Buy btc with cash

I want to buy some BTC with cash locally, the seller i found says : "send BTC to your wallet. After 1 confirmation On blockchain, collector takes from the table cash."
Is this enough to be sure i will receive the bitcoin sold me? Or its better to wait for 2 confirmations?

Quote from: R2-D2R2 on May 22, 2019, 12:10:13 PM

I think you should trade through some e-wallets that are supporting BTC. or if you do not have an account in those e-wallets, go to the Huobi OTC. they have support for traders on BTC trading and big altcoins.

It really depends on the amount you're trading, If it's a small amount then sure otherwise, waiting for more confirmation is suggested. Read these posts for a better understanding[1][2][3].

[1] https://bitcointalk.org/index.php?topic=2038365.0
[2] https://www.reddit.com/r/Bitcoin/comments/7j2gp2/whats_the_difference_between_1_confirmation_and_6/
[3] https://www.reddit.com/r/btc/comments/7zsas0/is_one_confirmation_good_enough/

Quote from: OmegaStarScream on May 22, 2019, 12:57:13 PM

Thanx 3 confirmation enough?

Quote from: R2-D2R2 on May 22, 2019, 01:17:47 PM

Thanx 3 confirmation enough?

As far as I know it is impossible to cancel or reverse the bitcoin transactions once it gets confirmed and fort that even one confirmation is enough so no need to worry about the number of confirmations.

Quote from: R2-D2R2 on May 22, 2019, 01:17:47 PM

Quote from: OmegaStarScream on May 22, 2019, 12:57:13 PM

Thanx 3 confirmation enough?

That's enough, a lot of exchange sites are putting 2 - 3 confirmations as the standard to confirm that as a secure transaction. But i often waiting for at least 6 or 7 confirmations from the block to make sure if my transaction was already secured.

Quote from: Findingnemo on May 22, 2019, 01:44:34 PM

Quote from: R2-D2R2 on May 22, 2019, 01:17:47 PM

Thanx 3 confirmation enough?

I think so too, once a confirmation is done it means transaction has been processed and in fact, you can see the amount of coins sent already. So I don't think cancellation is possible then.

Quote from: palle11 on May 22, 2019, 02:26:56 PM

Quote from: Findingnemo on May 22, 2019, 01:44:34 PM

Quote from: R2-D2R2 on May 22, 2019, 01:17:47 PM

Thanx 3 confirmation enough?

I think so too, once a confirmation is done it means transaction has been processed and in fact, you can see the amount of coins sent already. So I don't think cancellation is possible then.

Cancellation of a transactions only occurs when the paid fee is too low and its in the pool for too long like months then it might get cancelled but when we had one then its completely done even many gambling sites need one confirmations as well.

Well im putting down 65000$ so kinda worried Roll Eyes

In this case I will suggest you to use coinbase where you can sent or receive crypto [ which are supported already] Instantly in a second by email. but if your deal amount will big then you can ignore it because sometime I heard coinbase big amount issue happened.

On the other hand I suggest you to wait for more than 2 confirmations before sending cash. Thanks.

Quote from: R2-D2R2 on May 22, 2019, 12:10:13 PM

it depends on your situation and this type of methods are also available lots of investors so if you had the hope with your move then you can definitely doing the things properly and if you have doubt then wait for sometimes and make the confirmation again.

Quote from: R2-D2R2 on May 22, 2019, 12:10:13 PM

Quote from: R2-D2R2 on May 22, 2019, 04:35:52 PM

Well im putting down 65000$ so kinda worried Roll Eyes

$65,000 cash? I wouldn't transact with that much cash at once! People have been robbed at gunpoint in Bitcoin cash deals for much less. I would never meet a stranger who knows I'm carrying that much cash. It doesn't matter if you try to meet them in public.....they could just follow you and then rob you.

I was going to say: do it in a public place like a Starbucks, cash on table, 1 confirmation is fine. But I would never risk more than $3-4K in a deal like this. The more cash you announce you are holding, the more you are tempting people to rob you.

I would do a few smaller deals and build up some trust with this seller before putting that much cash on the table.

There are exchanges who accept payments via debit cards so I guess that would be better. But if you're more comfortable transacting through that, then it's fine as well. As long as you'll have the guarantee and assurance that you wouldn't put your funds at risk.

I'd also suggest buying in smaller quantities if you're planning on buying that much bitcoin; alternatively it might just be a good idea to buy coins off an exchange if possible so you're not exposed to the risk of being robbed or something of the sort buying coins IRL. I don't see news or articles about people being robbed in Bitcoin transactions very often, but that risk is always present.

Might also be good to check the feedback or reviews that the buy has if applicable to get an idea of whether or not the guy you're trying to buy from is legit. One confirmation's just fine most of the time.

Quote from: Ailmand on May 22, 2019, 07:44:54 PM

Many of the money remittance center these days were accepting cash payment cash in which can be used in buying digital currency directly deposited to you online local wallet site. That wouldn't be a problem these days, because the modern days was slowly adopting compatible ways of merging physical money into cryptocurrency easy ways of transactions. You can buy transact your preferred way of doing at your own freedom, so just explore and learn many developments in the near future.

Quote from: R2-D2R2 on May 22, 2019, 12:10:13 PM

yes it is also possible to buy Bitcoin normally without any bank accounts and I don't think it is trusted but if you don't have any other way then you can really use this way to change your money into Bitcoin

Quote from: R2-D2R2 on May 22, 2019, 12:10:13 PM

I think 1 confirmation is enough to say that your Bitcoin is coming to your wallet, there will be no cancellation since it's already approved and put to the chain. You just need to wait miners to confirm your transactions and then your will received it on your wallet.

But becareful, there are a lot of scammers. You need to check their background and history. It's better to use local exchange or use escrow with good reputation, instead to buy from personal seller.

2-3 confirmation would be enough since it's necessary for securing your transaction. There are merchants who accepts cash to in exchange of Btc. This is bringing a lot of convenience for those who want to purchase bitcoin using their fiat. Sometimes you would only be doing it once. When you got your profit out of your online funds, you could purchase coins through your btc.

Quote from: R2-D2R2 on May 22, 2019, 12:10:13 PM

yes, it's better to be patient to wait for 2 confirmations, because after 1 confirmation after that the transaction cannot be canceled. currently there are many types of local exchanges that accept payments using debit cards and this of course can make it easier to make bitcoin purchases using cash from a local bank account that you have

Quote from: leowonderful on May 22, 2019, 08:01:18 PM

I don't see news or articles about people being robbed in Bitcoin transactions very often, but that risk is always present.

Last year there was a flood wave of news articles about people who got robbed off their coins or cash. I'm sure that most cases don't even make it to the news because the amounts concerned are too small. Don't forget, the higher the price is, the more incentive criminals have to chase after local buyers and sellers of coins. Risk increases day by day.

Quote from: rijaljun on May 22, 2019, 10:16:16 PM

Stale blocks are somewhat of a risk though, so there is no absoluteness when your transaction has only 1 confirmation. If the transaction value is on the lower side, there isn't much to worry about, but when you're dealing with large value transfers, definitely make sure to pocket that second confirmation before you walk away.