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Where to buy litecoins in Canada

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Comments

  • @JoshNekrep, you can buy Litecoins at vaultofsatoshi.com (Canadian exchange). I haven't tried them myself, but am thinking of one of these signing up with them.
  • @bitcoinmountain Thanks for that. One of the challenges I've had obtaining any crypto-currency is that I refuse to send copies of my ID to anyone, regardless of reputation. Maybe I'm wrong, but intuitively I feel like that is extending a ridiculously high amount of trust to another party. None of these sites have been around long enough for me to trust the owners or to trust the level of security they have for protecting my data (perhaps the most sensitive data I have).
  • CoinGuyCoinGuy Administrator
    I agree with you @JoshNekrep. I refuse to send a copy of my ID, that's why I love the idea of Bitcoin ATM. I am also not that heavy into LTC for that reason. I think maybe someone in local Bitcoins might have Litecoins to buy. Maybe some here can step forward as well
  • Same here. I signed up with VoS, but I am not verified yet, sending my ID is holding me back.
    @CoinGuy, why don't you implement some coin trading on this forum (without asking for an ID, of course)?
  • CoinGuyCoinGuy Administrator
    @bitcoinmountain. I worry about getting stuck in the middle of trades. I don't want to be a ref and I don't want to be seen as arbiter of reputation. Having said that members are free to trade via PM and I know that has been done and there is a category for buying/selling Bitcoins as well. Not sure how much more I can do than that ? There is a plugin in Vanilla that allows a marketplace which might be interesting but I don't have the time or full knowledge to figure out how to make it work for Bitcoin. If someone wants to build that plugin I'm open to it ;)
  • **TLDR** - What the community needs most is a method for establishing reliable trust circles --


    I'm just spitballing here, but I would think that rather than trying to re-invent the wheel here and go through the effort of setting up and maintaining a functional marketplace, perhaps this site could be used as a means of establishing/enhancing the trust circles, and then port the actual transactions over to an established marketplace where they already have the infrastructure (such as escrow, etc). Perhaps something like localbitcoins.com?

    For instance, I would be interested in purchasing BTC or LTC by way of Interac e-Transfers. But currently, any of the Canadian sellers I've seen on Localbitcoins require me sending a whole lot of personal information. Obviously, this is to protect them from being scammed with fraudulent bank accounts, and I get that. What's generally lacking in that environment is a method, other than conducting a substantial number of trades, to really establish reputation.

    I've only been on this site for a few days, and I wouldn't expect anyone to have any reason to trust me currently. However, I'd hope that in time, with active participation, and assuming we're talking about a reasonably small transaction value (say, sub $100), it would make sense for someone on the site to come to the conclusion that the amount of time and effort I'd spent on this site would be too great if my desired outcome was to scam someone for $100. At that point, I'd think they'd decide to agree to accept my e-Transfer WITHOUT requiring me to send them enough information to completely steal my identity.

    On the flip side, if I got a message today from a relatively unknown (and currently, most everybody on this site is relatively unknown to me) member saying "Sure, I'll make a trade. Just transfer me the funds and I'll send you the BTC". I'd have no way to have confidence that I'll ever see the BTC. However, if this site's admin, for instance, who has a lot more to lose by way of a bad deal, made that same offer, I'd be inclined to accept it simply on a trust model.

    So I suppose my point is, I don't think what we're missing is the nuts and bolts of an exchange. That's already been done. I think what's missing is a method by which individuals can establish a confident trust circle without sending an onerous amount of personal information to a stranger. Maybe we work on developing that.

    Truthfully, that's the primary reason I elected to create my account with my real name. I also added my actual picture to my profile yesterday. I'd rather just be upfront with who I am.

    Cheers.
  • CoinGuyCoinGuy Administrator
    edited November 2013
    @JoshNekrep you make some valid points. It's one of the reasons I started the Karma system here. People who make good contributions get higher Karma. Also with user pages one can leave comments on a user, like traded and went well. This site can certainly help in building trust circles. My main concern was to avoid being the referee, but I think maybe the community as a whole could perform this function by keeping everyone honest ;)
  • I may be willing to sell BTC or LTC for e-transfers.. I mean clearly I'd leave that for well-known or active forum members and keep the limits fairly small to start just because of the degree of fraud that's involved but I like the idea.

    I've been selling litecoins at local meetups here in Vancouver since there's very few venues for people to buy LTC and I've been involved with litecoin for around a year now and would like to see more people get into it. I'd be charging commission on top of the sale but that's mainly because of the CAD/BTC/LTC exchange risks involved as well as exchange fees. But I tend to cater to the "sit and hold" investors rather than active traders.

    I guess being a mod on here as well kind of helps with my trustworthiness ;)
  • CoinGuyCoinGuy Administrator
    edited November 2013
    There seems to be more activity related to Litecoin here so I would appreciate members advising other reputable ways to get Litecoins in Canada. @duncebucket_ can only do so much :p
  • The only way I know of is to use an exchange such as btc-e. That involves loading up some foreign account in Russia with your US funds from your Canadian bank or credit card. In all it comes out to $18 (or in my case anyway) to buy $100 worth of LTC. Not worth it in the end... so now I am looking in my own country.

    Cavirtex is just too costly for any purchasing and conversion to BTC in my opinion. And then there's the fees just to get your funds back in actual cash upon sale... too complex.
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