Last Updated On October 8th, 2018
Buy and Sell Bitcoins Locally!
Local Bitcoins allows users to buy and sell bitcoins locally. The site users post advertisements where they state exchange rate and payment methods for buying or selling bitcoins. You reply to these advertisements and agree to meet the person to buy bitcoins with cash, or trade directly with online banking. Bitcoins are placed in LocalBitcoins web wallet from where you can pay your bitcoin purchases directly.
I have personally used the site a few times to both buy and sell bitcoins locally in Austin, Texas. All smooth transactions. Be sure to get copy of i.d. for tax reporting info if your country requires.
How they are different
LocalBitcoins is de-centralized, embracing the nature of bitcoin.
On LocalBitcoins you are dealing with humans. Unlike centralized, stock-exchange-like, bitcoin trading sites, you make a trade directly with another person. This makes the process lean with fast, as there is no corporate overhead. You get your bitcoins instantly. Also, LocalBitcoins can support every payment method its user community supports. For every transaction, LocalBitcoins offers escrow or transaction service to protect the buyer of bitcoins.
- Trade process duration from the creation of the user account to having bitcoins in your wallet is few minutes.
- LocalBitcoins payment method supports wide range of world payment methods.