Buy Bitcoins Online Instantly
If you want to buy bitcoins online instantly, then one question is inevitable. How instant is instantly? One second, a minute or 30 minutes? Unless the sky is threatening to fall, let’s assume 30 minutes is OK. We have already discussed on a series of posts about how to buy bitcoins online, securely, privately, worldwide, In Africa, in Cameroon and also specifically from Uncle Che. Now, let’s focus on the instant part. As with most articles on this website, we are focusing on LocalBitcoins.com but the knowledge can be applicable elsewhere.
How to Buy Bitcoins Online Instantly
The key to purchasing bitcoins instantly is to locate the right trader for this time of transaction. The right trader should have the following characteristics;
- Good Reputation
- Short Typical Reply Time
- Favorable Terms of Trade
- Accepting Instant Payment Options
- Short Escrow Release Time
To explain the above, I will be using my own profile url as an example
https://localbitcoins.com/p/uncleche where uncleche is my LocalBitcoins.com username
Bitcoin Seller Reputation
Irrespective of the circumstances under which you are purchasing bitcoins, the reputation of the seller counts a lot. Likewise, some sellers won’t consider selling to a buyer having low reputation. Go to the seller’s profile and watch out for things like trade volume, number of confirmed trades, number of trading partners, etc and above all the feedback score. A low feedback score means the trader had some disagreement with others in the past. However, I don’t jump to conclusion some disagreements are usually unfounded. I generally view all feedback and see what the negative feedback says.
Quickly Responding to Bitcoin Purchase Requests
When viewing a list of seller offers, e.g bitcoin sellers in Cameroon, or bitcoin sellers accepting XAF, or simply all bitcoin trades in Cameroon, you will notice some colored indicators against each trader’s username.
- Grey = unknown response time
- Brown = typically replies within 30 minutes
- Green = typically replies within minutes
You might want to choose a trader with a good response time. This is somehow a guarantee that they will respond to you quickly.
Terms of Trade by Bitcoin Sellers
.I personally find it an amazement when someone is buying bitcoins from me without reading the terms of trade. Each trade has associated terms and since they are written by the seller, it is the buyer’s responsibility to read, understand and agree before they proceed with the transaction. If you get sloppy and just engage without reading the terms, chances are that you may end up being dissatisfied or even conclude the deal with a dispute that might be ruled against you.
For example, I am located in Cameroon but I accept Moneygram payments for bitcoins. As a result of difference in time zone, a client might want to buy bitcoins and get the coins within 30 minutes. That will be impossible for me because a trade might be initiated beyond Moneygram working hours in Cameroon or just to just about an hour to closing time. What then should I as a seller do? I have indicated in that trade that it takes me between 3 hours to 18 hours to pick up payments depending on when money was sent. I insist on the terms that the buyer should inquire first before sending money. If a buyer fails to read, that becomes their fault, not mine.
Instant Payment Options for Bitcoin Trading
This may sound obvious but worth mentioning. If you intend to buy bitcoins instantly, you must buy from a seller who accepts instant payment options. I am not sure a bank account is one of them. Online wallets such as Payeer, AdvCash and Perfect Money are fast but the likes of Paypal and Skrill are often avoided because sellers request extensive verification to accept payments prone to chargeback.
One of the best payment option for purchasing bitcoins instantly is via mobile wallets. Some mobile operators and express money transfer services, even with some banks, have mobile wallet services that enable a user to instantly receive money either on their mobile account or bank account. If you are trading bitcoins in Cameroon, some of such payment options include Mobile Money, Orange Money, EU Mobile and Ecobank Rapid Transfer.
Releasing Bitcoins from Escrow Fast After Payment
After payment, the time it takes for the seller to release bitcoins from escrow also matters. The general rule is that the buyer must be certain that payment has been made and that they can collect the payment or collect some other time without fear of the risk of chargeback. Some payment options make it impossible for the seller to release bitcoins fast. So, for fast releases, choose a trade with fast payment clearance.