Hey - couple specific noob questions

[albionbook101]

Hey, I'm in London, UK.

Looking to buy small amounts of bitcoin, likely BTC1 to start.

Can see a seller selling -2% Mt Gox price (https://bitcointalk.org/index.php?topic=282809.0), what's the fastest way of trading this with him? Should I meet in person and use cash? If so, does he send the coin there and then on phone?

Thanks -

[1715321322]

1715321322

[1715321322]

1715321322

[1715321322]

1715321322

[1715321322]

1715321322

[marcovaldo]

Hello,

I have sent him a message linking this thread: https://bitcointalk.org/index.php?topic=282809.msg3196278#msg3196278


You should ask him about the details, but usually you have to bring a laptop to do the transaction in a public place (with Wifi).

[albionbook101]

Thanks a lot -

Just read newbie rules etc, can't pm for 4 hours. No problem will wait.

I have a btc wallet so I just supply the code and watch the transfer occur? I read it takes 60-90minutes.

Any safer way to run the transaction?

[marcovaldo]

What do you mean code?

You have a public and private key:
public key for receiving transactions like 1MBDCUyUsqALiVqzqydUJmix2UezTVz6DM for instance.
private key is only needed to send bitcoins, so you keep it secrete.

You give him the public key, and he will send you the bitcoins.
You can then check the transaction on http://blockchain.info/ by typing your public key:

http://blockchain.info/fr/address/1MBDCUyUsqALiVqzqydUJmix2UezTVz6DM

Usually, after 1 transaction it is safe. Even before

[albionbook101]

Yes, by code I meant public key.

How long does it normally take to confirm 1 on blockchain?

Is it advisable to wait until that single confirmation has occurred before parting ways?

Thanks for advice.

[tenakha]

Hi there,

I'm based in London. And I sell BTC for cash. Well established trusted trader.

PM me when you are able to. :-)

[elemental]

Is it advisable to wait until that single confirmation has occurred before parting ways?

Yes.  There is a useful guide somewhere around here, but I can't find it right now, sorry.  Searching for things is actually not that easy  

[UnaNos]

How long does it normally take to confirm 1 on blockchain?

You should get 1 confirmation within about 10 minutes.

Is it advisable to wait until that single confirmation has occurred before parting ways?

It's advisable to wait for at least 1 confirmation, but it's probably safe before. Have a read of this to get an understanding of double spending: https://en.bitcoin.it/wiki/Double-spending

Personally, I judge it by the value of the transaction, because nobody's gonna try and double spend for small amounts.
So, something like this:
If it's less than £10, it's probably safe at unconfirmed
If it's less than £100, it should be safe at 1 confirmation
If it's between £100 and £1000, maybe you should wait for 3 or 4 confirmations
If it's over £1000, wait for 5 or 6 confirmations.

[AntiOps]

How long does it normally take to confirm 1 on blockchain?

You should get 1 confirmation within about 10 minutes.

Is it advisable to wait until that single confirmation has occurred before parting ways?

It's advisable to wait for at least 1 confirmation, but it's probably safe before. Have a read of this to get an understanding of double spending: https://en.bitcoin.it/wiki/Double-spending

Personally, I judge it by the value of the transaction, because nobody's gonna try and double spend for small amounts.
So, something like this:
If it's less than £10, it's probably safe at unconfirmed
If it's less than £100, it should be safe at 1 confirmation
If it's between £100 and £1000, maybe you should wait for 3 or 4 confirmations
If it's over £1000, wait for 5 or 6 confirmations.

Whats the difference between 1 and 5 confirmations?

[UnaNos]

Whats the difference between 1 and 5 confirmations?

4 Blocks.

So, the "attacker" would need to solve 5 blocks in a row faster than the rest of the network in order to double-spend the funds. It would cost a lot to attempt it and the chances of success would be very slim. I think after 6 confirmations you can consider the transaction safe from a double-spend.

[BurtW]

Whats the difference between 1 and 5 confirmations?

4 Blocks.

So, the "attacker" would need to solve 5 blocks in a row faster than the rest of the network in order to double-spend the funds. It would cost a lot to attempt it and the chances of success would be very slim. I think after 6 confirmations you can consider the transaction safe from a double-spend.

too much detail for a noob

1 confirmation is about 10 minutes so 6 confirmations take about an hour. Your wallet or blockchain.info will tell you how many confirmations have happened.

If you buy from someone on localbitcoins.com and do a face to face transfer of funds for Bitcions then you do not have to wait at all.  The Bitcoins are transferred instantly from the sellers account on localbitcoins.com to your account on localbitcoins.com

See my response here for a guide to localbitcoins.com:

https://bitcointalk.org/index.php?topic=288051.msg3087780#msg3087780