Topic: Difference between physical meetups and online exchanges (Read 1624 times)
hero member
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I prefer Zakir over Muhammed when mentioning me!
BTC-e requires verification only if you are depositing from a bank account. If the exchange is reputable, you would most probably have to verify your account at some point of time. Localbitcoins is the only way to be truly anonymous to get Bitcoins via bank deposits.
I didn't even know you could deposit at BTC-e from a bank account, but I haven't used them in a long time
You can indeed but you have to dick around with all sorts of third party money transfer places that require extra verification and some hefty fees. That would be my last choice to deposit money with. It's enough of a grind waiting for one straightforward bank wire to go through.
BTC-e requires verification only if you are depositing from a bank account. If the exchange is reputable, you would most probably have to verify your account at some point of time. Localbitcoins is the only way to be truly anonymous to get Bitcoins via bank deposits.
I didn't even know you could deposit at BTC-e from a bank account, but I haven't used them in a long time
BTC-e is not going ot be my first choice. A lot of it depends on what country you are from.
In my case it's US so I think coinbase is a great option.
BTC-e requires verification only if you are depositing from a bank account. If the exchange is reputable, you would most probably have to verify your account at some point of time. Localbitcoins is the only way to be truly anonymous to get Bitcoins via bank deposits.
I didn't even know you could deposit at BTC-e from a bank account, but I haven't used them in a long time
I'm confident enough to look after myself in a face to face meet up.
I'm not a typical tech nerd so I'd be ok.
If they're real pros there'll be snipers and tranquiliser darts. You'd probably want to arrive at least three days before to scout out the city and neutralise threats and wear an armoured cardigan on the day.
I've never sold anything, I'm a perma hodler (until moon time).
I think if I was going to sell though I'd look into a physical, face to face meet up.
I don't really like the thought of signing up to an exchange with my card details etc.
I'm confident enough to look after myself in a face to face meet up.
I'm not a typical tech nerd so I'd be ok.
I think if I was going to sell though I'd look into a physical, face to face meet up.
I don't really like the thought of signing up to an exchange with my card details etc.
I'm confident enough to look after myself in a face to face meet up.
I'm not a typical tech nerd so I'd be ok.
These exchanges are hectic my man, apart from a anal probe, they have all my other information. ^Sob^
At a meetup, I can talk to someone and find out more about them. I always bring a friend for safety and they normally double as a witness.
I love people, and I have met incredible characters at these meetups.
At a meetup, I can talk to someone and find out more about them. I always bring a friend for safety and they normally double as a witness.
I love people, and I have met incredible characters at these meetups.
I agree meeting in person can be great. I've met up at Starbucks and had great conversation after the trade, and also did a Satoshi Square gathering which was cool too (and at night). Remember though that BTC-e doesn't require anything other than an email to set up an account.
These exchanges are hectic my man, apart from a anal probe, they have all my other information. ^Sob^
At a meetup, I can talk to someone and find out more about them. I always bring a friend for safety and they normally double as a witness.
I love people, and I have met incredible characters at these meetups.
At a meetup, I can talk to someone and find out more about them. I always bring a friend for safety and they normally double as a witness.
I love people, and I have met incredible characters at these meetups.
I agree meeting in person can be great. I've met up at Starbucks and had great conversation after the trade, and also did a Satoshi Square gathering which was cool too (and at night). Remember though that BTC-e doesn't require anything other than an email to set up an account.
Can you guys explain to me a standard "protocol" for a physical meetup. As in, do you pay in cash? Do you offer the cash first and then undergo the Bitcoin transaction? Basically how do you actually go about the exchange?
I have not done it personally. But I would suggest meeting in a public place with internet Starbucks, Mc Donalds, etc etc(even better if your phone has wifi capability that can be used with laptop to connect to) . I pick these places as you could stay there a bit.
It's better to do the deal in a public but not too crowded place. The place you suggested will be far less crowded and it will be hard for you to escape if trader or his/her acquaintances/friends attack you. A building or room with less people is dangerous. You should also make sure distance between you and trader is at least far enough for him not able to snatch anything from you or attack you. Distance of a common hotel/coffee shop table is probably enough.
You will be waiting for at least one conformation, unless buyer want's more.
Waiting for 1 confirmation isn't really needed but 10 minutes is enough for a good talk.
But as always with something of value be careful. Make sure not to do anything like bring all your BTC, leave cold storage at home.
I highly recommend to send Bitcoins you are selling to a new address and come only with that.
Also I would invest in a pen that shows if cash is fake.
For INR, there are few ways to check without counterfeit detector pen but I don't know about other currencies. Still a counterfeit detector is a good choice.
To avoid possible risks, I suggest you to trade with trusted people.
Very nice suggestions added on to it. Well done.
One thing I should have suggested is encryption. Assuming you have the btc on computer and not online, make sure you encrypt or 2FA. Makes where if they did grab the laptop they would not get the btc at least.
These exchanges are hectic my man, apart from a anal probe, they have all my other information. ^Sob^
At a meetup, I can talk to someone and find out more about them. I always bring a friend for safety and they normally double as a witness.
I love people, and I have met incredible characters at these meetups.
At a meetup, I can talk to someone and find out more about them. I always bring a friend for safety and they normally double as a witness.
I love people, and I have met incredible characters at these meetups.
hero member
Activity: 560
Merit: 509
I prefer Zakir over Muhammed when mentioning me!
Can you guys explain to me a standard "protocol" for a physical meetup. As in, do you pay in cash? Do you offer the cash first and then undergo the Bitcoin transaction? Basically how do you actually go about the exchange?
I have not done it personally. But I would suggest meeting in a public place with internet Starbucks, Mc Donalds, etc etc(even better if your phone has wifi capability that can be used with laptop to connect to) . I pick these places as you could stay there a bit.
It's better to do the deal in a public but not too crowded place. The place you suggested will be far less crowded and it will be hard for you to escape if trader or his/her acquaintances/friends attack you. A building or room with less people is dangerous. You should also make sure distance between you and trader is at least far enough for him not able to snatch anything from you or attack you. Distance of a common hotel/coffee shop table is probably enough.
You will be waiting for at least one conformation, unless buyer want's more.
Waiting for 1 confirmation isn't really needed but 10 minutes is enough for a good talk.
But as always with something of value be careful. Make sure not to do anything like bring all your BTC, leave cold storage at home.
I highly recommend to send Bitcoins you are selling to a new address and come only with that.
Also I would invest in a pen that shows if cash is fake.
For INR, there are few ways to check without counterfeit detector pen but I don't know about other currencies. Still a counterfeit detector is a good choice.
To avoid possible risks, I suggest you to trade with trusted people.
Can you guys explain to me a standard "protocol" for a physical meetup. As in, do you pay in cash? Do you offer the cash first and then undergo the Bitcoin transaction? Basically how do you actually go about the exchange?
I have not done it personally. But I would suggest meeting in a public place with internet Starbucks, Mc Donalds, etc etc(even better if your phone has wifi capability that can be used with laptop to connect to) . I pick these places as you could stay there a bit. You will be waiting for at least one conformation, unless buyer want's more.
But as always with something of value be careful. Make sure not to do anything like bring all your BTC, leave cold storage at home. Also I would invest in a pen that shows if cash is fake.
hero member
Activity: 560
Merit: 509
I prefer Zakir over Muhammed when mentioning me!
Can you guys explain to me a standard "protocol" for a physical meetup. As in, do you pay in cash? Do you offer the cash first and then undergo the Bitcoin transaction? Basically how do you actually go about the exchange?
You first post in Currency Exchange sub-forum or in LocalBitcoins (popular) and will meet up at a mutually agreed place.
Exchanging cash or Bitcoin first depends on the users. Some send Bitcoin first and some give cash first.
Can you guys explain to me a standard "protocol" for a physical meetup. As in, do you pay in cash? Do you offer the cash first and then undergo the Bitcoin transaction? Basically how do you actually go about the exchange?
Technically if in US you could be seen as money launder. But they don't seem to enforce this much on individuals. They go for the exchanges it seems.
It's perfectly legal for individuals to buy bitcoins from other individuals. Just like it's legal for me to meet you and sell some old newspapers, or jewelry, or whatever. The problem comes up when people start talking about anything illegal. If you meet somebody and they say anything illegal just say no thank you and call off the deal.
Also, if you're doing small amounts it's not a big deal. If you're doing high amounts, like over say $5-10K, especially if you do this repeatedly then yes that could be a concern.
Biggest time was around silk road take down they did go after people on money laundering. Look up Charlie Shrem, he did get some serious trouble for what they considered money laundering.
Charlie Shrem ran a business that exchanged bitcoins for fiat currency without proper licenses, and also when knowing they were likely to be used on the Silk Road drug marketplace. That's a no no.
Can you cite your source for small amounts are always ok? Because I don't read it that way. If you are in US and did a trade on localbitcoins from BTC to USD, technically you could be charged with laundering depending on location. It depends on local and state laws aswell - http://www.coindesk.com/will-floridas-money-laundering-laws-apply-bitcoin/
Will you get charged? No... chances are they are looking for the big fish such as Charlie Shrem was.
Find an ATM with realistic fees. Best of both worlds. There are some out there that have less of a premium than localbitcoins.
All current BTMs (as far as I can tell) require some sort of extended verification. localbitcoins and current bitcoin ATMs all have pretty high fees and value bitcoin at a lower price when they buy, and at a higher price when they sell. Physical meetups - other than what the other users mentioned, you also get to meet some pretty cool bitcoin people. Technically if in US you could be seen as money launder. But they don't seem to enforce this much on individuals. They go for the exchanges it seems.
It's perfectly legal for individuals to buy bitcoins from other individuals. Just like it's legal for me to meet you and sell some old newspapers, or jewelry, or whatever. The problem comes up when people start talking about anything illegal. If you meet somebody and they say anything illegal just say no thank you and call off the deal.
Also, if you're doing small amounts it's not a big deal. If you're doing high amounts, like over say $5-10K, especially if you do this repeatedly then yes that could be a concern.
Biggest time was around silk road take down they did go after people on money laundering. Look up Charlie Shrem, he did get some serious trouble for what they considered money laundering.
Charlie Shrem ran a business that exchanged bitcoins for fiat currency without proper licenses, and also when knowing they were likely to be used on the Silk Road drug marketplace. That's a no no.
-snip-
Arrested? No, they would need to establish that I am a flight risk (which I am not). Besides the fact that I did not break any laws I find the idea hilarious that the police is waiting at a local McDonalds to catch some bitcoin traders.
Arrested? No, they would need to establish that I am a flight risk (which I am not). Besides the fact that I did not break any laws I find the idea hilarious that the police is waiting at a local McDonalds to catch some bitcoin traders.
Technically if in US you could be seen as money launder. But they don't seem to enforce this much on individuals. They go for the exchanges it seems.
Nope. If you tell me you got the bitcoin by hacking or selling drugs, Ill just get a coffee and head out. Deal is off. Besides 10k USD is a bit out of my range.
Biggest time was around silk road take down they did go after people on money laundering. Look up Charlie Shrem, he did get some serious trouble for what they considered money laundering.
One runs a big company and failed to report substantial transactions that knowingly came from drugs deals, the other is just two people meeting for a private exchange of a reasonable small amount. I would think that in person exchanges rarely involve over 10k USD or the regional equivalent.
What are the pros and cons of buying bitcoins in person in a physical meet up as opposed to using an exchange.
Pro -> Anonymity. Well you have to show your face, but not your POR and bank account details.
Con -> Robbery risk. It happend in the past and it will happen again. If you meet with someone in person you might get lured into a trap, hit on the head and have your money and/or coins stolen.
An exchange might rob you as well, but at least you dont get hit on the head.
you may also end to be arrested as it has happened with burst, if police caught you off guard, there are i think some spy searching for those guys doing trading in RL
anyway in the usa is more severe, in other country you should do face to face trade more easily with less worry
Arrested? No, they would need to establish that I am a flight risk (which I am not). Besides the fact that I did not break any laws I find the idea hilarious that the police is waiting at a local McDonalds to catch some bitcoin traders.
Technically if in US you could be seen as money launder. But they don't seem to enforce this much on individuals. They go for the exchanges it seems.
Biggest time was around silk road take down they did go after people on money laundering. Look up Charlie Shrem, he did get some serious trouble for what they considered money laundering.
Find an ATM with realistic fees. Best of both worlds. There are some out there that have less of a premium than localbitcoins.
some atm's require you walk through a very annoying verification process. and beside that, you don't know what or who is saving your data.
Yup. It's a lottery. Some require you to smear your glans across the screen, others don't give a shit who or what you are. That's what you need to research.
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