1. 04-19-16 03:53 PM #1
    kj8210
    kj8210's Avatar Become A Pro!
    Join Date: 02-09-12
    Posts: 919
    Betpoints: 14103

    Question about LocalBitcoins

    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?
    Reply With Quote Reply With Quote
  2. 04-19-16 10:14 PM #2
    daveydips
    daveydips's Avatar Become A Pro!
    Join Date: 12-13-15
    Posts: 45
    Betpoints: 1396

    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 method
    Reply With Quote Reply With Quote
  3. 04-19-16 10:17 PM #3
    daveydips
    daveydips's Avatar Become A Pro!
    Join Date: 12-13-15
    Posts: 45
    Betpoints: 1396

    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 feedback
    Reply With Quote Reply With Quote
  4. 04-21-16 09:20 AM #4
    themike78
    themike78's Avatar Become A Pro!
    Join Date: 07-01-13
    Posts: 4,873
    Betpoints: 10636

    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.
    Points Awarded:

    Courtesywipe gave themike78 2 Betpoint(s) for this post.

    Reply With Quote Reply With Quote
  5. 04-21-16 03:49 PM #5
    Courtesywipe
    Dead1977
    Courtesywipe's Avatar Become A Pro!
    Join Date: 09-02-11
    Posts: 1,622
    Betpoints: 346

    Quote Originally Posted by daveydips View Post
    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 method
    When you do this does the seller then send the BTC to blockchain or your coin base or circle acct?
    Reply With Quote Reply With Quote
  6. 04-21-16 09:22 PM #6
    thespeculator
    thespeculator's Avatar Become A Pro!
    Join Date: 09-09-08
    Posts: 2,999
    Betpoints: 13168

    Quote Originally Posted by Courtesywipe View Post
    When you do this does the seller then send the BTC to blockchain or your coin base or circle acct?
    No, it goes into your localbitcoins account. If you are buying coins , then transfer straight to a book. No need for blockchain
    Points Awarded:

    Courtesywipe gave thespeculator 2 Betpoint(s) for this post.

    Reply With Quote Reply With Quote
  7. 04-22-16 05:22 AM #7
    3runhomer
    3runhomer's Avatar Become A Pro!
    Join Date: 08-23-10
    Posts: 423
    Betpoints: 1901

    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)
    Reply With Quote Reply With Quote
  8. 04-25-16 07:24 PM #8
    Memento
    Short Term Memory Loss Required
    Memento's Avatar Become A Pro!
    Join Date: 01-28-15
    Posts: 1,191
    Betpoints: 474

    Quote Originally Posted by themike78 View Post
    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.
    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%?
    Reply With Quote Reply With Quote
  9. 04-26-16 12:07 AM #9
    daveydips
    daveydips's Avatar Become A Pro!
    Join Date: 12-13-15
    Posts: 45
    Betpoints: 1396

    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 $19.99
    Reply With Quote Reply With Quote
  10. 04-26-16 12:55 AM #10
    Memento
    Short Term Memory Loss Required
    Memento's Avatar Become A Pro!
    Join Date: 01-28-15
    Posts: 1,191
    Betpoints: 474

    Quote Originally Posted by Memento View Post

    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%?
    Quote Originally Posted by daveydips View Post
    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 $19.99
    Looks like 8-10% to me depending on method....so cash deposit looks like a cheaper route.
    Reply With Quote Reply With Quote
  11. 04-26-16 12:57 AM #11
    3runhomer
    3runhomer's Avatar Become A Pro!
    Join Date: 08-23-10
    Posts: 423
    Betpoints: 1901

    Good point!
    Reply With Quote Reply With Quote
  12. 04-28-16 11:52 PM #12
    habitualwinning
    habitualwinning's Avatar Become A Pro!
    Join Date: 01-22-12
    Posts: 1,569
    Betpoints: 6311

    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.
    Reply With Quote Reply With Quote
  13. 04-29-16 12:04 AM #13
    Memento
    Short Term Memory Loss Required
    Memento's Avatar Become A Pro!
    Join Date: 01-28-15
    Posts: 1,191
    Betpoints: 474

    Quote Originally Posted by habitualwinning View Post
    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.
    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.
    Last edited by Memento; 04-29-16 at 12:07 AM.
    Points Awarded:

    habitualwinning gave Memento 1 Betpoint(s) for this post.

    Reply With Quote Reply With Quote
  14. 04-29-16 07:58 AM #14
    thespeculator
    thespeculator's Avatar Become A Pro!
    Join Date: 09-09-08
    Posts: 2,999
    Betpoints: 13168

    Quote Originally Posted by habitualwinning View Post
    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.
    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 transaction
    Points Awarded:

    habitualwinning gave thespeculator 1 Betpoint(s) for this post.

    Reply With Quote Reply With Quote
Top
« Previous Thread | Bitcoin Sports Betting | Next Thread »