question on using localbitcoins.com paying in cash - page 2.

steveds

legendary

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Quote from: gvuandrew on March 06, 2016, 02:36:10 AM

one guy replied to me already, he said i must pay him first though, then he'll transfer
and this in public place

What do you mean by you should pay it first ? if you are doing cash trade then ask any third party to keep the cash and just wait until he releases the coins.If the money is important to you then go with a Cop.

Quote from: gvuandrew on March 06, 2016, 02:36:10 AM

he could just run though!

It depends on the profile on localbitcoin you are trading with,paste the link to his id or any of his page.

Soros Shorts

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Quote from: ?? on ??

Quote from: gvuandrew on March 06, 2016, 01:56:29 AM

I've never made a bitcoin transaction so this will be my first, need some advice!

i need to pay in cash, $500 worth of USD to buy bitcoins

is this the way i should do this and standard?

we meet in public place
i show him the cash
he transfers to my wallet
i verify it's in my wallet
i hand over the money

please let me know what you suggest is the best way to protect myself

if you do that you need to wait until your bitcoin get confirmed because you don't know when your bitcoin transaction will failed and back to the sender due to few factor,1 confirmation is enough but 2 confirmation is better

If it is a funded transaction, the sender will be localbitcoins. I prefer a funded transaction as opposed to one where the seller sends you coins directly from his wallet. That way if there are any issues regarding non-confirmation you can take it up directly with localbitcoins support instead of having to hunt down the seller.

For example, once the seller releases the transaction from localbitcoins escrow and the buyer sees the tx broadcast to his wallet, the buyer can give the cash and both parties can walk away immediately.

xuan87

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Yeah meet at public place is a good idea like mall or coffee shop, if the meeting place has a security guard is better, but if you still doubt, bring some friends to accompany you while doing the transaction, or maybe you can buy it online using paypal or something so its safer..

gvuandrew

newbie

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one guy replied to me already, he said i must pay him first though, then he'll transfer
and this in public place

he could just run though!

Pursuer

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Where is my ring of blades...

Quote from: gvuandrew on March 06, 2016, 01:56:29 AM

I've never made a bitcoin transaction so this will be my first, need some advice!

i need to pay in cash, $500 worth of USD to buy bitcoins

is this the way i should do this and standard?

we meet in public place
i show him the cash
he transfers to my wallet
i verify it's in my wallet
i hand over the money

please let me know what you suggest is the best way to protect myself

yeah, that is the general idea when buying bitcoin with cash.
you meet up and change cash face to face with the seller. but you have to keep in mind a couple of important things.
1. meet in a public place like a coffee shop or a mall not in a car or a dark alley! and do the exchange in the public place.
2. bring your own smart phone, ipad,... to check the transaction and see the confirmation on your own.

make sure to read this before doing anything:
http://www.coindesk.com/bitcoin-stolen-new-york-gunpoint-robbery/

justspare

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Quote from: gvuandrew on March 06, 2016, 02:26:00 AM

thanks for replying

but i need to pay in cash, so how else could i do it if paying in cash?

There really is no other ways to buy Bitcoins in cash. You should just put the money in your bank account and buy Bitcoins with paypal.

gvuandrew

newbie

Activity: 28

Merit: 0

thanks for replying

but i need to pay in cash, so how else could i do it if paying in cash?

justspare

hero member

Activity: 1022

Merit: 538

Quote from: ?? on ??

Quote from: gvuandrew on March 06, 2016, 01:56:29 AM

I've never made a bitcoin transaction so this will be my first, need some advice!

i need to pay in cash, $500 worth of USD to buy bitcoins

is this the way i should do this and standard?

we meet in public place
i show him the cash
he transfers to my wallet
i verify it's in my wallet
i hand over the money

please let me know what you suggest is the best way to protect myself

if you do that you need to wait until your bitcoin get confirmed because you don't know when your bitcoin transaction will failed and back to the sender due to few factor,1 confirmation is enough but 2 confirmation is better

I wouldn't really suggest you to do this kind of transaction in person. You will have to wait a very long time for the transaction to get confirmed.

morantis

hero member

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Quote from: gvuandrew on March 06, 2016, 01:56:29 AM

I've never made a bitcoin transaction so this will be my first, need some advice!

i need to pay in cash, $500 worth of USD to buy bitcoins

is this the way i should do this and standard?

we meet in public place
i show him the cash
he transfers to my wallet
i verify it's in my wallet
i hand over the money

please let me know what you suggest is the best way to protect myself

Wow, that is a fun adventure. Obviously bring a smart-phone with a wallet app installed and wait for the actual transaction to appear in that wallet. I use coin.space for a portable wallet. The wallet itself should cover an appropriate number of confirmations so you don't have to deal with it. Copy and paste the TX ID somewhere in a document in the phone and email it to another person, just to confirm the date and time. Biggest thing is that even a few confirmations can take a long time. Find an outside restaurant because you could be there a few minutes or even an hour or more. Have fun and don't hand that money over until the transaction is in your wallet history.

gvuandrew

newbie

Activity: 28

Merit: 0

I've never made a bitcoin transaction so this will be my first, need some advice!

i need to pay in cash, $500 worth of USD to buy bitcoins

is this the way i should do this and standard?

we meet in public place
i show him the cash
he transfers to my wallet
i verify it's in my wallet
i hand over the money

please let me know what you suggest is the best way to protect myself

Topic: question on using localbitcoins.com paying in cash - page 2. (Read 1419 times)