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JohnQPublic
10th December 2013, 10:20 PM
https://localbitcoins.com/

I think the BTC is held in trust by the service, and transferred instantly once the transaction occurs.

Son-of-Liberty
10th December 2013, 11:55 PM
I use local bitcoins. Works good. Probably best to do small transactions until you have done a few with someone before you go for larger ones.

Neuro
11th December 2013, 01:14 AM
https://localbitcoins.com/

I think the BTC is held in trust by the service, and transferred instantly once the transaction occurs.
Hmmm, almost like a Bullion Bank then... Very practical... 10:1 ratio?

madfranks
11th December 2013, 10:27 AM
https://localbitcoins.com/

I think the BTC is held in trust by the service, and transferred instantly once the transaction occurs.

I don't believe it's held in trust. It's like craigslist, you meet up with the people and transact person to person.

Son-of-Liberty
11th December 2013, 10:37 AM
Hmmm, almost like a Bullion Bank then... Very practical... 10:1 ratio?

Escrow would be a better word then trust. They don't hold the Bitcoins long term.

Basically the seller deposits the BTC to localbitcoins and releases the funds once cash is in hand. Localbitcoins would only hold the funds longer if there is some sort problem or complication with the transaction.