LocalBitcoins is a peer-to-peer (p2p) marketplace that offers buyers and sellers to directly interface and trade Bitcoins. In this post I’ll review in detail about LocalBitcoins exchange and also drop some tips on what to look out for if you’re new to it.
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- Latest updates
- What is LocalBitcoins?
- Services at LocalBitcoins
- Security at LocalBitcoins
- LocalBitcoins fees
- How to register a new LocalBitcoins account?
- Buying/selling at LocalBitcoins
What is LocalBitcoins?
Localbitcoins is buying and selling the platform for Bitcoins. It provides a facility where users can interact with each other on a personal level and trade Bitcoins with each other. It can be rightly called as a peer-to-peer trading site. The company started in 2012 by Nikolaus Kangas. Its headquarters are in Helsinki Finland. The company also has media coverage on big platforms such as Forbes and Business Week. The platform has developed its worldwide presence where people can exchange their local currency into Bitcoins. The motto behind this company is to connect everybody to Internet economy and develop a community of Bitcoin enthusiast.
Services at LocalBitcoins
People can post an advertisement on this site and also mention the rate of exchange and mode of payment they would prefer. Thus, a buyer can connect with the seller directly eliminating any extra intermediary charges. An interested trader can reply to the advertisement and also meet the other trader in person. The purchase Bitcoins would appear in the LocalBitcoin wallet. Other Cryptocurrency Exchanges to know: RippleFox, TradeSatoshi, Bittrex, BitcoinToYou, Cryptomate This platform is totally decentralized and is not influenced by any government institution or entity. The Bitcoin transfers are instant and transactions are easy to process. LocalBitcoins is open to any partnerships from institutions or financial investors who may be interested in launching affiliate programs or invest in the Bitcoin venture.
Security at LocalBitcoins
The platform also provides escrows in order to protect the Bitcoins. Once a buyer initiates a request for Bitcoins that particular amount is locked. Then there will be release of the amount only when the seller confirms that the transaction is authentic and complete. Another aspect is two-factor authentication; a user can download Google authenticator and scan the QR code of his LocalBitcoin account. Once the two accounts are synced, the 2fa is activated. Thus, every time the user tries to log in, a 6-digit code goes directly to the registered mobile number. There is another feature of Login guard. The server of LocalBitcoins remembers the IP address of a users browser. If a login occurs from a new browser, the email confirmation is essential to proceed.
All the processes i.e. buying, selling and registering a new account is free. The users will have to pay 1% processing fee though for posting an advertisement on the website.
How to register a new LocalBitcoins account?
In order to register a new account, log on to www.localbitcoin.com. Then click on the tab” sign up free” and fill out all the requirements such as username, email ID, and password. Click on “register”.
Buying/selling at LocalBitcoins
The process of buying and selling Bitcoins is quick and easy. The user can enter the amount he wishes to trade. The user can then select the regional currency and the country and select one of the payment methods as listed in the drop down menu.
The site shows the advertisements posted by the buyers and sellers so that a user may browse and directly to them. The advertisement shows the username, price/BTC, payment method and limits. Thus, it makes it easier for everyone who has a requirement. Another feature on this platform is Forums. A user can be a part of it by starting a general or trading discussion. There is also an option of selecting the specific countries. There is also a list of developers and affiliates available in the forum too.
The user can also post a trade and include the details such as trade type, location, currency, opening hours. The user may state terms and conditions for the same.