If You Wish To Buy Bitcoins You Just Go To Localbitcoins.

Boom Fellas, Bitcoin is the new money wallet. Or if you didn’t knew that, then let me just tell you if you are new to the bitcoin world and haven’t heard about the website localbitcoin or you got acquainted with it just recently and you are skeptical about it, then here is some quanta of knowledge that will help you put this Bitcoin Market in the right category.

If you are checking out a Bitcoin marketplace for yourself to buy Bitcoins, then some questions must have crossed your mind. Some of these questions are dealt with here.

Is it the best method to get bitcoins?

Let me tell you first what is LocalBitcoin before we dive into the whys and hows. Localbitcoin is an OTC (Over the Counter) P2P (Peer to Peer) service, an online Marketplace, like Craiglist or olx, but with a single thing to sell i.e. Bitcoins. Just like in Craigslist there are different sellers selling their products making use of adverts, similarly, on Localbitcoins you will see different sellers having stocks of Bitcoins, who are constantly looking for buyers. They do this for profit as they must have bought bitcoins in low prices first.

Why use localbitcoins?

Simply Because it provides

  • a plethora of ways to buy bitcoins online.  For example in India Localbitcoins supports transactions via IMPS Bank transfers, Cash Deposit, Credit Cards, Gift Card Codes, National Bank Transfer, Other Online Wallets, Transfer with specific bank, International Wire (SWIFT), Moneybookers/Skrill, Neteller, Ok Pay, PayTM, PayU, Western Union etc. You name the payment gateway you feel secured with and they got it.
  • The website deals all over the world and is not localized to any specific country as the name suggests. You go to the USA and you can buy bitcoins there from the same website. The only place that I think they don’t support transactions may be the continent of Antarctica.
  • They have got high rated sellers. Buying from a high rated sellers is a smooth sail for you. No hassles at all. Each user has a reputation rating and a public history that shows their past activity. When you trade with a user with high feedback score, you know you are dealing with a well-established party.
  • LocalBitcoins.com is a well-established bitcoin trading site operating since early 2012. They have been featured in international business magazines like Businessweek and Forbes. High activity users have conducted over thousand successful trades on the site.

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  • LocalBitcoins is registered to Helsinki, Finland. On the 2012 Transparency International Corruption Perceptions Index, Finland is the least corrupted country in the world. LocalBitcoins.com operates under the respected Nordic jurisdiction Who has a track record of being a trusted bitcoin exchange site.

Any major cons related?

Yes, the pro/cons are part of a big system. You cannot just expect a perfect system. That is way too unrealistic. Many scammers are also in the pool. And scams have been reported in the past as well.

However, if you follow the below advice then you can easily escape the scammers.

  • Always look for a seller with a high feedback score. As discussed above, every user has a reputation rating and a public history, therefore, go through that to land yourself some high rated sellers.
  • Never, I mean NEVER agree on bank transfers, any type of card payments, credit card transfers, not even wallets or any other form of digital money transfers. Always make use of cash deposits or cash in person methods to trade. Digital transfers are the prominent cause of scams. At least for the first few transaction with your trusted seller, you should make use of cash only. I cannot emphasize this step more.

Digital transfer is HIGH RISK transactions.

  • Cash transaction in person can become risky too, in case, the other person tries to rob you at gun point. So always, beware and never meet the seller at private and always chose a public place having cameras around for protection against any criminal activity. Have a friend waiting for you at the car.

SWAP BITCOIN WITH CASH ONLY. NEITHER CAN BE REVERSED.

Since LBC is a P2P service, therefore, frauds can’t ever be 100% removed. If in case you got scammed, you can file a fraud report to LBC admins for their support. The scammers will be banned right away.

Does it have hidden fees?

If you are a buyer then there will be no charges levied upon you for any kind of transaction from localbitcoin. The reason for this is the charges are retrieved from the seller’s end. Hence, you should only concentrate on finding a trusted seller.

Is it the best way to buy bitcoins?

Yes, provided you want to buy bitcoins anonymously. Other exchanges may ask for KYC (Know your Customer) documents. For example most of the Indian Bitcoin Mobile Wallets and websites like zebpay, unocoin etc. ask for PAN Card information. If you are not willing to provide your document information then you should consider LBC as your only resort.

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Why shouldn’t I Chose any other site over LBC?

Simply because the numbers speak for itself. LocalBitcoins have over 1 million registered users. They have operations in 249 countries and over 7200 cities. They have trading volumes in 6 figures of USD daily. Trade volume doubled during the last 12 months. No Exchange in the world can practically compete with LBC.

So friends with this, I hope your queries must have been resolved. However, if you had a talk with your friends about buying bitcoins from LBC and they came out with some more queries apart from the above then kindly let me know in the comments below.

1 reply
  1. TopBitCoin
    TopBitCoin says:

    Enter the amount of bitcoins you wish to buy in the Buy form. Enter maxium acceptable price per 1 bitcoin in field below or just leave it intact to buy by market price.

    Reply

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