I'm from the US, located in new york. But im out of the country most of the time. I read that local bitcoin is great way to sell bitcoin. I want to know what is everyone elses experiences with local bitcoin.
Questions i have
1. What is the preferred method of receiving money when selling bitcoin via localbitcoins? I assume they deposit cash in bank? Or they give you the cash, you deposit in the bank right there, then you release the bitcoins?
2. Is there usually a vig for this? And if so, which way? For example, you want to sell $2000 worth of bitcoin. Do they normally offer more or less than $2000 cash? I assume either equal or less?
3. Do people usually meet up? Or they basically just deposit cash at bank or some other form of payment? And when they meetup, how much is the amount usually for around?
Is it pretty easy to sell bitcoins and receive payment easily in new york? most notably new york city?
Would it be harder to do this online since im out of the country? Could i find someone reputable on local bitcoins new york city... then they deposit funds and i release bitcoin to them etc? I did read a scam people did back then would be someone goes to bank and deposit the cash... sends the slip to the bitcoin seller. They then release the coins... then that person goes back to the bank and ask for the cash back by saying they deposited in the wrong account.
What are the best payment method to receive where its hard to get scammed with localbitcoin? Because even if you meet up, you have to make sure cash is real. And online transfers, most it seemed could be reversed either due to fraud or the person disputing it etc.
1. There are all types of payment methods. Nothing is "preferred", but some are more commonly used than others. Almost anything digital you can think of is on there.
2. Almost never will you see Bitcoin ads looking to sell under market price. People who have Bitcoin already can get a 1:1 exchange on any major exchange. To think of it, people going to Localbitcoins already with Bitcoin are looking to make a profit generally. Some may risk a small percentage to get fiat (money) in a payment method they really prefer. To simplify, your average Localbitcoins transaction looks like: $100 USD of Bitcoin for $105 USD cash.
3. People do both. More transactions are made online than offline. You can find people selling/buying near your area if you put in your location at the bottom of the main page. It's easier to do it online generally.
AFAIK laws are very strict in New York. I'm not really sure how to go about buying/selling there, other members could give advice. It'd be much easier if you went out of state.
