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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:

  1. Send him my wallet address, and then wait for him to transfer the bitcoins.
  2. Upon successful transaction, I send him the required amount through an online bank transaction.
  3. ??
  4. Profit

I hope I am doing this right. Please advise.

  • so, you receive bitcoins first?! – vi.su. Feb 16 '13 at 9:43
  • 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
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    @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
  • 1
    Related question: How do I buy Bitcoins safely face-to-face – Murch Sep 12 '13 at 13:56
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.

-1

LocalBitcoins use escrow, so you will be safe.

  • 4
    You could improve the answer by adding some more detail. Is escrow always enabled? How does it work? – D.H. - bitcoin.se Feb 16 '13 at 19:03

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