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Counterfeit money is a bit risk when doing this. There have been several stories of localbitcoin sellers receiving counterfeit money.
by Buge 12y ago
Counterfeit money is a bit risk when doing this. There have been several stories of localbitcoin sellers receiving counterfeit money.
- dmix 12y agoSame with any cash business. If you don't have volume or capital as a risk mitigation you shouldn't be engaged in it.
- driverdan 12y agoAssuming you mean big risk, how so? It's very hard to counterfeit modern currency. Color changing ink, watermarks, and the embedded strip are all hard to counterfeit especially in tandem.
- joosters 12y agoYou don't need to be the counterfeiter. Unskilled fraudsters could buy the counterfeit money (perhaps on the dark net, with Bitcoin!)
- glomph 12y agoSure but your average bitcoin trader doesn't have the equipment to pick up on those features.
- logn 12y agoWith US bills, you can use one of these... costs $5.50: http://www.officedepot.com/a/products/548370/Dri-Mark-US-Counterfeit-Money-Detector/ http://www.officedepot.com/a/products/548370/Dri-Mark-US-Cou... Also, on $100 bills, Ben Franklin has a ghost image that can be seen holding up to the light.
- droopyEyelids 12y agoThe best way to test is with a strong neodymium magnet. Magnetic ink is one of the last frontiers that counterfeiters have yet to break. But better than all of that is to require the transaction to happen in a branch of your local bank, or post office, and be funded by a money order from the bank or post office.
- driverdan 12y agoNO! BAD! Do not trust the pens. All they do is check the acidity of the paper which is one of the easiest things to fake.
- driverdan 12y agoAll of those elements are visual. You just need to look at each bill for a second to see if it's fake. Some people have visual impairments but they really shouldn't be dealing with large volumes of cash.