This guide will help you solve some of the most common issues.
When trading with Norwegians, you will find out quickly enough if it is a new seller or buyer by their pleasant conversation in the chat box before you trade. If there’s no problem early on, there might still be later on.
Norway has had a few common trading problems as of late. These include but are not limited to trading for money laundering services, trading for late deals on LocalBitcoins, and not following through with money/Bitcoin transfers.
Be careful when investing with someone new to avoid these problems!
The shipping usually isn’t included in the price listed on LocalBitcoins. The buyer should pay for postage costs.
However, this doesn’t always happen. It can impact how soon your payment goes through – it may take hours or even days when they want to make sure everything is as it should be.
Low prices and fiddling around
Some people will first want to negotiate – especially if they’re new to LocalBitcoins or cryptocurrencies in general.
They can also try other tricks like making sudden price drops during the transaction, stopping responding for hours on end etc.
Just ignore them if you don’t want any problems or use this strategy: If you are not happy, just cancel the trade even though that will leave negative feedback. Some people think that they can get a better deal if they negotiate.
However, the best way to make sure that you get a good deal is to agree on a price before starting the trade. It’s not only faster, but it will also prevent any problems from happening in the future.
Another problem can be fake buyers. The buyer might want to prove that the payment is sent by sending screenshots of their online banking, but they won’t provide an account number or any other information about themselves.
Or they may even create a new LocalBitcoins account just for this purpose! Read up on how to choose between Instant transactions and Bank Transfers.
People who start deals late at night – like after midnight (UTC+02:00) or around lunchtime (UTC+01:00) – aren’t always the most reliable sellers. They might have a good reason or not, but it’s usually best to try finding someone else if you can.
Another problem is money laundering. It has happened before that people selling Bitcoins on LocalBitcoins are arrested for money laundering because they had used the platform before.
The Norwegian tax authority (Skatteetaten) demands that everyone with an income in Norway pays the correct amount of taxes, just like everyone can get caught by them if they don’t pay enough taxes on their income.
So be careful who you trade with – always protect yourself!
I don’t understand why it doesn’t work…
It could also happen that your payment is delayed or goes through several times. It’s usually due to the bank blocking the transfer after being notified by the Norwegian tax authority (Skatteetaten).
If this happens, try to send them a message via LocalBitcoins about it and wait for their answer. They will usually give you information about how to proceed.
You can also search, for example, forum posts or websites that might have more information about this specific problem if your payment gets blocked again after trying out several different options suggested by your trade partner.
The sites that you can search are, for example, Google.com or Bing.com – type in the name of your bank, Skatteetaten and LocalBitcoins, plus the words “payment blocked”.
Getting started on LocalBitcoins
Finally, you have to be careful when joining LocalBitcoins. Just like every other website, some people want to take advantage of newcomers’ trustworthiness so they can scam them later on if they’re going to do that!
For example, asking for personal information like ID cards (which should never be provided unless needed for account verification), or even trying to get your bank account number!
The best way to avoid these scams is to use LocalBitcoins’ escrow system. This means that the site holds Bitcoins until both parties have confirmed that they have received what they were supposed to. As long as you follow the safety tips above, you shouldn’t have any problems trading on LocalBitcoins!
In conclusion, there are several common trading problems in Norway that you should be aware of. By being careful and using the tips suggested in this article, you can avoid most (if not all) of them!