LocalBitcoins is a Bitcoin exchange company which facilitates over the counter (OTC) transactions between fiat and bitcoins. Users can: create a profile, tether real world identifications, review/ receive endorsements from their prior transactions. This allows them to put advertisements as to the rates they are willing to buy/ sell their coins and other users who want to either buy/ sell will respond to these advertisements. Users are given feedback and reputation for smooth transactions. In the event of a conflict, LocalBitcoins also provides a conflict resolution and escrow service. This way of obtaining Bitcoins — face to face is extremely popular as it is the quickest way to obtain the digital currency. Exchanges like Coinbase require a clearing period usually 3–5 business days which is often cumbersome for Bitcoin purchasers. LocalBitcoins allow for the face to face connection and vouching of Bitcoin dealers something like a mix of a Yellow Pages and BBB — an essential service.
Bitcoins are exchanged for Fiat Currencies. LocalBitcoins as of 2016, is in 248 countries with over 13,000 Bitcoin dealers.
In terms of usage, during the last week of May 2016, LocalBitcoins has traded around 27,000 BTC — equivalent to around $21M USD according to the Bitcoin spot price at the time of this writing. The all time record for number of Bitcoins transacted on LocalBitcoins is 38,000 — equivalent to over $29M during the first week of October last year.
I’ve tried buying Bitcoins on LocalBitcoins and it is quite a seamless experience. Of course, safety is always a concern; however, the website has an intricate review/ reputation system that forces Bitcoin dealers to register a multitude of real world identifications and provides dispute resolution. Furthermore, the website recommends users to meet in a public place. Today, LocalBitcoins has listings from buyers in over 260 countries and over 13,000 cities — the world’s most comprehensive Bitcoin exchange. At the time of this writing, there are over 15 LocalBitcoin buyers/ sellers in my city! (San Jose, CA, USA) Transacting fiat for crypto-currency is seamless through the LocalBitcoin’s website, takes only minutes, and can occur anywhere we can get a smartphone signal. It is important for buyers and sellers vouch each other through LocalBitcoins and choose safe and secure locations with active security and neutral to both parties. For an in depth video tutorial, check out this video put out by the LocalBitcoins team:
Hello guys my reason for making this video is to show you a simple straightforward way to buy bitcoins so to buy bitcoins yeah of course many ways to buy it and mini-site so but this is the easiest one i've seen so far so you go to local bitcoins dot-com local bitcoins that counts on me up on the sides you sign up so once inside god i can login so me up signed up and what you basically do on this site is create a bitcoin account once you have your bitcoin so remember to click this i'm not a robot it's surprisingly on that form instead of somewhere this bottle should be on diet so if you forget it you'll keep getting arrows trying to, sign it so what i want you to note is that here you fund you transfer naira or whatever local currency you have into this account and this account it from this account you know trans fats your exchanges so most of the times you shouldn't really have much money left in this account except when you want to convert it back to your local currency then from your exchange you can transfer back to this account then from this account we can sell it and get you a local currency okay in my case my local currencies naira so all you need to is click on this login i've already signed up so you sign up then verify even those indian email you go to the email and the water fight all right, so it can detect and twist it and to go through security guide i shall consecrate is sufficient so you can set up your security account you know this is money issue so hack has always attracted a concentration of wealth so you should always take precautions to protect the money all right now we are in this shows your account balance i've transferred some money out and this is the bitcoin determine in this particular account all right so let's say you signed up for the first time and you don't have any money your account the first thing we do is make sure you got your email verify and then you ask you for your current you can use your id card any editor do you have a driver's license international passport use it and upload scan and upload and, you're good to go so unlike many exchanges where they have some exchanges will ask you like 10 20 different documents you know so no mechanism when you look at this if you buy bitcoins you can buy or you can actually sell or you can come here and click on buy bitcoin or you can sell you understand now these are users on this register on this platform and they're selling bitcoin in my local country which is nigeria proudly the best country in the world so he they're stating jamaat's they're selling it in my local currency this one sells 14. 5 million naira 3. 95 this one sells for two point nine eight don't trip on nana is myself for for millionaires or of course off stuff from the cheapest guide and if you look at this you see that this guy but this guy can not accept transactions that are less than hundred thousand there look at and or more than 1. 1 million air and we understand so this is his transaction range now if you don't have up two hundred thousand obviously this guy is not your guy but good lowering little will see this chris bleeds and chris bleeds can accept thirty thousand dollar minimum so if you're trying to buy a small bitcoin to manage your life somebody like chris bleats should be good then you have an mf o n0 one and they accept me more $50,000 so let's go with creek chris please click on bye, and like i said if you wanted to sell your bitcoin just click here the same process we posted that you want to sell bitcoin i tell them the minimum amount that you accept and you posted people contact you so now we want to buy bitcoin let's see what we're between water fifty thousand or katy thousand their access minimum you come here and type the amount thirty thousand there a bitcoin cool and that it doesn't know bitcoin is 0. 075 bitcoin right and then you can write a message and the messages please so once he sends me a kiss is a condom back i use my banking mobile app in my phone and transfer the money to the account number your sandwich i was click on send trade request so he will receive that if partner wants a pact eighty thousand i would have bitcoin and look at the message so this is a chat log this is the chat box this is the message i sent please sent me account number and this shows that his online he was online three minutes ago look at it there was only three minutes ago so the wallet of this message and then see he said yes from ot route he accepts duty back first pathogenic magazine bank me our preferred to transfer for myself first bank account number and then this the amount and what was to pay make payments you have to chat him up again so what we're basically doing right now is waiting for him to reply he's going to reply by posting his account number so once i admit the payment the transfer i'm going to click i have paid remember if you look at the transfer must happen within 90 minutes once you initiate the transfer make sure you make that payment with inmates in business so that he can send the money within 90 minutes because the way the site operates is that whatsapp now i've already told him that i wanted by thirty thousand bitcoin what is going to do what the extent is going to use the hood is bitcoin the $13,000 both of it condo cities so until this account is completed or invalidated so for 90 minutes for the next 90 minutes disk this website will hold the money the bitcoin so at the end of 90 minutes they release it so look at how many mean is there a minute if you look at here you see that it's eight minutes a minute of my 90 minutes so once i've made of transfer i can just say i've made the payment but i coming to transform said he sends me his economist own whitman so occasionally you may want to refresh it refreshes itself but occasionally you may want to refresh so i think what i'll do is i'll pause this video now and i desktop this video because this is just the process just a simple process once you make the payment you wait for some time and you found your bid connect an instance in the balance here so what i had advice is that you found a bitcoin account every month if you don't understand the whole crypto currency trading and everything just buy bitcoin a chill you understand on conduit freedom die bitcoin chianti you both understand bull trading is safe to buy bitcoin and is the right thing to do so just buy your bitcoin thank you so so to round up there is them this group on facebook that you can follow it's called women in crypto sorry just a lady a woman on the so go to facebook and search for this and then if you go to youtube you can also search for, and great crypto that's my channel on youtube so what i basically do on the channel is to tip people off i let you know when the queen is about to go high so you can quickly buy and of course i give generic first i want you to about cryptocurrency so you should basically go to youtube search for angry crypto developer and then you subscribe as you can see there's a red subscribe button here click on it i'll just open the channel look for this red subscribe button and click on the subscribe button alright so once you subscribe you'll be sure you can be sure that any video i make you will be the very first to get them now if you're using your mobile phone or you may generally see that this message that is saying this channel does not have any content it's a youtube problem so basically you click on videos or playlists just click on videos and you will see that i've made lots of videos and i always tip people over others shop and look at for instance buy bitcoin cash right now it's blowing up so now let's tell you which coin is about to go crazy so if you can buy it within one hour you will succeed so smarty post like this between exodus come a lot so this is where predicted that it is aryan who reach $500 before christmas and today at 888 of november yesterday it hits that 500 the last its relapsing a bit but it will be very it'll be back very soon so this is a good channel to subscribe and also share with your friends if you're watching any video you can share that video with your friends so that your friends can subscribe so for instance you wanna meet today is a coin it's a budget point that you can chip coins you can buy so that you will be reached by december so these coins are going to multiply very huge very soon so if you have any questions drop them in the comments and i hope this video is concise that helps you understand some processes if you need more in-depth explanation please chat up in the comment and also on share this video to your friends so that they will know remember this this cryptocurrencies a revolution so the first person that tells people about something they will not forget so if you're the one that first tipped them off about of this revolution that's happening as they get rich they will not forget you so thank you very much see you in the 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