Topic: Tips for local transactions - page 3. (Read 815846 times)

It is good to hear that you have the opportunity of a private discussion room where you can handle all the matters related to trading in your personal way. Trading in today’s world has become a difficult task just because the privacy o the people is much vulnerable to be breeched by the hackers. So I think that everyone must seek some sort of safety measurements to avoid a loss.

I think u are totally right 

I used to meet at a local library for transactions and we would get small studying room (free). It is personal, private, but still public enough to avoid violent theft

When you are trying to have a transaction to the other people you met through online better while you are having a conversation to them get some validation of information as a proven to have a legitimate transaction most of the common problem today is no information of the other party wants to transact if you don't want better to make a meetup transaction to verify the items or get some midman to handle both things and make sure the security of the traders.

Please I need someone from Europe that sells Bitcoin or knows how I can buy it.. Iceland or Germany to be precise, but if you're from Europe and can help pls inbox me.. here's my telegram id Juisdev

This is where the public place comes in to play. Not only does it make sure you won't get robbed at gunpoint, but you can also get help fast if needed. If you have to, then have the person meet you in a police station or some public place within a walking distance of one. This will insure that the police can arrive there as quick as possible if needed. If you're selling a very large amount, carry a taser. If he starts to run away, hit him with the taser and call the police. I'd be more worried about someone trying to rob me at gunpoint than I would be about them running away right after sending the funds. You could catch them rather easily. If they get into a car, get the license plate number.

You should count the money and verify its authenticity (within the means you have at the given time and place) before sending the coins. Until the transaction has been confirmed the money should be within your reach lying on a table, and you should be able to quickly get up should a need arise. Of course, meet in safe public areas to ensure the other party can't pull any tricks even if they wanted to.

Guys.. how can you be sure the pruduct seller dont run away just after you transferred your BTC to hes Bitcoin Adress?

As a New to this field , i want to study all of these areas. Thanks for giving these kind of advices, This a very useful tip !

Very nice and useful tips, it may be very useful for someone, but I don’t think local transactions is a good way to transaction cryptocurrency, because it is much safer and more convenient when you can use secure platforms. As far as I know, MXC exchange www.mxc.com is one of the best cryptocurrency exchanges, you can transaction more than 100 mainstream cryptocurrency over there, what is more, you can make contract trading,but before you do that,do remember that risk is proportional to return.

The tips and information you give may be useful for someone, but I don’t consider local transactions is a good way to buy/sell cryptocurrency. Why deal with strangers and worry whether this stranger scam you or not, when you can use secure platforms designed particularly for these purposes. Yes, crypto exchanges charge sometimes pretty high fees but instead, you are sure that the broker won’t give you fake money IMO. And I’d recommend not to use public WIFI for transactions because it isn’t protected in a proper manner and bad actor can easily hack it.

olliecrypto, I am wondering why you think you "might get shut down at [your] bank" ?

Part of the reason I ask is that for the past 10 months I have been slowly liquidating an estate of a relative of mine who had a few bitcoins that he bought/traded/collected over the years. My main route to $USD has been through using one of the large trading exchanges to convert the BTC to USD, and then transferring the USD to a conventional bank. It took some time to initially set up the account on the trading exchange and linking to a regular bank, but otherwise has been working seamlessly for almost a year now.

To be honest, I never considered that my bank might "shut me down" by getting random USD deposits. I just assumed that there is a lot of business these days going on through the net and from all sorts of financially related institutions, to and fro their customer base. Especially if the amounts are not too large. I forget what the threshold is for suspecting or detecting nefarious money transfers, but the number that comes to mind is around $10000.

Also, I don't convert the BTC all that often. Maybe once every two months. So if you want to rapidly cash out all in one move, that is probably more risky, but for other reasons as well.

In any event, assuming you are engaging in legitimate and legal business your concern may be misplaced.

Now this is not to say that the taxes/fees in exchanging the money is not high. I am ok with what I get charged, but you may not agree, certainly each person's situation is going to vary.

 If you want to do it through your bank, at least go talk to them. Show them your deposits. Or, look for another more BTC-friendly bank, rather than get it frozen.

im on the same boat.
i think of cashing out, but going thru coinbase or any other mainstream service means i'll be taxed heavily and that my account might get shut down at my bank if i get a random usd deposit for selling btc ( there was a huge amount of people having this issue when everyone was cashing out around 20,000 usd ), so i figure face-to-face would be best, but at the same time, i don't want to sit around worried someone's going to hand me a wad of fake cash or engage me in some odd complicated wire transfer scam...
maybe when btc goes to a new ATH ( hopefully ) the transaction will be worth the trouble.

What do you think about transactions using an exchange chat-dapp? I know it is possible the decentralized exchange project I'm learning right now which is called DexAge has it planned to be released later this year. I heard about it one time but just wasn't interested at that moment, now with decentralized era of exchanges I'm more interested I think that is good idea for transactions.

In some countries, a cash exchange of bitcoins is not possible due to local laws and the criminal situation

I had a case. I advertised on localbitcoins to exchange btc for cash in Guayaquil Ecuador. Received an offer to exchange $ 100,000. As a result, there was no deal, I quickly felt a trick, and I always realized that it was better to trade only online

The details are really very usable , for mobile wallet you can go with electrum wallet as it is very easy to use and it is a desktop, mobile wallet with easy access and storing coins for long is also secure. Their are online sites where local transactions are done direct buyer and sellers meet and escrow feature is used in it , so scamming option is very less like localbitcoins.com site which i am using for more then 2 yrs and till now never had problem and once one user tried to scam but as it was escrow protected i got saved and that id got blocked. So you can do local transaction with this way also securely.

Some important tips if you are dealing outside exchange

Keep all recording of deal you are doing
Avoid any deal with strangers
Always find full information about the person with whom you are dealing
Use escrow
Don't deal with people who promise to pay high price

100% right public WIFI  are not protected and have less security, which makes hacker to hack easily and can check all details of whom ever connected with public WIFI. It is much better to use your own internet and then do the transaction. About local transaction use public places like Mall, Pizza corner and do dealings in the busy hours so that their will be lot of users nearby so you can be secure.