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How to Buy Bitcoin on LocalBitcoins: A Step-by-Step Guide

I rode the cryptocurrency wave during what I like to call The Golden Age. In a period marked by substantial price biapur trading llc and lots of FOMO, cryptocurrency read: Bitcoin announced itself to the world as the future of money.

I came across Bitcoin in the early part of During that period, I worked on several freelance projects, and I needed a seamless way to receive payment from clients anywhere in the world. I read the Bitcoin whitepaper ; the whole project was exciting with a unique view of the concept of digital currency. Of course, being a total newbie, I set out on an adventure — to learn what I can about cryptocurrency and how blockchain tech works.

LocalBitcoins peer-to-peer cryptocurrency exchange – 2021 review

Thanks to the wealth of information on the internet, I was able to get my feet or, in this case, brain wet. Keep in mind, this was a time of big-money exchange heists, regulatory concerns and whatnot.

I remember hearing widespread rumours of an impending ban on cryptocurrencies by the Indian government. LocalBitcoins was like eBay for Bitcoin trading and had been around for a while, so I jumped on board.

Anita Posch [] Hello, Elena. Welcome to the show. Elena Tonoyan [] Hi Anita, thank you for having me. Thank you very much for that. And I just want to say this interview, I do this interview exactly the way I would do it, if LocalBitcoins would not sponsor my podcast, just to disclose the fact at the beginning.

On March 17,I had my first scam experience on LocalBitcoins while it was identified when the bank has frozen my bank account one week later. Later on 23rd march, all of a sudden, my credit cards stopped working, after approaching the bank, they mentioned my bank account had been frozen due to fraudulent activity. After brainstorming I learned, two Indians were scammed by a Cameroon based localbitcoins trader.

The scammer traded with the other victim a newbie, I think and told them to send me the funds. I was implicated since the victim now thought I was the seller.

LocalBitcoins Review: I'm Not the Only One Who's Been Scammed

Apparently, this trader had scammed me and someone else by simultaneously posing as a Bitcoin buyer and seller [of something]. I lost my Bitcoin, and the other victim suffered their cash. The scammer traded with the other victim, the lady out of localbitcoins, I think and told them to send me the funds in exchange of something.

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I was implicated since the lady victim now thought I was the seller. Iced money.

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Although the reported deposit of USD 14, remained inaccessible, I never got access my bank account back but had to move on. Fast forward to December 12, I was looking to sell some Bitcoin.

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Or, at least I thought. Is it possible to get 2FA code from app and submit on the website just within 1 second.? Of course, I reported the incident to LocalBitcoins support, and they got defensive. I reached out to the CEO, Directors, Executives as well as fraud investigation specialists through LinkedIn; I got no response — just responses on tickets, which were blaming me localbitcoins does not enter failing to secure my computer from malware.

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I know for a fact that a code was never requested or sent. But think about this: How did the sender get my email? How did they know I was a LocalBitcoins user?

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And, how on earth did the sender know the details of my account? Sure, my email address could have been leaked in the past — but only LocalBitcoins could have known the remaining details.

LocalBitcoins Review

These guys are as shady as it gets. Bitcoin Transactions are Immutable localbitcoins does not enter So What? One of the core concepts of decentralized ledger technology is immutability — by design, not error. Matter of fact, what does that have to do with anything? P2P marketplaces seldom accept responsibility for any wrongdoing but rather deflect the blame to affected users.

People were getting scammed by shady sellers who advertised products and delivered entirely different items.

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So, what did they do? Well, they upped their verification game and set up smart filters to suspicious flag activity.

Elena Tonoyan, LocalBitcoins COO: Bitcoin Provides Financial Inclusion and Will Grow

Red-flagged accounts would be temporarily locked, pending manual review. Millions of dollars have been lost to cryptocurrency scams. P2P crypto marketplaces are entry points for these incidents, so the fault is theirs, and theirs alone.

Users come onto LocalBitcoins expecting a secure, safe and seamless trading experience. Instead, they meet cunning criminals, elaborate scams, and a threat to their online and offline safety. Share this story.