbitcoins.com transaction service at a fee of 1% to set up the transaction.  The bitcoin sender would act as a "seller", and the bitcoin receiver would act as a "buyer" (using the product they have to buy bitcoins, instead of using dollars).

The bitcoin sender would send the bitcoins to the localbitcoins.com transaction address ahead of time (they could always just cancel the transaction to get their bitcoins back if the deal falls through).  They when you meet and exchange the product, the bitcoin sender would send the release code to localbitcoins.com.  localbitcoins.com would then notify the bitcoin receiver that the funds are released, and the would be immediately available to the receiver.  No need to wait for confirmations to ensure that the transaction is irreversible.

If you don't want to pay the 1% fee to use localbitcoins.com, you could just contact a trusted member of the bitcointalk.org community to hold the funds in escrow. There are several people here who would be willing to hold escrow in a situation like this and wouldn't charge anything (although they'd appreciate what every you're willing to offer as a gratuity at the successful completion of the transaction.

ugg it costs so much for fees now in BTC.. I remember how cheap it use to be. The sad part is it will only keep getting more expensive.

Bitcoin Lover!
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