Ways in Which Large Cash for Bitcoin Deal Decreases


A British Bitcoin miner named AJ who is fond of his privacy and hates KYC the most meets the Bitcoin buyers in person whenever he needs cash to pay his bills. On the other hand, EZ who is a full-time Bitcoin trader spends his day driving from one city to another buying and selling BTC. During the early days of April 2019, the two strangers met to conduct a trade amounting to $20K. The day of the deal was on 2nd of April, 2019 when two of the strangers started a conversation on Telegram. The conversation yielded this information that the parties have agreed to a rate of 5% below the Coinbase price at the time of the transaction, although EZ was in continuous attempt to convince AJ for an extra 2 points on the deal. The plan they made was that AJ would catch a train from London to meet EZ in a public location where the  Bitcoin deal would be made.

Though the plan was made, yet there remains a trust factor between both the parties. AJ was supposed to send 5 Bitcoin (BTC) to the freshly created wallet and backing them up in case there comes up some problem like the deal went sour and his phone gets stolen or damaged.

AJ also intended to purchase a UV detector pen to check if the notes were authentic or counterfeit. At the end moment, the local store has ran out of the UV detector pen and thus the only way remained was to trust on his own eyes to ensure if the notes were genuine. As per the agreement, 2 Bitcoin Cash was to transact first to establish trust. On successful transaction, they planned to meet after an hour in the same place to conduct the remaining of the deal.


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