Bitcoin Sellers
The option of buying Bitcoin in person can be very appealing to those who aren?t the most tech-savvy. The act of setting up a wallet and dealing. via online exchanges can be intimidating due to the many technical aspects involved and a general lack of trust that comes from dealing with a faceless seller on a loosely regulated system. So, dealing face-to-face, or at least directly, with a specific seller has its attractions.
However, buying bitcoins in person can be risky for a couple of reasons; the risk of physical harm or fraud. There is always the chance that when you go to buy Bitcoin in person, you get mugged for the cash. This situation, of course, is not unique to bitcoin selling and buying, and is possible any time a large cash transaction is occurs. Regarding fraud, it is very possible that someone fakes the act of sending you their bitcoins or sends you too few, and you only realize when it is too late.
These risks can be mitigated with the proper preparation and knowledge. The chance of physical harm or mugging goes down drastically if you choose a public place where there is security around. There is no need to go to someone?s home or to a dark alley to do this transaction, because it isn’t illegal, so you can do it in a public space such as a cafe or bus terminal. The best way to avoid fraud is to learn as much about bitcoin transactions as possible and be totally familiar and confident with using your wallet. Of course, you are in the right place at Bitcoins.net for that!
Once Bitcoin has been transferred to your wallet, there is no way for the seller to cancel that transaction. What you need to do is use your own wallet as the proof of receipt rather than looking at the seller’s wallet or phone for proof of sending. The process of miners adding the transaction in a verified multi-transaction block that will be submitted to the blockchain takes around 10 minutes - so, just grab a coffee and wait.
An alternative to buying bitcoins from a seller face-to-face is to use an escrow service like LocalBitcoins.com, which allow you to perform these transactions in a more measured manner. These services protect users from fraudulent offers and double spend attempts that would aim to get the cash from the buyer without offering any bitcoin in return. LocalBitcoins.com is the most popular of these services, but there are many more of them that offer various similar services.
Fees for services such as these tend to vary based on the amount of trouble a seller would have to go through, as well as the specific offerings of the website.
On top of the escrow services, there are a few other options for finding potential buyers/sellers of Bitcoin. You can check ads in the newspapers or online classifieds, you can post your own, or you can go through an exchange network that will put you in touch with other users.
Of course, the main advantage to all of this is the anonymity it provides. Compared to every other method, buying bitcoins from actual sellers protects your identity and obscures the flow of funds. If this is a priority for you, then it is very likely that this will be your preferred method, even though the exchange rates offered may not be the best.
