How to Buy Bitcoins Online Safely on LocalBitcoins.com

Buy Bitcoins Online Safely

Using an escrow service is one of the most important decisions for anyone who intends to buy bitcoins online safely. Bitcoin trading, just like any other form of trading, should be conducted safely. One of the core ideas making cryptocurrency more and more popular is anonymity. As a result, most buyers and sellers prefer to remain anonymous. However, there is a problem when conducting trading anonymously and money needs to change hands. An anonymous seller might not have any problem if he insists on getting payment first before sending bitcoins to the buyer. Payment before service is fundamentally how most business models work. What if the anonymous seller is not trustworthy?

Buy Bitcoins Online Safely with Escrow

Most people highly recommend using an escrow service for online transactions. The escrow stands as an intermediate between the buyer and the seller. Escrow works in several ways but one of the most common ways is that when a potential buyer declares his/her intentions to buy, he/she sends money to the escrow service. The seller sends the goods to the buyer and upon confirmation of goods received, the  escrow service transfers the money to the seller.

Usually, On LocalBitcoins.com, a buyer initiates a trade and specifies a certain quantity of bitcoins to purchase. After that, the escrow service takes the bitcoins from the seller’s account for safe keeping. This gives the buyer peace of mind. He/She confidently pays the seller knowing that the bitcoins and have been secured. The buyer makes payment and clicks on a link “I Have Paid”. This sends a notification to the seller who in turns watches his account for incoming payments. When the seller receives payment, he/she notifies escrow that payment have been received by clicking a link “Release Bitcoins” and the bitcoins are then released to the buyer.

Feel free to buy bitcoins safely from me because I am a high reputation trader on LocalBitcoins.com and they have a solid escrow service.

Leave a Reply

Your email address will not be published. Required fields are marked *