This is because these services make buying and selling Bitcoin easy, but with convenience comes a cost. Not only do we mean a financial cost because you pay premium fees for these services, but you also lose privacy and in many cases anonymity.
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Mainly due to Know-Your-Customer KYC rules with exchanges and them requiring personal and sensitive information about you, such as your name, address, phone number and other identification.
This has put a real burden on the space for those that want to trade without this sort of interference.
In addition, because of the way Local Bitcoin is setup using Blind EscrowLocal Bitcoin never touches any funds whatsoever — which means that there is no KYC at all on the platform. Users can trade with each other with confidence, privately and anonymously. The first step if you aren't registered is to sign up for the platform.
All that is needed is an email address. Once registered make sure to verify your email address and setup two factor authentication for security reasons.
How to Buy Bitcoin
You can do this in the My Account section. If you want to buy Bitcoin Cash the next step is to visit the Offers page which will have filters at the top.
You can also filter by location which will help narrow down the search to sellers in local bitcoin is what area. You will be presented with the offer page to open the trade with the amount you want to buy.
The page will also provide details about the seller. Make sure to review it including their feedback and reputation. It includes a fully encrypted chat session so you can talk to the seller and they can talk to you. Once that is done and while communicating with local bitcoin is what seller via the chat, you will want to send the payment to them.
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After they have received the payment and have confirmed it on their end, they will release the funds sitting in escrow to you. Once the escrow is released, the funds will be sent to you in your Wallet on the Local Bitcoin page and you are done — the transaction is complete!
Make sure to give the seller a thumbs up or down depending on how smoothly the transaction went. The seller can also provide the same feedback to you as the buyer.
Doing this helps to build reputation on the site for all parties. Have more questions?
Make sure to read all the Local Bitcoin FAQs which covers many areas from security, to usage, escrow and disputes. Was this helpful?
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