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Presently, cryptocurrency or Bitcoin is known to be associated with high profits, enrapturing the interest and funds of the investors all across the world. Blockchain technology-based Bitcoins need no intermediary while completing the transaction as it follows the decentralized model where investors actually own and control their currency. Various crypto exchanges, crypto brokers, decentralized platforms and also P2P marketplace helps you in buying and selling Bitcoins. Every crypto exchange lacks some or the other features associated with transaction fees, speed of transaction, acceptance of fiat, and many more which somehow deaccelerates the movement of the digital financial revolution. To rescue the majority of problems, the peer-to-peer marketplace came into the picture. In this guide to LocalBitcoins, I will let you explore the platform of LocalBitcoins which is a P2P marketplace to buy and sell Bitcoins (only!)
What Is LocalBitcoins? | Guide To LocalBitcoins
You might have landed on this guide after thinking- What is LocalBitcoins? It is a website (not the normal one) founded way back in 2012 that aims to connect the sellers and buyers of Bitcoins through an open, peer-to-peer marketplace. It is like an online shopping portal where Bitcoins are supposed to exchange amongst the members of a network without any crypto exchange or brokerage platform. It just provides a secured “platform” but does not hold any token of itself.
Why Choose LocalBitcoins Over Crypto Exchanges?
The unique platform of LocalBitcoins allows users of the site to create and display their advertisement related to buying and selling, allowing them to communicate with an interested party (includes negotiating of rates too!) and confirm details securely prior to the completion of a transaction. It has the following benefits:
- Lower transaction fees with faster transaction
- Maintains complete anonymity yet secured
- Number of payment options (more than 60+) can be deployed depending on buyer and seller
- Available for the customers of more than 150 countries
- Service of escrow account assures the protection of both buyers and sellers
- “Reputation system” aids customers to review old buyers or sellers.
How To Buy On LocalBitcoins?
After reading the guide to LocalBitcoins till now, you might be wondering- How to buy LocalBitcoins? It is just a five-step process but you need to be cautious and alert at every step (After all you money is involved!)
Step 1. Sign Up On Website
Just like you have to create an account to use the services of the particular website, with LocalBitcoins also, the first step is to register your account with the P2P platform.
Step 2. Search for the Best Sellers
If you have made up your mind regarding the funds you want to spend, you have to go on the main page of the website and start filling the form to buy the Bitcoins. You need to fill the columns like the amount of Bitcoin you wish to buy, your location, and finally select the most comfortable payment method for yourself. You can also opt for “All online offers” if you are uncertain about choosing the mode of payment. Hurrah! The page will list you the available traders in your region.
Step 3. Pick Up an advertisement
Now you just have to thoroughly look at the advertisements associated with selling Bitcoin and check the reputation score of the sellers. If you are sure with the seller, you just need to click “ Buy” to read the complete advertisement along with terms and conditions mentioned by the trader. ( Don’t worry you have the option to go back if you are not satisfied with conditions)
Step 4. Paytime!
You just need to calm your breath as you’re going to have Bitcoins in exchange for your funds. Fill the required details in a box saying “How much you want to buy” and enter a message for the seller. After you are done with the message, Click “Send Trade Request” and get ready to pay for your transactions.
Step 5. Don’t Forget to mark payment complete!
Once the payment has been done from your side, you need to click on “I have paid” and wait for the seller to verify the receiving of payment. Tick..Tick..! You may check your wallet of LocalBitcoins (received when you registered on the website) after a few minutes, maybe you have received your Bitcoin from the escrow account of the platform.
Congratulations!! You have your Bitcoins now.!
Tips To Invest Or Buy Bitcoins Safely!
The platform of LocalBitcoins might be relatively new for you, so now when you know how to invest in LocalBitcoins, you must follow some of the tips before investing.
- Carefully compare the reputation score of the seller
- Before initiating the payment, do not forget to check if the account details of the seller are compatible with the verified name of LocalBitcoins
- Always try to take the screenshot of the receipt of payment as an evidence
- Fill your details fastly before the trading window gets expired (otherwise you have to start the process all over again!)
- Don’t just select a buyer in one go, carefully skim through the advertisement, and the details given.
- After you received your Bitcoins, do not forget to transfer the private keys to your own crypto wallet which can be either hot or cold crypto wallet.
Summing Up
In this guide To LocalBitcoins, we made sure that you are well aware of everything you need to know about LocalBitcoins associated with buying Bitcoins. Besides regular crypto exchanges, LocalBitcoins is one of the most intuitive and user-friendly platforms to purchase Bitcoins. The platform of LocalBitcoins is available for the customers of almost every corner of the world, allows for private purchases with a number of modes of payments, and also does not put any limit on buying and selling of Bitcoins. Though, the team of LocalBitcoins always aims to revolutionize the experience of the financial system digitally, they continuously update the platform for sellers and buyers. Nonetheless, some untrustworthy buyers and sellers exist on the platform which to be taken care of while trading or investing on the platform, though the service of an escrow account is provided to safeguard your funds on the platform.
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