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Bitcoin Crime Wave Breaks Out in NYC

Stashed in: Crime!, Bitcoin

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I had never heard of people robbing Bitcoins in person before.

Bitcoin may be a digital currency, but trading it in person is still one of the fastest and most reliable ways to exchange it. Signing on and having your account verified with an exchange can take weeks, and if you’re new to using cryptocurrencies, it’s helpful to have someone knowledgeable over your shoulder to walk you through the process.

Also, having someone with you in person is, ironically, a safer way to transact. It allows you to monitor the transaction and adds a layer of trust. Again, bitcoin is so new to so many people, there are plenty of creative ways to defraud people online. It accounts for why LocalBitcoins, a platform for finding people to do business with in your area, is one of the largest trading platforms in the world.

But if the person you’re dealing with turns on you, you’ll find all of the benefits of bitcoin turning on you, too.

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