Purchasing and Selling Bitcoins with LocalBitcoins

We have had a few people ask about how to purchase or sell their bitcoins using methods such as Moneygram.

Your first step is to go to localbitcoins @ https://localbitcoins.com. Here you need to verify your email, verify your identity and sms.

LocalBitcoins works as an escrow service between buyer and seller. The best sellers dont want to be scammed so they only do business with verified members.

Lets say you want to sell your bitcoins and get cash via MoneyGram. You go to quick sell and list the amount, and the location and method. You will see a list like this photo above.

Now you need to look at the prices (best is usually highest) and look at the sellers reputation. The best seller in that list is Ishack. Click on his link and goes to his sellers page. This lists how many transactions, his ratings, and expectations of doing business with him.

Now you would scroll down to his Sell button and initiate a transaction. Before you do tho, you need to transfer the bitcoin to your localbitcoins wallet found in the upper right corner under wallet.

Click on receive bitcoins and it will give you your wallet address. You can click on the QR code for a scannable version for your wallet.

When you start a transaction, you can message the buyer and provide any information needed for him to send you the Moneygram. Your bitcoin will be placed into an escrow until he provides you with the information and receipt to pick up your Moneygram. Pay attention to the time frames as most sellers and buyers have strict time frames they like to work with.

As soon as you pick up the money you need to login and release the funds on the transaction so that the other party gets the pay out.

To purchase bitcoins via Moneygram would be done the same way. You would enter your information and then search. Look for the best deal and seller, then start a transaction.

You send them a Moneygram and then they will release the funds to you. If you dont get it released you must upload a photo of the receipt and file a dispute. This is very rare you would need to do this unless your using unverified sellers.

Other options that are popular are Cash in Mail, Cash deposit to bank accounts, Paypal and Western Union. Note all these options will require you to register your information. No one wants to get scammed or have a bad transaction.

If you need anonymous purchasing and selling then your option is to use an Android Phone and use the Mycelium Wallet local trader function. In this function you meet with the seller in person and then exchange cash and exchange coins thru your mycelium wallet on the trade app. Make sure to only meet people in a public place for transactions.