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For some reasons, people are hesitant to buy bitcoins in face-to-face transactions. They are afraid of the risk that comes with it and would rather trust a Bitcoin exchange with their bitcoins. However, every method comes with its own set of dos and don’ts.

This post will outline the various dos and don’ts you must keep in mind while trading bitcoin face-to-face.

 

Carry your device with you

Do not forget to carry your personal device, be it your mobile phone, laptop or tablet when you’re going to the meeting. Make sure that you already have a bitcoin wallet if you’re the buyer. It is best to take your own device so that you can verify the trade on it rather than filling out your personal information on the other party’s device.

 

Do not cancel trade if price of Bitcoin drops

Feedback is everything. Do not try to walk out on a trade when you can negotiate. If the prices have dropped then it is best to try to negotiate on a price that benefits both the parties. When you cancel a trade, it is going to lessen your chances of earning a good feedback early.

 

Decide on a price ahead of time

To avoid any debate on the price later on during the meeting, it is best to agree on a price beforehand. Do not try to get a higher rate out of the seller after the price has been decided, this attitude can cause things to go sour very quickly. If possible, get an escrow service as it guarantees the payment to the seller and the buyer is sure that he will receive the bitcoins before releasing the payment.

 

Don’t expect to get rich overnight

You need to keep track of the rapid price changes taking place while trading. You need to prove that you are a good and reliable buyer/seller in order to gain a better reputation on any exchange platform. Be sure to remain patient when dealing with bitcoins, as nothing comes easily. Do not be fixed onto selling your bitcoins the moment it hits a high note since it is very volatile.

 

If you follow these pointers, then you are sure to develop a good reputation on any exchange platforms and have nothing to fear.

 

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One thought on “The Dos and Don’ts of Safe Peer-to-Peer Bitcoin Trading

  1. You ought to be a part of a contest for one of the best
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What Should Be Considered in an ICO Whitepaper?

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As the popularity of ICOs (Initial Coin Offerings) is mounting along market’s instability and other cryptocurrencies fraud around the world, a debate has emerged about the appropriate regulatory policies for cryptocurrencies and ICOs. The most frequently asked questions include the proper division of authority amid the SEC (Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission), whether authority of these commissions should reach the core of the cryptocurrency ecosystem, as others are expecting that a whole new regulatory rule is required for cryptocurrency and token fundraisers. This blog illustrates the congressional testimony on cryptocurrencies, which aims to reflect the existing regulatory approach that is being used by the regulators to observe and manage ICOs and cryptocurrencies, and how more regulatory clarity can be achieved in such markets.

ICO whitepaper

US Securities laws disclosure system is the prime one, where promoters can easily share information related to their company and management, openly. With SEC, this information is filed later. By dissimilarity, most of the ICO disclosures are enabled via “whitepapers” which are unregulated at this time, focusing mainly on the current technology and on such technologies that are under-development.

Investors and buyers of ICO tokens that are looking for a good return or technology users that are looking forward to contribute and support in an advanced product would have to expect certain disclosures for making a purchase in a conversant way. Some of the disclosures that have been identified by the entrepreneurs themselves are specifically relevant to ICOs transition.

Location of Promotors

According to a study, in 32% of ICOs, it is literally impossible to identify the promoter’s origin. From an investor’s point of view, this is a serious information asymmetry. It won’t be possible to identify what legal protections and rules are. without this information. Moreover, there are few ways through which investor can interact with related public authorities especially in case of fraud, like; loss or theft. So, ICO whitepaper should set out a comprehensive report of where the issuer and its key management are placed.

Issues

If we talk about the history of US Securities law, there was no such information important for investors than the financial statements of the issuer. Investors could easily evaluate the past performance of the company by scrutinizing income statements, cash flow and balance sheets, and by doing so, they could make well-versed guesses about the future performance of the company as well as its profitability.  A whole ecosystem of third-party auditors, credit rating agencies, and accountants, were settled due to the criticality of financial statements in securities offerings, to make sure the accuracy of financial statements.

ICOs serves for a different purpose as compared to most of the traditional IPOs (Initial Public Offerings). Rather than funding trading companies, ICOs involve products industrialized by startups identifying technology-based issues and offering the sale of solutions based on technology.

It’s not the past performance of the company or financial statements for most of the offerings, but it’s the venture’s technology plan. Therefore, guaranteeing that investors/retail buyers comprehend the crucial contours of the fundamental technology solution is ultimate as ICOs turn out to be a more and more popular way of fundraising.

Moreover, further technical chunks of the ICO whitepaper would be a perfect subject to a system of third-party authentication, especially for larger fundraises. Also, when describing the solution, hyperbole should be avoided by the promoters which are an endemic problem in whitepapers. Plus, investors should be required to identify an objective base for all the upcoming statements as well.

Blockchain

Investors should be well-versed about how the secondary infrastructure works, and how it is going to affect the governance of the token. Also, the consensus method for a virtual currency’s Blockchain should also be revealed as well, along with a summary of how the governance decisions, plus other decisions affect the network, such as; software upgrades, which will be synchronized amid the several investors such as designers, miners, and users.

Token’s Description

This is obvious that tokens can have a number of different economic and qualitative features, like; currency, utility, or securities. The disclosures would have to elucidate what it means to a typical holder, if the tokens are created in a technological format, complying with firm guidelines, like; ERC20 standard.

Likewise, if some efforts will be made for listing a token, for example, to list a securities token on an ATS (alternative trading system), or if there are trading limitations on the security, then such facts have to be disclosed in a way that is clear to the owner of the token. The description of token should specify the envisioned use of the coins that are issued in the offering, their quantity, plus whether the advisors will keep the reserve coins, and if they do, then how they’d liquidate them. Promoters should be required to reveal their intellectual ownership of the company’s protocol.

Technical Team Qualification

Common disclosure requirement in registered offerings is the information about the business experience of executive officers as the investors are given a sense of the quality of management and are probably the success of the company once it goes public. In ICOs, companies have restricted histories and the problem may be exceptional, if same information about the offering’s technical team could be evaluated. At the same time, coders have diverging backgrounds, as some are more qualified and experienced than others. Also, to provide investors with an intellect as to the proficiency and reliability of the white paper, many founders should provide all info linked to key engineering experience, skills, qualifications and other relevant features. Plus, it should also be mandatory for developers to provide links to their previous work.

Risks

ICOs should involve disclosures regarding the most substantial risk aspects affecting token holders in the offering document. Even though many investors will probably understand that even successful ventures can be later disintermediated by more effectual nonentities. A token holder may get astonished to discover that the product doesn’t function as it’s intended or might develop a purpose all-in-all contingent on the progress of the technology, possibly even less in all likelihood, the requirements of the contributors in the ecosystem. Shareholders should comprehend as well that the greater sectoral risks, including variations in the trade that could demote some designs of blockchain into further parts of the sector, making many tokens worthless. Buyers had to be completely aware of their latent susceptibility to hacking, disruption, and data-loss, also authorized subjects like privacy concerns and information transportability across borders.

No doubt, there are other imperative disclosures as well that should be operationalized in means that are way too much effective.

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Binance Hack – What Is Confusing Its Users?

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Binance is the largest crypto-exchange by trading volume, however, on 7th March, its users got affected by a hack of third-party software, and as a result, unauthorized transactions were made from their user’s accounts.
Since then, Binance’s CEO, Changpeng Zhao has claimed that the exchange is working normally and the funds of users are safe as well. Many users have shown their concern and complained by using social media platforms; Twitter and Reddit, that without their permission, their altcoins had been converted into Bitcoin and most of them didn’t even logged into their accounts.
binance hacked
There were many posts on Reddit, claiming that hackers have used their bitcoins for buying VIA coins for 0.025 BTC each. Without attracting any attention, hackers managed to withdrew the bitcoins in small amounts. It’s claimed by a Reddit user, Profetu, that Binance’s administration took actions to the complaints of their users by freezing their accounts in one hour. Furthermore, the user suggested;

“The hacker accumulated VIA in advance (from Binance or other exchange and sent to Binance) then he set a huge sell order at 0.025BTC. Then using API made some account sell alts and buy VIA with that BTC, [and then withdrew] BTC.”

Another user wrote;

“Same happened to me. I had 100% USDT worth $1548. Today I logged in so I can buy some xrp, but my account balance is $200 out of $1548, and apparently I bought 5 VIA coins and exchanged my USDT to BTC while I was in the gym?”

Few traders have presented a theory that the attack was linked with compromised API keys which had been requested by Binance’s users to further use inside the range of other applications such as; chart in monitoring services and trading bots. This theory also explains how the attackers have managed to pass over the two-factor authentication. But at the same time, it fails to explain why this attack affected the users who never requested API keys.

A user asked;

“Do you use any trading bots like profittrailer or gunbot? Do you have any API opened for any kind of services?” – Bonnie_channel

Another Reddit user wrote;

“That is what I am wondering! I never gave permission for this API key to be created. That is why I think it’s an issue on [Binance’s] end”.

Later, a tweet was posted by Binance, saying that deposits and withdrawals are now in a working condition and all illegitimate trades have been rebounded. Changpeng Zhao also said that a phishing website has been used by hackers to get the login information and to divert users from the authentic Binance website.

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The Beginner’s Guide About Bitcoin Wallet

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Guide About Bitcoin Wallet

A Bitcoin wallet address is equivalent to a bank account for tangible cash. In bank accounts the money is deposited, withdrawn and transferred to other users. Same is the case with bitcoin wallets. These wallets are used to store/withdraw bitcoins and transfer them to other users. There are three major types of bitcoin wallets: web wallets, software wallets, and mobile wallets.

Web Wallets:

Also known as “eWallets” or “browser-based wallets”; web wallets are the easiest to protect and give you complete freedom to use/obtain bitcoins.

Some of the examples of web wallets are:

  • BitGo
  • BlockChain
  • Green Address
  • Hive

Software Wallets:

Software wallets are installed on your PC. The users have complete control over Software Wallets and are responsible for bitcoins’ protection and backups.

Some Examples of Software Wallets:

  • Armory
  • Bitcoin Core
  • Electrum
  • Green Address

Mobile Wallets:

The users with Mobile Wallets have the freedom to store bitcoins on mobile devices. Mobile Wallets are simple and easy to use while transferring coins. All a user has to do is to scan the QR code using “tap to pay”.

How Do Wallets Work?

Each Bitcoin wallet comes with a private key. The key allows a user to spend the coins. It’s usually the owner only who knows about the key. However, if you are not careful enough with protecting the key, there is a huge chance that someone else will be able to figure it out and spend your coins.

What Are Some of The Tips to Keep My Bitcoin Wallet Secure?

As mentioned above, the key-protection should be your top priority while using online Bitcoin wallets. Otherwise, someone else could easily hack into your account to steal your coins. To make sure your wallet is well protected, follow the tips given below.

Strong Password:

Weak passwords are easy to crack. There are several programs that run different patterns, names, and combinations to crack these passwords. To make sure your password is resilient to these attacks, do not use commonly used patterns or names. Instead, go with the strings of random letters, numbers, and symbols.

Multifactor Authentication:

Multifactor Authentication is an additional security authentication to your password. This could be something like a favorite quote, secret question or a captcha.

Private Key Encryption:

Encrypt your private keys. A private key in plain text is easy to guess and easy to access. So, make sure your key is encrypted.

If Possible – Use Open Source Software:

Use open source software where possible as it gives you the freedom to review the source code and ensure it does what it says.Moreover, an open source software is quick to fix the security laps than closed source software. A good example of open source software is Linux which is used by most of the world’s financial system.

Lastly – Keep Backup of Everything:

Keep backup of your private keys and every single information in your wallet. Having a backup is of great significance. If your data is only stored in one hard-drive, and the drive dies, the information will be lost for good.

Learn how to backup your Bitcoin wallet.

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Bermuda Is Considering to Become the Very First Country for Regulating ICOs

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Blockchain Task Force was launched last year by the Finance Minister of Bermuda, David Burt. It encompassed an Authorized and Regulatory Working Group which would make sure that the country is creating a blockchain-friendly environment for concerned startups. After four months, Burt came up with another creative idea, which was to make certain that Bermuda is regulating ICOs for the first time in blockchain history.

Blockchain industry

David Burt Views About Blockchain-Related Issues

A statement was published on the official website in which talked about the global developments of blockchain-related matters and also the felonious activities that have been recorded in such areas. While discussing this issue, Burt noted that there’s no doubt that these violations have already existed but the technology behind these advances could unsettle traditional methods without any difficulty.

This is the main reason why it has become so essential for the government to deliver an authorized framework because it will make sure that people are not crossing the bounds of the specified regulations while making advancement in their projects. It’s been stated that:

ICOs have been used to enhance existing product and service offerings and to develop and implement new ones, all without the added costs and burdens of having to hire expensive middlemen to arrange transactions … Bermuda has an opportunity to become a global leader in the Fintech space by being one of the first countries in the world to specifically regulate ICOs. “

ICOs: Limited Trading

Few adjustments will be made in the current Bermuda Laws and a bill will be drafted after that. The finance minister will concede permission to ICOs, and after that, they will be permitted to work legally. But for passing this step, ICOs must have to provide details about the people who are handling the project, roadmaps, hard cap, soft cap, future product development and information of the digital asset.

What should be the next step of Bermuda?

Even though many countries have imposed strict rules and have banned such activities, Burt still suggests that Bermuda should leave its comfort-zone and accept technological revolution there. The parliament of the country is requested to have a discussion on this subject immediately, though, the statement hasn’t specified any date. Burt also highlighted the opportunities that have been set down by blockchain industry and stated:

“We will not stand in the shadows and watch it pass us by.”

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How Does Digital Currency Create Real World Solutions?

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The cryptocurrencies such as Bitcoin, Ethereum, Litecoin, etc. exist as a record on hard drives, wallets, or in cold storage.

The first ever cryptocurrency was launched in 2009 to introduce a system; run by its users with the interference of the third party. This digital system was launched to decentralize the money system and minimize the government as well as bank’s hold. To attain that goal, Bitcoin’s author Satoshi Nakamoto came up with a digital technology named Blockchain.

Basically, blockchain is a distributed public ledger of each transaction. On the other hand, Bitcoin itself is just a record of this ledger. By tracking the history, users can tell who owns the bitcoins and in how much quantity.

We all know that digital currencies are constructed on the blockchain. However, the blockchain of each digital currency varies. It may have different rules, terms and conditions, transaction timings, security management, and so on.

Meanwhile, the basic principle is the same for all cryptocurrencies that nobody has the charge of this digital money and currency is only revealed on the digital ledger.

These Currencies Do Have a Real-World Use?

The cryptocurrencies have a large number of real-world applications. In the financial world, currencies met with success because of their cheap, quick, and restrictionless behavior of these currencies is the best alternative to service providers. However, blockchain is not restricted to the financial market.

Primarily, blockchain is not all about to register money transfer but also to put down the ownership information. It is written in a manner where a user can confirm any record at any time.

It enhances the security management and mostly uses in the record keeping terms. Healthcare, security, food, tourism, etc. are the real companies. They offer the products and most of them accept Bitcoin as a payment.

And How Can Digital Coin be Interpreted Into Real Solutions?

The government of any country doesn’t have hold of the digital currency Bitcoin.

A well-established infrastructure needs a homework. But, in case of Bitcoin, one might wonder how something this significant is apparently irrelevant.  In addition, companies use the records on the public ledger. In that scenario, regular money doesn’t mean that. It is just a paper, issued by the countries’ government.

Accordingly, a digital record is more secure than a government promise. Whatever will happen in the world, few things will remain the same. So, blockchain will be the same as long as one person in the world is storing it on their devices. Blockchain’s ability to keep absolute records and add new without dependence on the third party whether it is government or a bank can deliver enormous values. Blockchain powered enterprises are born in that scenario.

From Where I Have to Start?

Use few available tools and create a business on your own. You just need a proper homework, team, secure funding and providing the services by developing the products. If you need help, a wide range of platforms is there.

Goodluck!

Tags: best way to invest in bitcoin, bitcoin investment

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