I am going to buy bitcoins for the first time from a seller on LocalBitcoins. Please guide me.

Question

I am going to buy bitcoins for the first time from a seller on LocalBitcoins. He says that funds can be transferred via internet banking. He seems to have good feedback, 9+ reviews but I am kind of nervous. What exact steps should be followed for a smooth transaction? My plan is:

Send him my wallet address, and then wait for him to transfer the bitcoins.
Upon successful transaction, I send him the required amount through an online bank transaction.
??
Profit

I hope I am doing this right. Please advise.

local means local, i.e. hard money changes hands live... if you are going to use banking anyway, you can just use Mt. Gox... — o0'., Feb 16 '13 at 14:58
If he has a reputation and you don't, of course he won't send first. Either you send first, you meet or you use escrow. — Meni Rosenfeld, Feb 16 '13 at 18:23
@Lohoris: Using Mtgox has several issues, the $50 fee for international wire being one of them. A local bank transfer is completely different. — Meni Rosenfeld, Feb 16 '13 at 18:24

score 6 · Accepted Answer · answered Feb 16 '13 at 13:06

6

Meet him at a public place and do the exchange using a phone bitcoin-app and cash. Make sure that his reputation is worth more than a possible robbery/scam.

answered Feb 16 '13 at 13:06

user2936

96
1

score -1 · Answer 2 · edited Feb 16 '13 at 18:59

-1

LocalBitcoins use escrow, so you will be safe.

edited Feb 16 '13 at 18:59

D.H.

5,307
3
32
45

answered Feb 16 '13 at 13:24

vishnuchips

19
2

4

You could improve the answer by adding some more detail. Is escrow always enabled? How does it work? – D.H. Feb 16 '13 at 19:03

I am going to buy bitcoins for the first time from a seller on LocalBitcoins. Please guide me.

2 Answers2