Danger when buying/selling BTC in person

yndye

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Quote from: isen on August 02, 2016, 05:06:50 AM

So i was reading an article about someone who got robbed when he tried to buy in person 28000$ of Bitcoin
http://www.coindesk.com/florida-bitcoin-sale-knifepoint-robbery/
Personally i avoid dealings like this cause it is not easy to trust a random stranger.
How about you?do you buy or sell bitcoins in person?If yes have you ever had any bad experiences?

There is really a danger when you hold a lot of money and someone knew that you have that amount. I don't buy or sell bitcoin in person because for one I want to avoid like this one to happen and I want to have fast transaction also. Maybe the advise I can give to someone when he wanted to transact in person is that let someone accompany you as an added security because there is always risk when it involves money especially a big amount. People should not be too complacent.

dharkmadder

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Exchanging that sum of money one time with a stranger is like asking for trouble IMO particularly with how exchanges like these work, I think if someone is doing such sum should be done in multiple times and in a secure public location with plenty of eye witnesses.

Caladonian

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Quote from: fireball4 on September 29, 2016, 06:54:06 PM

Quote from: cakravothy on September 28, 2016, 09:44:26 PM

if you want buy bitcoin with personal person
not exchanger only personal person you must use escrow

i never do that to be honest because i feel like i would always lose a lot of money only and never make profit

thats right meting person would not secure us in dealing btc and one of the purpose of btc is to do anonymous transaction but in anyhow that something forces us to deal with might need to bring someone especially if its about a large amount for extra security.

fireball4

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Quote from: cakravothy on September 28, 2016, 09:44:26 PM

if you want buy bitcoin with personal person
not exchanger only personal person you must use escrow

i never do that to be honest because i feel like i would always lose a lot of money only and never make profit

The_Dark_Knight

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Quote from: OneUnderBridge on September 28, 2016, 09:57:15 PM

BitCoin seems like a dangerous commodity. Are there safe ways to buy BitCoin anonymously? Or, should everybody be considered a crook until they are otherwise trusted? Is it even legal to buy BitCoin in person in the USA?

Bitcoin is not dangerous, the danger comes from the people, scammers or thieves that have no scrupulous and are willing to do anything to get their hands on your fiat or bitcoin.

dunfida

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Quote from: yayayo on September 29, 2016, 07:51:27 AM

Quote from: mindrust on September 29, 2016, 07:40:06 AM

It is extremely dangerous to buy/sell bitcoins in person i think. You can get robbed and beaten up easily if you do your trades alone. Gansters will definitely choose those persons as targets. You better use exchanges or websites like localbitcoins.

It's only dangerous if you deal with the wrong people and do not take safety precautions. I think your are totally exaggerating the real risk. Besides, using a website like localbitcoins does in no way reduce your risk - the risk might even be higher than making a personal transaction via bitcointalk, because you have less information regarding your trading partner (ID doesn't help at all, this can easily be faked / bought).

When using online exchanges you face the risk of hacking / inside jobs at both the exchanges and your personal computer / smartphone. I'm not sure if the average prevalence of theft is any lower at these places compared to real p2p trades, because in the former case a criminal doesn't even have to confront a real person and use violence, which reduces his/her overall risk and is therefore generally more attractive.

I think it's generally not advisable to make big transactions in person. I would do p2p trades with an upper limit of $500 only. That makes you a lot less attractive target. In addition you should closely pay attention to the kind of person your trading partner is. Communication style and use of language are often much better indicators for trustworthiness than official documents.

ya.ya.yo!

All people have minds regarding on how we secure our selves on such transaction are we are not dumb enough to notice and set some precautionary actions before transacting as you said if we do p2p transaction we should not buy large amounts because if we intend to buy on bulks then for sure the risk of being robbed is there but it depends on how you avoid it by transacting it on a crowded place.

yayayo

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Quote from: mindrust on September 29, 2016, 07:40:06 AM

It is extremely dangerous to buy/sell bitcoins in person i think. You can get robbed and beaten up easily if you do your trades alone. Gansters will definitely choose those persons as targets. You better use exchanges or websites like localbitcoins.

It's only dangerous if you deal with the wrong people and do not take safety precautions. I think your are totally exaggerating the real risk. Besides, using a website like localbitcoins does in no way reduce your risk - the risk might even be higher than making a personal transaction via bitcointalk, because you have less information regarding your trading partner (ID doesn't help at all, this can easily be faked / bought).

When using online exchanges you face the risk of hacking / inside jobs at both the exchanges and your personal computer / smartphone. I'm not sure if the average prevalence of theft is any lower at these places compared to real p2p trades, because in the former case a criminal doesn't even have to confront a real person and use violence, which reduces his/her overall risk and is therefore generally more attractive.

I think it's generally not advisable to make big transactions in person. I would do p2p trades with an upper limit of $500 only. That makes you a lot less attractive target. In addition you should closely pay attention to the kind of person your trading partner is. Communication style and use of language are often much better indicators for trustworthiness than official documents.

ya.ya.yo!

Yutikas_11920

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Quote from: mindrust on September 29, 2016, 07:40:06 AM

It is extremely dangerous to buy/sell bitcoins in person i think. You can get robbed and beaten up easily if you do your trades alone. Gansters will definitely choose those persons as targets. You better use exchanges or websites like localbitcoins.

Yeah it's something very reasonable and indeed realities like that. All things are done without strict control or from law enforcement authorities, will certainly produce something a bad thing. Because for sure we will be the target of some mobsters who make use of this. better is indeed using the Exchange site

mindrust

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It is extremely dangerous to buy/sell bitcoins in person i think. You can get robbed and beaten up easily if you do your trades alone. Gansters will definitely choose those persons as targets. You better use exchanges or websites like localbitcoins.

SilverPunk

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Quote from: TastyChillySauce00 on September 29, 2016, 06:03:30 AM

Quote from: kateaustin on September 29, 2016, 04:17:35 AM

Dealing in with a person you don't know is always risky IMO, you need to be careful in choosing the location to a public place with plenty of people and also try to do multiple small trades rather than a single big trade.

multiple small trades by meeting an individual would be the most risk and such a complicated thing to do,you need to afford for transportation or anything that's needed,single big trade would be the best option if you can have full security at that time when you're going to make a trade

But meeting an individual is safe but really it takes cost to do that. But that is the best option but in buying selling bitcoin it is the best when you are in escrow service because it is safe more safe than you are just talking and dealing with your client buyer or seller. Escrow service is the safest thing now to do.

TastyChillySauce00

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Quote from: kateaustin on September 29, 2016, 04:17:35 AM

Dealing in with a person you don't know is always risky IMO, you need to be careful in choosing the location to a public place with plenty of people and also try to do multiple small trades rather than a single big trade.

multiple small trades by meeting an individual would be the most risk and such a complicated thing to do,you need to afford for transportation or anything that's needed,single big trade would be the best option if you can have full security at that time when you're going to make a trade

kateaustin

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Dealing in with a person you don't know is always risky IMO, you need to be careful in choosing the location to a public place with plenty of people and also try to do multiple small trades rather than a single big trade.

pinkpanther03

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The danger things when buying/selling bitcoin in person, I think they can really rob your money, or might gonna hurt you also physically. So I think need to be careful if someone gonna do that things.

Pursuer

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Quote from: goinmerry on September 29, 2016, 12:22:24 AM

No such place is written in the article, just the city and the state. Question. Where exactly did they do the trade? Is it just in the street?

it must have been in a park or somewhere with little number of people around. or at least this is how these robberies usually go down.
these things always happen, the last big news I read was about a guy getting robbed in NewYork because they lured him to their car where they pulled a gun at him!! I mean why did you go in the dark alley to their car in the first place Cheesy

Quote

Whatever trade we does personally we should do it in a populated place. A park, a mall or other places with a lot people and policemen are easy to access. I do personal trades way back I was playing online games and it all goes well because they cant harm me with people looking at us.

the best place to do the trade, especially in the US is the police station.
you can not think of a safer place with all those cops around you and they don't mind if you ask them you want to do a trade safely in their station.

dc1a0

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I don't understand a lot of these replies. All someone would need for an in person trade is common sense. It's no different than a person to person sale of anything else with fiat. A trade with fiat for anything else person to person carries the same risks. Just use your head as something other than a hat rack. If you're not sure of the person you're dealing with, don't be alone, deal in a public place if possible, and make the transaction in such a way that they can't scam you. Use escrow or a paper wallet. It doesn't seem that difficult to me. Not that I've done an in person trade yet, so what do I know?

goinmerry

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No such place is written in the article, just the city and the state. Question. Where exactly did they do the trade? Is it just in the street?

Whatever trade we does personally we should do it in a populated place. A park, a mall or other places with a lot people and policemen are easy to access. I do personal trades way back I was playing online games and it all goes well because they cant harm me with people looking at us.

OneUnderBridge

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BitCoin seems like a dangerous commodity. Are there safe ways to buy BitCoin anonymously? Or, should everybody be considered a crook until they are otherwise trusted? Is it even legal to buy BitCoin in person in the USA?

cakravothy

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if you want buy bitcoin with personal person
not exchanger only personal person you must use escrow

shinratensei_

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Quote from: 20kevin20 on September 28, 2016, 07:53:15 AM

Quote from: haankoammu on September 28, 2016, 07:49:12 AM

I don't think it's reasonable to do a person to person exchange when buying anything more than $500 because there are other safer dealing options like bank deposits which are easily verifiable, and even if you do a big exchange you need to do it in a bank at least, since it's the most secure place possible and it's not illegal to use BTC.

I'd say a transaction person to person of over $100 is dangerous already. $500 is a big risk you have to take, and I'm not sure any of us wants to take it. However, you can do a safe person to person transaction only if you will take friends with you. In a group of 5 or more, nobody will try to steal anything. Taking any self-defense weapons with you might also help.

If feeling so dangerous about that and what about some parties are already providing an online escrow like an exchange for did it?
and so easy fixed, but that is difficult because of some people argument.

Nobitcoin

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Quote from: isen on August 02, 2016, 05:06:50 AM

So i was reading an article about someone who got robbed when he tried to buy in person 28000$ of Bitcoin
http://www.coindesk.com/florida-bitcoin-sale-knifepoint-robbery/
Personally i avoid dealings like this cause it is not easy to trust a random stranger.
How about you?do you buy or sell bitcoins in person?If yes have you ever had any bad experiences?

$28000 in cash and you wonder why he got robbed. He should have spent more time in the real world instead of in front if his computer.

Topic: Danger when buying/selling BTC in person (Read 6449 times)