localbitcoins.com: Transaction Code? Price Building Process?

Dr Bloggood

sr. member

Activity: 336

Merit: 250

Quote from: qualia8 on December 12, 2013, 10:00:21 PM

As I understand it, when you sell on localbitcoins.com, you're spending from your localbitcoins.com wallet to their localbitcoins.com wallet. This transfer should be instant and secure. I don't see how a double spend is possible.

When you transfer into your localbitcoins.com wallet to fund a transaction, the site makes you wait for quite a few confirmations. That's so the site doesn't get burned. And that should protect the buyer from double spends.

I could be wrong.

No localbitcoins wallet, the BTC just go onto my paperwallet.

Dr Bloggood

sr. member

Activity: 336

Merit: 250

Quote from: franky1 on December 12, 2013, 09:54:48 PM

Quote from: Dr Bloggood on December 12, 2013, 09:28:18 PM

So I just signed up for localbitcoins.com and got in touch with the first seller to buy some in person. Two things I don't understand though:

1. Here on the forum I read you should wait for six confirmations, but localbitcoins says when you get the "transaction verify code" from the seller, the deal is done and you can release your money. Now which one is it?

2. I see huge price differences there, and the prices are not really moving. Are they only set every couple of hours or so or are they a fixed price? It has to be a parameter the seller puts up on his profile, right? And who are the idiots buying from the most expensive guys?

1. although local bitcoins.com gives you the code within seconds of the system seeing the funds put into escrow, it is still advisable to atleast get 1 confirmation to assure that the escrowed funds are not a double spend.

2. the seller can either put in a fixed amount or a maths equation that auto adjusts dependant on an exchanges price movements plus a premium ontp for the seller to profit.
sometimes the most expensive guys, are the guys that are always online, reliable and they don't con you. if you see a price below the exchanges average value and not offering an escrow service. stay well clear

Thanks, franky!

Ad 1: No escrow, I'm just buying face-to-face and he should put the BTC onto my paperwallet (I edited the paperwallet into OP, I forgot). Could there be an escrow involved under any circumstances when buying in person? I'm just a bit confused about that one.

Ad 2: Weired system, the prices aren't comparable anymore if some of them move and some don't. You can't make out which is which.

qualia8

full member

Activity: 237

Merit: 100

As I understand it, when you sell on localbitcoins.com, you're spending from your localbitcoins.com wallet to their localbitcoins.com wallet. This transfer should be instant and secure. I don't see how a double spend is possible.

When you transfer into your localbitcoins.com wallet to fund a transaction, the site makes you wait for quite a few confirmations. That's so the site doesn't get burned. And that should protect the buyer from double spends.

I could be wrong.

franky1

legendary

Activity: 4424

Merit: 4794

Quote from: Dr Bloggood on December 12, 2013, 09:28:18 PM

So I just signed up for localbitcoins.com and got in touch with the first seller to buy some in person. Two things I don't understand though:

1. Here on the forum I read you should wait for six confirmations, but localbitcoins says when you get the "transaction verify code" from the seller, the deal is done and you can release your money. Now which one is it?

2. I see huge price differences there, and the prices are not really moving. Are they only set every couple of hours or so or are they a fixed price? It has to be a parameter the seller puts up on his profile, right? And who are the idiots buying from the most expensive guys?

1. although local bitcoins.com gives you the code within seconds of the system seeing the funds put into escrow, it is still advisable to atleast get 1 confirmation to assure that the escrowed funds are not a double spend.

2. the seller can either put in a fixed amount or a maths equation that auto adjusts dependant on an exchanges price movements plus a premium ontp for the seller to profit.
sometimes the most expensive guys, are the guys that are always online, reliable and they don't con you. if you see a price below the exchanges average value and not offering an escrow service. stay well clear

Dr Bloggood

sr. member

Activity: 336

Merit: 250

So I just signed up for localbitcoins.com and got in touch with the first seller to buy some in person onto a paperwallet. Two things I don't understand though:

1. Here on the forum I read you should wait for six confirmations, but localbitcoins says when you get the "transaction verify code" from the seller, the deal is done and you can release your money. Now which one is it?

2. I see huge price differences there, and the prices are not really moving. Are they only set every couple of hours or so or are they a fixed price? It has to be a parameter the seller puts up on his profile, right? And who are the idiots buying from the most expensive guys?

Topic: localbitcoins.com: Transaction Code? Price Building Process? (Read 1344 times)