LocalBitcoins.com is a decentralized marketplace where people from all countries of the world can change their local currency <–> crypto-currency. It allows its users to post offers where they state exchange rate, and payment methods for buying or selling bitcoins. You reply to them and agree to meet the person, or trade directly using online banking. Bitcoins are placed in LocalBitcoins web wallet, escrow that works really well in providing aditional security.
The difference between Local Bitcoins and most exchanges is that LocalBitcoins does not require personal information when making good trades.
Unlike other exchanges, which require ID verification and personal information, Local Bitcoins allows you to buy bitcoin without connecting your name to the bitcoin you’re buying.
- LocalBitcoins is one of the most private ways to purchase bitcoins
- In some countries it is the only way to buy bitcoins
- It allows you to buy bitcoins with many payment methods
- No buying or selling limits imposed by LocalBitcoins
- There are many scams and you need to use caution
- Fees can be slightly high when buying with cash, since many people are willing to pay extra for the privacy LocalBitcoins offers
- Some sellers will require ID verification for larger amounts