My local Chase branch manager allowed me to use one of their meeting rooms to make a large localbitcoin.com transaction.

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I've been selling BTC and LTC through craigslist, localbitcoin.com and litecoinlocal.org I always spend a lot of time with the new clients, especially if they are new to crypto. I will help them setup their wallets, show them how to use the exchanges, and most importantly, how to protect their coins.

I've built up a nice customer base, and I am now receiving phone calls from friends of clients. Some of these people are pretty well off, and they are willing to make large cash purchases. I have made some five figure sales of BTC, but only from repeat clients that I could trust.

On monday of this week, a new user of localbitcoin initiated a large buy from me (I only deal in cash, in person). While I had his personal information, I could not do a good verify on this person where I felt comfortable meeting him in a public place. I've called police stations before to see if they could facilitate a transaction, but most shy away from "large cash transactions", so I've never actually went through with a deal at a PD..

I was going to pass up on the sale, until I was in my Chase branch on Tuesday. I am on a first name basis with the manager, and I am in their very often. Tuesday, he happened to have been helping me and I brought up bitcoins to him, and he knew all about them. I told him the issue I had about transactions for cash, and sometimes I didn't feel safe.

His response was "Do your transactions here!!" Later that day, the purchaser agreed to meet me at the branch, and here is how it worked out:

1. I showed up, signed in, and the manager asked me for the info of the other party.
   


2. I was escorted to a meeting room, and given the password to the guest wifi network.


3. I had my laptop on the desk, and had the QT software running.


4. I hear a knock on the door, and the manager introduced me to the buyer.


5. I counted out the money, and initiated the transaction.
   


6. He was already knowledgeable in BTC, so there was no talk about security, etc, but we chatted about fiat, and precious metals.


7. Verified the block chain, and the guy left.


8. The manager sends a teller into the room to count the money, they initiate the deposit, and I leave with a deposit slip.

This was the easiest and safest transaction I've ever completed, and for those of you that have wondered where a safe place to handle transactions like this, check out your bank! I walked in with a laptop, and left with a cash deposit receipt. While the risk of being robbed was still there, the chances of somebody going into a bank to do such a thing would be very low.. I felt 100% comfortable, and not only did I not have the risk associated with the meeting, but I did not have any risk associated with driving around with a huge amount of fiat.

I know the tinfoil hats will freak out because the bank knows what I'm doing, but I do not care. It's safe and legal :)

I also am building a good crypto currency bond with my branch manager :)

TL:dr, the evil banking system catered to my BTC transaction.

edit: had a couple messages. I am not getting out of crypto, I move that money right back into the market with coinbase. I pay a 1% commission to buy, and anywhere from 25-10% commission on the sale, so I work off that margin. This is more of a hobby than a job. I would rather meet a guy off the street who doesn't know anything about crypto who wants to buy $100 worth, and teach him how it works than meet a business guy in a bank for a large sale. But it's hard to pass up that commission.

Submitted December 26, 2013 at 02:14PM by eurostylin