Bitcoin has become an important term, which everyone seems interesting to read about. The growth of cryptocurrency would have not been possible if Satoshi Nakamoto had not come with the idea of Bitcoin launch on 3rd January 2009. However, the journey was not that easy as it has to face regulations as a barrier. It was all because some countries did not approve about its legality and were also suspicious about its being a platform to carry out unlawful activities like smuggling, illegal trading, etc. But with the success of Bitcoin, everything got changed and cryptocurrency became a popular phenomenon. Like Bitcoin, people became much interested to know about crypto trading platforms. Among these exchanges, there is LocalBitcoins. So today we would let you know about LocalBitcoins in this article.
Know About LocalBitcoins
LocalBitcoins ranks among the list of best crypto trading exchanges. It is the best bitcoin exchange and P2P marketplace situated in Finland. It deals in facilitating trading of bitcoins. In this platform, advertisements are being posted by the users to either sell or buy bitcoins by stating payment methods and exchange rates. After that payment is being done with a specific method by other users after giving a response to advertisements. An interesting fact which you must know about LocalBitcoins is that it is equipped with mechanisms such as conflict resolution service and escrow for the users. This best-decentralized exchange is estimated to be having active traders around 110K and trade volume around 3K.
Brief History About LocalBitcoins
Besides gaining knowledge about this best bitcoin exchange, it is better to know about LocalBitcoin’s brief history. The foundation of this exchange platform dates back in the year 2012 by its founder Jeremias Kangas. By the end of the same year, the escrow system was implemented for the marketplace by him. Then in the year 2013, the website became functional by generating revenue. But in the following year, people were held for crimes like money laundering by using the website. In the year 2019, bitcoin having worth of $28,200 became the target of hackers, who stole it from the accounts of users. After this, local cash ads were removed by LocalBitcoins in the same year. An essential point which you must keep in mind regarding LocalBitcoins is that users are given the number of options.
Advantages And Disadvantages Of LocalBitcoins
After knowing about a brief history of LocalBitcoins, now let us understand its advantages and disadvantages. Well, let us start with the advantages.
Advantages: LocalBitcoins is the best private medium for Bitcoin purchases. Rather it is the only way for buying the latter coin in specific countries. Besides this, it allows users with multiple methods of payment to buy bitcoins. Also, there are no set limits of buying and selling of cryptocurrency enforced by this crypto exchange platform.
Disadvantages: This exchange platform has its share of disadvantages too. LocalBitcoins is prone to several scams. So be very careful. There are sellers who will ask for verifying ID for a bigger amount. This is one of the biggest disadvantages that you must know about LocalBitcoins.
So this is all you need to know about LocalBitcoins. Like Bitcoin as a well-known cryptocurrency, LocalBitcoins is too a very popular bitcoin exchange and is the best platform for purchasing Bitcoin. In fact in some countries, it is the only medium to buy bitcoins. It doesn’t have any specified limit in buying and selling of the latter digital crypto coins. But better be careful, as it is prone to many spams that can lend you a big problem. We are saying this because bitcoins were being stolen by hackers from the account of users. Overall, Localbitcoins is considered to be one of the best bitcoin exchanges other than Coinmama and Coinbase and many others.