How local bitcoin trading works.

Buying or selling locally is the safest and fastest way to buy bitcoin.

Buying and selling bitcoin can be a bit of a hassle. Websites can take weeks to verify your account, transfer money and credit your bitcoin wallet. Online trading is full of scams. Bitcoin ATMS are often unreliable and hard to use.

So what is the answer? Local cash in person trades! You show up and meet a person face to face. The bitcoin is transferred and the cash is handed over before anyone leaves so everyone knows exactly what the received and there are no misunderstandings.

A few simple safety tips.

  1. Always meet with reputable and well established cryptocurrency traders like us. If you want to check out our reputation check bitrated
  2. Most cryptocurrency traders do not have a physical location so you will need to set up an appointment in advance.
  3. Tell someone where you are going, who you are meeting with and when you will be back. Make sure they know what to tell the police if you don’t check in on time.
  4. Always meet in a public place. Bank parking lots are GREAT locations as the are often clean, well lit and plenty of cameras to discourage any shenanigans. If you need to meet after hours the parking lot of a busy retail store like WalMart or Lowe’s are also great options.
  5. If you are buying bitcoin don’t leave until you see the btc as an incoming transaction on your wallet app. If you are selling bitcoin don’t leave until you have your money and have counted it.

You will need a Bitcoin Wallet

While we do not recommend a specific bitcoin wallet here are a few good options. If you need help setting them up search Youtube or contact us

Coinomi – For Android and iPhone allows you to store multiple kinds of cryptocurrencies

Mycellium – Android only but simple and fast (it is what we use) – One of the oldest and most popular. The have options for using their website or Android or iPhone apps

If you break or lose your phone the backup saves your coin from being lost FOREVER!

How the trade actually works.

  1. We both meet at the designated time and location
  2. If buying bitcoin, you hand us your cash. If selling bitcoin you send it to our wallet.
  3. We count the cash you gave us or count out the cash we are giving you.
  4. Everyone leaves happy!

Tips for buying bitcoin

  • Be considerate. Have your cash ready.
  • Only use $20 bills or larger to make it easier to count
  • Organize all your 20s together, 50s together, 100s together
  • Many traders will charge extra or refuse to accept 1s, 5s and 10s because of the hassle
  • Most experienced traders have a way to check for counterfeits and will contact the police if they catch one so don’t try anything funny.

Selling Bitcoin Tips

  • Bring something to put the money in. Most banks will give their customers a zip up deposit bag for free if you ask.
  • Check for counterfeit bills. They sell kits at most office supply stores for less than $10.
  • Count the same denominations all at once and write down what you are given. If someone gives you many denominations of bills mixed together in one stack they may be trying to confuse you.

    Counting all the bills of the same denomination makes it easy to figure out the total when you are done counting.
    For example…
    $20 – 20
    $50 – 2
    $100 – 5

We offer local trades in many locations throughout Indiana, Kentucky and Ohio. Click this link to find the location nearest you.

2 thoughts on “How local bitcoin trading works.”

  • I would like to meet in a public place to do transaction to send to a friend. What information do I need from him? I would be sending him a total of 3500.00 dollars so what would the cost be to do that? This is my first time doing this and I am very nervous

    • Hello Debbie. Our costs vary based on a number of factors. You can find more information by going to the top of the page and selecting Buy sell locally then clicking the city that is most convenient for you. If you have any questions you are welcome to call us directly at 844-Bank-BTC

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