Thank you so much for your reply Dudeperfect. I went and signed up with Localbicoin. I have the following questions if you do not mind please
- Yes, why not. I gained (and gaining knowledge from the senior experienced members of this forum and it will be a crime if I am not transferring it to the juniors.
1) I see sellers and buyers, does that mean this side basically allowing user to buy bitcoin from different users on the internet who are willing to sell their bitcoin? If yes then Localbicoin work as a middle man, right?
- Exactly, you can pick any single seller and open a trade request but make sure his reputation is good and the user is online (for faster trader process)
2) If I bought bitcoin from a seller, where my bitcoin are going to be saved? in Localbicoin? If yes, do they charge for this service?
- Yes, Localbitcoins has automated escrow system so when you open a trade request to buy 1 Bitcoin then that amount is automatically deducted from seller's Localbitcoins account but not paid to you unless there is a payment confirmation from the seller side so seller has right to release those funds to you or open a dispute request if not received any payment.
3) If I have bought bitcoin from a seller, I can be a seller too later right? and if I sell something I can ask the buyer to deposit the money into my account right (bank acct if i am using Interac)
- Exactly. You can directly deposit your funds in your localbitcoins wallet and you don't even have to buy from Localbitcoins to be a seller. You can offer multiple payment methods and choose your own profit margin (the rate will be adjusted in a real time according to your profit margin)
4) You mention to use irreversible payment. Not sure if I got the idea but as you mention later Inerac. Why is that, so people can not have access to my bank acct etc. I mean it is saver?
- To be honest, I was referring to the payment processors like Paypal where sender can revert the payment even after several weeks after sending it. I am not aware about the Local payment methods and policies of your country but generally Bank transfers are considered safe to use.
5) Localbicoin.com is also asking to upload a copy of my ID. Is that safe to do so?
- Yes, it will increase your reputation but MENTION THE REASON FOR THE COPY TO AVOID MISUSE. Something like 'FOR LOCALBITCOINS VERIFICATION PURPOSE ONLY'. I am using Localbitcoins from last few years but I haven't uploaded my ID yet because I didn't find it necessary.
I have been using Localbicoins for last few years and never had any issues with it so I would recommend you to try it but make sure that you are choosing the right/reputed trader and irreversible payment method while trading. Interac e-transfer is popular in Canada if I am not wrong.
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Buy and sell bitcoins in Canada, with cash and online.
I am not aware of the KYC guidelines in other countries so have a look at it before opening a trade request for the higher amount.
