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Worse, buying bitcoin seems to either involve the digital equivalent of root canal or a shady cash deal with a total stranger. Fortunately, US residents can take advantage of another option. It does away with the need for credit cards, bank accounts, picture IDs, and biometric scans.
Best of all, this option eliminates the need for awkward meetups with total strangers. Localbitcoins helps match bitcoin buyers with sellers. Since , this international service has earned the reputation as a top marketplace for in-person bitcoin trades.
Localbitcoins counts over , active traders exchanging 1,, bitcoins in daily volume. In-person meetings are only needed during the actual transfer of cash. Localbitcoins handles the rest of the transaction online. Fortunately, Localbitcoins supports a variety of payment methods. Cash Deposit offers a legal, effective, and reliable way to get your payment to a Localbitcoins seller without an in-person meeting. You may have previously deposited cash into your own bank account by filling in a deposit slip and handing both cash and the slip to a teller at a local branch.
It turns out that anyone who knows your bank account number can give you money by doing the same thing. Cash can be deposited in any branch nationwide - not just the one the account owner normally uses. Localbitcoins uses this standard banking service to eliminate the need for an in-person meeting between buyer and seller. Cash Deposit offers these advantages:. Localbitoins requires that buyers register with the service before making trades.
Begin your purchase by visiting the Instant Bitcoins page. An orange form appears near the top. Enter your city and the amount of your purchase in dollars. That leaves only the dollar amount of your purchase to decide. You may wonder how little you can spend. Matching offers appear below the search box.
These sellers are shown with a green circle next to their names. Seller ratings play a critical role on Localbitcoins. Next to the name of each seller appears the number of trades made and buyer satisfaction rating. Choosing a seller with an established track record increases the chances of success on your first trade. Localbitcoins protects sellers from fraud through an escrow system. The only way for the seller to recover them is for your order to be canceled or fulfilled.
On receiving your cash deposit payment and receipt, the seller will release the bitcoins to your Localbitcoins account.
Approach the window and hand the teller your cash together with the deposit slip. No teller has ever asked to see my ID. On completion of the deposit, the teller will give you a receipt. Keep it safe for the next step. To release bitcoin from escrow, sellers require proof of cash deposit. The most common form of proof is to send a direct message to the seller through the Localbitcoins site. This message often contains your order number and an image of your deposit receipt.
For example, some sellers offer instant escrow release, meaning that bitcoin is released as soon as a buyer says the transaction is complete. Other sellers can be found online frequently and are ready to release from escrow as soon as they receive notification of payment from their bank.
A few sellers process orders at a more leisurely pace. The level of service offered by a seller depends at least partially on the exchange rate being offered. The best rates are often offered by sellers with slower turnaround times. In my experience with four sellers, turnaround times have ranged from a few minutes to about an hour. After the seller marks your order as complete, Localbitcoins will move your bitcoin from escrow to your online wallet.
To access this wallet, click your username in the top right of any screen and select the Dashboard pulldown. The link to your wallet apppears in the top-left of your dashboard. Bitcoin can be transferred out of your Localbitcoins wallet to a Bitcoin address of your choosing.
To improve quality, Localbitcoins encourages both buyer and seller to rate each other after every trade. Rating a seller also helps the buyer because these ratings are and can be used when screening sellers in the future. This option makes it possible to pay for bitocoin orders with cash at a bank branch. No in-person meeting or bank account is needed, and the bitcoin being traded is protected through a third-party escrow.
Rethinking Localbitcoins Localbitcoins helps match bitcoin buyers with sellers. Cash Deposit Cash Deposit offers a legal, effective, and reliable way to get your payment to a Localbitcoins seller without an in-person meeting. Cash Deposit offers these advantages: Buyers are protected from fraud by Localbitcoins escrow.
Buyers can arrange a payment time that best suits their own schedule. There is no need to maintain a bank account at the payment bank branch. Step-By-Step Localbitoins requires that buyers register with the service before making trades.
Find Offers Begin your purchase by visiting the Instant Bitcoins page. Send Receipt To release bitcoin from escrow, sellers require proof of cash deposit. Was this post useful? Get my newsletter direct to your inbox for free. No spam, just great content like this. Unsubscribe at any time.