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How to have a secure crypto currency transaction?

M

Medowriter

Guest
I am yet to buy nor sell any of the crypto currencies, all the ones i have i earned them. For instance if am to sell bitcoin, will i send the bitcoin to the buyer before he or she pay me in my local currency or he makes payment first before i send the bitcoin?
 
For instance if am to sell bitcoin
Because there is no chargeback option, the people you do Bitcoin transactions must be someone you trust like a friend in real life or company with a big online reputation so that you don't get scammed.
 
Because there is no chargeback option, the people you do Bitcoin transactions must be someone you trust like a friend in real life or company with a big online reputation so that you don't get scammed.
Thanks for your advice, it simply that one needs serious research of a trusted exchanger or even an individual for such transactions
 
I think crypto currency has it's security depending on the type of the coin you are looking at. I personally think that some of the secure crypto out there are going through a lot of changes recently. And you have to find the right one for yourself in that case.
 
It is simple,when you are doing a transaction,you have to be very careful,with whom you are doing...in some sites,there are some type of guarantees,like:the buyer or the seller is verified,so you have more security about the transaction...I never tried out ,just read about it.
 
For the transaction, crypto currencies are irreversible. Once send you can not get your money back unless the person that holds the wallet sends you the crypto coins back.
With trading locally I would keep in mind the confirmations (check if the transaction is confirming and not double spend) if you are the one receiving coins. Check on your own phone, because some people use fake apps to fake the transaction on their phone or computer (Do not download the program in the description) and earn your trust.
If you are the guy selling the coins only give the coins after you got your payment. Bank transactions, paypal and all that can or may be reversible, your crypto coins are not.

Dont get discouraged by all these problems, I recommend you find a trusted exchange on which you can trade your coins safely.
 
For the transaction, crypto currencies are irreversible. Once send you can not get your money back unless the person that holds the wallet sends you the crypto coins back.
With trading locally I would keep in mind the confirmations (check if the transaction is confirming and not double spend) if you are the one receiving coins. Check on your own phone, because some people use fake apps to fake the transaction on their phone or computer (Do not download the program in the description) and earn your trust.
If you are the guy selling the coins only give the coins after you got your payment. Bank transactions, paypal and all that can or may be reversible, your crypto coins are not.

Dont get discouraged by all these problems, I recommend you find a trusted exchange on which you can trade your coins safely.
Thanks so much for this information cos it not earning crypto currencies it very important to know the principle in buying and selling it and also confirmation of wallet address before sending any bitcoin or other coins. I have some thing new from your write up
 
That is fine. Make sure to take your time to read up when you don't understand something. Never feel rushed, and never send your coins somewhere when it doesn't feel right. Following that there is a very small chance you get duped by someone.
 
I believe one should always transact crypto transaction with trusted individuals or exchange especially sites that are trust worthy nobody will agree to send you coins first when you are one to exchange,you must send ours first so one so be very sure of the exchanger before releasing his or Her coins.
 
I believe one should always transact crypto transaction with trusted individuals or exchange especially sites that are trust worthy nobody will agree to send you coins first when you are one to exchange,you must send ours first so one so be very sure of the exchanger before releasing his or Her coins.
I had issues similar to this yesterday, I wanted selling my coin, so the buyer demanded I sent the coin first before he credit my account, I wasn't comfortable with that so I add to cancel the transaction. However I read about lionex. net in Mr B's offer so I want to check if the site can wire me my local currency
 
Right now we only do cryptocurrncy transection with known person and with online exchange platform which have good reputation so that we will do everything as per our wish.
 
@Medowriter if you are a Nigerian you can try moneytopgold on narialand though they also have a site online to deal with,I think they're reputable enough but you can check their thread and reviews on narialand before contacting them on their site.
 
It is really hard to trust someone you only new over the internet. But if you are selling btc/other crypto, normally, the buyer will send his payment first before you send the btc. The best you can do is to get feedback from the previous buyer for you to be trusted.
 
There are many trusted Exchanging platforms, just like we trust that if we put money in PayPal, it will pay us and allow us to use it; same way we can trust repuated Exchanging platforms.
 
@Medowriter if you are a Nigerian you can try moneytopgold on narialand though they also have a site online to deal with,I think they're reputable enough but you can check their thread and reviews on narialand before contacting them on their site.
Thanks,@Lovely I will do that,the guy I initially wanted to transact with also as a website called coinwells.com, also an app in playstore, I wouldn't know if you've had of the site too and if it reliable
 
@Medowriter no haven't heard about that site. All you need do is to search and read the reviews on forums and on the play store. those are the real reviews and then sent in bits to gain trust before transacting in bulk
it will be better that way.
 
Everyone must use a transection which is accepted by local exchange or withdraw platform. In India Blockchain is accepted by some local platforms, we can use it, I have blockchain for this.
 
Choosing a crypto wallet also plays a big role for safer transaction. one
more
thing is you should only transact with trusted people and sites too.
 
Most of the wallets are friendly and reliable but the fact or the challenge is getting a trusted exchanger that will be worth transacting with cos lots of scam are everywhere
 
Same problem is with me when question of exchange comes; actually there are many good exchangers which have safe wallet and they do safe cryptocurrency exchange; but their minimum limit is too high.
 

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