Had anyone used the cash deposit option before? I've only met buyers face to face but there are alot of more buyers if I go through the cash deposit method. Does this work for any bank? Don't you need to show ID to deposit cash into someone's account ? I don't get how they can do that then if they don't have my ID?
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I use it all the time .. You just go into whatever bank they got listed, fill out a checking deposit slip with the info they send you and hand it to the teller with the cash.. No Id needed, no questions.. Than you just send the seller a picture of your receipt and they release your coins almost instantly.. Literally takes 5-10 minutes! I highly recommend this methodComment -
Another pretty quick option is w eastern u nion... I used that Sunday when all the banks were closed.. My coins were released instantly.. I just look for people that have at least 100+ transactions and good feedbackComment -
No, banks never ask for I.D if depositing cash. Only if you withdraw obviously. I have people deposit money into my checking account from other states all the time. Never a problem. It's also a lot cheaper than wiring the money. There is no fees.Comment -
When you do this does the seller then send the BTC to blockchain or your coin base or circle acct?Originally posted by daveydipsComment -
No, it goes into your localbitcoins account. If you are buying coins , then transfer straight to a book. No need for blockchainOriginally posted by CourtesywipeComment -
I'm hoping to try this method soon as well...
Is there any scams to look out for if selling bitcoin for cash? Example: Could someone go deposit cash to your account, send you the pic of the receipt, and then someone have the cash transaction reversed? (I have coins to sell)Comment -
Except at localbitcoin.com the btc rates for cash deposit are $20/btc (4.25%) more than western, so is the western fee more than 4.25%?Originally posted by themike78Comment -
I usually pay a $19.99 fee on a w eastern Union transaction .. Sometimes it varies pending in which country it's going to, but the majority of the time it's $19.99Comment -
Originally posted by MementoLooks like 8-10% to me depending on method....so cash deposit looks like a cheaper route.Originally posted by daveydipsComment -
Good point!Comment -
Is it possible to ever get banned from localbitcoins like people are getting banned from other sites such as Circle and Coinbase? I've been doing a lot of reading on btc and I want localbitcoins to be my main wallet/source, so are there any precautions I need to take or anything I need to watch out for to prevent any potential future problems? Thanks.Comment -
If I ever get banned, I will go to localbitcoin and pay the premium to buy using cash deposit. I think you are okay buying as much as you want...but selling on localbitcoin might be a different story if you don't have a license. I sure as hell wouldn't sell large amounts or do it in person.Originally posted by habitualwinningComment -
I have done hundreds of transactions never a problem. On there forum never read anything like that. I would never say never, but so far they are solid. That is why I don't bother with the middle blockchain transactionOriginally posted by habitualwinningComment
