Silk Road forums

Discussion => Security => Topic started by: theupsman1 on October 28, 2012, 01:24 pm

Title: Is localbitcoins.com reliable?
Post by: theupsman1 on October 28, 2012, 01:24 pm
Considering purchasing some coins off a group called BTCDiscreet at localbitcoins.com , They seem to have decent feedback on the site. Wondering has anyone used the site or btcdiscreet before I risk my cash?
Title: Re: Is localbitcoins.com reliable?
Post by: malik on October 28, 2012, 04:30 pm
i used the site a few days ago, i think its perfectly legit and you do not risk anything but your "total anonymity". At the site you can contact someone like BTCDiscreet.

Then usually you set a meeting, where you meet the guy in the city, bar or whatever. From localbitoins.com you will get a confirmation code. This code is only visible to you not to the seller, at least not till he released the funds...So when you meet the guy you will give him the cash and he will release the funds via his mobile phone. Then he will receive the confirmation code and can show it to you. Once you have seen the code you can be sure the money is in your account.

So I can definately recommend their service ;)
Title: Re: Is localbitcoins.com reliable?
Post by: daka123 on October 28, 2012, 04:46 pm
I just signed up for this - can you do bank transfer?

Also, should I transfer from localbitcoins direct to SR?  Or Should I put it thru some other ewallet? (recommendations?)
Title: Re: Is localbitcoins.com reliable?
Post by: badxxx on October 28, 2012, 05:06 pm
I just signed up for this - can you do bank transfer?

Also, should I transfer from localbitcoins direct to SR?  Or Should I put it thru some other ewallet? (recommendations?)

Bank transfer? No! It's bitcoins for cash!

If you use an e-wallet and/or other wallets, you can do that. You can also use a mixing service. Just do what you want. But i think it's not necessary because you bought your BTC anonymous.
Title: Re: Is localbitcoins.com reliable?
Post by: theupsman1 on October 28, 2012, 05:10 pm
ah cool I was wondering how that code and escrow system worked. Im in london so I could do a meet up easily but Id rather do an OTC deposit I think. I've contacted BTCDiscreet and ive been given the bank details to either make an OTC deposit or bank transfer so yes they take them. Im going to do the minimum 50 quid tomorrow in the branch and see how that goes i know its a little riskier as there is no escrow but looks genuine so far. The bank account seems to be a business account too.

And yes you should wash your coins the matter what its good practice to protect yourself and the seller. I usually put them through bitcoin-fog.
Title: Re: Is localbitcoins.com reliable?
Post by: Isobetadine on October 28, 2012, 07:11 pm

Then usually you set a meeting, where you meet the guy in the city, bar or whatever. From localbitoins.com you will get a confirmation code. This code is only visible to you not to the seller, at least not till he released the funds...So when you meet the guy you will give him the cash and he will release the funds via his mobile phone. Then he will receive the confirmation code and can show it to you. Once you have seen the code you can be sure the money is in your account.

Great i was thinking of doing this.
But a few questions,when you say the site sends confirmationcode,is this by email or on their code.
And is there a way to check this for yourself.
I mean, don't know the vendor so i would like to be sure if i meet them that the code is legit:).

(oh and do you need android or apple specificly to check the code. cause i have neither.)
Title: Re: Is localbitcoins.com reliable?
Post by: daka123 on October 28, 2012, 07:16 pm
Pardon my ignorance :

- should I go to a bank and pay directly cash into the bank a/c?  I can do an online transfer from my bank a/c here but that ties me to the BTC seller right?

- where do the Bitcoins end up?  In LocalBitcoins.com I presume...if so how do I transfer them down to SR?  I've been told to use go Localbitcoins => Multibit = > SR

Title: Re: Is localbitcoins.com reliable?
Post by: theupsman1 on October 28, 2012, 10:29 pm
What hes saying about the code is:

-You find seller on localbitcoins. You agree to purchase xx bitcoins. You get confirmation code . Now the seller doesnt know the confirmation code only you do. The seller sees the confirmation code when they have sent you your coins so if you are meeting face to face you hand him cash he authorises transaction and gets the code so if he has the code you know the money has been irriversibly transffered.

-Now if you make a bank transfer the above escrow system obviously does not work cos its not face to face. Im going to to OTC bank deposit tomorrow, dont do a bank transfer because then your not anonymous.

-Once you have your coins in your bitcoins local wallet, if your happy your completely anonymous you may want to just transfer to SR. But i'm personally going to send it to bitcoin fog first wash and be safe.

Im going to deposit OTC tomorrow and will let you know how it goes.
Title: Re: Is localbitcoins.com reliable?
Post by: theupsman1 on October 29, 2012, 05:49 pm
Right so I dumped 50 quid into the local bank branch today. I get home  5 hours later and the BTC are already in my localcoin wallet. So very good service and completely anonymous, im going to continue to use but not going to do too big deposits at once as by doing OTC rather than meet in person your not getting any escrow. Its all very professional registered business account etc. :)
Title: Re: Is localbitcoins.com reliable?
Post by: thecrackhead on October 29, 2012, 06:09 pm
Go for it, this is how I am purchasing my BTC. I never used their system tho...I only met face to face in public places everything went as expected...
Title: Re: Is localbitcoins.com reliable?
Post by: Isobetadine on October 29, 2012, 09:56 pm
Ok thanks for the information guys.
And specially for clarifying it upsman.Got a bit confused on the code thing:).
Will check this out in the near future(in europe).
Will let you all know how it went.