What is LocalBitcoins? How To Register On LocalBitcoins? How To Buy And Sell Bitcoin On LocalBitcoins?
What is LocalBitcoins?
LocalBitcoins was founded in June 2012 by Jeremias Kangas. He implemented an escrow system for the marketplace by the end of 2012. The website started generating revenue by the beginning of 2013. Most traffic of LocalBitcoins came from Venezuela, Colombia, the United States, Argentina, and Peru.
Jeremias Kangas, founder of LocalBitcoins.
LocalBitcoins is a trading platform that facilitates trades between people to happen locally. For a number of years, Local Bitcoins helped buyers and sellers connect to trade Bitcoin (BTC). Using the Local Bitcoins platform, users could find each other locally and use various payment methods to trade with each other. Some basic features Local Bitcoins provides in addition to trading is a custodial wallet (where Local Bitcoins has control over your funds), a reputation system, and a forum to help connect buyers and sellers.
When a deal is agreed upon, the buyer and seller can choose to meet in person to trade the Bitcoin. Following the deal, both parties have the opportunity to review the other party, and this helps build credibility amongst users.
In January 2019, hackers stole bitcoin worth $28,200 from users’ LocalBitcoins accounts. In June 2019, LocalBitcoins removed local cash ads from their website. On September 2019, Sebastian Sonntag became the new CEO of Localbitcoins.
How to register on LocalBitcoins
1. Open a web browser and launch the LocalBitcoins webpage: localbitcoins.com
2. Click “ Sign up free” on the top right corner of the main page.
Fill your username, Email, Password, and Register.
An activation email is sent to your email address.
Go to your inbox, open the email from email@example.com and Click the link below to confirm your email address.
Fill your First names, Last name, your phone number and Submit.
You will receive a verification code from LocalBitcoins.
Fill your verification code and Submit.
There you should search for “Settings”, click and select “verification” on the next screen:
When you click on “Verification” you will see the following:
Identity Verification System on LocalBitcoins
The verification process introduces 4 different account tiers distinguished by trade and transaction volume and a progressive verification system, where users gradually verify their accounts as their activity in the platform increases.
The new Account Tier structure is described in the table below, with each Tier’s verification requirements and their respective volume limit. The ID verification and Tier status of each user will be available in the Verification tab of the “Account settings” page, where up-to-date incoming trade and transaction volume will also be displayed. Incoming trade and transaction volume is calculated according to the account’s data on buy trades and received Bitcoin transactions from the past 12 months. The next Tier verification is required when incoming trade and transaction volume reaches the current Tier limit.
T1, T2 and T3 accounts will be able to send and receive transactions, create advertisements and complete buy and sell trades normally. T0 accounts, i.e. users who have only onboarding verification, can complete buy and sell trades but will not have a LocalBitcoins receiving wallet address neither be able to post ads.
How to do buy and sell Bitcoin on LocalBitcoins
Setting up search requirements
1. Log in to your LocalBitcoins account and click Buy Bitcoin.
2. Click Show All or Any payment method field and select your preferred payment method to buy bitcoin on the dialog box that appears. Alternatively, click QUICK BUY to see the list of all payment methods available.
3. Click Any currency and select your currency from the list. Enter the amount you want to trade in the Amount field. You can leave the Amount field empty if you do not have any specific amount in mind.
4. Select your country from the Location list.
5. Click Search. The offer list is updated according to your search requirements.
6. Now, let us say you want to ‘Buy’, so you will look for ‘Sellers’ and this is how the trade details put by a seller will look like:
7. Send trade request to the trader.
8. The seller releases BTC from the trade escrow to your LocalBitcoins wallet. The trade is completed successfully.
You can sell Bitcoin on LocalBitcoins the same way with buy Bitcoin.
If you are not in a rush and you have it clear what is your desired price, whether to buy or sell the bitcoins, you can also create a bitcoin trade advertisement (before creating an advertisement on LocalBitcoins you have to previously complete identity verification).
In conclusion, making money is possible through bitcoin, but it is nowhere near being easy. To make a lot of money, every move you make in the crypto-world has to be very strategic and well monitored. Before starting your investments, there are a lot of things you need to learn and consider. Every day, more and more people of different demographics are getting into the world of cryptocurrencies, and who knows if that will raise or stunt the value of bitcoin. Crypto-trading is spreading around the world, and I guess we’ll just have to see where it goes from here.
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