Silk Road forums

Discussion => Security => Topic started by: Moon Fried on July 30, 2013, 12:15 am

Title: localbitcoin...?
Post by: Moon Fried on July 30, 2013, 12:15 am
bitinstant is still taking a while to get there stuff together, and I'm thinking of purchasing from localbitcoin for the first time.

Any tips? Are cash deposits through Bank of America usually straight forward? How does escrow work with this particular method?
Title: Re: localbitcoin...?
Post by: killerglass on July 30, 2013, 12:34 am
I used them for the first time today.  And it went great!!  I used a vendor with a moneygram option, which I didnt realize would cost $11.00!!  Oh well, lesson learned.  But the vendor was very friendly, fast at responding, and had no trouble using a pseudonym.  I had the coins in under 2 hrs to my SR addy.  I read their FAQ's...pretty easy to get. You make the purchase with the vendor, use escrow, and they realease the coins when payment is received.  Coins go to your local bitcoins wallet, the you initiate a transfer to any other bitcoin address...like SR.
\
All in all, no problems.  Good luck!!
Title: Re: localbitcoin...?
Post by: Moon Fried on July 30, 2013, 03:44 am
I used them for the first time today.  And it went great!!  I used a vendor with a moneygram option, which I didnt realize would cost $11.00!!  Oh well, lesson learned.  But the vendor was very friendly, fast at responding, and had no trouble using a pseudonym.  I had the coins in under 2 hrs to my SR addy.  I read their FAQ's...pretty easy to get. You make the purchase with the vendor, use escrow, and they realease the coins when payment is received.  Coins go to your local bitcoins wallet, the you initiate a transfer to any other bitcoin address...like SR.
\
All in all, no problems.  Good luck!!

Sounds good. I plan on spending a lot of money on btc so I don't want anything to go wrong.
Title: Re: localbitcoin...?
Post by: Railgun on July 30, 2013, 09:27 am
It's very expensive.  The guy that I see who uses moneygram charges a 20% rate...
Title: Re: localbitcoin...?
Post by: hmdd on July 30, 2013, 09:41 am
I have used localbitcoins for a while and always had perfect transactions.

The whole process goes like this

You request a buy/sale from a seller entering any important info into the box provided.

The seller will give you his bank details for the deposit and then will enable escrow and fund the transaction with the coins you requested. At this point your coins are safe and the seller cannot take the coins back without contacting an admin.

When you have made the payment you mark the transaction "payment sent" and the seller will be notified.

After that all they need to do is click release funds and your coins will be in your localbitcoin wallet instantly.

I think the whole localbitcoins system is very good. I done a few transactions on there and every one went without a hitch.
Title: Re: localbitcoin...?
Post by: Mundet on July 30, 2013, 07:39 pm
It honestly isnt that expensive.
I found someone on their where you could deposit at most major banks and stuff. His fee wasnt that badi payed for like 900 usd worth of btc and recieved like 865 in the end which to me isn't that bad. I;ve used this guy multiple times before and always got my coins lightning fast in less then 30 mins