What is Reddit's opinion of
LocalBitcoins.com?
From 3.5 billion Reddit comments
16 reviews of this app found across Reddit:
The problem isn't "getting bitcoins" the problem is "sending cash".
Bank transfers kind of work, until they don't (e.g., the problems Mt. Gox and Intersango are having in the UK right now).
Cash in the mail ... doesn't really work without risk.
Cash deposit at a bank works pretty well, but is only available in a limited area.
Cash traded person-to-person works pretty well, when the density of sellers is high enough that there are traders nearby. That network is slowing building:
These 4 quotes, in sequence, blow my mind... show this to any crypto skeptic:
​
>"In Zimbabwe 2009 banned settlement of local transactions using the United States dollar, British pound, South African rand and other foreign currencies [forcing people to use the Zimbabwe dollar]."
​
> The Reserve Bank of Zimbabwe banned local banks from processing transactions involving bitcoin more than a year ago. However, the price of bitcoin in local currency has surged, according to the cryptocurrency’s pricing list for Zimbabwe on localbitcoins.com.
​
>"Bitcoin traders are still processing a lot of transactions on a peer to peer basis."
>
>“I don’t know of any crypto exchanges that have any significant volume here” says Kembo.
​
>“What we are seeing is that there is a lot of demand for bitcoin,” ... “And there is little supply compared to demand so all the activity in bitcoin which we are seeing is not happening on exchanges.
​
The on-ramps to Bitcoin are being squeezed by governments.
This does not stop Bitcoin.
Buy your ticket on the "bitcoin backup plan" while you still can.
/r/darknetmarkets
/r/darknetmarketsnoobs
Go to the second one. Once you figure it all out, look at the first for more detail and find a marketplace called "Evo" (there's a link to a marketplace list/page on the sidebar). Create an account, log in, and try looking around in Drugs>Psychedelics>LSD and sorting by price.
This is safe, if you do it right. One vendor that many people buy liquid LSD from (BlueViking, he'a come under scrutiny recently) is restocking at the moment but by the time you actually get the Bitcoin you might be able to find a listing or two for it.
Get a general idea of what it's all about on the first subreddit, read the tutorials on the second subreddit, and buy the Bitcoin you plan on using through that third link.
The factors that matter:
- Where are you (country)
- How much are you looking to transfer
- What payment methods can you use?
- How soon do you need the bitcoins?
- Is privacy / near-anonymity important?
Since you mention USD, you are likely in the U.S.
Congratulations, you win the "easy, fast, and cheap" access to bitcoins lottery!
BitFloor does not charge any fee for cash deposit. They now accept cash at Chase bank and Wells Fargo.
Dwolla is the next cheapest, at $0.25 per transaction. Camp BX, Intersango, and Mt. Gox accept Dwolla transfers. The downside to Dwolla is the time getting set up with an account (over a week), then their 30-day probation for new accounts before you can send your funds to a Bitcoin exchange, and the need to verify your account (photo ID).
Another fairly inexpensive method might be to do an in-person cash trade.
The full range of options:
Bitcoin doesn't have foolish arbitrary rules like banks. There is no age or other requirements for ownership. The only issue you have is that many exchanges rely on banks. If you use http://www.localbitcoins.com or the mycelium android wallet you ought to be able to find someone who will sell directly to you. Or better yet - find your way to a bitcoin meetup and let them know in advance that you're interested in a buy.
But above all else - do all of these things with a wingman. Preferably an adult or someone who can help you if you find yourself dealing with a shady character.
Well, it will take ten minutes, or thirty more likely. So maybe having the conversation during a peak period is not the best time to try.
There's at least one good reason for this manager/owner wants to know more about bitcoin, you just need to figure out what that one reason is.
Is this business a restaurant or other business that accepts tips? I had handed over a paper bitcoin to a server but then now I see it still has not been redeemed. I do still have the private key (as I wrote a "redeem by" date of Dec. 31, 2012 on the note) and plan on making another visit where I will explain how it has now gone up in value by about 20%. I will offer to exchange it to cash or just let it sit a while longer.
But that helps to communicate a concept that the value floats against the dollar.
Does the business owner have a place where the business' "first dollar earned" is pinned to the wall? Maybe right next to it is needed the business' "first bitcoin received".
Is there anything else that would bring in customers? For instance, are there any local bitcoin traders?
If so, set up a trade where you buy or sell, and have it occur at the business as your meeting place. Make sure to arrive early enough so that the manager/owner sees you and you get a chance to explain what the trade you will be engaging in will consist of.
So what that proves is that it isn't just you, a lone nut, but a whole bunch of nuts all buying, selling and trading bitcoins.
I recommend http://www.localbitcoins.com/ for small amounts. You can select out of many payment methods there and no verification is required. The Bitcoin will be held in escrow until you paid. For higher amounts you should consider to join a bigger site which will most likely require ID verification.
You might want to use a dictionary to see what the word "completely" means. Then look up the word "partially", as that would better describe how BitInstant still accepts cash using some methods, but not others.
BitInstant does plan to re-enabled cash deposits at banks. You can still do a cash payment at 7-11, Walmart, CVS, Moneygram locations through BitInstant.
BitMe.com accepts cash deposit at Chase. Unfortunately there are few sellers so liquidity is low, resulting in a high buy price. But that should lessen as they gain volume.
You can also send cash in the mail to QuickBitcoins.net
Have you considered adding yourself to LocalBitcoins? There may be a miner or someone else selling coins nearby waiting to find people willing to buy coins.
This post is better suited for /r/winnipegmarketplace. Your request would be better off directed to LocalBitcoins, a site designed for exactly what you're asking.
Also keep in mind that the city's first bitcoin ATM is opening tomorrow.
Aside from /r/dogemarket, you can convert dollars into dogecoins indirectly through bitcoins. You can use LocalBitcoins to find a local person in your area who is selling bitcoins. You can meet in person at a public place and pay them in cash. From there, you can move your bitcoins to an exchange like Cryptsy or a similar site. You can then exchange bitcoins for doge.
This is a bit more of an involved process than just going to /r/dogemarket, but I figured I'd point it out anyway. Its a different trade-off between safety and speed. Whatever you prefer...
Oh, and if you're looking to exchange a lot of dollars to doge over time, you might as well sign up for an account at, say, CampBX. With an unverified account, you can send in a money order, then buy bitcoins with it, and exchange them as I mentioned above. With a verified account (which is a rather involved process), you can send in personal checks, and/or do ACH transfers right from your bank. This isn't worth the time it takes to set up if you're only interested in doing a little bit of trading, though.
I hope this helps!
Here is the post for archival purposes:
Author: johnbidonde22
Content:
>So I'm going to purchase some bitcoins, using www.localbitcoins.com However, I don't know what I do after I purchase them. Basically, How do you set up a wallet and put your coins into it?
>Where can I buy bitcoins for paypal/bank money?
Local bitcoins is one place for paypal. With bank transfer you can use any exchanges... Coinbase or Bitstamp or BTC-E.
>How much is a key in bitcoin
Whatever the market price of $1.8 USD roughly is in bitcoin. Remember, bitcoin is a payment mechanism, the prices of items are still in USD but the payment is conducted in BTC at the corresponding market price.
> but with bitcoin being new is there a key dealer with loads of bitcoin vouches?
I don't have "loads of vouches"; but i can sell you a handful of keys in bitcoin if you want. But don't trust me, in fact, don't trust anyone. Always check cash rep that is made on a proper Discussion Group that the seller can't control posting of...
>Has anyone ever bought bitcoin online? Where from? Was it fast?
I have. I sent a bank transfer (which confirmed after 24 hours -- SEPA), my account was credited with the money, and was able to buy bitcoins with this money instantly with Coinbase.
For more information, check out this thread I made recently about Buying and Selling CSGO Items with Bitcoin
Host country: US
Home country: Germany
URL of company: http://www.coinbase.com , http://www.localbitcoins.com
Amount sent in host currency: $5000
Amount received in home currency: 4328 Euro
Total cost: -328 Euro ($400 profit)
Process followed: $5000 -> Bitcoin ($374/BTC) via coinbase (1% fee) -> 13.235 bitcoins
13.235 bitcoins -> Euro (330 Euro/BTC) via localbitcoins (10% profit - 1% fee) -> 4328 Euro
I'm not sure if these operate in Guinea but worth a look..
https://www.kipochi.com/guinea-bissau/bitcoin and https://www.bitpesa.co
edit: also unlikely but perhaps http://www.localbitcoins.com has a seller in your area
or
those 2 are probably your best bet.
OR, if you're feelin lucky, you could buy in at around $100 per BTC at MtGox and then make one hell of a profit by following this STEP BY STEP.
if u do make a good bit of cash from doing it that way, i will gladly accept a nice tip if u feel i helped you accomplish it :)
You can send cash in the mail to Canadian Bitcoins:
Or perhaps find someone locally to trade with:
Also, both BitInstant and Tangible Cryptography have suggested that a Canadian alternative is forthcoming.