Silk Road forums

Discussion => Newbie discussion => Topic started by: littlekandiraver on February 14, 2013, 09:00 pm

Title: Using LocalBitcoins and not getting scammed?
Post by: littlekandiraver on February 14, 2013, 09:00 pm
So I've been looking at https://localbitcoins.com to get bitcoins instead of going through dwolla and mt. gox like I originally planned.

There's very little sellers in my area but I'm not 100% how localbitcoins works.

Is there a way to make sure the bitcoin seller is reputable and things to look out for?
Title: Re: Using LocalBitcoins and not getting scammed?
Post by: littlekandiraver on February 14, 2013, 09:07 pm
bump
Title: Re: Using LocalBitcoins and not getting scammed?
Post by: littlekandiraver on February 14, 2013, 09:10 pm
bump
Title: Re: Using LocalBitcoins and not getting scammed?
Post by: tomleepdx on February 14, 2013, 09:13 pm
Just like SR, use escrow.
Title: Re: Using LocalBitcoins and not getting scammed?
Post by: littlekandiraver on February 14, 2013, 09:23 pm
Just like SR, use escrow.
No offense but I obviously never bought anything from SR yet if I'm still deciding on how to get BTC

I understand how SRs escrow system works but I don't understand how that could be applied to using cash or doing bank deposits.
Title: Re: Using LocalBitcoins and not getting scammed?
Post by: littlekandiraver on February 14, 2013, 09:34 pm
bump
Title: Re: Using LocalBitcoins and not getting scammed?
Post by: sunnybeach1911 on February 14, 2013, 09:38 pm
You place your order, the  seller places the coins in escrow then you send the money via bank transfer.
Hit the PAYMENT SENT BUTTON.
When the seller checks they're bank account they release the coins
There's references numbers etc so if they don't send then you have proof that you did pay
Title: Re: Using LocalBitcoins and not getting scammed?
Post by: littlekandiraver on February 14, 2013, 09:42 pm
You place your order, the  seller places the coins in escrow then you send the money via bank transfer.
Hit the PAYMENT SENT BUTTON.
When the seller checks they're bank account they release the coins
There's references numbers etc so if they don't send then you have proof that you did pay

What if it's a bank drop off as in you go into a bank and deposit cash in the sellers account?
What if the seller doesn't do escrow since it's not exactly an online transfer?

I read through localbitcoins.com help section and I didn't get enough advice, tips, or explanations. Or how to avoid getting scammed.
Title: Re: Using LocalBitcoins and not getting scammed?
Post by: EternalSunshineMan on February 14, 2013, 09:50 pm
I went with bitinstant, and I got the coins immediately.  I went with the cash to btc wallet option, and I had the coin in my wallet by the time I got back to my car.  I can't recommend it enough.  Although I have heard other people having some issues with getting their BTC's right away.  I obviously had no such problem.  You can even just send the btc's straight to your SR wallet and you should have them rather quickly. The whole process for me from sending the money to transferring to my SR account took less than an hour. 

Now I'm just waiting for the vendor to update my order.  I'm really hoping it gets here by Saturday, as I paid for express and the vendor assured me if I got him the order before 3pm PST that I'd have the order in my hand by Saturday. 
Title: Re: Using LocalBitcoins and not getting scammed?
Post by: littlekandiraver on February 14, 2013, 10:27 pm
I went with bitinstant, and I got the coins immediately.  I went with the cash to btc wallet option, and I had the coin in my wallet by the time I got back to my car.  I can't recommend it enough.  Although I have heard other people having some issues with getting their BTC's right away.  I obviously had no such problem.  You can even just send the btc's straight to your SR wallet and you should have them rather quickly. The whole process for me from sending the money to transferring to my SR account took less than an hour. 

Now I'm just waiting for the vendor to update my order.  I'm really hoping it gets here by Saturday, as I paid for express and the vendor assured me if I got him the order before 3pm PST that I'd have the order in my hand by Saturday.

I've never heard of Bitinstant actually.

Would you say that going from cash to btc wallet is a safer option than depositing directly into the SR wallet?
Title: Re: Using LocalBitcoins and not getting scammed?
Post by: littlekandiraver on February 14, 2013, 10:47 pm
bump
Title: Re: Using LocalBitcoins and not getting scammed?
Post by: littlekandiraver on February 14, 2013, 11:04 pm
bump
Title: Re: Using LocalBitcoins and not getting scammed?
Post by: sunnybeach1911 on February 14, 2013, 11:12 pm
Pretty sure they have no choice about escrow.
You'll get a reference code so use it when you go to the bank