[Pinoy-T-X]

Can you guys share your experiences on dealing with localbitcoin. Thanks

[themike78]

Great way to buy and sell. Lots of options. If you are patient you can make some decent money selling. Make sure you check who you are dealing with and make sure they have lots of trades with positive feedback. I sold once to a guy using paypal and I didn't check his feedback and it was a new account. He reversed the transaction and I was out $200. I got him banned from localbitcoins but paypal sided with him because there is no insurance when you are selling bitcoins. Just be careful with who you deal with. It is a great site if you want to buy quick and not deal with all of the b.s from the exchanges. The best rates are usually bank deposits and bank transfers. You can sell gift cards but you will only get usually about 60 cents on the dollar.

[littlekona]

A+ I have done hundreds most all cash deposits at banks with no issues

[daveydips]

love it... cash deposits or p aypal

[Pinoy-T-X]

So basically it’s like Craigslist or EBay- it’s a hit or miss?

[littlekona]

So basically it’s like Craigslist or EBay- it’s a hit or miss?

No, not even close....it’s a reliable service which protects both buy and seller keeps funds in escort account too...but just like anything you have to be smart....as long as you buy or sell to people with high transaction and good feedback you are fine

[danshan11]

paying with paypal is great but never sell with paypal or you will get screwed.

cash bank deposit is great as well but never sell with bank account or you will get screwed. The scammers sell people dogs cars and everything else and they have them pay with cash deposit into your account and you give them btc and when they never get their puppy or 2012 corvette for 2 grand they go to the bank and say they got scammed.
Only buy btc on LBC dont sell unless you really know what you are doing and dont believe the BS of having them take a photo of the receipt or any other nonsense out there that people use to verify deposits. You will get your bank account closed if you are selling not if but when.

ONLY BUY on LBC unless you really know what you are doing. I see people get destroyed there by scammers.

Never give your registered LBC email to anyone, they use your email to try and login in your account and reset your password. never use your real cell phone, they will call your phone service and get the text and steal your coins.

if you need any advice ask me I will tell you I am a pro trader there and have 1000s of trades tons of different ways!

[danshan11]

also when you are searching for a trade partner. you will find people with great feedback BUT they will have in the past few days changed their email or phone number, this is a good signal the account has been stolen or bought and they are now run by scammers.

as you can see here
https://bitify.com/advanced-search/?...max=&username=

you can buy LBC accounts all day long to scam people with, be careful feedback is not everything!

talk to the trade partner via chat ask them ?s that most people of that specific country can answer.

you think the Yankees will win the super bowl?

questions that most americans would answer quickly
this will usually tell you if your trade partner learned english or is a native speaker.

and if anyone calls you "BRO" you can pretty much know its a scam, the nigerians must teach their scam workers to use "bro" "my friend"

[themike78]

also when you are searching for a trade partner. you will find people with great feedback BUT they will have in the past few days changed their email or phone number, this is a good signal the account has been stolen or bought and they are now run by scammers.

as you can see here
https://bitify.com/advanced-search/?...max=&username=

you can buy LBC accounts all day long to scam people with, be careful feedback is not everything!

talk to the trade partner via chat ask them ?s that most people of that specific country can answer.

you think the Yankees will win the super bowl?

questions that most americans would answer quickly
this will usually tell you if your trade partner learned english or is a native speaker.

and if anyone calls you "BRO" you can pretty much know its a scam, the nigerians must teach their scam workers to use "bro" "my friend"

Interesting points but I have like 5 different guys I deal with call me bro. Never had any issues with any of them. Also the language thing really means nothing. I have guys I deal with in several different countries that can barely speak English and they are fine. I think its pretty rare to get scammed. I've done well over 1000 trades and been scammed once. Paypal is fine if you send it through friends and family because those transactions can't be reversed.

[danshan11]

again sending payments to buy coins is rarely a problem. BUYING BTC is pretty safe, its when people get the idea they can get rich buying btc from coinbase for 3800 and selling on lBC for 4200 and make $400-500 a day and at the end of the week they lose their arse with chargebacks, cancelled wires and bank reversals for scams.

BUYING BTC 99.9% safe

Selling BTC 1% safe

[Pinoy-T-X]

BUYING BTC 99.9% safe

Selling BTC 1% safe

Really?!!
yikes!

[danshan11]

tons of scammers out there on LBC and they know how to get people who dont know! its easy to say oh I have never gotten scammed but tons do every day.

https://www.google.com/search?q=loca...hrome&ie=UTF-8

[danshan11]

buying bitcoin on LBC is really safe but selling BTC a whole different story.

[Pinoy-T-X]

Do people that get scammed doing it online? Is it safer to meet up with the buyer/seller in a public place?

[danshan11]

yeah I am talking about online, I have never sold in person or bought in person, too many chomos and low level dealers, not my crowd!

[Pinoy-T-X]

​ah ok. Gotcha

[Pricetopher]

I mainly use LBC for the cash deposit method. Find you a trusted vendor at a bank near you and generally within 5-10 minutes after making the cash deposit to the account (and sending the receipt over) and the funds are in your account. Keep a good rating and maintain solid feedback and it'll be one of your top spots for BTC purchases with little to no headache.

[littlekona]

I mainly use LBC for the cash deposit method. Find you a trusted vendor at a bank near you and generally within 5-10 minutes after making the cash deposit to the account (and sending the receipt over) and the funds are in your account. Keep a good rating and maintain solid feedback and it'll be one of your top spots for BTC purchases with little to no headache.

same here never an issue with hundreds of trades...Many are with the same traders too...Just make sure everything looks good w seller and ure fine

[TheMoneyShot]

Just IMO it seems like a huge headache. I mean.... if you meet up in person with someone.... you have to deal with face to face... and possibly someone lurking in. Or you can give your bnk acct number out to receive a cash deposit... then what happens if you get audited? You have extra cash coming in your acct.... that's unexplainable.

I guess I think about all the possibilities.... I also don't have the patients with other people... who are inconsistent.

At this time... localbitcoins isn't for me.

[danshan11]

again having people you do not know depositing into your account has 2 issues
1 they are not the actual person making the deposit, usually it is someone buying something they will never receive AKA scam
2 the bank will not like you getting cash deposits from all over the country and close your account permanently. google "localbitcoins my bank account got closed"

now depositing into someone elses account and receiving the BTC is very safe and I would not have any issue doing this or recommending someone else does this.

Be very smart on LBC, do not do anything on common sense, everyday you will learn a new scam and it usually will cost you money, time, a bank account, or bitcoins. PROCEED WITH EXTREME CAUTION, please start low and slow and learn before you get SMOKED!

[Pricetopher]

They do have bitcoin ATM's across the country now as well as using CoinMama (min. purchase $60) which link directly to your wallets. They have higher fees typically, but it can be worth it.

BITCOIN ATM: https://www.rockitcoin.com

COINMAMA: https://www.coinmama.com

[Pricetopher]

Exactly, after a few trades with the right people you know where to go and what to expect.

[raiders72001]

Make sure to check how long a person had his account. Some scammers run up 500 tiny transactions in a week to get a 500 transaction/ 100% rep to set up a scam.

[cincy]

I want to sell some bitcoins. I was about to create a local bitcoins account and it asks for name, phone number and country. Earlier in this thread someone mentioned scam risk associated with giving a valid cell phone number. Is it better to use a random name and cell number when signing up at local bitcoins or does it send some verification text that you must reply to?

Someone also mentioned selling bitcoins for deposits into my bank account could cause my bank to have some concerns. So if I want to sell bitcoins for cash in person do I just find a local seller with good ratings and then how does this work. Should I suggest we meet at a bank so I can ask the bank to confirm the cash is not counterfeit. Does he give me the cash first then I transfer the bitcoins to him using my cell phone? Is there any scam risk to me if I do it this way? Any better method for selling bitcoins for cash?

[littlekona]

I want to sell some bitcoins. I was about to create a local bitcoins account and it asks for name, phone number and country. Earlier in this thread someone mentioned scam risk associated with giving a valid cell phone number. Is it better to use a random name and cell number when signing up at local bitcoins or does it send some verification text that you must reply to?

Someone also mentioned selling bitcoins for deposits into my bank account could cause my bank to have some concerns. So if I want to sell bitcoins for cash in person do I just find a local seller with good ratings and then how does this work. Should I suggest we meet at a bank so I can ask the bank to confirm the cash is not counterfeit. Does he give me the cash first then I transfer the bitcoins to him using my cell phone? Is there any scam risk to me if I do it this way? Any better method for selling bitcoins for cash?

No do not lie to them as they will do a KYC...they are safe to give info too. Just always give info through LBC portal

[danshan11]

I want to sell some bitcoins. I was about to create a local bitcoins account and it asks for name, phone number and country. Earlier in this thread someone mentioned scam risk associated with giving a valid cell phone number. Is it better to use a random name and cell number when signing up at local bitcoins or does it send some verification text that you must reply to?

Someone also mentioned selling bitcoins for deposits into my bank account could cause my bank to have some concerns. So if I want to sell bitcoins for cash in person do I just find a local seller with good ratings and then how does this work. Should I suggest we meet at a bank so I can ask the bank to confirm the cash is not counterfeit. Does he give me the cash first then I transfer the bitcoins to him using my cell phone? Is there any scam risk to me if I do it this way? Any better method for selling bitcoins for cash?

LBC is safe to give info too, I mean as safe as some non regulated 4th world country site is to give your info to.

BTC for cash in person is fairly safe, public place where it is less likely someone will pull a gun and make you transfer btc and or follow you home that night and hold you at gunpoint to transfer your btc to them, it has happened. most transactions are super safe in person, by a counterfeit pen at office depot and just check the bills before you transfer the coins.

Never sell btc to someone you dont personally know and have them deposit into your bank account. just dont do it. I have never seen a long term seller of btc use this method because the account WILL get closed not if its when the account will be closed.

[danshan11]

the problem of your phone number and email is the following (if a scammer gets it not LBC)

email, if they have the email you use to login into the site a scammer can use that to hack in your account

phone number is worse because they can do a forward of your cell or order a replacement sim and use that to control your phone so they can do 2 factor verifications.


BTC is the currency of choice for scammers, and I know I sound like a paranoid super freak but shit happens with currency like this!