Thread: BITCOINS - How to BUY, SELL, and SPEND

So we've added Bitcoins as a Payment option. This currency has gained worldwide attention for being anonymous, not monitored, and not controlled by any authority.

However, it's been put into the too difficult basket and many people simply gave up bothering. Then came along some crack head marketplace on the dark net and many people used it to buy their stuff.... though... it still appears to be too difficult to use for the average person but easy to use for some crack head.

So let's look at an easy way how to get Bitcoins and how to spend it. Even how to retrieve Bitcoins back into your local currency.


It's actually quite easy!

Please go to https://localbitcoins.com/

Create an account. This website is a market place to buy and sell, and also a wallet to store your Bitcoins. We use it to send out invoices and customers with Bitcoins can easily purchase products with the site.


HOW TO GET BITCOINS (BTC)

1) Click Buy bitcoins at the top of the screen
2) Find a seller who will sell you Bitcoins via Cash, Bank transfer, deposit or whatever method you prefer. It will default to your country.
3) Look for seller's feedback and the # of sales.
4) Look at the seller's sell rate and limits. Make sure you don't get ripped off.

These guys are in the business to buy low and sell high, but you can check on google for the current BTC exchange rate with GBP / USD / EUR.

5) Click the BUY button and arrange your transaction. Usually I can complete a buy within 10 minutes to 2 hours. Depending on what method you use.

Money is in ESCROW so it's not so easy to be ripped off or cheated, plus always look for reputable sellers when you buy. There is a time limit, so transactions must be completed within a few hours or it's cancelled.

HOW TO SPEND BITCOINS (BTC)

1) On our shop, Bitcoins as a payment method at the checkout.
2) We'll send you an invoice from https://localbitcoins.com/ with the order # in the message body and the exact GBP order amount.
3) You'll have 15 minutes to transfer BTC on the order screen. Please make sure you have sufficient BTC in your wallet before ordering, you only have 15 minutes before the order is automatically cancelled.
4) Once we get a confirmation email, we'll mark your order as paid. This will take no longer than an hour or so depending on the time of day.

HOT TO CONVERT BITCOINS BACK INTO LOCAL CURRENCY

1) Same concept as Buy bitcoins, but this time you Sell Bitcoins.
2) On https://localbitcoins.com/, a list of reputable buyers will provide their buy rate and you can choose to sell to them. They pay you directly into your bank account, or whatever method you wish to receive.
3) I choose local bank cash deposit, and the money is always there within 30 minutes

If you buy and sell on the same day, you don't lose anything on currency exchange rates.


Just to note, Bitcoins are very easy to use and quite safe.

If you have any questions, please let me know and I'll help guide you through whatever issues or questions you may have.

Thanks.

Just a note - do not select BITCOIN if you don't have intentions to pay! We have had quite a number of orders where individuals have selected bitcoin payment method, and when they receive the invoice don't bother paying. When you receive the email, it will give you 15 minutes to pay. If you don't pay within 15 minutes, your order is CANCELLED immediately.

If you fail to pay once, you will then not receive the 10% discount on your next order using this method.

So order and pay, don't waste everyone's time.

Originally Posted by grotereber

Is the Bitcoin amount quoted before I click the link that starts the 15 minute timer? So i can get the email, buy the coins, then hit the timed link and do it straight away? I want to avoid having to hold onto a 'stash' of bitcoins since they are so volatile.

That's right. Don't click the link until you have the coins.

Originally Posted by bekstorm

I have a question I'm in a different country then you guys and I know that localbitcoins only show trades for the country your in how do we actually receive the invoice?/ do you require our localbitcoin username to send us the message in order to receive the invoice from you?

I send an invoice via email. I can either give a direct link, localbitcoins.com sends an email invoice or I just give you a bitcoin address directly. I don't need a user name from you, and you actually don't need a localbitcoins.com account at all to pay us.