QUOTE(wengherng @ Mar 21 2017, 10:27 AM)
I've never used such peer to peer exchanges before, how does it work?
Do you have to transfer the money to the seller first before they transfer the coins to you?
Or does Localbitcoins function as an escrow company?
Do you have to transfer the money to the seller first before they transfer the coins to you?
Or does Localbitcoins function as an escrow company?
QUOTE(1wildcat1 @ Mar 21 2017, 10:38 AM)
You initiate the trade, the seller will give you his details. Which then you will bank in the amount with a specific reference code that is provided. After that, you click payment paid and the seller would check and release the coins.
All coins will be in escrow.
Around early January to early Feb, LBC had coins at around 1-2% higher than market price... something changed and it's like 7-8% now which is ridiculous
All coins will be in escrow.
Around early January to early Feb, LBC had coins at around 1-2% higher than market price... something changed and it's like 7-8% now which is ridiculous
QUOTE(kmarc @ Mar 21 2017, 11:09 AM)
Yup. As described by 1wildcat1. Also have to check which bank they prefer. Instant interbank transfer is usually instant but I usually look for sellers with the same bank.
For remitano, there's no communication with the seller. You have to ensure they are online, then bank in the money, then wait for release. However, I sometimes am afraid that they suddenly go offline or is not at the computer. I usually checked to ensure they have phone contact registered with remitano so that remitano can summon them using phone after 3 minutes if BTC not released from escrow.
For localbitcoins, you can send message when buying. I will usually ask seller whether can proceed with the trade. There was one time the seller was online but was sleeping! Waited for 60 minutes then cancelled the trade. Luckily didn't transfer money.
I think for both sites, not a big problem as the BTC is kept in escrow should any dispute arises but I like to settle the trade there and then.
Peer to peer exchange is a bit dangerous if you didn't know if the seller is scammer?For remitano, there's no communication with the seller. You have to ensure they are online, then bank in the money, then wait for release. However, I sometimes am afraid that they suddenly go offline or is not at the computer. I usually checked to ensure they have phone contact registered with remitano so that remitano can summon them using phone after 3 minutes if BTC not released from escrow.
For localbitcoins, you can send message when buying. I will usually ask seller whether can proceed with the trade. There was one time the seller was online but was sleeping! Waited for 60 minutes then cancelled the trade. Luckily didn't transfer money.
I think for both sites, not a big problem as the BTC is kept in escrow should any dispute arises but I like to settle the trade there and then.
Mar 23 2017, 10:25 AM

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