The popularity of LocalBitcoins is soaring as more and more people use the service. But what is LocalBitcoins and do you need to use it? This post will review the service and show you why this is a must have platform when dealing with Bitcoin.
Essentially, it’s a peer-to-peer Bitcoin exchange. It’s a marketplace where users can buy and sell Bitcoins between each other.
On the platform, users (or traders as they are known) create advertisements with the price and the payment method they want to offer.
With over 60 different payment methods, you can choose the way you want to pay. This is a solid strength of the platform, payment flexibility.
Want to pay with PayPal… you’re covered. Want to pay by bank transfer… you’re covered. Want to pay by credit or debit card… you’re covered.
I guess you get the picture. LocalBitcoins makes it easy to buy and sell Bitcoin. And for mass adoption, this is how it should be. That’s why it’s one of our go to services
How to use LocalBitcoins?
Here’s a really handy video that gives you guide on how to use the service:
How do I sell Bitcoin on the platform?
In order to sell Bitcoins on the platform, you’ll first need to send some Bitcoins to your LocalBitcoins wallet.
First, create a LocalBitcoins.com account.
Next, access the Bitcoins in another Bitcoin wallet such as Coinbase. If you are struggling to find a good Bitcoin wallet, check out this review of the best crypto wallets.
At the top of the page, you’ll find your receiving address.
Send your Bitcoin to this address and hey presto it will arrive. Easy!
Check this video out for the process in action:
Is it safe?
On the platform, all online trades are protected by escrow.
When a trade is started, the amount of Bitcoins for the trade is automatically reserved from the seller’s LocalBitcoins wallet.
The seller cannot escape with your money. If they don’t release your Bitcoins, then LocalBitcoins.com support can release it to you. Your trade is safe and you are protected from scammers (and as we all know there’s enough of them around in crypto for us to need services like this).
If you’re selling Bitcoins, never release the escrow before you know that you have received money from the Bitcoin buyer.
Additionally, like the most trusted and safe platforms, LocalBitcoins makes use of Login Guard. This protects your account from logins when someone else knows your username and password.
Whenever someone logs in to your account from a new computer or a new web browser an email is sent to address used to register your LocalBitcoins account. This email contains some information on who started the login and a link. You need to click the link to verify your login.
Local Bitcoins is one of the safest platforms around.
Pros and cons of LocalBitcoins
✔ LocalBitcoins is one of the most private ways to purchase bitcoins
✔ In some countries it is the only way to buy bitcoins
✔ It allows you to buy bitcoins with many payment methods
❌ There are scams and you need to use caution
❌ Fees can be slightly high when buying with cash, since many people are willing to pay extra for the privacy
LocalBitcoins – wrapped up
LocalBitcoins is an awesome platform that you need to get involved in.
If you’d like to give it a try check out there official site here –