Silk Road forums

Discussion => Security => Topic started by: alternativeme on August 15, 2013, 05:46 pm

Title: Safely selling Bitcoin in the UK
Post by: alternativeme on August 15, 2013, 05:46 pm
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA512

I'm looking into establishing a UK based vendor account.

I'm planning on exchanging my Bitcoin into fiat via localbitcoins.com. Looking on the site, the best rate offered is around 63GBP per coin. The rate that the site is using today is just over 67GBP per coin.

My question is:

1) Is selling coins via established buyers on localbitcoins.com safe?
2) Clearly I'm going to lose out on the exchange rate. This is going to push my prices up. Is there a cheaper safe way of turning my coins into fiat in the UK?

Advice appreciated!

AlternativeMe
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.10 (GNU/Linux)
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=47On
-----END PGP SIGNATURE-----
Title: Re: Safely selling Bitcoin in the UK
Post by: mat82 on August 15, 2013, 07:00 pm
It's perfectly safe, the main problem is liquidity. It's hard to find bulk buyers, and if you're getting out £100-£200 at a time it will be time consuming.

The ideal win of course would be to persuade your suppliers to accept bitcoin ;)
Title: Re: Safely selling Bitcoin in the UK
Post by: alternativeme on August 16, 2013, 05:37 pm
I can see established traders on localbitcoins.com offering cash exchanges of up to 10,000GBP advertised.

Is it safe to exchange that much?
Title: Re: Safely selling Bitcoin in the UK
Post by: Tiger on August 16, 2013, 07:30 pm
1-Safe in what respect? Being scammed or getting caught?

2-Cash in the mail service?

If LE come asking where you're getting your coins from, as I suspect you they will if they start clamping down, you better have a good excuse!