Scammer on localbitcoin
Hi Steemit
As the market was down yesterday, i purchased some more btc, and went to localbitcoins.com to buy.
And after i purchased i saw someone in the 'sell bitcoin' section offering a price higher than the price i just bought BTC for by around 20%, meaning i can make a quick profit of 20% by selling it to him/her. Too good to be true, so i was suspicious and decided to find out.
And this is what's in the term of trades
"payment will not be in the account right away , but you must remain online and be ready to release the payment, We have compensated with a better buy rate"
So basically the correct procedure is you sell, and then your BTC will be held by escrow on the website, and then you wait for the money to be in your account, and then you release the BTC for your buyer.
And the scam procedure is, you sell, and then this person says he/she has transferred the money but as the bank is different from your bank, so it takes a few hours to appear in your account but it has been transferred, and then he/she will send you a fake screenshot of the transfer, and demands you to release the BTC, and then once released you will never receive the money as it was never sent, and the scammer changes to another name to scam someone else
Resteeming, Got to be real careful lots of scams in crypto
thank you bitcoinman, i think he was trying to lure people with the higher price he offers
Yeah most likely, I had an opportunity to get for 20% off but that was from a friend of a friend in person and it was in person
@djohan,
I don't believe Local BTC! Coz, it has high price than normal market price for my country!
Cheers~
thank you theguruasia, yes price is a bit higher but if using other exchange we need to convert the money into USD sometimes
"Get him outta here. Get im out."
thank you kevbot, unfortunately he will be back with new name after someone report him
Ahh. Would you continue to use exchanges like these? Centralization from the likes of Coinbase seems beneficial for these instances requiring trust.
Yes definitely can trust coinbase more than the individual people we have never seen. But maybe i will continue using localbitcoin with the people i have traded with in the past
This will be with us for some time I am afraid to say. There are so many scammers out there in all industries. My best to you.
thank you floridanow, yes the bad side of crypto is the scammers can disappear quick and without trace sometimes. Need to be careful and do research
Thanks for being very keen and wise at that moment. Its a lesson to learn that we have to be security conscious that is keen and alert while making crypto transactions online.
thank you yohan2on, yes security is very important in crypto, it might be the thing to improve in the future
It seems like scammers develop new ways of scam everyday, i never use local bitcoin before but when i do i will stay cautious, Thanks for telling us regarding such scams friend, Stay blessed
thank you adnanrabbani, yes when everyone is aware of one scam method then the scammers will find a new way of scam
We must need awareness for such type things .
thank you spiritualpower, we need to share experience so others are aware
Be aware from scamers, now days many faces such issues .
thank you pardeepkumar, yes better stay safe in crypto
You have to be careful with localbitcoin because it's like ebay you buy what you want but you don't know who is behind the screen, and yeah there are lots of people selling bitcoin in ridiculous prices. Regards
thank you dim753, yes if we are careful and following the right process it will be fine though, good thing is there is no fake BTC.
Thanks for the scammer information and very useful .
Thanks @djohan
Have a great day
Thank you goldcoin, stay safe