What precautions should be done for both the buyer and seller when exchanging BTC by wire transfer?
When I recently purchased a miner from BFL labs via wire, my bank sent me a letter saying that I had 10 days to contact them if this wire was done in error. During this 10 day window, BFL confirmed payment and proceeded with my order.
To me this implies that a wire transfer can indeed be cancelled up to 10 days (or perhaps more) after the wire is sent.
- Can a wire xfer be cancelled?
Here is another example, localbitcoins.com will act as a mediator and allow for wire xfers to occur.
- Does the seller loose any privacy by sending their account number?