Careful when you are doing OTC trade | meet up

[xBDT Script 4371]

I just seen a topic in bitcoin talk that one guy is in Las Palmas and wants to buy some bitcoin. He posted a topic in their asking for it. Personally I will not feel secure to meet up with a stranger to sell my bitcoin if I see an ad like this in my local.

Say I have large amount of BTC and somehow it is known to others. Criminals or anyone with bad intention can plant a trap to find me and to harm me for my coins. We have seen bitcoiners to be tortured for their private keys. Long ago it was in the news.

My question is - will you feel secure in this kind of trade? And what else risk you think could be involved there.

 

Thoughts?

[xBDT Script 4371]

Just now, igglybuff said:

Bitcoin in the end is a currency too (obviously lol) so there will be people who try to steal it, try to scam it and it is very risky. The best thing to buy and sell is to do it anonymously in some exchange online.

And honestly speaking it a lot easier then stealing fiat LOL (by the way I am not going to spread FUD LOL, I am a bitcoin holder and I live in Bitcoin)

We have seen a news long ago that some people torture  a guys for the private key and they were able to manage the key from the victim. It can be easily done if someone knows that you have good amount of money (bitcoin).

The solution is stay as much anonymous as you can.

[Devh 564]

21 minutes ago, xBDT Script said:

I just seen a topic in bitcoin talk that one guy is in Las Palmas and wants to buy some bitcoin. He posted a topic in their asking for it. Personally I will not feel secure to meet up with a stranger to sell my bitcoin if I see an ad like this in my local.

Say I have large amount of BTC and somehow it is known to others. Criminals or anyone with bad intention can plant a trap to find me and to harm me for my coins. We have seen bitcoiners to be tortured for their private keys. Long ago it was in the news.

My question is - will you feel secure in this kind of trade? And what else risk you think could be involved there.

 

Thoughts?

I have heard a case that a person is saudi arabia want to sell bitcoin locally so he post an ad. He got many offers but one user reuqsting him to please sell the coins only to hiom. He did offer high amount than all other offer. The seller agree to meet him locally. But what happen, that was a local tax officer of KSA who did trap him so when he met him he just arrest him and seal all his crypto assests and sources. The person or seller said never deal locally and still you are willing to deal then let go for suffcient amount in new wallet only. And before doing this hide all your crypto assest some where. So his advice is worth ful.

[xBDT Script 4371]

2 hours ago, Devh said:

 But what happen, that was a local tax officer of KSA who did trap him so when he met him he just arrest him and seal all his crypto assests and sources. 

This is a very perfect example of not meeting anyone unless you have prior relationship. Even if you have prior relationship still in some cases you have risk. You need to judge the other person based on your personal relation with him.

2 hours ago, CryptoBry said:

Just tell them that you got .01 Bitcoin so they think you are just a bastard and not worth to be kidnapped and be tortured. 

It's a good idea by the way LOL

The bottom line is that do not disclose your heavy holding.

[williamz902 696]

2 hours ago, xBDT Script said:

My question is - will you feel secure in this kind of trade? And what else risk you think could be involved there.

If I was ever going to do a trade like this there are some rules to remember. First of all, take someone with you. There is safety in numbers. Second, insist that they buyer brings cash, because bank transfers can be reversed and so can paypal.

Meet in a public place, like a crowded coffee shop or restaurant. When the buyer hands over the cash, you can do the transfer to him. (First check the cash, count it and make sure that it's not counterfeit notes!) After that, wait a while in the coffee shop, or hang around the mall, or even go and deposit the cash into your bank account before you head back to the car park. Also make sure that your crypto wallet has a password, and as another safe measure, put only a certain amount in a temporary wallet - while the rest of your balance is back home safely on a different wallet.

There are safe ways to do it, but you need to be careful.

[xBDT Script 4371]

23 minutes ago, williamz902 said:

If I was ever going to do a trade like this there are some rules to remember. First of all, take someone with you. There is safety in numbers. Second, insist that they buyer brings cash, because bank transfers can be reversed and so can paypal.

Cash is always safe and I like this idea to take someone with you.

24 minutes ago, williamz902 said:

Also make sure that your crypto wallet has a password, and as another safe measure, put only a certain amount in a temporary wallet - while the rest of your balance is back home safely on a different wallet.

I never had this in mind. It's like to have a temporary wallet. We can even give the wallet seed to the guy and tell him to do the transaction.

 

Okay you really laid out some very useful method, well not some but one actually but there are a lot of things can be taken from this example.

I can not remember if  I spotted you before LOL but you sir certainly earned my respect 😊 

Thank you and I hope a lot of the users see this and learn how to deal.

[Thekingcallme 1975]

I am a suicide bomber and I am not afraid of serious risk
Either we are or not
I like to take a lot of risk and don't mind setting up a deal by meeting someone to exchange and sell Bitcoin
Just choose a public place if you feel scared and everything will be okay

[scorpiali 5626]

With OTC now you can sell your Bitcoin safely and without any risk i have use Huobi OTC to sell Bitcoin and get some dollars in my PayPal and it's work good without any problems just need the minimum and it's done with tether USDT 

[Shaza Ahmad 1682]

On 10/27/2019 at 4:09 AM, xBDT Script said:

I just seen a topic in bitcoin talk that one guy is in Las Palmas and wants to buy some bitcoin. He posted a topic in their asking for it. Personally I will not feel secure to meet up with a stranger to sell my bitcoin if I see an ad like this in my local.

Say I have large amount of BTC and somehow it is known to others. Criminals or anyone with bad intention can plant a trap to find me and to harm me for my coins. We have seen bitcoiners to be tortured for their private keys. Long ago it was in the news.

My question is - will you feel secure in this kind of trade? And what else risk you think could be involved there.

 

Thoughts?

I do not think the idea of selling personally is good at all. The best is to sell on exchange platforms and transfer the balance to one of the banks that these trading platforms support.

[Razan alikac 1899]

Thanks for the advice and you should stay away from trading outside the stock market and I think it is an unsafe method, and it may bring a lot of problems and money loss ..

[bliznec 22267]

I feel safe where I trade. This affects the fact that safety is the first thing. No, I don’t feel safe when I trade on third-party resources.

[Sasaki 171]

I didn't know otc trading, but good for posting this information, well I'm also don't want that meet up thing, for just buying crypto, it's not safe at all and it's too risky to do because you didn't know the person you might meet. 

[Jhadhasan 872]

You have to be wary of scammers. Make sure you raise your money. If you want to meet him, then let the meeting be in a public place that is crowded with people. As for me, I never deal with strangers

[bentayebsalah 2280]

Yes, it will be dangerous to meet a stranger in order to deal with him to buy and sell bitcoins, but if there is a broker, it will be better.

[candyguyyy 43]

i think this kind of trade Not much safe unless you make this type of trade with people you knowing them well of course they many other types of risk which you do not  know till it happens