Localbitcoins

[jerry0]

Years ago, i know people said localbitcoin is great for selling/buying btc.  Is it still good now?


Also if you sell btc, isn't the best payment method going to be cash deposit in bank where the buyer deposit cash in the bank... then you release them the coins once the end of the banking days end?  Back then i heard a trick some scammers did was deposit cash at bank... send you receipt, then you send btc... then they go back to bank with receipt and said they made mistake depositing in wrong account and they get their money back.


How is it right now?

[ranochigo]

Years ago, i know people said localbitcoin is great for selling/buying btc.  Is it still good now?

There are definitely better methods but it's one of the long standing OTC exchanges.

Also if you sell btc, isn't the best payment method going to be cash deposit in bank where the buyer deposit cash in the bank... then you release them the coins once the end of the banking days end?  Back then i heard a trick some scammers did was deposit cash at bank... send you receipt, then you send btc... then they go back to bank with receipt and said they made mistake depositing in wrong account and they get their money back.

I think they've pivoted their strategy. There are scammers from time to time who would send you fake receipts that are photoshopped and the trades are often disputed. I don't think it's that much of an issue if you are able to validate the identity of the user you're trading with. Most of the time, it just takes some time for the dispute to be resolved but it's usually fair.

[mk4]

As far as I know the platform is still quite the same(correct me if I'm wrong), besides the AML/KYC requirement which is a big turnoff in my book. While users are a lot lower, I'd suggest using similar platforms that doesn't require AML/KYC instead:

https://hodlhodl.com/
https://localcryptos.com/
https://bisq.network/

[bolawin]

can you sell it and accept usd coin, then exchange it to paypal or somthing

[Maestro75]

I think they've pivoted their strategy. There are scammers from time to time who would send you fake receipts that are photoshopped and the trades are often disputed.

No one should depend on screenshot of reciept of payment if they have not received a credit alert from banks for the transaction. You do not have to hurry and send bitcoin if that has not be confirmed. Take time, tell the buyer you have not recieved the cash. That way you save yourself from getting scammed.

[ranochigo]

No one should depend on screenshot of reciept of payment if they have not received a credit alert from banks for the transaction. You do not have to hurry and send bitcoin if that has not be confirmed. Take time, tell the buyer you have not recieved the cash. That way you save yourself from getting scammed.

No, I'm talking about the case if it goes right into dispute. Since LocalBitcoins doesn't have access to the banking system, verifying the authenticity of the receipt is a problem because they cannot tell who is telling the truth and who isn't. While the honest person wins most of the time, the whole process is annoying and takes too much time.

[mich]

Years ago, i know people said localbitcoin is great for selling/buying btc.  Is it still good now?


Also if you sell btc, isn't the best payment method going to be cash deposit in bank where the buyer deposit cash in the bank... then you release them the coins once the end of the banking days end?  Back then i heard a trick some scammers did was deposit cash at bank... send you receipt, then you send btc... then they go back to bank with receipt and said they made mistake depositing in wrong account and they get their money back.


How is it right now?

I have been scammed by Localbitcoins on more then 1 occasion.  I would not suggest anyone use this service (not even my biggest enemy.)

[chip1994]

Years ago, i know people said localbitcoin is great for selling/buying btc.  Is it still good now?


Also if you sell btc, isn't the best payment method going to be cash deposit in bank where the buyer deposit cash in the bank... then you release them the coins once the end of the banking days end?  Back then i heard a trick some scammers did was deposit cash at bank... send you receipt, then you send btc... then they go back to bank with receipt and said they made mistake depositing in wrong account and they get their money back.


How is it right now?

There are a lot of places to trade Bitcoin that are very reliable and the OTC fee is very low, the account security is high and worth the experience.
You can create an account at Binance or Houbi global to trade OTC there, all transactions are very fast and the fees are low. In addition, they always ensure the capital when your transaction fails or loses money, ...

[Nhor1011]

Years ago, i know people said localbitcoin is great for selling/buying btc.  Is it still good now?


Also if you sell btc, isn't the best payment method going to be cash deposit in bank where the buyer deposit cash in the bank... then you release them the coins once the end of the banking days end?  Back then i heard a trick some scammers did was deposit cash at bank... send you receipt, then you send btc... then they go back to bank with receipt and said they made mistake depositing in wrong account and they get their money back.


How is it right now?

I didn't trust local bitcoins unless I know the person I am dealing with. But I think using localbitcoins is still depends on your area or country because I think there are still countries which is difficult to exchange crypto into their local money. But if you have other choice, don't use localbitcoins.

[TinaK]

Years ago, i know people said localbitcoin is great for selling/buying btc.  Is it still good now?


Also if you sell btc, isn't the best payment method going to be cash deposit in bank where the buyer deposit cash in the bank... then you release them the coins once the end of the banking days end?  Back then i heard a trick some scammers did was deposit cash at bank... send you receipt, then you send btc... then they go back to bank with receipt and said they made mistake depositing in wrong account and they get their money back.


How is it right now?

I didn't trust local bitcoins unless I know the person I am dealing with. But I think using localbitcoins is still depends on your area or country because I think there are still countries which is difficult to exchange crypto into their local money. But if you have other choice, don't use localbitcoins.

How You said, You don't trust Localbitcoins. Are you using the localbitcoin or you just tell our own tought. I am using the Localbitcoins for my past 5 years So It is really more convenient to trade and more security of our money. Because everyone must clear the KYC and Escrow also available in 24/7 so we never fear for this trusted platform. If anyone ask the clarification obviously they must analyse it is available in a country.

[Dorodha]

Localbitcoins also provides an escrow service for bitcoin transactions once a buyer finds a seller and that offer is accepted by the seller, Bitcoin is automatically transferred from the seller's wallet to the escrow. But local bitcoin was good before but now there is a lot of risk. The bank does not deposit any money in case of local bitcoin transactions. Localbitcoins depends on our country how Localbitcoins operates. There is not much time for bitcoin transactions invest you don't want to be stupid I believe that in the future blockchain local bitcoins will not be easily used by many for exchange.

[zasad@]

https://www.bestchange.com/
https://rates.guru/
OP, compare your courses with these offers. I stopped using Localbitcoins a long time ago. If you have a verified account on one of the major exchanges, then this is the same.
https://coinmarketcap.com/rankings/exchanges/
But I would suggest that you look for partners to buy and exchange coins in your country.

[Bitcoin_Arena]

Years ago, i know people said localbitcoin is great for selling/buying btc.  Is it still good now?

Not anymore if you are a person who hates KYC. They do have a much strict AML/KYC policy where by you can't use the platform minus first getting verified

Also if you sell btc, isn't the best payment method going to be cash deposit in bank where the buyer deposit cash in the bank... then you release them the coins once the end of the banking days end? 

It depends on where you come from. There are different payment methods ranging from MoneyGram, Western Union, WeChat etc, some are instant, other take hours. From where I come, I personally never use a bank to cash out and the process is still quick.

[StephenJH]

It is still safe if you can get your BTC by using the escrow function unless you wait for the buyer to send the money to a bank account without escrow, Localbitcoin is safe for this exchange method. The social engineering methods are widely used by scammers who can buy the old LB accounts in Reddit but be careful and verify the signed BTC address of the seller. Unless you receive the funds never release the escrow and you are good to go.

[Crypto Carabao Group]

As far as I know the platform is still quite the same(correct me if I'm wrong), besides the AML/KYC requirement which is a big turnoff in my book. While users are a lot lower, I'd suggest using similar platforms that doesn't require AML/KYC instead:
https://hodlhodl.com/
https://localcryptos.com/
https://bisq.network/

We agree. It's time for all p2p traders to move to non-custodial exchanges, such as HodlHodl, unless they are the property of "The Land of the Free". (Last I checked, HH still doesn't want Americans for p2p trading.)
For Americans, Bisq works, except for the impatient and smartphone-bound.

LocalBitcoins has become just another custodial bank exchange. Once you deposit your btc there, within 3 confs they move it to their wallets, and all you have is an IOU in their database. Any still using it, prove this to yourselves in any BTC blockchain explorer.
Shame on LBC for becoming what they have become, relative to the way they started.

LocalCryptos.com, we also don't recommend. It operates under Australian rules. Australian government gang has set draconian rules for crypto from the beginning. So, it's only a matter of building up their database, before they will force all their users to KYC, which is exactly how LocalBitcoins did.

Avoid LocalBitcoins and LocalCryptos, if you are a mentally competent adult and believe that your p2p trading is your business only.

[jerry0]

What is the most common form of payment on localbitcoins?  Is it cash when meeting?  Wouldn't the best method be meeting at the bank and they giving you the cash... you go and deposit it... and once you do that and its confirmed... then you release the coins?


Because of the risk of counterfeit if they give you cash... but once its deposited into bank teller or atm by yourself... then its safe?

[figmentofmyass]

What is the most common form of payment on localbitcoins?  Is it cash when meeting?

no, localbitcoins no longer even permits in-person cash listings. some traders advertise within their offers that they'll deal in cash, but it's technically not allowed.

Wouldn't the best method be meeting at the bank and they giving you the cash... you go and deposit it... and once you do that and its confirmed... then you release the coins?

i wouldn't be comfortable handing someone cash and letting them walk away on the promise they'll send me coins afterwards. you can't cover all the exits and frankly, once the money is in their hand in the bank, i don't think you have a provable legal claim over it if push came to shove.

i do enough business in cash that i trust my ability to detect counterfeits more than i trust other people to do, well, anything.

[magneto]

LBC has been a shell of its former self ever since it stopped offering KYC-free accounts.

Further flows were dealt when they got rid of all cash and gift card transactions.

As for cash deposit, it depends on your country. For my country, as long as the funds clear into your account, it is pretty much guaranteed that the funds are unrecoverable. However, if you want to be sure, you can ask for a picture of an annotated receipt with something like "LBC purchase, unrefundable" or the like with the buyer holding it up.

What is the most common form of payment on localbitcoins?  Is it cash when meeting?  Wouldn't the best method be meeting at the bank and they giving you the cash... you go and deposit it... and once you do that and its confirmed... then you release the coins?


Because of the risk of counterfeit if they give you cash... but once its deposited into bank teller or atm by yourself... then its safe?

Without the escrow system, you'd be as safe dealing in cash on LBC as you would just dealing with a stranger off craigslist. Would you risk it?

[o_e_l_e_o]

What is the most common form of payment on localbitcoins?  Is it cash when meeting?  Wouldn't the best method be meeting at the bank and they giving you the cash... you go and deposit it... and once you do that and its confirmed... then you release the coins?

When I sell bitcoin for cash in person, I am either doing it with people whom I have already built up a trading relationship with and trust would not try to scam me, or I ask to meet them at an ATM with a suitable limit and withdraw the cash from the ATM in front of me. I am unlikely to be trading above the cash limit of an ATM with an unknown third party - any larger traders than that and I am seeking out someone I have traded with before and would trust.

When I trade for cash in person, I generally do it using the Bisq platform, so the bitcoin involved are already placed in a multi-sig escrow and both parties can mark the deal as complete on the spot. Therefore there is no need to wait around for confirmations and it removes the possibility of double spending the transaction.

[stex2009]

So localbitcoins is closing account for some states. What's the best method to get my tiny amount of BTC out.