It's really easy. I was nervous too but I used it like 3 times in the last couple weeks and it was perfect. The key is to look for people with the most and best feedback, that means they won't screw you and they know what they're doing. Yes, you click how much you want to buy and then their account information appears on your screen. Then you take your cash to the bank and put it in their account number. THere's nothing fishy about this, banks don't care because they're getting cash. Then you get a receipt and sometimes the other person asks you to e-mail them a copy of the receipt and you sign back on and mark that you have paid. Then they release the BTC into your wallet on localbitcoins and then you can withdraw it to your own wallet or wherever you want right away. I was pleasantly surprised.
If I am selling through an escrow on LocalBitcoins, and they deposit into my bank account for IRS purposes how do I explain the sudden extra money in my bank account?
you sell bitcoin. I think many people known about bitcoin now so that is normalIf I wanted to report it to IRS, why wouldn't I just sell it via Coinbase or some standard exchange? Am I missing something?
