Hi Steemit
As the market was down yesterday, i purchased some more btc, and went to localbitcoins.com to buy.
And after i purchased i saw someone in the 'sell bitcoin' section offering a price higher than the price i just bought BTC for by around 20%, meaning i can make a quick profit of 20% by selling it to him/her. Too good to be true, so i was suspicious and decided to find out.
And this is what's in the term of trades
"payment will not be in the account right away , but you must remain online and be ready to release the payment, We have compensated with a better buy rate"
So basically the correct procedure is you sell, and then your BTC will be held by escrow on the website, and then you wait for the money to be in your account, and then you release the BTC for your buyer.
And the scam procedure is, you sell, and then this person says he/she has transferred the money but as the bank is different from your bank, so it takes a few hours to appear in your account but it has been transferred, and then he/she will send you a fake screenshot of the transfer, and demands you to release the BTC, and then once released you will never receive the money as it was never sent, and the scammer changes to another name to scam someone else