If I am selling BTC on localbitcoins is it safe to accept cash deposit?

Money Boy

newbie

Activity: 25

Merit: 0

Quote from: Dogtanian on January 02, 2014, 09:35:00 AM

Quote from: Money Boy on January 02, 2014, 09:29:50 AM

Quote from: Dogtanian on January 02, 2014, 09:22:56 AM

Quote from: bryant.coleman on January 02, 2014, 09:17:13 AM

In most of the countries bank transfers are reversible. And international bank transactions (wire) are normally traced by tax authorities also. Go for a WU transfer. As far as I know, it is more safe and anonymous as compared to bank wire.

What's a WU transfer?

So how do people reverse bank transfers?

Western Union (WU) is one of the best choice of payment.

So how do people reverse bank transfers?
For example money from stolen bank account.

I understand it could be done if the money was stolen etc, but if I accepted a bank transfer, could the owner then do a PayPal on me and reverse it for no valid reason and get his money back and leave me out?

Somehow there been cases stolen bank account actually is their friend that login from other pc or network and perform the transaction and then claim that their account being stolen and get their money back..

Jcw188

hero member

Activity: 546

Merit: 500

Carpe Diem

Quote from: Dogtanian on January 02, 2014, 09:35:00 AM

Quote from: Money Boy on January 02, 2014, 09:29:50 AM

Quote from: Dogtanian on January 02, 2014, 09:22:56 AM

Quote from: bryant.coleman on January 02, 2014, 09:17:13 AM

In most of the countries bank transfers are reversible. And international bank transactions (wire) are normally traced by tax authorities also. Go for a WU transfer. As far as I know, it is more safe and anonymous as compared to bank wire.

What's a WU transfer?

So how do people reverse bank transfers?

Western Union (WU) is one of the best choice of payment.

So how do people reverse bank transfers?
For example money from stolen bank account.

I understand it could be done if the money was stolen etc, but if I accepted a bank transfer, could the owner then do a PayPal on me and reverse it for no valid reason and get his money back and leave me out?

I think it would only be if they claimed that there was some fraud going on. So if I were you I would document somehow that you sent the BTC to the person, and that was your agreement (that you would send X btc for X dollars).

Dogtanian

hero member

Activity: 756

Merit: 500

Quote from: Money Boy on January 02, 2014, 09:29:50 AM

Quote from: Dogtanian on January 02, 2014, 09:22:56 AM

Quote from: bryant.coleman on January 02, 2014, 09:17:13 AM

In most of the countries bank transfers are reversible. And international bank transactions (wire) are normally traced by tax authorities also. Go for a WU transfer. As far as I know, it is more safe and anonymous as compared to bank wire.

What's a WU transfer?

So how do people reverse bank transfers?

Western Union (WU) is one of the best choice of payment.

So how do people reverse bank transfers?
For example money from stolen bank account.

I understand it could be done if the money was stolen etc, but if I accepted a bank transfer, could the owner then do a PayPal on me and reverse it for no valid reason and get his money back and leave me out?

Money Boy

newbie

Activity: 25

Merit: 0

Quote from: Dogtanian on January 02, 2014, 09:22:56 AM

Quote from: bryant.coleman on January 02, 2014, 09:17:13 AM

In most of the countries bank transfers are reversible. And international bank transactions (wire) are normally traced by tax authorities also. Go for a WU transfer. As far as I know, it is more safe and anonymous as compared to bank wire.

What's a WU transfer?

So how do people reverse bank transfers?

Western Union (WU) is one of the best choice of payment.

So how do people reverse bank transfers?
For example money from stolen bank account.

Dogtanian

hero member

Activity: 756

Merit: 500

Quote from: bryant.coleman on January 02, 2014, 09:17:13 AM

In most of the countries bank transfers are reversible. And international bank transactions (wire) are normally traced by tax authorities also. Go for a WU transfer. As far as I know, it is more safe and anonymous as compared to bank wire.

What's a WU transfer?

So how do people reverse bank transfers?

bryant.coleman

legendary

Activity: 3766

Merit: 1217

In most of the countries bank transfers are reversible. And international bank transactions (wire) are normally traced by tax authorities also. Go for a WU transfer. As far as I know, it is more safe and anonymous as compared to bank wire.

e521

full member

Activity: 196

Merit: 100

When I have to meet people I usually set the meeting inside my local branch, banks have so many cameras, if I feel I am still not secure enough I ask the guy to deposit the money in my bank account!
No way I can get scammed this way Tongue

Kenshin

sr. member

Activity: 280

Merit: 250

Accepting cash deposit on localbitcoins is safe. You will see the fund in your account, before you release your bitcoins.

Money Boy

newbie

Activity: 25

Merit: 0

no big deals yet since I am still new but my I do have desire Wink

Lucky Cris

sr. member

Activity: 280

Merit: 250

Quote from: Money Boy on January 02, 2014, 08:59:02 AM

Quote from: Dogtanian on January 02, 2014, 08:37:27 AM

Quote from: Money Boy on January 02, 2014, 08:31:22 AM

Quote from: Dogtanian on January 02, 2014, 08:18:41 AM

Quote from: Money Boy on January 02, 2014, 08:13:54 AM

Quote from: Lucky Cris on January 02, 2014, 08:05:03 AM

Quote from: Dogtanian on January 02, 2014, 07:52:35 AM

I think its pretty safe. I don't think bank transfers are reversible.

WRONG! Yes, they are.

OP, if they're making a "cash" deposit into your account, how could one, to include the bank, tell whether the cash was obtained illegally? The safest bet is to have the buyer physically go to your bank and make a cash deposit. I wouldn't trust wires or transfers of any kind.

For example if someone were using obtain the ransom obtain from kidnapping and somehow police found out part of the money been moved into my account. I might be thinking too much but i just plan to play safe..

What kind of people are you going to be dealing with? lol. Any money you ever hold could be stolen money.

Quote from: Dogtanian on January 02, 2014, 08:18:41 AM

Quote from: Money Boy on January 02, 2014, 08:13:54 AM

Quote from: Lucky Cris on January 02, 2014, 08:05:03 AM

Quote from: Dogtanian on January 02, 2014, 07:52:35 AM

I think its pretty safe. I don't think bank transfers are reversible.

WRONG! Yes, they are.

OP, if they're making a "cash" deposit into your account, how could one, to include the bank, tell whether the cash was obtained illegally? The safest bet is to have the buyer physically go to your bank and make a cash deposit. I wouldn't trust wires or transfers of any kind.

For example if someone were using obtain the ransom obtain from kidnapping and somehow police found out part of the money been moved into my account. I might be thinking too much but i just plan to play safe..

What kind of people are you going to be dealing with? lol. Any money you ever hold could be stolen money.

I am planning to sell / buy btc at localbitcoins . My curent plan is to do my homework now before it is too late Grin

Due to my understanding I might get myself in great trouble if I dint done enuf reasearch before engage in bitcoin trading.

My concern now if I ever come across such cases, therefore how should i react. Prevention method?How to mitigate my risk?

You can't really. I think best bet is to not worry, or if you can't stop worrying or being uncomfortable, maybe trading bitcoin isnt for you.

After reading few cases of bitcoin fraud and scam. I found out that there is a need for me to do case study and go through all the method that can be used. I do plan to continue buy and sell at local or through exchange.I am totally agree with you that i am worry too much. But no harm if i list out all the risk i might facing and draft my contingency plan.

Okay, I'm curious now. You must be making some mighty big deals. And if that's the case, I think I'd be more worried about getting jacked or some shit!