[UK] Making bank deposits for BitCoins, safe?

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: Foxpup on October 26, 2012, 06:29:09 PM

The only real danger is if the seller just takes the money without giving you your bitcoins, though the same risk is present regardless of what method you use.

This. Putting cash into someone account is not different than handing them a bag of cash. If they decide to scam you there is no "chargeback" option. Obviously that is why some sellers use it but it works great for scammers too. Ask yourself this "would I trust this guy to hand him a bag of money and walk away knowing he will give me the BTC later?" If the answer is yes there is no risk in making a bank deposit. If the answer is no ...

Foxpup

legendary

Activity: 4536

Merit: 3188

Vile Vixen and Miss Bitcointalk 2021-2023

Quote from: bbfunk on October 26, 2012, 11:14:46 AM

I don't just think I can walk into a random bank and request a deposit to his bank account number and sort code either (doesn't he have to be a member of the same bank?)

Of course you can. This is the standard method, as some sellers don't trust online transfers and besides, your bank will probably charge you a fee for that. Also, you don't need an account at the same bank (or any bank for that matter) to make a deposit to someone else's account. If the account is at the Bank of Foo, you can just walk into any branch of the Bank of Foo, fill out a deposit slip with his account details, hand the deposit slip and the cash to the teller, take your receipt and you're done. They won't even ask for your name. What's the problem?

The only real danger is if the seller just takes the money without giving you your bitcoins, though the same risk is present regardless of what method you use.

bbfunk

newbie

Activity: 24

Merit: 0

I want to buy some bitcoins from localbitcoins and the seller wants me to deposit the money to his bank details.

What is the best way to do this? I was going to do it via online banking but maybe that's not the smartest thing to do?

I don't just think I can walk into a random bank and request a deposit to his bank account number and sort code either (doesn't he have to be a member of the same bank?)

Hope someone can help, thanks.

Topic: [UK] Making bank deposits for BitCoins, safe? (Read 549 times)