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FAQ LocalBitcoins
LocalBitcoins
LocalBitcoins is a legit, peer-to-peer exchange platform that allows buyers and sellers to trade their local currencies for Bitcoins.
What makes this platform unique is that buyers and sellers can meet in person and trade. Registered users may post adverts on the LocalBitcoins website, stating their prices and accepted payment options. On the other hand, potential buyers may reply to these advertisements and set a date and meeting point where they can exchange cash for Bitcoin. Alternatively, traders may also transact using online banking and remain anonymous.
If you were wondering how to find LocalBitcoins, then this write-up will provide you will all the answers you are looking for.
Brief History about LocalBitcoins
LocalBitcoins is a startup company founded by Jeremias Kangas back in June 2012. The company has its headquarters in Helsinki, Finland with branches in major countries around the world. Even though the company started operations in 2012, it was not until the beginning of 2013 that the LocalBitcoins website began generating revenue. However, its operations suffered a security breach in the same month, leading to losses amounting to thirty Bitcoins or $15,000.
Nevertheless, LocalBitcoins has grown in leaps and bounds to become one of the leading Bitcoin exchange platforms available today. Moreover, the site allows buyers and sellers to trade Bitcoins in over 7731 cities and 249 countries globally.
What made LocalBitcoins stand out is that the platform allowed for person-to-person trading, where buyers and sellers meet and exchange Bitcoin for cash. This came in handy for casual traders searching for more anonymity, since one does not have to provide personal information during the transaction process. However, this option is no longer available because of the numerous security breaches in the past. This means that traders can only trade via online banking and online payment methods.
How does LocalBitcoins work?
LocalBitcoins works in a similar manner to popular auction sites and advertising platforms such as eBay and craigslist. Essentially, anyone who wants to buy or sell Bitcoins has to register an account with LocalBitcoins before trading. All new registered get a free online Bitcoin wallet where they can load funds.
Sellers have to create advertisements indicating the amount they want to sell in their local currency. They also have to select a payment method before opening a trade. Interestingly, the platform allows sellers to choose their preferred buyer. This ensures that one transacts with reliable traders, hence reducing the risks involved.
The buyer will then ask the seller for their payment details before paying for the Bitcoins accordingly. The seller must confirm receipt of cash in their account before releasing the Bitcoins since all transactions involving Bitcoins are often irreversible.
On the other hand, the process of buying Bitcoins at LocalBitcoins is equally simple and straightforward. A potential buyer has two options for buying Bitcoins on this platform. One may either respond to a trade request from a seller or search for advertisements available on the LocalBitcoins website. Both options show the amount on offer, the exchange rates, and the payment method.
Notably, the buyer may choose their preferred seller by checking on the reputation score and amount of trades. After selecting an advertisement and going through the terms of trade, the buyer can start the trading process by indicating the amount of Bitcoins they want to buy. The buyer has to complete payment almost promptly as non-paid purchases expire within 6 hours. Once the seller has verified the payment, the purchased amount of Bitcoins will move automatically from escrow into the buyer’s account.
The platform offers two types of trades: Local trades and online trad es. Local trades are face-to-face transactions, while online trades occur via the LocalBitcoins platform. You may choose any type of trade, depending on your preferences.
To know more follow : https://localbitcoinswiki.com/faq-localbitcoins/
