LocalBitcoins is an online platform that provides an environment where buying and selling of bitcoin is possible.
It offers a service that allows an easy exchange of local fiat currencies for bitcoins. The users of the platform put up their offers, such as the amount they are willing to buy or sell bitcoins at, and also provide the rate at which they are willing to exchange the fiat currencies for the digital currency.
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The selling party then replies to these offers and organize a physical meeting where they can conduct the transaction of bitcoins in their local fiat currency. The exchange can be conducted physically or can be done using mobile payment methods or an online banking system.
The platform protects its users by providing a system where users can give the feedback of the other party and also rate them according to the ease of doing business with them. Another feature of the platform is escrow where the amount agreed upon can be paid for prior to the meeting, hence protecting from any loss of funds that may come from a change of heart or an unsuccessful meeting.
If there is a disagreement between the parties, the platform provides a service to help mediate and look for a solution to the conflict.
LocalBitcoins has provided an opportunity for any interested person to easily buy bitcoin using their local currency or a payment method that one prefers to use locally.
The details of the transactions conducted in this platform are kept private and only the two parties involved in the deal know the detail of their arrangement and agreement. Another pro of using the platform is that it has not set on how much or how little one can buy and sell bitcoins.
Signing up for LocalBitcoins is easy and your personal details are not required. So to open an account all you need is an email address. The time it takes for a transaction to go through when using cash deposits is approximately 1 hour, while physical meetings can make transactions faster and easier.
It is important to assess the other party before agreeing to conduct business with them, as the site is flocked with scammers who might disappear after you have made a transfer and tracing them is not easy as one doesn’t have their personal details.