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questions about buying n selling bitcoin on localbitcoins.com with paypal

Discussion in 'BlackHat Lounge' started by backstreet boys, Jan 11, 2016.

  1. backstreet boys

    backstreet boys Newbie

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    hey y'all i have some questions because im a complete newb when it comes to bitcoins.

    my first question is i see on localbitcoins.com there are limits determined by the seller to how much $ you can do in 1 transaction for instance $25-$100. lets say i want to buy $2,000 dollars worth of bitcoins can i do 20 transaction at $100 a pop with 1 seller in the same day? or is that not allowed on the site? or almost no seller will do that much in 1 day with 1 seller for reasons i dont know about?

    second question is once i have bought the bitcoins is there a bank account that i can attach to localbitcoins.com? can i just withdraw the bitcoins to my bank account?
    or do i have to then sell the bitcoins after i buy the bitcoins with paypal?

    the third question is how are ways i can withdraw funds from localbitcoins.com once i have an account there and i have purchased bitcoins using paypal?

    4th question is localbitcoin.com on the hunt for people making multiple accounts in different names? is localbitcoins.com cruel like paypal can be on making other accounts? do they record your ip and cookies everytime you login?

    my last question is how can i protect my self against getting scammed out of bitcoins on that site from someone? i know to examine there feedback with a fine tooth comb but if i do get scammed is there any insurance or any kind of reimbursement?

    thanks y'all so much in advance
     
  2. SeoWrecker

    SeoWrecker Jr. VIP Jr. VIP

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    Doesn't matter
    1) It only means they can afford to lose only xxx amount thus they set their limit.

    2) You have to sell them. Localbitcoins is only an exchnage site.

    3)You can only sell btc for real money.

    4) Every site does.

    5) do yourdue diligence and start small.
     
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  3. backstreet boys

    backstreet boys Newbie

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    are you sure? i sure thought that was the minimum or maxium they will do in a single transaction? there not doing it to lose money there doing it to make money selling you bitcoins or cash for bitcoins slightly overvalue so they can make money doing the transaction with you right?

    can you do multiple transaction in a single day with a certain buyer or seller?

    ok good to know are you forced to add a paypal account to your localbitcoins.com account? and are you forced to add a bank account to your localbitcoins.com account aswell?

    what happens when they catch you with multple accounts? do they ban all of your accounts and take your bitcoins away from you?

    what happens if i get screwed over and dont get any bitcoins or dont get bank wire transfer to my bank do i get reimburst how does it work if you get screwed over?