Avoid buying Bitcoin from someone all because you know them.

[Zigabel]

The case of stealing Bitcoin or usage of Bitcoin for some illicit activities by some mischief is no longer alien, in this time and age, we all know to a far great extent that a whole lot is happening within the crypto space and sometimes we should be really mindful so we do not get into troubles for things we may not really know,  it is also important to know that at some point you don't remain absolutely anonymous while transacting with crypto so you need to apply some precautions.

Some people still think you can remain absolutely anonymous trading crypto meanwhile they forget that most of not all exchanges now do kyc so finding you may not be that difficult except in cold storage or a non custodial wallet that you can still have some levels of anonymousity but immediately you get an excah

[rat03gopoh]

I avoid doing business with some I know, because you tend to trust them too much and that is a very easy way for them to scam you or sell something that is stolen to you.

So what's your priority option, doing business with random guys? I think this is the opposite of what most people do. Dealing with people you know isn't about trust; you simply have a greater chance of recovering your losses because you can identify them better.

[igebotz]

I avoid doing business with some I know, because you tend to trust them too much and that is a very easy way for them to scam you or sell something that is stolen to you.

So what's your priority option, doing business with random guys? I think this is the opposite of what most people do. Dealing with people you know isn't about trust; you simply have a greater chance of recovering your losses because you can identify them better.

Good chance of recovery but also a better chances of getting robbed or killed- as someone who values privacy, I would never trade in person or review my finances life to a close acquaintance; instead, I would take my chances with someone online.

[BitHodlers]

I avoid doing business with some I know, because you tend to trust them too much and that is a very easy way for them to scam you or sell something that is stolen to you.

So what's your priority option, doing business with random guys? I think this is the opposite of what most people do. Dealing with people you know isn't about trust; you simply have a greater chance of recovering your losses because you can identify them better.

Good chance of recovery but also a better chances of getting robbed or killed- as someone who values privacy, I would never trade in person or review my finances life to a close acquaintance; instead, I would take my chances with someone online.

Most OTC trades are done by reputable players and random people. That is the best way. The less they know about you, the better. Since they have a lot of volume you are a nobody to them, a needle in a haystack and probably one of poorer clients. When you disclose and deal with people that are close to you, they can use this information against you any time in the future. Once you reveal it, the information will present a risk forever! If you ever end up in a fight with them they can harm you in so many ways.

On the other side the reputable OTC trader will forget your face after a week. You are nothing to them.

[Belarge]

Is there any local news that talked about it? I will like to read from a site about it.

This is very possible.

But the reason I do not like face to face sales of bitcoin is that it can lead to physical attack. We have read on different news about different people that were physically attack all because those that attacked them know that they have bitcoin. Attack can come from anywhere, even from someone that you will not expect.

News like this are supposed to be published and I would really love to read more about it if there is already a post about it online.
Since you witnessed it live, there might be possibilities that you not even know which platform it was posted but incase you see, please share it with us.

Just as @charles-Tim already said, the only reason I will not trade with someone physically is because of an attack else I will scrutinize the hell out of you if you want to buy from me physically because I know that, I will definitely point you to exchanges where you can easily buy which I know there are handful of them.

And the case with the 25years old guy was want to make abnormal profit even when there were clear red flags and I trust our police, they will make the whole case seem like it was a money heist case😔

I hope we all learn from incidences like this and try to stay very safe in the industry

[KiaKia]

Is there any local news that talked about it? I will like to read from a site about it.

This is very possible.

But the reason I do not like face to face sales of bitcoin is that it can lead to physical attack. We have read on different news about different people that were physically attack all because those that attacked them know that they have bitcoin. Attack can come from anywhere, even from someone that you will not expect.

News like this are supposed to be published and I would really love to read more about it if there is already a post about it online.
Since you witnessed it live, there might be possibilities that you not even know which platform it was posted but incase you see, please share it with us.

Just as @charles-Tim already said, the only reason I will not trade with someone physically is because of an attack else I will scrutinize the hell out of you if you want to buy from me physically because I know that, I will definitely point you to exchanges where you can easily buy which I know there are handful of them.

And the case with the 25years old guy was want to make abnormal profit even when there were clear red flags and I trust our police, they will make the whole case seem like it was a money heist case😔

I hope we all learn from incidences like this and try to stay very safe in the industry

I understand the part that something like this should be on the news but it's not, there is an habit of exposing such crime after several months have passed in my country, even big criminals that are extradited from here are unknown until later months.

There are some that are extradited and no public eye knows until the U.S released some news about them later, if anyone is from Nigeria they should understand where I am coming from.

Crime doesn't pay, we keep yelling this to many people but it seems some are seeing their freedom through crime only, while few escape from arrests some are getting arrested, there are some that have  committed frauds in 2021 and they ate just getting arrested in 2025.

[De Gramor]

I avoid doing business with some I know, because you tend to trust them too much and that is a very easy way for them to scam you or sell something that is stolen to you.

So what's your priority option, doing business with random guys? I think this is the opposite of what most people do. Dealing with people you know isn't about trust; you simply have a greater chance of recovering your losses because you can identify them better.

Involving in business both with random guys and those we know has different scenarios. Why because there are some certain business we will loved to do with those closer to us and vice versa same goes for other people we do not know and we will still make business with them.
 In aspect of buying crypto currency or digital currency is better to stay away from unknown individuals and not to do that business with them, we rather take ourselves to the exchanges and get our deal done through p2p or any other means because making business with unknown users outside exchanges comes with a lot of risk so let avoid it.
Risk of being apprehend, risk of getting involved with the local securities just as the OP mentioned and other risks. So much risks comes along with it so it advisable to even stay away from the closer ones also and get our crypto business done in exchanges and most importantly not only digital currency other things also.

[khaled0111]

Involving in business both with random guys and those we know has different scenarios. Why because there are some certain business we will loved to do with those closer to us and vice versa same goes for other people we do not know and we will still make business with them.
 In aspect of buying crypto currency or digital currency is better to stay away from unknown individuals and not to do that business with them, we rather take ourselves to the exchanges and get our deal done through p2p or any other means because making business with unknown users outside exchanges comes with a lot of risk so let avoid it.

The irony here is that the two parties in the OP’s story know each other, while when you make a trade on a P2P platform you only know what the platform chooses to share about the other party with you.
Personally, I would still buy those coins even if they are sold at a discount because I believe in Bitcoin’s fungibility and that it’s one of its main fundamentals. I also believe that tainting coins by exchanges is not right.
Howevet, I wouldn’t buy them if I knew they were stolen as I can’t/don’t want to encourage criminals.

[Bigjoe33]

But the reason I do not like face to face sales of bitcoin is that it can lead to physical attack. We have read on different news about different people that were physically attack all because those that attacked them know that they have bitcoin. Attack can come from anywhere, even from someone that you will not expect.

This physical attack is a major case that one should be very careful for such open sales and transaction amongst people you know facially or face to face sales. Criminals are all over, enemies are all locking, and you can never tell who is beside watching and planning. Why not sale in exchanges, while looking for physical transactions, what better gains can be acquired from such face to face transactions?  As a person, I don't even like exposure of my personal financial dealings, I feel it's not just safe and not acceptable. Even if not for keeping your financial dealings to yourself, why would I begin to look for someone I know to trade my Bitcoin while I have exchanges online where I can do my transactions in peace without exposure and feat of physical attack. We should be conscious of our safety always

[JiiBs]

But the reason I do not like face to face sales of bitcoin is that it can lead to physical attack. We have read on different news about different people that were physically attack all because those that attacked them know that they have bitcoin. Attack can come from anywhere, even from someone that you will not expect.

This physical attack is a major case that one should be very careful for such open sales and transaction amongst people you know facially or face to face sales. Criminals are all over, enemies are all locking, and you can never tell who is beside watching and planning. Why not sale in exchanges, while looking for physical transactions, what better gains can be acquired from such face to face transactions? 

It isn’t idea to deal on the web without making use of a third party service like exchanges and escrow yet, Bitcoin is supposed to be a p2p financial solution that doesn’t need a third party in its system. It doesn’t mean that it shouldn’t exist but, if not necessary, it’s avoidable.

Now, the risk associated with everyday using of Bitcoin seems to disregard this vital aspect to the currency. Personal security and safety of holdings is important but, it keeps us far from utilizing Bitcoin in p2p as a currency doesn’t it?

It might not be ideal but, it’s still the way to go.

[CryptoHeadlineNews]

The case of stealing Bitcoin or usage of Bitcoin for some illicit activities by some mischief is no longer alien, in this time and age, we all know to a far great extent that a whole lot is happening within the crypto space and sometimes we should be really mindful so we do not get into troubles for things we may not really know,  it is also important to know that at some point you don't remain absolutely anonymous while transacting with crypto so you need to apply some precautions.

Some people still think you can remain absolutely anonymous trading crypto meanwhile they forget that most of not all exchanges now do kyc so finding you may not be that difficult except in cold storage or a non custodial wallet that you can still have some levels of anonymousity but immediately you get an excah

Depending on what your relationship is with the person you intend to buy the Bitcoin from. Because for me, if I have a friend who sells Bitcoin and has a good rate equal to that of p2p exchange, I wouldn't mind sending him the Bitcoin from my Non custodial wallet. But if the coin I intend to sell is on an exchange wallet and the person isn't using the same exchange to send through internal transaction, then I could use it's p2p features. But if the person is a total random user, it's best advisable you don't trade with them, because you wouldn't know if the coin was stolen or not, most especially if they claim to sell at cheap rate. That's a complete red flag.

[BitHodlers]

Involving in business both with random guys and those we know has different scenarios. Why because there are some certain business we will loved to do with those closer to us and vice versa same goes for other people we do not know and we will still make business with them.

In aspect of buying crypto currency or digital currency is better to stay away from unknown individuals and not to do that business with them, we rather take ourselves to the exchanges and get our deal done through p2p or any other means because making business with unknown users outside exchanges comes with a lot of risk so let avoid it.

Most business deals start with a random company interacting with another random company. They are strangers to each others, and there is often nothing that gives any credibility to either side except some reputation. This even applies to large companies like Apple or Samsung. Just because they have a reputation that does not mean they are not a stranger to you. How do you know they won't try to abuse you in business deals as much as possible in legal ways? You don't. You have to trust the word of other companies or people who have worked with them before, and only after you verify this by working with them for some time can you be pretty sure that they won't cheat you.

It is the same way with OTC transaction. No reputable dealer who has high volume is going to risk his reputation over your $50k transactions. People try to make transactions with shady nobodies and when things go sour they spread FUD and bad information regarding these things.

[Ronsbit]

snip

Depending on what your relationship is with the person you intend to buy the Bitcoin from. Because for me, if I have a friend who sells Bitcoin and has a good rate equal to that of p2p exchange, I wouldn't mind sending him the Bitcoin from my Non custodial wallet. But if the coin I intend to sell is on an exchange wallet and the person isn't using the same exchange to send through internal transaction, then I could use it's p2p features. But if the person is a total random user, it's best advisable you don't trade with them, because you wouldn't know if the coin was stolen or not, most especially if they claim to sell at cheap rate. That's a complete red flag.

Whether we have a relationship with the person or not, we must take our safety seriously. One thing we should know is that the moment you admit to trading BTC with that person offline or online, be it a friend, sibling, relative, etc,  you are already exposed to risk because you have already awakened them to their consciousness that you are a bitcoin dealer, and anything can happen at any time. So it is best you just go straight to the p2p platform and do your transaction, and keep your things to yourself for your own safety.

[SOKO-DEKE]

A lot of things are happening in this world, and that is the reason why someone has to always be careful, no matter what he or she is doing. I have heard a similar story like this before it's now the third time, honestly.Let’s not see any reason to buy Bitcoin from anyone, whether we know them or not, as long as it’s not from an exchange. In fact, even if it's not about stolen Bitcoin they sell to you, someone is still exposing themselves to the public by buying it that way. The person who sold you the Bitcoin could tell someone else that you have it, or even set you up by planning an attack against you.it would be a great benefit if we could totally avoid purchasing Bitcoin or any form of cryptocurrency  from people outside of trusted exchanges.

[driverom]

If anyone offers to sell their Bitcoin to you simply because they know you one way the other, don't buy from them.

This days it is getting harder to trust anyone.


There are so many reasons why it is wrong to buy Bitcoin from someone you know but I want to talk about a particular one that landed a 25yrs old in trouble.

In today's world, you can't tell what anyone is doing for a living, how they make their money even if they claimed to be making money through web3 and crypto trading.

Some people are just using this as a cover up.

So this friend of a friend sold some Bitcoin to the 25yrs old guy that I know and the Bitcoin was stolen, I am always against the idea of  seliing Bitcoin to someone face to face normally but when he told me about it I was like you guys are friend so no problem, until he said he sold to him in discount.

Bitcoin is massively high in value and someone decide to sell to you in discount?

What will cost them to sell on exchange?

That's where I knew something isn't right, they were all apprehended because the 25yrs old guy moved the Bitcoin back to a centralised exchange where he already passed his KYC.

They will be charged to court I heard, and the case is still on, the parent are now finding every means to save their son from the mess, and truthfully he is not a part of the criminal activity, all he did wrong was buying the Bitcoin, he was the first to get arrested and he led the agents back to the other guys.

This should serve as an example to all beginners, if someone can't buy or sell their digital assets on exchanges, you have the right to be suspicious, teach them how to if you can but don't ever buy from them, it can be stolen digital assets.

I usually buy from my friend with 0 % fee but after I read this post I will never buy from him again never thought that thought that those things can happen
it's seems it's better to buy btc from binance and avoid those kind of problems

[BitHodlers]

I usually buy from my friend with 0 % fee but after I read this post I will never buy from him again never thought that thought that those things can happen
it's seems it's better to buy btc from binance and avoid those kind of problems

If he would do something like this to you, he was never your friend. P2P trades are much better than using any platform. Only people who value themselves as persons at $0 would argue in favor of KYC platforms. Don't be spooked by these stories, they are the definition of FUD.

[Sticky Bomb]

It's good to know the person very well and what he does for a living before selling bitcoin face to face to the person. I only sell bitcoin to family members or very close friends who don't know how to buy from an exchange because they're new to the cryptospace. However, bitcoin is becoming valuable overtime and physical p2p should be discouraged in order to keep your bitcoin involvement a secret and safe from attackers.

Personally I don't have much issues with buying or selling my coin to who I know v very well but I must receive first and it must be physical and in an open place. I kind of feel it's stressful going for such meetups when I can use my Bitget exchange for P2P at a good price and even though they would charge me a little token it might not even be up to what I'll have to waste on transportation to the meeting venue.

Sometimes we might be avoiding spending little fees on exchanges and end up in bigger expenses or troubles initiating crypto transactions locally.

[Somegory]

I avoid doing business with some I know, because you tend to trust them too much and that is a very easy way for them to scam you or sell something that is stolen to you.

So what's your priority option, doing business with random guys? I think this is the opposite of what most people do. Dealing with people you know isn't about trust; you simply have a greater chance of recovering your losses because you can identify them better.

You know the right answer but you choose to pretend like you don't, the right thing to do is trade Bitcoin the way it is suppose to be traded, if you want to buy Bitcoin it is safer to buy from exchanges, centralised or decentralised that's your choice to make.

If he can't trade Bitcoin with those he knows it means he has trust issues, and you brought up strangers, isn't that ridiculous? Someone who don't trust people around him should now trust strangers?

It is not about pointing fingers after the deal with those you know, having Bitcoin should be secret, selling or buying from those you know means you are exposed and history is always right, many powerful men are betrayed by those they knew.

If those around you can't kill you, those far away from you, the likes of strangers can't get you too, it is always those closer.

[rat03gopoh]

If he can't trade Bitcoin with those he knows it means he has trust issues, and you brought up strangers, isn't that ridiculous? Someone who don't trust people around him should now trust strangers?

That's not ridiculous, I think. Have you read the context of the OP's story? The fact is, the buyer and seller don't know each other; they were simply recommended. Of course, I have absolutely no advice for such a trading method, regardless of the risks; it's a complete waste of time. But there are specific reasons one should do it, even if there are more practical and efficient ways.

It is not about pointing fingers after the deal with those you know, having Bitcoin should be secret, selling or buying from those you know means you are exposed and history is always right, many powerful men are betrayed by those they knew.

It depends on how you manage it, and how willing you're to let others see your privacy.

If those around you can't kill you, those far away from you, the likes of strangers can't get you too, it is always those closer.

those closest to you and those with the opportunity to do harm aren't necessarily those you know. Once you become a target, you'll be approached either "subtly" or "violently." Again, this isn't about trust.

[Dzwaafu11]

I avoid doing business with some I know, because you tend to trust them too much and that is a very easy way for them to scam you or sell something that is stolen to you.

So what's your priority option, doing business with random guys? I think this is the opposite of what most people do. Dealing with people you know isn't about trust; you simply have a greater chance of recovering your losses because you can identify them better.

Did you mean trading bitcoin with someone you know is better than someone you don’t know? If that is what you mean, then I will tell you that you are even trading bitcoin the wrong way. Nobody is against reading with an unknown person, but it is not safe, or buying or selling physically. That is wrong, as it’s always done easily. The best is to do it that way.

Buying from centralised or decentralised exchanges is even easier than all this physical P2P because we all know it won’t work at the end, and another person will know how much you are worth in crypto, which is supposed to be private.