Buying and selling bitcoins initially revolved around trading online in an exchange. An activity that requires some understanding of stock trading of some sort, trading bitcoins then was rather a tedious task and one that disconnects any physical connection between the buyer and the seller.
LocalBitcoins changes everything about trading the digital currency. This person-to-person Bitcoin trading site has opened an alternative means for everyone across the world to acquire or dispose their bitcoins. The catch, however, is that this happens within the same country using the local currency; hence its name.
What is striking about this platform is that it is decentralized. There is no main body that rules the trading arena as compared to the centralized Bitcoin trading sites or exchanges, which highly resemble the ambience of an online stock exchange.
With the decentralized nature, LocalBitcoins manages to offer faster transactions. After all, this is done in person, directly with the buyer or the seller. If security, however, is a concern, this platform ensures that the buyers will be protected. It does this by offering transactions service or escrow.
Through the escrow services, sellers can have their bitcoins protected during a transaction. LocalBitcoins will lock the bitcoins for sale first until the seller confirms a successful transaction.
Additionally, this platform enforces its members to use the two-factor authentication setup to ensure that no one else will have unauthorized access to their accounts. Furthermore, buyers can first check the reputation of the seller.
With stringent security measures that guarantee the safety of both the buyers and the sellers, LocalBitcoins maintains a user-friendly platform that will transform the stock exchange-like process to a light and convenient one.
As a matter of fact, this trading website supports a wide range of global payment methods. This means payments done via cash deposits, bank transfers, and other online payments are accepted on top of the cash payment in person. The supported banks depend on the location and the preferences of the seller.
LocalBitcoins’ service is certainly well appreciated by the community. After all, not everyone is comfortable in entrusting their funds in the hands of online exchanges, especially with reports of the hacking and scam incidents.
Through this decentralized platform, everything is in your control, and the fact that you will be transacting with your fellow country people makes the experience more suitable and less worrisome.
Indeed, LocalBitcoins provides excellent trading services that largely focus on the users themselves.