Have you guys used the website Local Coin Swap to buy Bitcoin peer-to-peer? I saw it on a reddit post, and there does seem to be some sellers with good rates on the site, but just confirming whether the site is generally trustworthy.
Something noteworthy, it appears they credit the Sats to my account on the site (not to my own lightning/on-chain address), and then I have to send it to my address. That seems like a sketchy step, and when a lot of rugpull happens in scam platforms. But is it normal for this site? Any views from long term users around safe practices and general trustworthiness would be appreciated.
No but I've used Bisq extensively and love it.
Be the change. Make your own offers.
Exactly. Sellers will look at listed offers and think ... Hmm no buyers, or only bad rates.
At the same time, buyers will look at listed offers and think ... Hmm no sellers, or only bad rates.
In the meantime there was a trade opportunity that was lost. Make an offer and get the price you want. You can find sellers like myself who will sell near or at spot even (when we need the fiat, and are not doing the trade just to make a profitable trade).
They use a non-custodial method, for the wallet
https://support.localcoinswap.com/hc/en-us/articles/9760941437596-How-to-export-your-Bitcoin-private-key-and-access-your-wallet-in-Electrum
And an escrow smart contract trade escrow:
https://support.localcoinswap.com/hc/en-us/articles/360008557014-What-is-Escrow
These are all on-chain transactions. LN is not used.
Trade with a small amount first.
There are many scanners on these platforms, so trader reputation number is useful info. When selling BTC, never release escrow until you truly have received payment, and avoid payment methods that are easily reversible.
I used to make many trades on LocalCoinSwap, mostly selling relatively small amounts. Once you find a good trading partner -- one that is responsive / prompt, subsequent trades are smooth and no anxiety.
For truly small trade amounts, you won't find buyers when BTC trx fees are not low. So I would convert from LN via a swap tool/site to Litecoin, or (just for the trade), to have lower trx fees.
I prefer vexl, no bank details, in person. Building real bitcoiners relationship in your area.
I use most of the time.
Nope.