Transactions when buying coins on localbitcoins

tkcoin

newbie

Activity: 7

Merit: 0

Oh cool, once I get my ledger wallet, will open a LBC account. Thanks.

on LBC, I can't find any seller taking bank transfer. I definitely not sending cash by mail or starbucks card. Does that means I am left with Coinbase with high fee, where they support bank transfer. Yeah I understand that means I am not anonymous.

Quote from: odolvlobo on November 27, 2017, 05:21:53 PM

When you buy on localbitcoins using their escrow system (and you should), then the bitcoins are immediately deposited in your localbitcoins account. The transaction does not go through the block chain. It is managed completely by LBC's accounting system. You can withdraw them to your own wallet at your convenience.

As long as they stay within the escrow system, buyers are very well protected. Buyers run into problems when scammers convince them to go outside the system.

tkcoin

newbie

Activity: 7

Merit: 0

I didn't know buy/sell on LBC does not need mining fee. I thought all transaction requires mining. Newbie here

So as long as the coins are in LBC escrow, there is no miner fee. What about when I send to my Ledger wallet?

Quote from: EcoChavCrypto on November 27, 2017, 04:56:59 PM

Why do you want to buy or sell in different amounts? it would not change you anything because you are going to be paying the same fee as if you make one, or ten transactions.

I have been using localbitcoins to sell all my bitcoins for more than two years, i have never had any problems with them so far, it is one of the most serious exchanges that i have ever used, because their support is always replying (and this is the most important reason of why i like lbc)

And the money is always on your wallet, you do not need to pay miner fees because when you start a new order, you start it with the money that you have in your localbitcoins wallet, you do not need to deposit funds when you start X order, it just gets debited from your balance.

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: tkcoin on November 27, 2017, 04:05:05 PM

I am still reading, but if I buy from, say localbitcoins. How do I know if the person is giving me one single transaction or multiple small ones?
Will the person advertise he selling price, but when I buy, I will be slam with high fee because of number of transaction?
Are fee already built-in in the price saw on localbitcoins?
When buying from localbitcoins, can I choose and guarantee to use fast/slow transactions and pay corresponding fee?
Individual seller on localbitcoins, their prices varies from coinmarketcap. Beside finding seller with 1000+, anything else I should watch out?
If say I want to buy 10 coins in total... if I have the money. What should be my buying strategy given localbitcoins ppl are selling in like 1 coin?

When you buy on localbitcoins using their escrow system (and you should), then the bitcoins are immediately deposited in your localbitcoins account. The transaction does not go through the block chain. It is managed completely by LBC's accounting system. You can withdraw them to your own wallet at your convenience.

As long as they stay within the escrow system, buyers are very well protected. Buyers run into problems when scammers convince them to go outside the system.

EcoChavCrypto

sr. member

Activity: 448

Merit: 250

Why do you want to buy or sell in different amounts? it would not change you anything because you are going to be paying the same fee as if you make one, or ten transactions.

I have been using localbitcoins to sell all my bitcoins for more than two years, i have never had any problems with them so far, it is one of the most serious exchanges that i have ever used, because their support is always replying (and this is the most important reason of why i like lbc)

And the money is always on your wallet, you do not need to pay miner fees because when you start a new order, you start it with the money that you have in your localbitcoins wallet, you do not need to deposit funds when you start X order, it just gets debited from your balance.

tkcoin

newbie

Activity: 7

Merit: 0

Thank you for reply.

Does it matter if I buy ten 1BTC, or 10BTC together? Would it affect my future spending?

VitaminDer

newbie

Activity: 37

Merit: 0

You msy get your payment from the localbitcoins.com escrow, so you don't even need to know how many transaction did it take for that guy to send that amount.

"The current fee is visible on the wallet page under the heading Bitcoin Network Fees. "

tkcoin

newbie

Activity: 7

Merit: 0

I am still reading, but if I buy from, say localbitcoins. How do I know if the person is giving me one single transaction or multiple small ones?
Will the person advertise he selling price, but when I buy, I will be slam with high fee because of number of transaction?
Are fee already built-in in the price saw on localbitcoins?
When buying from localbitcoins, can I choose and guarantee to use fast/slow transactions and pay corresponding fee?
Individual seller on localbitcoins, their prices varies from coinmarketcap. Beside finding seller with 1000+, anything else I should watch out?
If say I want to buy 10 coins in total... if I have the money. What should be my buying strategy given localbitcoins ppl are selling in like 1 coin?

Topic: Transactions when buying coins on localbitcoins (Read 172 times)