Local bitcoins is one of the most popular cryptocurrency exchanges in the world. It is a peer to peer exchange platform where traders from almost every part of the world can connect. The terms of the exchange are agreed by the buyers and the sellers depending on market factors.
Localbitcoins has been around for a while. Established in 2012, the exchange has connected a lot of cryptocurrency enthusiasts. It has facilitated so much bitcoins transaction and is used by millions from different parts of the world without any form of restriction.
The uniqueness of local bitcoins
Unlike most exchanges, Local bitcoinscannot be described as a trading platform. It is different in the sense that you do not trade bitcoins for other digital coins. You either buy bitcoins or you sell the ones you have. It supports different payment options. It also support multiple languages. You can use the language dropdown menu at the top right to select your preferred language.
Local bitcoin also do not require the personal information of users when they are trading. There is no ID verification required. You can easily buy bitcoins without connecting the transaction to your name and identity.
Transaction in Local bitcoin
Transaction in Local bitcoin is quite simple. There are millions of users interested in buying and selling of bitcoin. Registered user can log in and post an ad, stating the rate they want to sell, their preferred method of receiving payment and other information deemed necessary. Buyers will look up the ads and agree terms with seller for transactions to occur.
Why users prefer local bitcoin
Local bitcoin has grown so popular among cryptocurrency enthusiast due to its simplicity. The fact that it supports several payment options makes it an amazing platform too. You can buy and sell using PayPal, WebMoney, Western Union, Wire transfer, Mobile internet banking, Cash by mail, or even cash by hand. Whatever works for you is fine.
It is safe to say that trading in Local bitcoin is secured, but users are often advised to be very careful as there are always going to be criminal-minded individuals interested in scamming genuine users in the platform. The site, however, has implemented several security features to make it safer for users. Such security measures as reputation ratings, escrow services, 2 factor authentication, and support & conflict management are all parts of the effort to ensure that users enjoy hitch-free transactions.
Avoiding being scammed
To avoid being scammed in Local bitcoin, you need to trade carefully. You can reduce the chances of being scammed by evaluating a traders carefully. Consider how long they have been on the platform, the amount of bitcoins they have traded, their feedback score, their verification status, and the number of transactions they have completed.
As has been stated earlier, there is no form of identification needed in Local bitcoin exchanges, just an email address is enough. This means that the privacy of traders is intact. Some users may request identification before agreeing to exchange, but you can always decline and look for others who are ready to accept your terms.
Local bitcoin charges only 1% of total amount as transaction fee. This fee is normally taken from the seller (the one that places the ad). Some sellers may pass this fee to the buyer in the form of mark-up on the bitcoin exchange rate. Profits are made based on the rates.
Local bitcoin has been around for so long and has become a dependable platform for exchange. As long as a user is patient with the process and select traders carefully, the experience can be great, generally. It is an established platform and can be the right place to start investing in the world’s most reliable cryptocurrency.