Silk Road forums

Discussion => Security => Topic started by: londonlondon on August 12, 2013, 09:19 pm

Title: First time buying localbitcoins
Post by: londonlondon on August 12, 2013, 09:19 pm
Hi guys,
I've been scouting around localbitcoins looking at prices fluctuate for a while, but never actually bought any coins.
I'm thinking of buying some soon and I was wondering if someone could be so kind to enlighten me on the 'typical' procedure when going about purchasing. I will either be doing face to face cash, cash in mail, or bank deposit.
Some questions that come to mind:
1. Once credited, the coins go into my localbitcoins account? If so, do I then proceed to transfer them from localbitcoins to SilkRoad?
2. Is there anything I should try to watch out for? (I'm going with someone with 100+ reviews)
3. Anything I should keep in mind?
4. If doing it by cash face to face, do I need to bring any 'number' with me to give to him/her?

Thanks so much to anyone taking your time to read this.

May you all be blessed with positive energy and good vibrations =)
Title: Re: First time buying localbitcoins
Post by: uncledick on August 12, 2013, 09:41 pm
I've never done face to face, but here's a guide i wrote for doing cash deposit at US banks via localbitcoins:

http://dkn255hz262ypmii.onion/index.php?topic=183277.msg1331285#msg1331285

I guess the part about tormail doesn't apply anymore due to recent events...
Title: Re: First time buying localbitcoins
Post by: londonlondon on August 12, 2013, 10:18 pm
I've never done face to face, but here's a guide i wrote for doing cash deposit at US banks via localbitcoins:

http://dkn255hz262ypmii.onion/index.php?topic=183277.msg1331285#msg1331285

I guess the part about tormail doesn't apply anymore due to recent events...

thanks for directing me here, and thanks for taking your time to write a thorough and detailed procedure :)
wish I could give +1 cause you deserve +10!
cheers buddy
Title: Re: First time buying localbitcoins
Post by: sourman on August 12, 2013, 11:00 pm
I was just about to post that! :)

Stick to cash bank deposit. Whenever btc is on the rise, there are plenty of vendors on LBC that offer this payment method at a reasonable rate. You just enter the amount you want, drive to the bank, fill out the deposit slip with the information provided, pay the teller, then go on LBC and click the button indicating you've sent payment. Most of their vendors will release your coins within minutes. Then you navigate to your LBC wallet, enter your destination btc address, and wait for the coins!

As long as there are vendors on there offering bank deposit, it's the easiest and quickest way to get coins outside of reload card --> btc methods (which are all pretty much dead, or will be soon).
Title: Re: First time buying localbitcoins
Post by: Baraka on August 13, 2013, 01:21 am
1. Once credited, the coins go into my localbitcoins account? If so, do I then proceed to transfer them from localbitcoins to SilkRoad?

The LBC wallet is really just a holding wallet. From there you should transfer out to your own wallet. And then again to SR. Transferring from LBC directly to SR is kinda lazy and stupid. I would never do it.

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2. Is there anything I should try to watch out for? (I'm going with someone with 100+ reviews)

No need to go for someone with that much feedback. +5 or more is good enough. Also to state the obvious go for the best price lol. Choose someone you can deal with in person who will take cash off of you. That's the safest. Build personal relationships. Don't go through a financial institution or any kind of retail outlet if you can help it.

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3. Anything I should keep in mind?

Yeah. Escrow is only needed if you're accepting a non-face to face transfer of funds. Otherwise just use the LBC system of funding and releasing transactions.

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4. If doing it by cash face to face, do I need to bring any 'number' with me to give to him/her?

Nope. Just make sure the transaction is already funded before you meetup. That way the release can be done instantly so you don't have to wait for the 3-6 confirmations needed to transfer to BTC. You'll receive a text message when the transfer is complete (with a confirmation code you would have received beforehand which you should copy down for your own sake). Or if you're paranoid about listing your cell in your LBC account you can just look at your account balance after the other guy says the funds have been released. Meet somewhere where there's Wifi and login to your LBC account directly. Use Tor off of a spoofed hardware address if you're paranoid about using something other than your own Wifi that way.

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Thanks so much to anyone taking your time to read this.

May you all be blessed with positive energy and good vibrations =)

 :)