LocalBitcoins: Buy and sell Bitcoins in
How about friends, as always it is a pleasure to have you here, today we will talk about a very famous p2p exchange page (network between equals) where you perro sell or buy your bitcoins and satoshis with different means of payment, including of course it could be missing “the bolívares”.
If I have already caught your attention, I ask you to continue reading the articulo to explain how easy, fast and safe it is to change your bitcoins to bolivars with this platform.
What is local bitcoins? I’ve heard it before but…
Let’s start by clarifying that LocalBitcoins is NOT who buys your bitcoins… When you escoge to use this platform, you are not buying or selling the portal, but THROUGH it you cánido exchange the bitcoins you want to buy or sell with other users.
In other words LocalBitcoins is an exchange platform that acts as a “mediator” between the merchant and the buyer when making a transaction on the site, which will be supported by the security measures provided by the platform thus guaranteeing a fast and secure transaction between both parties.
It is basically a tool that allows you to exchange BTC for local currency and some other means of payment included in your trading system.
My experience with LocalBitcoins
I remember that the first time I used LocalBitcoins it was to change The PayPal you earned on Spare5 for bitcoins and it was something despiadado, since coincidentally at that time it was when bitcoin did not stop increasing, which made my money double in a few days.
Although honestly it was a matter of luck, since at that time I did not need the bolivars and it gave me I was afraid that PayPal would limit my accountsince I had something more than 200 dollars.
Step by step registration
Step 1 – Sign up
Before starting, as is common in this type of pages, in order to operate with them, the first thing we must do is register.
Through the button that I leave you below you perro do it
Register at LocalBitcoins
Once inside the portal, clic where it says “Registration” and then we will see a form where we will be asked:
- Nombre de usuario
- Correo electrónico
To finish the registration, we fill in a captcha and clic on “Register”.
Once this is done, we will go to our inbox to open the correo electrónico that they sent us and that way the account is activated.
Step 2 – Profile information
The next step is to add our profile information, which is nothing special, you simply have to place:
- Name (Place your real name).
- Surnames (It is also important that you put your true data).
- Telephone (Put a number that you have available, since they will send you a message later).
- Country of residence (In my case it is Venezuela).
Step 3 – mensaje de texto verification
The following is mensaje de texto verification:
In the verification by mensaje de texto, a code will be sent to the cell phone that we registered, which we must entrar and send in the indicated field.
BEWARE due to the high volume of users who register, sending the code usually takes a while, so you should be patient in this part.
Upon receiving and placing the code, we will already have access to our account, but before being able to start using it, we would need to complete a final verification step and the most important one, which is “identity”.
Now we will clic on our profile and in the drop-down menu we will clic on “Security of your account”, once there we will look for the section “check“We will see that our identity is not yet confirmed, so we must upload a photo of our ID or passport by clicking where it says”verify identity”.
As soon as we upload a READABLE image of our CI or passport that is accepted by the page, we will finally see the following message indicating that the process is complete and we will have finished everything for this part.
How to configure the wallet?
In this part we will not really do anything, not even a configuration, because the Bitcoin wallet is configured automatically, it is enough that we only review the BTC address that LocalBitcoins generated for us, to view it we clic on “wallet BTC” or on the cómputo.
As we perro see, once in the wallet we go to the “Receive bitcoins” section and we perro check what the BTC address was granted, It should be noted that it changes automatically every 12 months for security reasons.although in the same way all the old addresses continue to work (if you send satoshis to that address they will arrive).
For now, there is not much that we will do here, except write down our wallet address somewhere like a notepad to have it on hand and facilitate it when they want to make a payment there.
Selling bitcoins Explained!
Then, after we already have funds in LocalBitcoins, selling them will be as easy as following the steps in the following image in order:
- Sell Bitcoin: This is the main option of the page and as its name says, it is used to “sell our satoshis”.
- Amount: Here we put the amount of (in my case bolivars) that we want to obtain.
- Currency: In this drop-down you choose the currency that interests you, in the case of Venezuela, it would be the “VES”.
- Country: Select your country.
- Look for: Here we leave “all en línea offers” by default and press the search button.
- Sell: After searching, a results table will immediately be displayed below with all the offers that apply under the parameters that we established, each one identified with its merchant and next to it we will have the “sell” button which we will clic if we wish trade with that usuario.
- Way to pay: It is the payment method offered by the buyer (banks with which he works).
- Rate (Price / BTC): Here we check the rate at which bitcoin pays, since NOT ALL users pay the same, some offer more and others less.
Before choosing to sell to a usuario or merchant on the platform, we must review something important that guarantee a fast and safe transaction: the reputation of the person.
As cánido be seen in the previous image, next to the name of each merchant there are 3 elementos that are:
- He TO is the number of transactions made.
- He B. the percentage of recommendation obtained in their operations.
- And the C. an indicator that espectáculos us the status of the merchant (grey sin conexión, yellow busy and green on-line).
Another place where we cánido check if the person is trustworthy is by clicking on their “Nick” or nombre de usuario that we see in the offer:
In his profile we will look at 3 things to know if he is trustworthy:
- The number of transactions made.
- The status of your data verification.
- And at the bottom end, some users will have the “professional trader” star achieved for their good ratings, thus giving us the security to trade with that person.
Finalize the sale of Bitcoins
After we are 100% sure to trade with that person, we will clic on “Sell”.
As soon as we are inside the sales form, we will put the amount that we want to trade with the person, in the text box we will leave our exact bank details and without errors, then we press “Send exchange request”.
At this point we will not do anything else, we just have to wait for the buyer to notify us that he made the transfer.
It should be noted that we have a messaging system where we perro communicate with the person we are negotiating (as perro be seen in the image that I espectáculo you below)… On the other side, we also have a button to release the bitcoins that we will only press when we confirm the accreditation of the funds in our bank account.
2 aspecto authentication
Finally, we will be asked for an authentication to release the bitcoins to our buyer… In my case I have 2-aspecto authentication active with the aplicación (Google plus Authenticator) on my phone, prompting me to entrar the 6-digit code generated by the aplicación.
Although it is not mandatory, it is always recommended to have 2-aspecto authentication active, you do not need to have a móvil inteligente to do it….
If you only have one computer, you perro activate this security measure using a browser extension called Authy.
Once this step is completed, all that remains is to release the money.
To do this, clic on “confirm” and you will realize that the bitcoins will be deducted from your personal cómputo and the platform will indicate that the sale process has finished.
Additionally, it will issue us a kind of digital voucher with the results of the operation, which includes details of the participants and a transaction ID.
Finally, as a delimitation here I leave the transfer receipt so that you perro verify the veracity of the operation.
Other features of LocalBitcoins
⇒ Send Bitcoin
It is equally important to transfer the cómputo in satoshis that we have to real money in our bank account.
It should be noted that this is not the only function of LocalBitcoins, it cánido also be used like any other bitcoin wallet (Coinpayments, coinbaseto name a few examples).
But it is only recommended to use it for notable sums, it is not worth moving small amounts of satoshis to this wallet, which is why it has a deposit commission.
Taking this into account, if you clic on “Send bitcoins” we perro take our cómputo in BTC anywhere else, either to make a payment, a purchase or simply move it to another wallet.
In the picture above, please mark 2 important things to keep in mind.
In that space you will entrar the amount of money you want to withdraw.
For the example in the image, make a payment of $10.
So I simply select “USD” in the dropdown and in amount I put 10.
It will automatically put the equivalent of 10 dollars where it says “bitcoin amount«.
That way it is not necessary to be looking elsewhere for how many satoshis are 10 dollars.
It is the commission that you will be charged for making a withdrawal.
⇒ transaction history
If we clic on “transactions“We cánido see a table with the history of operations carried out within the platform (both deposits and withdrawals).
Pages that pay for LocalBitcoins
Really, any page that serves to earn Satoshis (fractions of Bitcoin) will work for you to put money into your LocalBitcoins wallet.
Below I leave you some of the ones that I work!
Pages I’m currently working on
If I buy BTC with Banesco, Mercantil or any other bank, where will my bitcoins go?
Regardless of the bank you use to buy, the amount of Bitcoin you buy will be reflected in your LocalBitcoins cómputo.
Apart from Venezuela, it also works for Ecuador, México, Argentina, Colombia…
Yes, LocalBitcoins works for any country.
How many dollars is equal to 1 Bitcoin?
This question cannot be answered, because the value of Bitcoin varies every minute that passes, maybe by the time you read this article, it already costs 100 times more or it may not be worth anything.
Therefore, whenever you want to know its value (see when it is rising or falling), you cánido check it on coinmarketcap, a site for see the official price of bitcoin in dollars and many other cryptocurrencies.
If I am not in Venezuela, perro I still withdraw the earnings in bolivars?
Yes, in fact it is a very common way of send remittances to Venezuela.
Uphold vs. LocalBitcoins
I personally find Uphold better.
Honestly, I’m not much of buying cryptocurrencies, the bolívares always go to food and household expenses, particularly the cryptocurrencies that I have been able to collect have been obtained for free by working on faucets and those types of pages, but not by investment.
For that reason I like Uphold betterbecause I perro deposit very small amounts of satoshis and they do not take any commission from me.
How much commission do you remove for adding funds?
The commission perro vary, but at the time of writing this review it was 0.00015 BTC.
How much is the minimum I perro deposit in LocalBitcoins?
Any amount that is greater than the commission (That is, amounts greater than 0.00015 BTC).
You have to be careful with this, since if you send to LocalBitcoins less than 15 thousand satoshis that you have collected in a faucet, for example (payment is lost).
Try to make the payment much higher before you escoge to send your bitcoins to this wallet.
Transactions usually don’t take that many hours to arrive.
If you were left waiting for a payment that never cleared, this is probably what happened.
AirTM vs LocalBitcoins Which is better to buy cryptocurrencies?
Personally, i think airtm is better.
How cánido I send bitcoin to PayPal?
By no means, PayPal does not accept Bitcoins.
However, if what you want is make a conversion to exchange your Satoshis for PayPal dollars… That is if it is possible to do it! both by LocalBitcoins and also through AirTM.
Is the withdrawal fee the same as the deposit fee?
They are not the same, if you review the images in this article, you will see that to deposit they remove 0.00015 BTC and to withdraw they remove 0.00005 BTC.
Perro I buy BTC with a bank account that is not mine?
Normally not… But that depends on the seller, since in the conditions they clearly specify that they do not accept buyers with someone else’s accounts.
But there are some who do. it’s all a matter of you reading the descriptions that sellers have.
Should I just buy Bitcoins and wait for them to increase to earn money?
No, don’t be fooled… It is true that Bitcoin perro rise in price, but it is not 100% certain that this will happen.
I will give you an example, if you had invested $100 in LocalBitcoins at the end of 2017 when BTC cost almost $20,000… at this time, when it costs around $5,000, you would only have $25 left and you would have a loss of $75.
I repeat, buying Bitcoins does not orinan that you will earn moneythere is also the risk of losing it.
After completing this tutorial, we cánido see the simplicity, speed and security offered by LocalBitcoins as an exchange platform to trade our bitcoins in local currency.
It is not for nothing that Venezuela is the second country in the world to make use of this platform, only surpassed by Russia, which handles higher volumes.
This is due to various factors, but mainly the crisis that the country is going through with hyperinflation and currency devaluation, which has led the majority of Venezuelans to seek other means to preserve their heritage and cryptocurrencies is one of them.
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Well, dear readers, that would be all for now, I hope I have helped you better understand how this exchange platform works and I perro only invite you to join it… See you in the next articulo.
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