Today we take a look at localbitcoins.com for you. What is local bitcoins? A scam or a legit website? Are there better alternatives out there? Will it be something for you? These are some of the questions this review will focus on, ok here we go!
Owner: Nikolaus Kangas (CEO)
Price: FREE to join
Who is it for: Bitcoin buyers and sellers
Overall rating: (4.2 / 5)
What is Local Bitcoins (localbitcoins.com) about?
Local Bitcoins (localbitcoins.com) is a website where you can both buy or sell Bitcoins, it is decentralised and was founded in 2012, and is based in Finland. The physical address of their headquarters is: LocalBitcoins Oy Porkkalankatu 20 00180 Helsinki Finland
What makes local bitcoins different than other trading platforms?
Well, first of all, it is decentralizes. Also, on the local bitcoins website, you will be dealing with real humans, instead of a centralized platform like most stock-exchange and bitcoin (and other cryptocurrencies) trading sites.
Instead, on local bitcoins, you make a trade directly with another (just like you) real human directly.
This allows you to get your bitcoins instantly.
Another great thing about localbitcoins.com is that local bitcoins support every payment method its users prefer. Every transaction offers escrow or transaction service to protect the buyer.
So make sure to use it 🙂
How does it work?
People from ANY country can use the platform to exchange their local currency for bitcoins. The users are allowed to post advertisement where they state their exchange rate and payment methods for either buying or selling bitcoins.
You can then reply to these advertisements and agree (or discuss). It is not uncommon that users of local bitcoins agree to meet in person and pay cash, or trade directly with online banking.
Below is a video (with funny music) that let you see “over the shoulder” how to use the platform:
The services offered:
The platform is great in the way that it will show you “local” advertisers that are close to you, if you maybe want to meet up with the seller (or buyer) in person, or at least call them and speak, as you probably speak the same language.
However, the 2 services are (as already mentioned):
How is the support?
The site is almost “run by itself” and is very easy to use and understand. However, if you got some question or a problem you can submit a support ticket and then get an answer to your e-mail address.
One thing I do miss here is a live-chat function, however, I understand that might be unnecessary right now, however, wouldn´t be surprised if they get one soon as more and more people are getting on the Bitcoin train nowadays.