Topic: Avoid trading crypto in real person. You can see this now on Binance. (Read 382 times)

It's a problem for me to trade Bitcoin with anybody face to face, sorry, many things have happened that have robbed me of the little trust I have left in humans, just because the amount you trade is little doesn't mean you are safe, those who you trade with already know that you are into crypto and that's all they need, just pray that they are good people, because it's possible for them to think that you have more, saying that you will trade less amount face to face means you still trust people and I pity you.

Hunger and poverty is now what people put blames on when they do evil thing to humans like them, they are willing to hurt you for small amount and you are here saying that doing face to face trade is save if you are trading small amount, it's a no no no for me, I don't know what makes Binance have that option available, I have always see it on my Binanace account and I believe it's the most stupid thing an exchange can have as payment option.

Satoshi goes hidden for this same reason and you want to do this openly? It's stupidity, once your face is known that's it, avoid doing this, it makes not even the slightest sense, binance is baking like a kid implementing this option, and they should have learned when their workers where forced to empty their crypto wallets.

It's not a problem when you trade small amount of money, maybe less than $500-$1,000 should be fine, depends on your country too.

If you worried to be known as rich person, what about people who wear/use a branded cloth, bag, gold accessory, high end laptop, big bike etc on the street? do they scared about that? no, they want to show to everyone if they're rich.

I mean, they have more than what you have, the criminal should target them, not only you.

Why would anyone even contemplate doing that, in the first place? The reason we don't know who Satoshi is till date should hit anyone why they shouldn't compromise their privacy. That's one. The second thing why I wouldn't touch the F2F thing, even with a long pole, is the lack of convenience it provides. Leaving my home to meet up with anyone for business transactions is a stress to me. I can only indulge such when it's the last resort. I like online transactions. I can't even remember the last time I walked into a bank to do my transactions. ATM transactions are also beginning to bore me too. So, with one trying to get all of that out of the way, why would one then subscribe to a face to face crypto deal that preaches much privacy? It doesn't make sense at all.

Personally I go for the orders in the Binance for those which are verified one. Because in the online things I didn't ever trust others whether it may be in the form of banking system or it may be in the form of other money. But still can't believe other people because we have seen hackers are there and the people which needs money like robbers just scam the money and they went away. So I believe that when I enter a good and well known platform of trading I should ensure my security and I should also care of my own security by myself.

There is always a chance of that, but I am doing everything necessary to lower the chance of that happening to the minimum possible. Thing is, since I've been doing this for years I now have reliable people so I don't have a need to meet a total stranger in order to have trade bitcoin P2P.

I don't know or have never used a method like this on binance, or maybe it's not available in my country? But I'm not interested in selling bitcoins to people offline because it's a hassle. I prefer selling bitcoins online because it is simpler and safer. Apart from that, there is also a risk of crime behind it so making online transactions is better in my opinion, I don't see the urgency in selling bitcoin offline.

I was thinking if the KYC they had initiated is not good enough for them but have gone this far to have cash option for trading when some people are being haunted in their various homes as a result of their leaked identity. If not for KYC leak, how did the criminals get to know people in Sweden who owns Bitcoin and other assets. Many are currently attacked at their homes and roads just because their identity was leaked as a result of the carelessness of the third party exchanges.

I will not be very interested in meeting someone who I want to trade my bitcoins with especially when it is a lot I intend trading and because it something we can do on the phone without the need of seeing or meeting each other. It is difficult to always trust the intentions of people especially the people you meet from the online place. There are many concerns about safety in my country because a lot of terrible things can happen, so I will not want to put myself in harms way by physically accepting to meet a buyer or vendor to trade.

Trading crypto in cash with person physically is the last thing I will ever do because you don't know what the opposite person may have in plans for you whereby you can be targeted and  get robbed maybe also go with your funds and coin.
I would prefer trading p2p in the forum here with an unknown user than involving in such transaction, that is why we need to be very mindful. Why would exchange include trading with person in cash physically why not they removed that options since is not safe for both parties?

You make a interesting point. I attended a few crypto events and seminars in my newbie days, and this is why I think it is difficult to target people who attend these events. Not everyone who attends a bitcoin conference has bitcoins, they may be a newbie who is simply just interested in bitcoin or someone who is just there to network. It’s difficult to tell who is who in these events, but if I’m certain you have $10k bitcoins in your wallet, then you definitely have a target on your back.

I've never been afraid of going out into the world and exchanging bitcoin. I do it in public and I've never had any problems.

Most of the time bitcoiners are really friendly. We exchange opinions about the market and joke around from funny situations, even talk about memes and tell bitcoin jokes.
I've never become real friends with any of these people because we're both cautious, but it was always a good experience.

If people were to target you as a bitcoiner, wouldn't they simply go to a bitcoin conference and follow people who attend?

I don't know. Taking precautions with peer-to-peer trades involving big money just makes sense to me.  It's like buying a used car from the owner directly instead of through a dealer.  You wouldnt meet up to make the trade in some dark alley in a sketchy part of town.  No way.  You'd pick a public spot, maybe bring a friend if you could, that kind of thing...

You can't be too careful with that much money changing hands between strangers.  So yeah, taking precautions is normal and smart with high-dollar p2p deals.  I don't think twice about it.

I'm just hearing this for the first time; it appears to be a new invention in the exchange, but I'm not sure what the motivation is. What do they need to discuss when transacting via p2p that they can't do on the exchange chat app? This makes no sense to me. This has not only compromised your online privacy, but it has also compromised your physical privacy.

The world is a cruel and insecure place to live, exposing your physical self and worth to anyone is not ideal. This will end up putting your life at greater risk than the money you saved in the exchange. If this is how it works, it isn't even worth considering. Stay away from exchanges, they’ll keep demanding to know more and more about you at the expense of your privacy and safety.

With enough precaution it's doable, so I don't agree that we shouldn't trade in person. Just think about it for a moment. If someone wants to buy $1k of bitcoin from you, and you live in a first world country, you don't really have that much money on you. Just set up a meeting in a public place, don't come in your car, just get a taxi or ask someone to drive you, then make sure you don't get followed back home.

In a situation where you want to sell a lot of bitcoin, 100k+, make sure to go with someone that you trust. Do all the same steps to avoid being followed, meet in a place where there's security, like inside a shopping mall, in a lobby of a bank, at a post office... You'll have cameras there and people who will stop a possible assault. Let's not be paranoid. People have always traded things like cars and motorcycles for cash. I've bought a car with cash 2 years ago and it went smooth.

As from the very start I knew that these exchanges won't be safe at all, we should always make ourselves fund by doing it in some hard wallets and keep them their even they are at that place, it will be too difficult for the hackers to hack the hard drive. So, there are many hard wallets people are using and they have get rid of the hacks as they always don't believe on the Exchanges.
You also know that exchanges are not good at all for storing of the fund. It can be only safe when we are doing the trading their and when we are doing some spot trading and other ones.

It’s very risk especially if you’re trading a huge amount. Let’s say you use Binance p2p and you opt for the f2f option, you and the seller/buyer decide on a meeting point (preferably a public spot to avoid being mugged), both parties meet, transaction goes smoothly and you both go your separate ways.

The cons of f2f transactions are;
- You have lost your anonymity
- You stand the risk of being tailed on your way home. And this is going to be really easy if you live in a small city.

The Pros - Zero

Unfortunately, every form of P2P transactions opens the door to potential abuse by scammers.  Thats just the way it is when people exchange goods in person.  It is not only about the threat of violence or theft but all kinds of fraud too.   However, using secure online platforms helps but its not foolproof.  Hacks, rug pulls, data leaks - those things can still happen and  and there is always some risk of plain old scams.  Good news is, there seem to be way less reports of people getting attacked in person versus getting scammed online.


Online KYC verification always involve some risk.  Just look at what happened with Ledger's database getting hacked and customers personal info leaked, and related attacks.  So, nothing new or special.  Actually its a lot easier to use fake data and burner phones for P2P trades compared to centralized exchanges.

Do you not think that doing physical P2P trading might been abused by robbers? Example of what I am talking about is to physically be attacked, but not only that. The other reason which was the reason I referred to as KYC is that some bad actors can see this as an opportunity to know who is trading on an exchange. They will not attack during the trading but give attackers information about the bitcoin trader so that they can attack him at his house. I can not trade bitcoin physically.

The things I won't see here...people claiming that real life P2P trade is worse than using centralized exchange.

I don't know where you guys live, but over here in Croatia (EU) its pretty common and safe to do live P2P trades as long as your are using common sense like not buying/selling large amounts with the total stranger or meeting in a dark alley in a dodgy part of town. Me and quite a lot of my friends did bunch of those trades and I never heard anyone having any issues whatsoever.

I would refrain from more than just trading Cryptocurrencies in real person.  I would stop publicly posting Tweets about Cryptocurrencies.  Any body who is looking for a target will think that if you are strongly invested in Bitcoin on Twitter you must have some of your own as well.  These are tough times because Bitcoiners like me who are Privacy oriented have fewer and fewer options.  So real person meetings are on the list even if more dangerous than other ways of exchange.

Even family should be kept distant unless you have close to 100 percent trust in them.  You never know who targets you next out of jealousy either.

Inflation and how Cryptocurrency members portray themselves on the Internet do not help.  Robbers think any body interested in Bitcoin is automatically rich enough to be worth targeting.

It is very simple nowadays.  There are tools helping you localize places from pictures only.  You post pictures of yourself next to your dear wife in your lovely house and some weird guy locates you and you become a target only because you keep telling people how to get rich.  Keep it to yourself.  Better than getting tied up by a stranger and threatened with your own knives, is it not.