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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:
- 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.
so, you receive bitcoins first?! – vi.su. – 2013-02-16T09:43:08.783
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'. – 2013-02-16T14:58:34.743
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 – 2013-02-16T18:23:22.907
1@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 – 2013-02-16T18:24:09.943
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Related question: How do I buy Bitcoins safely face-to-face
– Murch – 2013-09-12T13:56:02.343