I am so dumb! Localbitcoins

[A.Delaney]

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself. Then I realized after that the seller had the value of one btc at $51,000!!! Aside from an idiot like me. Who would pay that for a bitcoin when its not worth near that much.

Ok rant over!

[almost30]

personally i hate localbitcoins , overprice

[A.Delaney]

Maybe next time I'll use an exchange like coinbase.

[Slow death]

I also was very stolen in the localbitcoin, I had to buy bitcoin for a very high price, it even gave me headaches, i pay all fees because I bought using my paypal account, I had to deliver selfie, sign my name on paper, give print screen of my paypal account. imagine doing all this process and still buy bitcoin at an extremely high price, you were not dumb. you just did not pay attention

Maybe next time I'll use an exchange like coinbase.

I think that you better do this.

[ralle14]

Look at the bright side you got your bitcoin quick though. On coinbase it took me a week before they released my bitcoin but at a slightly higher/reasonable buy price.

Maybe next time I'll use an exchange like coinbase.

Or go to the Currency Exchange section.

[michaellu88]

This is the main problem for bitcoin now. It is not easy to buy and sell your bitcoin for USD at the moment. Too many fraudster try to scam and steal your btc, so many don't accept paypal and credit card.

[avp2306]

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself. Then I realized after that the seller had the value of one btc at $51,000!!! Aside from an idiot like me. Who would pay that for a bitcoin when its not worth near that much.

Ok rant over!

That would be the sickest thing happen to you and maybe you shouldn't go there next time and try to seek for another option where you can buy bitcoins at the lowest price. There's so many selections that we can choose and some of the popular ones are in exchange nor here but make sure to use some escrow quality service to avoid scammed by scam minded people.

[piloder]

I am still using localbitcoins to trade bitcoin for local fiat and haven't touched any reversible deals there and always carefully check different price offer before starting trade.

It is not like other exchange platform where you can buy around market rate, if you are willing to buy bitcoin with reversible payment method there than you will only get offer with price which will be very high over market rate.

[teddy5145]

Looking at the bright side, at least the seller released your coins
ANyway, you'd be better to hold that coins for a few months, with the crazy price volatility of Bitcoin I wouldn't be suprised if you had recouped your loss in a few months

Next time use trusted user or go to Currency Exchange section on this forum and deal with +rep users

[timerland]

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself. Then I realized after that the seller had the value of one btc at $51,000!!! Aside from an idiot like me. Who would pay that for a bitcoin when its not worth near that much.

Ok rant over!

It's obviously your fault for not checking beforehand. Localbitcoins is a trading platform, not a vending site. They don't actually set the prices meaning that prices can't be regulated and you'll find a lot of outliers here and there.

$50k is obviously way too much to pay for a bitcoin at current prices.

But keep in mind that if you're paying with unpopular payment methods such as gift cards, you can actually expect to pay these sort of premiums and perhaps you were getting the best deal for your payment method after all.

[P2Pfinder]

Yes, i hate LBC too.  Usually price vary by payements method. So if you payed with ank kind of coupon or gift card price will be really high

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself. Then I realized after that the seller had the value of one btc at $51,000!!! Aside from an idiot like me. Who would pay that for a bitcoin when its not worth near that much.

Ok rant over!

[Bezobraznike]

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself. Then I realized after that the seller had the value of one btc at $51,000!!! Aside from an idiot like me. Who would pay that for a bitcoin when its not worth near that much.

Ok rant over!

   We need to make mistakes and learn from them! I am sorry for you, next time
you will be much more careful then you were now.
   I do not like local bitcoins too, prices of bitcoins there are higher then on ATM`s,
probably they are waiting for naive and new people to scam them.
   Next time before you are giving away your money for any reason check everything,
or you will face with same problem again in the future.
   

[michellee]

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself. Then I realized after that the seller had the value of one btc at $51,000!!! Aside from an idiot like me. Who would pay that for a bitcoin when its not worth near that much.

Ok rant over!

maybe the other day, you will be lucky because of buying bitcoin and don't think too seriously about this because it already happens. one thing that I can suggest to you that you need to always check your purchase and the amount every time you bought at any of sites. you need to double check before you finish the transaction. but I think you can have a worth experience here and I hope that you are lucky someday.

[bitbunnny]

Sorry to say this but this is not localbitcoins' fault but yours. You had to check the price before you picked up this option or ask the seller about conditions. You can't blaim localbitcoins for your own mistake.
Personaly I like localbitcoins because of variety of options to buy or sell Bitcoins and I have trusted seller there who is always pleasant working with.
Next time do your due dilligence.

[deadsilent]

Wow, that's not even near to the total amount you buy for that BTC. Not even at it's half actually. That's too overpriced. It's not the fault of the exchange. But atleast they should check what's happening on the transactions. There's so many fraudsters and abusers on localbitcoins. They are offering Bitcoin for a very high price than any exchange offers. They must remove them. Maybe next time try other exchanges. Coinsbase is good too. You should try this instead of localbitcoins. At the current price of Bitcoin, it's at the peak right now. Maybe it will take time to recover your loss.

[A.Delaney]

Obviously I understand that it was my fault. The guy has been sending me messages asking if I want to buy more. I think he likes me. I was panicking there for a little bit because I sent the payment and he didn’t respond for about an hour. I thought he took my money and left.  When the funds finally came in. The relief that he actually paid me did help offset the pain of my mistake.

[A.Delaney]

Wow, that's not even near to the total amount you buy for that BTC. Not even at it's half actually. That's too overpriced. It's not the fault of the exchange. But atleast they should check what's happening on the transactions. There's so many fraudsters and abusers on localbitcoins. They are offering Bitcoin for a very high price than any exchange offers. They must remove them. Maybe next time try other exchanges. Coinsbase is good too. You should try this instead of localbitcoins. At the current price of Bitcoin, it's at the peak right now. Maybe it will take time to recover your loss.

What do you mean not near the amount you buy for that BTC? Why would you pay 51,000 per coin ever when the market is at 17,000? Clearly I have a lot more to learn

[stomachgrowls]

Wow, that's not even near to the total amount you buy for that BTC. Not even at it's half actually. That's too overpriced. It's not the fault of the exchange. But atleast they should check what's happening on the transactions. There's so many fraudsters and abusers on localbitcoins. They are offering Bitcoin for a very high price than any exchange offers. They must remove them. Maybe next time try other exchanges. Coinsbase is good too. You should try this instead of localbitcoins. At the current price of Bitcoin, it's at the peak right now. Maybe it will take time to recover your loss.

What do you mean not near the amount you buy for that BTC? Why would you pay 51,000 per coin ever when the market is at 17,000? Clearly I have a lot more to learn

You didn't able to get the idea or the things he do mention on here. Let me clarify on what he was saying on here. He do bought $224 worth of bitcoin in the price of $875  price which means if you do make calculations basing on the possible price on where those bitcoins being bought on $875 range then you would sum up on having a $51k or even more depending on the current price of bitcoin on the time he did make a purchase. for now if we do base on $17k price then hes buying on $66k/coin.

[solarion]

I also was very stolen in the localbitcoin, I had to buy bitcoin for a very high price, it even gave me headaches, i pay all fees because I bought using my paypal account, I had to deliver selfie, sign my name on paper, give print screen of my paypal account. imagine doing all this process and still buy bitcoin at an extremely high price, you were not dumb. you just did not pay attention

Maybe next time I'll use an exchange like coinbase.

I think that you better do this.

You are worry about the deposit fee right! that is burden for all the users who is selling or buying bitcoin in this site. However, with the fiat we can use this site to buy the bitcoin or exchange your bitcoin for cash or almost all the online wallet options and multiple countries.
If op wants to change the trade value, He can ask to trader cancel the trade and you can reopen with him or can open the trade with the different user too. Keep eye while you are setting trade value and giving the payment details to him. Else you may face any payment related issues.

[magneto]

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself. Then I realized after that the seller had the value of one btc at $51,000!!! Aside from an idiot like me. Who would pay that for a bitcoin when its not worth near that much.

Ok rant over!

Ouch! That must have hurt.

Always, always check the current prcice of bitcoin before blindly buying from loclabitcoins. In fact i'd say that even the best offers on both sides of the book on localbitcoins carry around a 10-15% spread to them normally, which is really huge compared to the rates that you could be getting if you just verified yourself on a government regulated exchange(of course you would be doing KYC and all that).

There are going to be anomaly offers and you probably just chose that. Same thing on paxful.

Be careful man. Dont make the same mistake twice.