Silk Road forums
Discussion => Newbie discussion => Topic started by: coldyprakob on June 05, 2013, 11:26 pm
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Hey guys,
I read a lot of the beginner guides and stuff and now I'm at the point of buying my first BTCs. I signed up at localbitcoins and found a guy who I will meet up with tomorrow. As I read in CityLights Thread about bitcoins its usual to not use the localbitcoins system but let the BTCs transfer directly to the wallet.
My question is, how can I see that he really sent the BTCs to my wallet? As I use everything connected to SR and BTCs through TOR I cant check my emails nor look into my BTC wallet. I read about blockchain.info - is it 100% sure that I will see the transfer there right away? Is it the best way to search with the first digits of my BTC address in blockchain.info to see it?
Thank you very much for any help or advice!
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it will take a bit of time for it to make its way to the wallet (possibly an hour or more) but you should see the first blockchain transaction within 10 minutes or so. once you see that you can pay him. you will need to put the full wallet address into the website just to make sure.
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thanks for the answer!
So wouldnt it even be better to make it through the localbitcoins system? Like that I would straight be sure that he shipped the right amount and everything just telling me the verification word.
Or is it also possible to see the whole transaction amount only in the first blockchain?
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tbh I'd use the localbitcoin escrow system myself as you get the entire amount in seconds and can finalise quickly but if you really want to be paranoid and have it sent to another wallet then you will have to wait until the full amount shows in the blockchain on the website, it doesn't always show on the first transaction I've noticed.
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I'm interested in doing this too...and don't want to get burned...
if both seller and buyer use the locaobitcoins.com to make the exchange...does it show up in my wallet right away...?
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@abby...
can you explain a little how that escrow system works....we both meet in person with our connected devices and logged into our localbitcoin accounts...
He transers btc into escrow...?...I givve him cash...?
Why not just transer direct into my localbitcoins wallet...?...takes too long...
Regards,
Topper
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blockchain.info ***Clearnet Warning***
Use that website and just punch in the wallet address he is sending it to. As soon as he sends it the transaction should pop up on the screen after you search it.
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@CaptainSnowflakes...
what do you mean by Clearnet Warning...?
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That website is not on the deep web. It is safe to go to. Just not necessary to use TOR. There is a wallet on the website that you can use too. 2 birds with one stone.
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I just went to the blockchain.info site... from my tor browser...but have not yet opened a wallet...
Are you saying that if I meet a btc seller in person and he transfers bitcoin to my blockchain wallet...it will show up right away...?...no chance for any reverseroo...once he has my money...?
Regards,
Topper...
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As I was typing this I realised I think I might be confusing things here because I assumed you were originally talking about doing a deal with someone you found on localbitcoins but they (or you) wanted to use your own wallet rather than the one you have on your localbitcoin account.
the localbitcoin site describes what happens pretty clearly. just check to make sure that the seller has accepted your offer on the website. If he has, the coins are already in escrow waiting for the two of you to meet and finalise. if you use the wallet that you're given when you set up the bitcoin account, then you get it instantly and through the escrow.. which means you can't really be ripped off. This is an internal movement of coins so you won't see anything on blockchains.
If he hasn't accepted your offer via the website then he might be expecting you to go outside escrow and during the meeting he'll send them to your non lbtc wallet and look for payment. which is when you'll need to use the blockchain tracker to make sure they're on their way to the right account with the right amount or if you want it sent to another wallet (like your sr or on your computer) then it will be done outside of the website and the bitcoins will have to go out into the wild and you can track the blockchains. I would really only suggest this once you've got a relationship with the dude as this is outside the escrow (ie he doesn't have to pay a fee to localbitcoins as it's being done outside of the website)
does that help?
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Thanks Abby...for that thorough explanation...definitely a big help...
I was just looking at that localbitcoins.com website showing how that works...but wasn't fully clear...
here is where I am at right now...a couple of weeks ago I opened a localbitcoins.com wallet and searched for sellers in my area...I filled in the amount requested at 5 bitcoins...
shortly thereafter I got an email message...through my tormail address...in whch the seller gave me his mobile number...
So it seems we have started the process...I just logged into my localbitcoins account and under "Dashboard" can see the deal in progress...
It says such and such is selling me 5 btc for whatever...under transaction status it says "not funded"...which I guess means that no btc has been moved into escrow...
when I click on View Message it says seller should send the bitcoins to the temporary transaction address...
It also shows the verify code...and says I need no device...as soon as the seller shows me the correct code on his device...it means the money has been "irreversibly sent to me..."
Now there is also a button to cancel that transaction...which I am considering...reason being I opened that account through a regular browser...so my IP address is entered into the system...I have since opened a second account through the tor browser...and would prefer to do the transaction through that account...
I'm sure I can coordinate this with the seller...
I still intend to bring my wifi laptop just in case...for instance...what if he says his device just lost the connection...or ran out of battery...or whatever...?...but it was there a second ago...before I could actually see it...of course...
Anyway...I am starting to feel much more comfortable with this transaction now...
Regards,
Topper...
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all you really need is your mobile. what will most likely happen is you should have your verify code somewhere on you and when you meet he'll have a release sms code, which he'll use once you've given him the cash and then the two of you will receive a text with your verify code in it - which confirms the transaction is complete for both of you.
even if you want to go outside of the site, you will only ever need a smartphone as you just need your bitcoin wallet number and the webpage with the blockchain site.
edit: if however he somehow has battery failure, you can lend him your phone to send the text and if he hasn't got the numbers written down then ask for your money back and redo it once he's ready.. and if he does a runner you'll have to complain to the website.. so yes, you can get scammed still but assuming he's a reasonably longstanding seller with a fair few transactions under his belt he is probably reliable.
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I'd give some thought to just buying a moneygram with cash and getting your coins right on SR. No washing, no transferring. You'll pay ~10% for this service but it's easy. Not that much more than fogging them.
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Abby...this guy has just one single transaction under his belt...as do most of the sellers in my area...I'm a bit off the beaten track...
I also don't use a mobile phone...for various reasons...I suppose I could buy one...or borrow one...but why not just use the wifi...?
Regards,
Topper...
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if it lets you do it via the website then take the laptop by all means..
... but if he's a real desperado he may try to abscond with your money and your laptop! (yes, I am trying to stress you out because I've just had an evil moment - really, the chances of that are small)
just make sure you're in a brightly lit cafe or bar and you can get wifi and you'll be fine - you are just buying bitcoins, which is perfectly legal. You're not doing a drug deal!
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Thanks, Abby...yes those are all possibilities...there are desperados around for sure...
I think I can handle myself if push comes to shove...I was actually thinking of a bank lobby as a venue for the meet...although a cafe would be just fine...I might have a beefy buddy along too...
Thanks again for the interesting conversation...
Regards,
Topper
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You need to meet at a wifi hotspot with your laptop so you can verify the transaction went through before you hand money over. Starbucks, McDonalds, etc.
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Thanks Captain...McDonalds sounds good...I could actually go for some right now...
Regards,
Topper...
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Not a problem! I had some last night.... Sooo good!
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I use Walmart to bitcoin address transfers through bitinstant for my transactions. You set it all up online then take your information to either cvs, walmart or some other locations they give as options to pay. you pay through money gram like you are paying a bill and within 1 hour have the money in your SR wallet or wherever you send it. I'm not an expert here but I've been doing this for over a year and its worked well for me. Bitinstant had some bad issues a month ago that delayed my money 4 days but they did make good on there obligations to me and i got paid. I used them a week ago and it went right through. Hell i made a mistake once and sent money to a wrong address and was able to get my money re-routed. Luckily the address didnt exist or someone would have got free bitcoins and i would have been screwed.
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hey topshelf1, I just did the transfer and can tell you how it went down.
I think the best way if you are not sure how to check if you got the bitcoins etc is to just use the localbitcoins system (the fee is really not much). They'll tell you the password for your deal which only you know. So with that you can actually go to the deal. The seller only gets that password after he sent you the coins. So if he tells you the password you are sure that localbitcoins has your coins and you will get them!
I did it without the system. So we just met up at a wifi cafe, I only had my smartphone with me (which is not connected to localbitcoins, TOR or the email registered). After he shipped the coins I just checked at blockchain.info at around 10min after the transaction the first confirmation was there (which still is not a 100% assurrance but already a very good sign). So that was when I left and everything arrived at my bitcoin address. After the deal we just cancelled the open transaction in localbitcoins. All good.
If you have any other questions about it let me know!
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I have done this in the UK ina popular pub chaim, but already knew the person so it was not a worry.
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I use Walmart to bitcoin address transfers through bitinstant for my transactions. You set it all up online then take your information to either cvs, walmart or some other locations they give as options to pay. you pay through money gram like you are paying a bill and within 1 hour have the money in your SR wallet or wherever you send it. I'm not an expert here but I've been doing this for over a year and its worked well for me. Bitinstant had some bad issues a month ago that delayed my money 4 days but they did make good on there obligations to me and i got paid. I used them a week ago and it went right through. Hell i made a mistake once and sent money to a wrong address and was able to get my money re-routed. Luckily the address didnt exist or someone would have got free bitcoins and i would have been screwed.
Hojo, did you use your real information when signing up for Bitinstant? I've been contemplating using their service, but was sketched out at the idea of creating a false identity for the moneygram, then being asked for an ID, etc.
But if you've been doing it for over a year, it sounds like you have it down pact!
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I would advise against meeting in person
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if you find somebody close plus eventually with even a exchange rate than offline I would strongly advise for meeting in person.
Plus its perfectly easy and you dont have to disguise the origin of the money like online.
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I prefer going through people on SR for btc. Every time I have done it I have gotten it for the rate on Mt. Gox, with no fee. So basically if the rate was $100 USD per btc, I would pay $100 USD to get a whole btc. There's only been a couple time I dealt with someone with low fee rates (2.5%-5%)
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I always use LocalBitcoin, because I can get however much I want, and the rates are usually very good in my area. I meet people in coffee shops and we just watch the blockchain until there's 1 confirmation. I don't use the LocalBitcoin escrow system because I prefer there to be no record in their system of the transaction. I haven't ever had a problem; Nobody has tried to scam me or anything. Once though, I met this guy at a Starbucks and the only table in the place was beside a group of 4 cops. I felt pretty weird about handing him a stack of cash, but they didn't even blink. I think that people do Craigslist transactions in coffee shops, and various other independent gig stuff that might legitimately involve huddling over a computer and then exchanging cash.
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@coldyprokob...
Congrats for doing a successful deal....and thanks or the play by play...
The whole point of buying them in person is to not leave an electronic trail....and remain anonymous...so the bitcoins can never be connected to your physical identity...
I think I am just going to do the whole thing through localbitcoins.com...at a McD's through my wifi laptop...it seems like the surest safest way...and probably quickest too...
Regards,
Topper...
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thats what I think too! I was also lucky cause we had some stuff to talk about and wait for the conformation. I guess there yould be some guys where you rather just to the transaction quicker, get the password knowing everything is fine and leave ;)
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I did my first transaction with localbitcoins a few days ago myself. I ended up deciding to just use the localbitcoins escrow system because I didn't want to have to worry about verifying the transaction as I just had my phone with me as did the seller. It made the transaction super quick though. I had memorized the code for the transaction so I just had him read it off and verify it. The whole transaction took less than 5 minutes.
We met at a cafe and there were cops there taking a break it felt so weird handing over a bunch of cash while the cops are so close even though the buying of coins is not illegal I was just glad I didn't have to stick around long haha.