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CryptoCurrency Discuss all CryptoCurrencies / coins and their use for personal or business purposes. Bitcoin (BTC) is possibly the best known but there are numerous crypto currencies, this is the forum to discuss them all.

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  #1  
Old 01-09-2017
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Arrow Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Here is a quick guide for those that wish to either purchase, or withdraw their Bitcoin anonymously.

A lot of people use websites that allow you to enter your credit card or bank information, such as coinbase.com, to cash out or purchase bitcoins. This will give you the best buying and selling rates (you purchase and sell at market value), but there will be a direct connection to you and the Bitcoins.

If you wish to remain anonymous for whatever reason, the easiest and most convenient way to purchase and sell Bitcoin is through www.localbitcoins.com.

Quick LocalBitcoins.com Guide

If you go to the website and click either "Buy" or "Sell" at the top, scroll down and you can select your country at the bottom. This will give you a list of buyers or sellers in your area with prices/fees that vary depending on the method of funding. If you click "show more" under the list of buyers or sellers, you'll get a drop down menu with a pretty big list of options you have. Certain options will have lower/higher fees than others, generally ranging from 3%-30%. Be cautious with who you deal with and make sure to view their feedback/reputation before opening a trade.

Buying Bitcoin Anonymously
  • Meeting up with someone locally in your area and giving them cash (Fees range 3%-5%). This is the best way of purchasing Bitcoins anonymous with no limits to how much you can buy.
  • Cash deposit at bank (Fees range 3%-5%). Only a few banks will request for ID if you're making a deposit into someones account, but most deposits under $1000 do not require ID.
  • Cash in mail (Fees range 3%-5%). Much safer than you can imagine, but always assume the risk and get tracking.
  • Western Union & Moneygram (Fees range 5%-10%). This generally has a maximum of $2000 before they ask for ID.
**Note: Some Bitcoin sellers will require verification before you can contact them, but not all of them require this**

Selling Bitcoin Anonymously
  • Meeting up with someone locally in your area, is the easiest, cheapest, and most convenient way to unload your Bitcoins anonymously. The Bitcoin buyer will generally charge you a 3-5% fee on the amount you wish to exchange. As you establish a relationship with your buyer, they will generally drop the fees (so be kind to these guys!). There are many reputable and friendly sellers out there (you can choose who you trade with by viewing their reputation/feedback on LocalBitcoins.com). If you do choose to meet up with someone locally, assuming you chose someone very reputable, you'll realize they are pretty cool and knowledgeable people. But don't stick with 1, meet up with a few different buyers/sellers and choose the one that is the most professional and you'll have a contact you can keep for life. The professional traders make a living buying/selling Bitcoins at 3-5% premiums both ways.

If you have any questions feel free to reply to the thread. Happy trading

Last edited by elmo; 01-09-2017 at 02:27 PM.
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The complete step-by-step guide to get back to selling today!

  #2  
Old 01-09-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Quite a lot of the sellers on Localbitcoin themselves want photo ID before they will sell to someone. Seems to be more and more common at the moment.

Even face to face transactions they now seem to be starting to ask for ID before the meeting.
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  #3  
Old 01-09-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Quote:
Originally Posted by JamesNorth101 View Post
Quite a lot of the sellers on Localbitcoin themselves want photo ID before they will sell to someone. Seems to be more and more common at the moment.

Even face to face transactions they now seem to be starting to ask for ID before the meeting.
That's common for purchasing bitcoin via Bank transfer, or methods that can be disputable so the Bitocin sellers have some form of protection.

For buying/selling cash in person, you wouldn't need ID.
  #4  
Old 01-11-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

That did used to be the case until people buying BTC with cash started getting mugged for their cash. Now quite a few of them will ask to see ID before agreeing to meet. Not all, but it is becoming more and more common.

Bank transfers cannot be disputed. ID is requested simply so the seller / buyer is protected
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  #5  
Old 01-11-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Quote:
Originally Posted by JamesNorth101 View Post
That did used to be the case until people buying BTC with cash started getting mugged for their cash. Now quite a few of them will ask to see ID before agreeing to meet. Not all, but it is becoming more and more common.

Bank transfers cannot be disputed. ID is requested simply so the seller / buyer is protected
That is not true, the majority of traders for cash are not requesting ID

https://localbitcoins.com/sell-bitco...144/london-uk/

The top 5 cheapest sellers in your area are not requesting ID

--

Bank transfers can be reversed within 15 minutes of initiating the transfer. Its a big problem a lot of BTC traders face that trade, trust me I have many friends in the business. ID is required to protect the seller as well as KYC regulation in the UK

Cash in person is your best bet if you want to buy/sell BTC anonymously.
  #6  
Old 01-11-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

In the UK when a bank transfer is complete it cannot be returned without permission of the receiver. There are some banks (who have singed up to a voluntary code) that can put the funds into a hold in the case of transfers being made to the wrong person, but the funds only get returned when the receiver agrees. There is no automated return process for bank transfers. I am not sure who has mentioned a 15 minute reversal time but I am afraid that just doesn't exist.

While a lot of the sellers do not say they need ID quite a lot of the time when you actually get to the stage of completing the transaction some (not all) will ask for ID even though. There are still a lot of sellers that do not require ID, but it is becoming more common for sellers to request ID
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Old 01-11-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Quote:
Originally Posted by JamesNorth101 View Post
In the UK when a bank transfer is complete it cannot be returned without permission of the receiver. There are some banks (who have singed up to a voluntary code) that can put the funds into a hold in the case of transfers being made to the wrong person, but the funds only get returned when the receiver agrees. There is no automated return process for bank transfers. I am not sure who has mentioned a 15 minute reversal time but I am afraid that just doesn't exist.

While a lot of the sellers do not say they need ID quite a lot of the time when you actually get to the stage of completing the transaction some (not all) will ask for ID even though. There are still a lot of sellers that do not require ID, but it is becoming more common for sellers to request ID
When you start talking to a lot of BTC traders, you'll see its very possible to get a UK bank transfer reversed within the first 15 minutes of the transfer. Many of them don't release BTC until an hour has passed and ID is verified.

I've traded with around 20 people in real life and none of them have ever requested ID, nor have I ever seen the request for it. Even if you meet up with some John Doe, and he asks to see your ID, the transaction itself is still anonymous since its only you and the trader that are communicating.

None of your posts have been helpful to this actual topic, so I say lets move on. This thread/guide is to provide people with insight on how to buy/sell Bitcoin without trails leading back to them. If you have other methods that could help people, I think that would be relevant and helpful to this thread
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  #8  
Old 01-11-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Some of the statements you've made in this thread seem very incorrect. I speak solely from a UK point of view - if your topic pertains to the US I think you should make it clear.

Quote:
you'll see its very possible to get a UK bank transfer reversed within the first 15 minutes of the transfer
Do you have a credible source to backup this statement? From what I am aware is that banks cannot automatically reverse a transfer because it would allow anyone who had bought something to haul back the payment after receiving their goods.

In some cases a process to reverse funds can be initiated if the sender reports they've accidentally sent it to the wrong account, but even then it's down to the receipient if they wish to refund or resist - the latter would lead to further investigation.

So I dont quite get where your getting this 15 minute window from?

Quote:
Many of them don't release BTC until an hour has passed
Most vendors accepting Bitcoin won't release product/service until 6 confirmations take place. Each confirmation takes roughly 10 minutes. So I think that's what is causing the 1 hour wait.

Out of curiosity what do you do during this one hour? Seems very counter productive. I can't imagine a world where we had to wait around for an hour each time we made a payment somewhere lol

Last edited by Play; 01-11-2017 at 09:09 PM.
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  #9  
Old 01-11-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Quote:
Originally Posted by Play View Post
Some of the statements you've made in this thread seem very incorrect. I speak solely from a UK point of view - if your topic pertains to the US I think you should make it clear.

Do you have a credible source to backup this statement? From what I am aware is that banks cannot automatically reverse a transfer because it would allow anyone who had bought something to haul back the payment after receiving their goods.

In some cases a process to reverse funds can be initiated if the sender reports they've accidentally sent it to the wrong account, but even then it's down to the receipient if they wish to refund or resist - the latter would lead to further investigation.

So I dont quite get where your getting this 15 minute window from?

Most vendors accepting Bitcoin won't release product/service until 6 confirmations take place. Each confirmation takes roughly 10 minutes. So I think that's what is causing the 1 hour wait.

Out of curiosity what do you do during this one hour? Seems very counter productive. I can't imagine a world where we had to wait around for an hour each time we made a payment somewhere lol
https://www.reddit.com/r/BitcoinUK/c...bank_transfer/

https://www.reddit.com/r/BitcoinUK/c..._i_just_had_a/

https://www.reddit.com/r/Bitcoin/com...sale_for_3500/

https://muut.com/i/localbitcoins/reg...ank-transfer-r

https://muut.com/i/localbitcoins/fra...ction-reversed

Like I said, I have more experience with this than you guys. Lets keep this thread on topic. It's meant to help guide people into purchasing/trading Bitcoins anonymously.
  #10  
Old 01-11-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Thanks elmo - pretty interesting.
  #11  
Old 01-12-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Lots to look at as many of us trade on both sides of the big pond.

  #12  
Old 01-12-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

My goodness, there's just so many helpful guides being produced at the moment. Is there some sort of competition running that we should be aware of?
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  #13  
Old 01-12-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

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Originally Posted by Ebayorbust View Post


. Is there some sort of competition running that we should be aware of?
Censor rating prevents my describing the competition for you....

  #14  
Old 01-12-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Quote:
Originally Posted by elmo View Post
Some of those links talk of payments being rejected, not reversed. That is a totally different thing. A UK bank transfer cannot be reversed when it has cleared into the receivers account.

I hate to say this but some person posting something on Reddit isn't a credit source.

These are abstracts from a UK new paper in 2016

Quote:
Consumers often think it’s a simple case of notifying their bank of the error, and the bank rectifying the situation straight away,” said Damien Fahy, finance expert from Moneytothemasses.com. “But if you think this, you are in for a shock. There is no automatic process for immediately reversing payments.”
Quote:
“Faster payments cannot be recalled once sent,” said a spokeswoman for Santander. “If funds are credited to another account then the authority of the accountholder needs to be obtained in order for these to be released.”
When a bank transfer has cleared into the receivers account it cannot be reversed without the consent of the receiver unless in the case of some serious fraud cases. I have first hand experience with this as a family member was once scammed for £800 that they paid via bank transfer (assuming if there was an issue it could be reversed) and it was never recovered even though it was a fraud. The only cases that I have seen that when a bank transfer has been reversed in in unauthorized transfer cases. In this day and age with all the banking fobs that is near enough unheard of.

Quote:
None of your posts have been helpful to this actual topic, so I say lets move on. This thread/guide is to provide people with insight on how to buy/sell Bitcoin without trails leading back to them. If you have other methods that could help people, I think that would be relevant and helpful to this thread
When things are posted as a guide on the forum its always good for that information to be totally correct. That isn't the case in parts of the thread so I am ensuring that any slight mistakes are pointed out so you are able to correct them and members are not taking away incorrect information from the thread.

Quote:
I've traded with around 20 people in real life and none of them have ever requested ID, nor have I ever seen the request for it. Even if you meet up with some John Doe, and he asks to see your ID, the transaction itself is still anonymous since its only you and the trader that are communicating.
That is interesting. A few months ago you were not sure how BTC worked so its interesting to hear that your using it so often now.

In the US, where you are based, it may well be that people do not ask for ID. Quite often in the UK they do. Not always, but as I have said a few times it is becoming more common. When posting with a UK flag it will be assumed that you are based in the UK so if most the experience comes from trading in person in the US it may be a good idea just to make that clear.

To be 100% clear not everyone meeting in person will ask for ID. Some will though. 2 years ago no one ever used to ask for ID, and now some have started to ask for ID. That means it is becoming more common to ask for ID when meeting in person in my experience. To be totally transparent though the time I was asked for ID was NOT using LBC so it may well not be common on LBC. It may well be that people will start to ask for ID on LBC but that would be guess work. I imagine it will depend totally on the transaction amount. I personally cannot see someone happy to meet to trade £3,000 in cash for BTC without wanting to see some sort of ID before hand, but that is just a personal view.

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Old 01-12-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Quote:
Originally Posted by JamesNorth101 View Post
Some of those links talk of payments being rejected, not reversed. That is a totally different thing. A UK bank transfer cannot be reversed when it has cleared into the receivers account.

I hate to say this but some person posting something on Reddit isn't a credit source.

These are abstracts from a UK new paper in 2016

When a bank transfer has cleared into the receivers account it cannot be reversed without the consent of the receiver unless in the case of some serious fraud cases. I have first hand experience with this as a family member was once scammed for £800 that they paid via bank transfer (assuming if there was an issue it could be reversed) and it was never recovered even though it was a fraud. The only cases that I have seen that when a bank transfer has been reversed in in unauthorized transfer cases. In this day and age with all the banking fobs that is near enough unheard of.

When things are posted as a guide on the forum its always good for that information to be totally correct. That isn't the case in parts of the thread so I am ensuring that any slight mistakes are pointed out so you are able to correct them and members are not taking away incorrect information from the thread.

That is interesting. A few months ago you were not sure how BTC worked so its interesting to hear that your using it so often now.

In the US, where you are based, it may well be that people do not ask for ID. Quite often in the UK they do. Not always, but as I have said a few times it is becoming more common. When posting with a UK flag it will be assumed that you are based in the UK so if most the experience comes from trading in person in the US it may be a good idea just to make that clear.

To be 100% clear not everyone meeting in person will ask for ID. Some will though. 2 years ago no one ever used to ask for ID, and now some have started to ask for ID. That means it is becoming more common to ask for ID when meeting in person. It may well be that people will stop asking for ID again or that more people will start asking for ID. At the moment its still relatively rare for ID to be asked for when meeting in person, but it does happen.
Bottom line:

1. Bank transfers CAN be reversed.

2. ID's are not checked the majority of the time if you are trading Bitcoin in person for cash

Back on topic, please no more 6 page essay replies.

Thread is to help people purchase Bitcoins anonymously.
  #16  
Old 01-12-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

One simple way that BTC can be cashed out without the need for ID would be to via an ATM using a BTC issued card.

Upto a certain limit there is no need to provide ID when applying for these cards.

You can then take the card to any ATM and cash can be withdrawn. Any ATM can be used for these withdrawals. This is how I personally withdraw nearly all my BTC although I do use ID verified cards as they have much higher limits

Another option is to make sure of the dedicated BTC ATMs that are popping up around the world. I have never used one myself, but my understanding is that BTC can be purchased or sold at one of these machines without the need for ID

There is a slight different between not needing to prevent ID though and being totally anonymous. In this day and age very few things are totally anonymous
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Old 01-12-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Quote:
Originally Posted by JamesNorth101 View Post
One simple way that BTC can be cashed out without the need for ID would be to via an ATM using a BTC issued card.

Upto a certain limit there is no need to provide ID when applying for these cards.

You can then take the card to any ATM and cash can be withdrawn. Any ATM can be used for these withdrawals. This is how I personally withdraw nearly all my BTC although I do use ID verified cards as they have much higher limits

Another option is to make sure of the dedicated BTC ATMs that are popping up around the world. I have never used one myself, but my understanding is that BTC can be purchased or sold at one of these machines without the need for ID

There is a slight different between not needing to prevent ID though and being totally anonymous. In this day and age very few things are totally anonymous
You are in love with me

Although ATMs are a good way to withdraw, all of them will have cameras. Some will require ID, and some will require a finger print.

They're good options to withdraw/purchase Bitcoin, but there are far better ways to do the transaction more anonymously. Such as, meeting up locally and exchanging cash.
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Old 01-12-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Quote:
Originally Posted by JamesNorth101 View Post
One simple way that BTC can be cashed out without the need for ID would be to via an ATM using a BTC issued card.

Upto a certain limit there is no need to provide ID when applying for these cards.

You can then take the card to any ATM and cash can be withdrawn. Any ATM can be used for these withdrawals. This is how I personally withdraw nearly all my BTC although I do use ID verified cards as they have much higher limits

Another option is to make sure of the dedicated BTC ATMs that are popping up around the world. I have never used one myself, but my understanding is that BTC can be purchased or sold at one of these machines without the need for ID

There is a slight different between not needing to prevent ID though and being totally anonymous. In this day and age very few things are totally anonymous
Especially with that new 'The Snoopers Charter' that has just been passed in government..
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Quote:
Originally Posted by elmo View Post
You are in love with me

Although ATMs are a good way to withdraw, all of them will have cameras. Some will require ID, and some will require a finger print.

They're good options to withdraw/purchase Bitcoin, but there are far better ways to do the transaction more anonymously. Such as, meeting up locally and exchanging cash.
Where on earth do you live?
Never heard of an ATM requiring such, not even in a 3rd world country?

I dont know about you... but i certainly wouldnt been 'random folk' doing this sort of thing in public places.. you never know who you might be meeting..
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Old 01-12-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Quote:
Originally Posted by elmo View Post
Bottom line:

1. Bank transfers CAN be reversed.
Can you provide a reliable source that proves this statement.

I'd appreciate it as I'm with the other UK guys. All official documentation and websites state they can't be reversed without following a strict protocols.

I've just done a quick Google search but it's only sketchy people posting on forums who have had money reversed from their bank. So I take their testimony with a pinch of salt.
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Old 01-12-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Quote:
Originally Posted by Bunneh View Post
Where on earth do you live?
Never heard of an ATM requiring such, not even in a 3rd world country?

I dont know about you... but i certainly wouldnt been 'random folk' doing this sort of thing in public places.. you never know who you might be meeting..
Hello Bunneh!

Bitcoin ATMs: https://coinatmradar.com/blog/how-to...h-bitcoin-atm/

Quote:
Originally Posted by just_smile View Post
Can you provide a reliable source that proves this statement.

I'd appreciate it as I'm with the other UK guys. All official documentation and websites state they can't be reversed without following a strict protocols.

I've just done a quick Google search but it's only sketchy people posting on forums who have had money reversed from their bank. So I take their testimony with a pinch of salt.
I know many big time BTC traders on LocalBitcoins and the most common scam they deal with is receiving a UK bank transfer from a stolen bank account. Its very common in the BTC trading world because BTC cannot be reversed. JamesNorth also didn't believe bank transfers could be reversed but I gave him some proof via a conversation with one of the largest BTC traders in the UK.

Its definitely possible to reverse bank transfers.

Last edited by elmo; 01-12-2017 at 09:29 AM.
  #22  
Old 01-12-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

Whilst a faster payment can be disputed it cannot be automatically reversed and certainly not in 15 minutes.
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