In most cases, these are just precautions.
The Bitcoin trader that I conducted transactions with was very knowledgeable and very business-like. He was well-educated, and I concluded that he had a degree in business administration. He was listed at both Localbitcoins and Craigslist.
We started with emails, then phone conversations, and then meeting for the transactions. By then, we both knew what to expect from each other, and how the transaction would be conducted. No surprises.
Topic: Tips for local transactions - page 24. (Read 732730 times)
Thumbs up for this! a thread that is helpful in local transactions, I think the first thing a person to do if he/she
is the buyer is look for the level of trust of the vendor, the vendor should do the same as well, they both need
witness or a bodyguard if the going get tough! that is
You make it sound like a mob-deal, where both parties bring 12 armed guys and in the end everybody ends up dead.is the buyer is look for the level of trust of the vendor, the vendor should do the same as well, they both need
witness or a bodyguard if the going get tough! that is
I haven't sold bitcoin in person (yet), but I did sell and buy lots of items online, for instance laptops and tablets. Usually at my house, or the other person's house. But I've also met in person in-between so we both didn't travel too much, selling stuff in a car. Not in a dark alley of course.
Although bitcoin is not much different than cash when it comes to the risk of getting robbed, it does give me a more "shady" feeling to do the same sale for bitcoin. Maybe it's only in my mind.
Thank you for nice explained post
Great tips for local transaction.
Thanks Man for this
Thanks Man for this
Very nice bunch of tips & suggestions indeed! My respect to the topicstarter, for sure it will be very helpful for any newcomers who have high risks to lose their hard-mined BTC. My personal choice is paper wallets and offline cold storage for sure, i thinking that no one firewall, OS or antivirus software is 100% secure, therefore is only one way to avoid losses - simply don't use them:-).
Haha not using them indeed will help you save btc for sure and can raise it in no time now that bitcoin is stable at the moment well I guess a safe storage and a trusted wallet will do and their is an extra income in every transaction well in my use wallet their is.
Very nice bunch of tips & suggestions indeed! My respect to the topicstarter, for sure it will be very helpful for any newcomers who have high risks to lose their hard-mined BTC. My personal choice is paper wallets and offline cold storage for sure, i thinking that no one firewall, OS or antivirus software is 100% secure, therefore is only one way to avoid losses - simply don't use them:-).
Topics were very nice and helpful
Thanks for the tips given, was very helpful and I will implement it. Thank you
Thanks for the tips given, was very helpful and I will implement it. Thank you
i think this is too much worry about security
There are three main things I look for in meeting places:
Public Location - Are there plenty of people around?
WiFi Access - Is there free or cheap public WiFi access in the area?
Security - Are there security cameras or security guards in the area?
i think local trnsaction can be done with smartphone,its more simple.
There are three main things I look for in meeting places:
Public Location - Are there plenty of people around?
WiFi Access - Is there free or cheap public WiFi access in the area?
Security - Are there security cameras or security guards in the area?
i think local trnsaction can be done with smartphone,its more simple.
Amazing tutorial! I want to get started selling coins in real life but I am nervous. These tips should come in handy. Thanks!
nice detailed tips to minimise the chance of geting scammed but there is never a 100% protection. wold is full of jangos.
maybe also make sure you swich i.d. infos before the bitcoin trade if you feel like it´s needed.
regards.
lama-hunter
maybe also make sure you swich i.d. infos before the bitcoin trade if you feel like it´s needed.
regards.
lama-hunter
My tip is to meet at some sort of table and set up a camera to monitor the transaction.
For extra security, have the camera recording to some sort of remote server.
haha. by that you are going to far but I believe you have the right to it, if that makes you feel much secure For extra security, have the camera recording to some sort of remote server.
Thanks for your time and explanation!
As for as local bitcoins go, I want to sell my coins and get cash in hand. I am looking at someones profile and it says the following…
They also have 25 confirmed trades. Do you think this person can be trusted? They have a minimum of $100 cash, so I think I will just sell $100 worth of coins for my first try. The more verifications the better right?
Email Verified 1 year, 5 months ago
Phone number Verified 1 year, 13 months ago
ID, Passport or Driver’s license Verified 1 days ago
Facebook Verified Facebook profile 1 day, 22 hours ago
They also have 25 confirmed trades. Do you think this person can be trusted? They have a minimum of $100 cash, so I think I will just sell $100 worth of coins for my first try. The more verifications the better right?
Email Verified 1 year, 5 months ago
Phone number Verified 1 year, 13 months ago
ID, Passport or Driver’s license Verified 1 days ago
Facebook Verified Facebook profile 1 day, 22 hours ago
- http://shadowlife.cc/2012/11/secure-and-professional-bitcoin-otc-exchanges
I haven't completed all that many in-person trades myself but more than once now I have been asked to sell for cash an amount of bitcoins larger than any amount I would be selling by myself. But had I previously gotten in contact with other traders in my area a larger trade amount probably could have been arranged since that would allow me to have to trade only up to my personal max level and then also there would be two or more of us present when the cash traded hands.
As far as buying bitcoins from an untrusted stranger, the risk of double spending (due to either a Race attack or a Finney attack) is significant enough to require at least one confirmation (or a Green address transfer or a service such as a LocalBitcoins "Transaction" where the funds released to the buyer would always be already-confirmed funds).
One challenge with in-person trading is with communications and coordinating the meet. Unless you are already planning on spending a couple hours at a coffee shop or wherever, make sure to specify in advance your expectations otherwise you'll often be stuck waiting for your trading partner to show, oftentimes in vain.
For a recent trade the buyer arrived on time but he needed to get cash from an ATM. It was only then that he learned that his bank account has a low maximum daily withdrawal amount, leaving me holding more bitcoins (and less cash) than I had planned. Had I confirmed that the buyer had cash in-hand before even setting a meeting time and location is something that would have saved me time, money and the resulting headache
I haven't completed all that many in-person trades myself but more than once now I have been asked to sell for cash an amount of bitcoins larger than any amount I would be selling by myself. But had I previously gotten in contact with other traders in my area a larger trade amount probably could have been arranged since that would allow me to have to trade only up to my personal max level and then also there would be two or more of us present when the cash traded hands.
As far as buying bitcoins from an untrusted stranger, the risk of double spending (due to either a Race attack or a Finney attack) is significant enough to require at least one confirmation (or a Green address transfer or a service such as a LocalBitcoins "Transaction" where the funds released to the buyer would always be already-confirmed funds).
One challenge with in-person trading is with communications and coordinating the meet. Unless you are already planning on spending a couple hours at a coffee shop or wherever, make sure to specify in advance your expectations otherwise you'll often be stuck waiting for your trading partner to show, oftentimes in vain.
For a recent trade the buyer arrived on time but he needed to get cash from an ATM. It was only then that he learned that his bank account has a low maximum daily withdrawal amount, leaving me holding more bitcoins (and less cash) than I had planned. Had I confirmed that the buyer had cash in-hand before even setting a meeting time and location is something that would have saved me time, money and the resulting headache
That is a very reliable matter but I think you need to be ready or very precaution at all times you will never know what will happen on a trade, planning would be good and having a second option will be great too, if plan A doesn't work go to plan B and it is always good to have a plan C just in case.
- http://shadowlife.cc/2012/11/secure-and-professional-bitcoin-otc-exchanges
I haven't completed all that many in-person trades myself but more than once now I have been asked to sell for cash an amount of bitcoins larger than any amount I would be selling by myself. But had I previously gotten in contact with other traders in my area a larger trade amount probably could have been arranged since that would allow me to have to trade only up to my personal max level and then also there would be two or more of us present when the cash traded hands.
As far as buying bitcoins from an untrusted stranger, the risk of double spending (due to either a Race attack or a Finney attack) is significant enough to require at least one confirmation (or a Green address transfer or a service such as a LocalBitcoins "Transaction" where the funds released to the buyer would always be already-confirmed funds).
One challenge with in-person trading is with communications and coordinating the meet. Unless you are already planning on spending a couple hours at a coffee shop or wherever, make sure to specify in advance your expectations otherwise you'll often be stuck waiting for your trading partner to show, oftentimes in vain.
For a recent trade the buyer arrived on time but he needed to get cash from an ATM. It was only then that he learned that his bank account has a low maximum daily withdrawal amount, leaving me holding more bitcoins (and less cash) than I had planned. Had I confirmed that the buyer had cash in-hand before even setting a meeting time and location is something that would have saved me time, money and the resulting headache
I haven't completed all that many in-person trades myself but more than once now I have been asked to sell for cash an amount of bitcoins larger than any amount I would be selling by myself. But had I previously gotten in contact with other traders in my area a larger trade amount probably could have been arranged since that would allow me to have to trade only up to my personal max level and then also there would be two or more of us present when the cash traded hands.
As far as buying bitcoins from an untrusted stranger, the risk of double spending (due to either a Race attack or a Finney attack) is significant enough to require at least one confirmation (or a Green address transfer or a service such as a LocalBitcoins "Transaction" where the funds released to the buyer would always be already-confirmed funds).
One challenge with in-person trading is with communications and coordinating the meet. Unless you are already planning on spending a couple hours at a coffee shop or wherever, make sure to specify in advance your expectations otherwise you'll often be stuck waiting for your trading partner to show, oftentimes in vain.
For a recent trade the buyer arrived on time but he needed to get cash from an ATM. It was only then that he learned that his bank account has a low maximum daily withdrawal amount, leaving me holding more bitcoins (and less cash) than I had planned. Had I confirmed that the buyer had cash in-hand before even setting a meeting time and location is something that would have saved me time, money and the resulting headache
everyday things are changing and getting better.....to be sure u get your money face2face is the best solution
Thumbs up for this! a thread that is helpful in local transactions, I think the first thing a person to do if he/she
is the buyer is look for the level of trust of the vendor, the vendor should do the same as well, they both need
witness or a bodyguard if the going get tough! that is
is the buyer is look for the level of trust of the vendor, the vendor should do the same as well, they both need
witness or a bodyguard if the going get tough! that is
LOCAL BITCOINS SHOULD SET UP HOT-SPOTS WHERE CAN MEET FOR THESE IN PERSON EXCHANGES
Thank you for providing this.
Might I also suggest that if you do trade in a mall, I prefer to go inside a bank and do it, as the banks have more security than a mall.
banks will kick you out if they know that you are using bitcoin Might I also suggest that if you do trade in a mall, I prefer to go inside a bank and do it, as the banks have more security than a mall.
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