Localbitcoin Payment Option Question?

**daveydips** · 03-20-16, 04:21 PM

I havn't sold bitcoin off of localbitcoins yet but i bought bitcoin off of someone yesterday via TD bank.. After i started the transaction they sent me there account number and name, than i went to TD and filled out a checking deposit slip with there info and gave it to the teller.. Took a picture of the receipt and sent it back to them... My bitcoins were released in literally less than 5 minutes after.. I'd imagine its the same process for selling them.. . initiate the sale and give them your name and account

**3runhomer** · 03-20-16, 05:22 PM

Great. Thanks for the details. Very helpful!

**daveydips** · 03-21-16, 02:26 PM

If you sell them with this method let me know how it worked out for ya.. Im thinking of going this route as well

**3runhomer** · 03-21-16, 02:31 PM

I have been reading negative things about it on other bitcoin forums...apparently, the buyer/seller can reverse the transaction, which doesn't sound very good...

Still researching though...

Anyone else with feedback?

**raiders72001** · 03-21-16, 02:59 PM

Originally posted by 3runhomer

I have been reading negative things about it on other bitcoin forums...apparently, the buyer/seller can reverse the transaction, which doesn't sound very good...

Still researching though...

Anyone else with feedback?

When you sell you want them to write on the deposit slip "For the purchase of bitcoins with, both handles, at localbitcoins."

If you buy, then you get the bitcoins. They released them at loaclbitcoins meaning that they have agreed to being paid.

**thespeculator** · 03-21-16, 06:50 PM

Originally posted by daveydips

I havn't sold bitcoin off of localbitcoins yet but i bought bitcoin off of someone yesterday via TD bank.. After i started the transaction they sent me there account number and name, than i went to TD and filled out a checking deposit slip with there info and gave it to the teller.. Took a picture of the receipt and sent it back to them... My bitcoins were released in literally less than 5 minutes after.. I'd imagine its the same process for selling them.. . initiate the sale and give them your name and account

This is the method I have used also. Td in Canada, complete within 20 minutes

**3runhomer** · 03-22-16, 12:02 AM

Originally posted by raiders72001

When you sell you want them to write on the deposit slip "For the purchase of bitcoins with, both handles, at localbitcoins."

If you buy, then you get the bitcoins. They released them at loaclbitcoins meaning that they have agreed to being paid.

Raiders,

Do you have them write that on the deposit slip that is given to the bank teller or do you have them write it on after when they send you a confirmation picture or something like that?

**raiders72001** · 03-22-16, 03:06 AM

Originally posted by 3runhomer

Raiders,

Do you have them write that on the deposit slip that is given to the bank teller or do you have them write it on after when they send you a confirmation picture or something like that?

After the teller gives them a copy of the deposit slip, then have them write on it, take a picture and send it to you. The picture will be kept as an attachment on localbitcoins.

Always go through localbitcoins for conversations. Don't have them send anything directly to your email address bypassing localbitcoins.

**raiders72001** · 03-22-16, 03:25 AM

Important - Be careful with those using Paypal and check the date when the trader signed up, amount of people that he's done transactions with and the total BTC amount.

There have been a few that do tons of micro-transactions in a short period of time to give a false representation of their rating.

If he signed up a week ago with 1000 transactions with 3 people for a total of 1 BTC and wants to buy by Paypal, it's a scam.

He'll buy up all the bitcoins that he can for a couple of weeks, pay using Paypal and then charge them all back. Paypal isn't friendly to us when it comes to localbitcoins.

You can show Paypal all the proof in the world but they aren't going to accept it and they will grant the chargeback.

**raiders72001** · 03-22-16, 03:31 AM

I do Paypal transactions all the time but then I transfer from Paypal to my Bank immediately. I always keep my Paypal balance very low until needed.

It would be awful to lose a Paypal account but if a guy does a Paypal chargeback, Paypal will grab the funds from your Paypal account. If your Paypal account is empty, Paypal will show a negative balance but they can't reverse the transaction at your bank on their own.

I'm just pointing out worst case scenarios and precautions that can be taken.

**raiders72001** · 03-22-16, 03:39 AM

We need SBR to open up a localbitcoins account. It would ease fears of those unfamiliar with localbitcoins. We would buy and sell with SBR.