Bitcoin - forums what is the bitcoin

Bitcoin – forums what is the bitcoin

Apr 9th, 2016 7:08 pmcan you describe how online and in-person transaction work on localbitcoins.Com? Which transactions are more / less secure? Thanks.

Basically in person or local trades involve an cash trade option face to face. Escrow is available but not mandatory for these types of trades. Normally, the buyer will bring cash and when they meet, will hand over cash to the seller. The seller will count (and test bills) and then release the bitcoin (optionally from escrow) to the buyer right from their smart phone. Only the buyer can cancel the trade.

Online trades can be quite a wide variety of exchange types. Some of the most common methods in canada are interac E transfer, prepaid visa/mastercard, western union, cash deposit. However just about any method of exchange is used.

Some users trade ebay or amazon gift codes, panera and wholefoods gift codes…What is the bitcoin some trade other types of currency like bitgold, or even different crypto currencies like litecoin or ethereum. Online trades are by far the most common.

Both methods have their own specific risks,but online methods are rife with scammers so you need to have your methods and strategies to filter out the scammers.

[quote=andrew4321 post id=25655027 time=1460248487 user id=258216]I was reading that it can take long time to complete the transfer. Sometime even hours. Money is in sellers hand and transaction can fail. Is this true?

When meeting there is always a risk the seller could simply run off with the cash in hand – this is precisely why the buyer can request escrow services from the website. The escrow service is a buyer’s protection mechanism in a cash trade. When the cash has been handed to the seller, the seller normally validates the funds and then releases the bitcoin from escrow.What is the bitcoin if the seller does anything like run off with the money, the buyer will simply start a trade dispute and both parties will provide evidence and allow the site to determine the outcome. The frauds involving buyers and sellers in cash transactions generally involve other things – not direct running off with cash.

As for taking a long time , no the release of escrow is instant!

It looks to me that in all cases, the buyer releases the funds with any guaranty that the seller will fulfill the second part of the transaction.

No it’s the seller that releases the bitcoin from escrow, once the seller receives payment in accordance with the terms of the ad .

Apr 9th, 2016 8:51 pmwhat’s your recommended way to buy?

If you don’t want to meet in person, I’d saying ANY method of buying is safe for you, as long as you use the escrow system.What is the bitcoin its really the seller’s that bear most of the risk. If you want use a risky payment method (risk from the seller’s POV) such as paypal (aka chargebackpal), then you’re going to pay a HIGHER premium over market rate.

A little less risky method is interac E-transfer, but most sellers will require you to provide your ID and a selfie with a note for the first transaction. You can find some fairly good deals, where you will pay about 5-10% above market when using interac (which is actually not a bad deal in terms of bitcoin going rate).

Another safe option (for the seller’s POV), as long as you follow the rules, is cash deposit at a bank. Again, ESCROW is your friend – you MUST use it. Once you follow the seller’s terms, which usually involve depositing * CASH * (not a cheque, money order, bank to bank transfer etc) and provide a pic of the cash deposit receipt (probably with a little note scribbled on there like no refunds – to buy bitcoin…) then you’re safe.What is the bitcoin any issues and escrow staff will examine disputes (where you would provide your cash deposit receipt as proof of payment). Cash deposit almost always is the best exchange rate, you can get on average 5% (or higher) above market, which is excellent. Its also nice because you generally don’t have to provide any ID to the seller (they don’t care who you are).

So to summarize as a buyer, choose your method, pay your premium in accordance with that method. If you’re feeling energetic and taking a run to the bank, you’ll get the best rate!