LocalBitcoins.com is a scam Proof! | Bitcointalksearch.org

TheQuin

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Freebitco.in Support https://bit.ly/2I9BVS2

Quote from: franky1 on January 06, 2018, 12:25:21 PM

the 'incoming' transaction fee is just their way of paying the fee when you hand funds over to the recipient.
the pretend handing it to recipient is free. but thats because they deducted it when it was deposited.

any site you need to deposit to and then hand to a recipient and then they withdraw usually ends up as 3 transactions onchain.
just sites try to pretend the one in the middle is free by charging you more at the deposit or the withdrawal

its not really the services fault. onchain fee's are high so they have to play these 'deposit fee' games to then fund the 'swap for free' promotions because the swaps are not free if done onchain.

Initially, I thought deposit fees were a bit much but really it is a fairer way of spreading the cost than just charging higher withdrawal fees. Receiving lots of small inputs has a greater impact on the sites costs than lots of withdrawals. We just need to learn to adapt, I recently started making larger less frequent deposits.

LastJedi

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Activity: 182

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You have to pay a fee to send out the bitcoins you receive during a trade you know.
They are not a scam website.
As the above posters have said before they have been around for a very long time.
And they could be quite busy that is why support does not answer your support tickets to them right away.

bitorama

full member

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I use this website for long time, I don't think it's a scam

franky1

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Quote from: seoincorporation on January 06, 2018, 12:11:24 PM

those fees are crazy just for a deposit, since they have this new rule they will lose lot of customers.

I'm searching another good exchanger with low fees to migrate, if any one know about one, please let me know Wink

the 'incoming' transaction fee is just their way of paying the fee when you hand funds over to the recipient.
the pretend handing it to recipient is free. but thats because they deducted it when it was deposited.

any site you need to deposit to and then hand to a recipient and then they withdraw usually ends up as 3 transactions onchain.
just sites try to pretend the one in the middle is free by charging you more at the deposit or the withdrawal

its not really the services fault. onchain fee's are high so they have to play these 'deposit fee' games to then fund the 'swap for free' promotions because the swaps are not free if done onchain.

you will also find many exchanges pretend to have zero fee trading.. but then the spread (difference between buy and sell) is greater meaning you didnt technically pay a fee.. but it cost you more because the buy/sell prices are off

Reid

hero member

Activity: 3052

Merit: 651

You purchased 40k satoshis?
You shouldve just kept your money and buy it when you have already the amount which is good enough to pay the transaction fee and there will be something left for you.
Do you really think they will waste some time to provide answers with just a couple of dollars? Next time do the math so that you wont be throwing blames everwhere.

seoincorporation

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Quote from: Egyman on January 06, 2018, 11:37:24 AM

LOL i thought they invented bitcoin in first place to get rid of high banking/transaction fees?

you mean the fee is fixed at 6 $ or its 90% of my balance assuming i am sending all my balance?

my current balance is 6.50$ and the fee is say 6$

so if my current balance 16k$ the fee will be like 15k$? lol

it seems like bitcoin itself is just another jewish scam

I have long time with localbitcoin, the problem is now they charge fees for deposit and withdraw...

If you see the image, for my next deposit i have to pay 0.0011

https://s9.postimg.org/eegtjuuhb/fees.png

those fees are crazy just for a deposit, since they have this new rule they will lose lot of customers.

I'm searching another good exchanger with low fees to migrate, if any one know about one, please let me know Wink

kerjakuat

full member

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you sure need to learn more buddy about blockchain. how does it work. that was not localbitcoin fault. they make a limit so they didnt pay the extra fees if the network are high eventually. that why the put a limits. i think localbitcoin is the most safest site i ever used to cash out my money.

franky1

legendary

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Quote from: Egyman on January 06, 2018, 11:37:24 AM

LOL i thought they invented bitcoin in first place to get rid of high banking/transaction fees?

you mean the fee is fixed at 6 $ or its 90% of my balance assuming i am sending all my balance?

my current balance is 6.50$ and the fee is say 6$

so if my current balance 16k$ the fee will be like 15k$? lol

it seems like bitcoin itself is just another jewish scam

its based on the price per byte of information. not the value
.. its jsut what some would say is tough luck you only bought so little btc

if you done another one source to one destination transaction.. whether the value was $6.50 or $6billion.. the fee would be still $6-$7 because
the amount of bytes for the transaction wouldnt be that much different..

but yea i have to agree $6 is steep.
i went around the world a few years ago and developing countries loved the idea of bitcoin because fee's were a fraction of a penny.. but now at $6.. that is like 3 weeks wages for some countries and they wont touch bitcoin with a barge pole

mammon

sr. member

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Merit: 251

Quote from: Egyman on January 06, 2018, 08:24:25 AM

i purchased 0.0004 BTC from localbitcoins.com but i found that i cant send more than 0.000006 to my wallet and that looks like a limit on account because my account is new or something , which didnt happen even in free faucet websites to put limit on my withdrawals

and their support didn't respond to my messages so i announce this website as a complete scam ..stay away

proof:

[Imgur](https://i.imgur.com/oExpWB1.png)

Nope, the problem is that lots of newbies just don't want to pay the fees!

If you use BTC, just pay the correct fees Wink

solarion

hero member

Activity: 966

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Quote from: MadaraAvenger on January 06, 2018, 11:40:54 AM

well I have been using once localbitcoin.com and everything was ok so I'm pretty sure that it isn't a scam. as far as I know they have dynamic fees and one hour it could be 0.0005 let's say and on the other maybe will be 0.00045 so yea , it's fine if you understand.

I am using the localbitcoins two years and more and I had more than 100 trade in that site alone. There is no scam at there as much my knowledge and being a long time LBC user. From 4 months there is no fees to deposit the fund on the LBC but now they are charging amount to deposit the fund there. Now you may see the fees is around 0.0012 btc per deposit alone. So you will not be able to deposit lesser than that.

MadaraAvenger

member

Activity: 120

Merit: 10

well I have been using once localbitcoin.com and everything was ok so I'm pretty sure that it isn't a scam. as far as I know they have dynamic fees and one hour it could be 0.0005 let's say and on the other maybe will be 0.00045 so yea , it's fine if you understand.

Egyman

newbie

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LOL i thought they invented bitcoin in first place to get rid of high banking/transaction fees?

you mean the fee is fixed at 6 $ or its 90% of my balance assuming i am sending all my balance?

my current balance is 6.50$ and the fee is say 6$

so if my current balance 16k$ the fee will be like 15k$? lol

it seems like bitcoin itself is just another jewish scam

sucix

member

Activity: 154

Merit: 12

Quote from: niotib on January 06, 2018, 09:05:18 AM

Due to my current experience, LocalBitcoins.com isn't a scam. I guess this is a matter associated with the transaction fee. Be careful on low limit transactions. Perhaps, all the money you transacted may be cut as the transaction fee. Grin

I also heard so many positive comment about localbitcoin.com so i dont think its localbitcoin fault.
The fee is the big problem recently, it can make the bitcoiner specially new bitcoiner will feel bad. So please be known about the transaction fee.

SUDARMONO

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I suggest to be careful with such websites, such websites usually can not last long and often experience a scam, and you just waste time to work on it.

franky1

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Quote from: TheQuin on January 06, 2018, 09:25:10 AM

Quote from: franky1 on January 06, 2018, 09:12:33 AM

the 4019 sats is only $0.65

LocalBitcoins don't display the last 0's looking at that image it is actually 40190 sats so $6.50

@Egyman
LocalBitcoins use dynamic withdrawal fees, I just checked and it is now 0.00037760. If you wait to a better time you may get to withdraw at a lower rate but really you need to buy more Bitcoin to make it worthwhile withdrawing.

ah, i see that now.. i prefer using bits measure than whole bitcoins.. i hate bitcoins decimals.. plus i was wondering why anyone would only buy $0.65 of bitcoin. it makes sense now. i was just too quick to reply before double checking the decimals

edit for clarity
the 40190 sats is only $6.50

meaning the onchain tx fee to move the 40190sats is 39499sats($6.39).

leaving you with only 691sats($0.11) to have for yourself

this is not locabitcoins fault. this is the fee to use bitcoin.

the reason faucets dont charge you personally $6.39 in fee's is because when they pay out. they pay hundreds of people in one transaction. so a transaction fee of say $6.39 for 100 people, equals indirectly without you realising it only $0.06
this is called batching transactions

TheQuin

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Freebitco.in Support https://bit.ly/2I9BVS2

Quote from: franky1 on January 06, 2018, 09:12:33 AM

the 4019 sats is only $0.65

LocalBitcoins don't display the last 0's looking at that image it is actually 40190 sats so $6.50

@Egyman
LocalBitcoins use dynamic withdrawal fees, I just checked and it is now 0.00037760. If you wait to a better time you may get to withdraw at a lower rate but really you need to buy more Bitcoin to make it worthwhile withdrawing.

Murloc

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Localbitcoins is totaly legit service. I've used it multiple times. Before trying to withdraw your satoshies just check the fees (you can find them on the "send bitcoins" page). Current outgoing bitcoin network: 0.0003776 BTC. This fee is still much lower than the average transaction fee in the blockchain.

franky1

legendary

Activity: 4410

Merit: 4766

the 4019 sats is only $0.65

meaning the onchain tx fee to move the 4019sats is 3328sats($0.54).

leaving you with only 691sats($0.11) to have for yourself

this is not locabitcoins fault. this is the fee to use bitcoin.

the reason faucets dont charge you personally $0.54 is because when they pay out. they pay hundreds of people in one transaction. so a transaction of say $2 for 100 people, equals indirectly without you realising it only $0.02
this is called batching transactions
..
however
when getting funds peer to peer from a single trade that cant batch transactions because its only a single payment from one source to one destination
expect higher fee's
EG you moving 1 lump of funds to 1 address means your paying the full fee

niotib

full member

Activity: 228

Merit: 100

Due to my current experience, LocalBitcoins.com isn't a scam. I guess this is a matter associated with the transaction fee. Be careful on low limit transactions. Perhaps, all the money you transacted may be cut as the transaction fee. Grin

5ToMessager

newbie

Activity: 13

Merit: 0

Maybe it is because of the fee……your balance is not enough for the fee in BTC transaction

Topic: LocalBitcoins.com is a scam Proof! (Read 258 times)