Local Bitcoins is the person to person Bitcoin exchange process. On the terms of the trade the buyer and the sellers agree and the localBitcoin is actually used as an escrow. The local Bitcoins is actually a global Bitcoin exchange which gives huge options for knowing about their users. Thus before knowing about the Bitcoins in a detailed way lets know some of the good things and bad things of about the Bitcoin such as are follows:
- The localbitcoins is the private way for purchasing Bitcoins.
- In some of the particular countries this is the only way for purchasing Bitcoins.
- This is the only way through which you can buy Bitcoins with different types of payment methods.
- In this localbitcoins there are also different types of scams for that you have to be cautious enough.
- When you are going to purchase with cash then the fees might be higher, as because many peoples pay extra on their own will for the privacy purpose which the Local Bitcoins offers.
Localbitcoins do not include any limitations to their users, there users are totally free to decide on their own limitations and price level.
- There is no limitation thrust by the Localbitcoins.
- Here some of the sellers will have to show ID proofs for the verification purposes specifically for the large amount transaction.
LocalBitcoins is availed in almost every country. The liquidity which will depend actually on the amount of the sellers and buyers are present in your area. LocalBitcoins is not situated in Germany and also in the New York. Actually LocalBitcoins leave New York due to the BitLicense purpose.
There has been found some of the difference between the LocalBitcoins and other exchanges. LocalBitcoins does not need any further personal information while making good trades. On the other hand, other exchanges need ID proofs and personal information for the verification purposes. LocalBitcoins actually makes you allow for buying even without making any connection with your name.
Actually LocalBitcoins provides us with the service of being able to pay with the any methods of the payment; in this case depositing cash is the popular method of transaction.
LocalBitcoins users are actually totally free for purchasing and selling, they are also free to use any of the payment methods. The methods of the payment are totally dependent on the availability of your location.
- There are huge range of payment methods available.
- There are many fraud type of payment methods like PayPal or any payment method which are reversible should never be used.
Thus at the end it is concluded that there are many bad sides and good sides of the Localbitcoins. On the other hand, LocalBitcoins is also a good facilitator for their user and also they have made much more user friendly.