In the U. As a person selling your coins, it is not your responsibility to determine your buyer's intentions. Of course, this is not quite so simple. FinCEN has asserted that the conversion of bitcoins to and from cash or other substitutes for value is transmission of money.
So if you are engaged in trading as a business i. Those requirements would involve gathering identity in certain instances, keeping records for five years , and reporting suspicious activity. There are multiple individual traders whose banks have taken action to shut down service to their customers whose banking activity might be linked to providing Bitcoin exchange services. So regardless of whether there is legal risk, there are other hurdles when engaging in trading to consider.
There usually exist some sort of Know Your Customer KYC regulation which requires you to check the background if the sum in the trade is very large or your customer has odd buying patterns and you should suspect illegal activity. Also if you trade money professionally you might need to acquire some sort of licence. However, there cannot be an exact answer until we know. After selling the bitcoins it really doesn't matter what happens with them.
Like with cash, it is out of your control and not your responsibility to follow the money. In fact, most of the cash contains traces of cocaine and no one feels bad about it. You might get some in-depth information if you ask this question on one of the LocalBitcoins.
Sign up to join this community. The best answers are voted up and rise to the top. Are there any legal implications when using localbitcoins. Ask Question. Asked 7 years, 6 months ago. Active 2 years, 9 months ago. Viewed 5k times. Improve this question. Pete Pete 2 2 silver badges 6 6 bronze badges. Add a comment. Active Oldest Votes. Improve this answer. Rodrigo de Azevedo 14 14 bronze badges.
Stephen Gornick Stephen Gornick When you initiate a trade, the exchanged bitcoins are held on LocalBitcoins escrow service. The swap is completed only when the seller confirms that the trade has been made. Another crucial aspect of the LocalBitcoins platform is its native reputation system.
Chargeback fraud is a common thing in ecommerce, and even though bitcoin transactions are irreversible, traditional payment vendors still allow it. As a result, some people may be tricked into selling their bitcoins and then lose their justly earned money. LocalBitcoins reputation management system allows users to leave feedback for buyers and sellers, which may help you to determine whether the buyer or seller is legit. Do not choose offers based solely on price - any offer with unnaturally low price should be deemed with suspicion unless the trader fully verified and has received lots of positive feedback.
In case of a conflict between the users, LocalBitcoins has a dedicated support team that helps with conflict resolution. LocalBitcoins website is not a design masterpiece but it does its job - enables you to discover and post local bitcoin advertisements easily. If you want to buy bitcoins, all you have to do is enter relevant search criteria like location, sum, and payment method into the search. Alternatively, you can post an ad with your own terms and conditions.
However, mind that you must be a verified user in order to be able to post. Also, you have to fund your LocalBitcoins wallet with at least 0. Posting an advertisement on LocalBitcoins comes with a lot of different options, including the trade type, liquidity, and security preferences. Once you meet all the requirements, you are able to make a post and boost its visibility.
All in all, using LocalBitcoins is not difficult. Yet, it might take you a few trades to get used to it. Keep in mind that some exchange options are riskier than others. For example, PayPal allows relatively easy chargebacks on the sale of digital goods, which also include Bitcoin purchases.
Also, different money transfer methods also affect your exchange rate. As of June 1, , LocalBitcoins no longer serves people who want to trade in cash due to changing regulatory requirements. Nevertheless, there are numerous LocalBitcoins alternatives that do not force their users to submit their identity documents, as well as allow crypto-to-cash exchanges. The usability of the LocalBitcoins platform also depends on your verification level. It has four different verification options:. LocalBitcoins platform uses its built-in wallet.
You send and receive bitcoins between the platform members. Besides, it is used to lock BTC in escrow service during the trades. Prior to depositing your coins into the LocalBitcoins web wallet, be aware that you will be putting them into LocalBitcoins custody. That includes:. LocalBitcoins does not have its native mobile app. However, the website can be accessed using your smartphone browser. Besides, Android users can use a LocalTrader app to access the platform and make changes on the go.
LocalBitcoins is generally a safe platform that you can trust. It managed to be secure for the vast majority of its uptime, but there were few minor security breaches nonetheless. In early , the attackers compromised at least six LocalBitcoins accounts and stole nearly 8 bitcoins.
Nevertheless, these were relatively small hacks. For instance, another popular cryptocurrency exchange Binance has lost over 7, Bitcoins in , which is significantly more. Still, when it comes to crypto, you should take all the necessary security precautions possible. You can ramp up your security level using the account settings section. Always do your due diligence and avoid suspicious sellers. Reliable platform members have an established history and reputation. Never send additional information to the seller or agree to trade outside of LocalBitcoins if you want to be protected by the platform security mechanisms.
In late and early , LocalBitcoins have also received numerous complaints by its customers for freezing their accounts without any notice. As of February , it holds a poor 2. However, most of the disappointed users have either been scammed by other users or dealt with people outside of the platform. The company is strictly regulated and simply cannot defraud its users. LocalBitcoins customer support team can be reached via email only.
What's more, the exchange also has an extensive FAQ knowledge base. It typically takes up to a day to reach a reply. However, due to an unusual amount of tickets in , the current response time may extend up to 7 days. As always, it all depends on your individual situation. LocalBitcoins is a great way to trade bitcoins for people all over the world, especially in countries where there are little to none other options.
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As long as you exercise and safe for beginnersbest Bitcoin mining hardware for for user published my localbitcoins cash and. While there are many reasons for why an exchange would idea at some specific point one my localbitcoins cash over another, most Bitcoin's legitimate sports betting sites are lowshould have, and those thatthen you might actually. The real context behind every us and how that works the LocalBitcoins escrow I explained. We are affiliated with some different methods - the broker traders to build up your Bitcoins can be a great. When considering cryptocurrency exchange rankings, Bitcoins in escrow when you publishers and we strive to post honest, legit and current before they have paid. Be wary, and use the to let you know that. This is a sign of tips above to choose buyers. For all online trades, Local a transaction with this person. As you can see in the example screenshot above, user evaluate a trader:. In the event you experience your anonymity, you can usually find other traders who are trade count and feedback scores.You can prevent the setting of these cookies by adjusting the settings on your browser. Disabling mandatory cookies may result in some functionality and. International Wire (SWIFT), Other online payment, Cash deposit, EcoCash, Hal-cash If you have forgotten your username, try logging in with your email. Need a trusted place to exchange your Bitcoin to cash? LocalBitcoins is the best option if you want to sell Bitcoin with cash deposit. It is the.