Question about LocalBitcoins

[kj8210]

Had anyone used the cash deposit option before? I've only met buyers face to face but there are alot of more buyers if I go through the cash deposit method. Does this work for any bank? Don't you need to show ID to deposit cash into someone's account ? I don't get how they can do that then if they don't have my ID?

[daveydips]

I use it all the time .. You just go into whatever bank they got listed, fill out a checking deposit slip with the info they send you and hand it to the teller with the cash.. No Id needed, no questions.. Than you just send the seller a picture of your receipt and they release your coins almost instantly.. Literally takes 5-10 minutes! I highly recommend this method

[daveydips]

Another pretty quick option is w eastern u nion... I used that Sunday when all the banks were closed.. My coins were released instantly.. I just look for people that have at least 100+ transactions and good feedback

[themike78]

No, banks never ask for I.D if depositing cash. Only if you withdraw obviously. I have people deposit money into my checking account from other states all the time. Never a problem. It's also a lot cheaper than wiring the money. There is no fees.

[Courtesywipe]

I use it all the time .. You just go into whatever bank they got listed, fill out a checking deposit slip with the info they send you and hand it to the teller with the cash.. No Id needed, no questions.. Than you just send the seller a picture of your receipt and they release your coins almost instantly.. Literally takes 5-10 minutes! I highly recommend this method

When you do this does the seller then send the BTC to blockchain or your coin base or circle acct?

[thespeculator]

When you do this does the seller then send the BTC to blockchain or your coin base or circle acct?

No, it goes into your localbitcoins account. If you are buying coins , then transfer straight to a book. No need for blockchain

[3runhomer]

I'm hoping to try this method soon as well...

Is there any scams to look out for if selling bitcoin for cash? Example: Could someone go deposit cash to your account, send you the pic of the receipt, and then someone have the cash transaction reversed? (I have coins to sell)

[Memento]

No, banks never ask for I.D if depositing cash. Only if you withdraw obviously. I have people deposit money into my checking account from other states all the time. Never a problem. It's also a lot cheaper than wiring the money. There is no fees.

Except at localbitcoin.com the btc rates for cash deposit are $20/btc (4.25%) more than western, so is the western fee more than 4.25%?

[daveydips]

I usually pay a $19.99 fee on a w eastern Union transaction .. Sometimes it varies pending in which country it's going to, but the majority of the time it's $19.99

[Memento]

Except at localbitcoin.com the btc rates for cash deposit are $20/btc (4.25%) more than western, so is the western fee more than 4.25%?

I usually pay a $19.99 fee on a w eastern Union transaction .. Sometimes it varies pending in which country it's going to, but the majority of the time it's $19.99

Looks like 8-10% to me depending on method....so cash deposit looks like a cheaper route.

[3runhomer]

Good point!

[habitualwinning]

Is it possible to ever get banned from localbitcoins like people are getting banned from other sites such as Circle and Coinbase? I've been doing a lot of reading on btc and I want localbitcoins to be my main wallet/source, so are there any precautions I need to take or anything I need to watch out for to prevent any potential future problems? Thanks.

[Memento]

Is it possible to ever get banned from localbitcoins like people are getting banned from other sites such as Circle and Coinbase? I've been doing a lot of reading on btc and I want localbitcoins to be my main wallet/source, so are there any precautions I need to take or anything I need to watch out for to prevent any potential future problems? Thanks.

If I ever get banned, I will go to localbitcoin and pay the premium to buy using cash deposit. I think you are okay buying as much as you want...but selling on localbitcoin might be a different story if you don't have a license. I sure as hell wouldn't sell large amounts or do it in person.

[thespeculator]

Is it possible to ever get banned from localbitcoins like people are getting banned from other sites such as Circle and Coinbase? I've been doing a lot of reading on btc and I want localbitcoins to be my main wallet/source, so are there any precautions I need to take or anything I need to watch out for to prevent any potential future problems? Thanks.

I have done hundreds of transactions never a problem. On there forum never read anything like that. I would never say never, but so far they are solid. That is why I don't bother with the middle blockchain transaction