As there is a growing interest in Bitcoin, novice users are starting to look for more peer-to-peer trading alternatives. While the options are relatively limited in this regard, LocalBitcoins sees an increase in popularity. Traditional exchanges are a hassle to deal with for most consumers, whereas meeting in person seems to be a preferable option.
LocalBitcoins Is Buzzing
For the longest time, Bitcoin enthusiasts were not too keen on using LocalBitcoins as a trading platform. That may seem quite strange, considering there is a reputation system involved. Moreover, buyers and sellers can determine how they want to pay, and even if they want to meet in person to complete a transaction. No personal identification is needed per se, and there is far less hassle than dealing with traditional exchanges.
LocalBitcoins has seen an uptake in Bitcoin volume over the past 18 months. What is most interesting is how the entire world seems to be appreciating the value platforms like these bring to the table. Bitcoin is a peer-to-peer cryptocurrency, yet when it comes to buying and selling BTC, we often forget about the p2p part.
The way LocalBitcoins works is as follows: users can sign up for an account and look to buy or sell Bitcoin. Sellers can set their accepted payment methods although PayPal or Skrill should be avoided at all costs due to chargebacks and fraud. Buyers can look for vendors in their region, see if anyone accepts their preferred payment method, and contact them directly.
This is very different from traditional exchanges. On most Bitcoin trading platforms, buyers and sellers put in individual orders after going through a verification process. Until these orders are matched, no trades are concluded. There is nothing peer-to-peer about this system, as buyers and sellers do not interact directly. Granted, not everyone is looking for that experience, but peer-to-peer is an integral part of Bitcoin at its core.
It comes as no surprise to find out LocalBitcoins has seen spectacular growth over the past few years. The platform is convenient, easy to use, and features sellers and buyers in most countries around the world. It is an open market for the free market that is Bitcoin. Caution is still advised when dealing with sellers and buyers, though, as scammers can be found everywhere.
Source; Coin Dance
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