Cryptocurrency Q&A
How does a LocalBitcoins trade work?
How does a LocalBitcoins trade work?
TaegeukChampion
Thu Aug 29 2024
|
6 answers
1774
Can you explain in detail how a LocalBitcoins trade functions? I'm particularly interested in understanding the process from the moment a buyer and seller connect on the platform to the final transaction, including the role of escrow services and any potential risks or safeguards in place. Also, how does the platform ensure the security and privacy of users' transactions?
6 answers
SamuraiHonor
Sat Aug 31 2024
LocalBitcoins, a popular peer-to-peer platform, facilitates Bitcoin trades directly between buyers and sellers. For instance, let's explore the process of selling Bitcoins on this platform. The mechanics are comparable when purchasing Bitcoins, but for clarity, we'll delve into the selling aspect, which is prevalent.
Was this helpful?
330
23
TopazRider
Sat Aug 31 2024
When initiating a sell trade, the first step involves setting up an advertisement on LocalBitcoins, specifying the amount of Bitcoins you wish to sell, the preferred payment method, and any additional terms or conditions.
Was this helpful?
211
69
Lorenzo
Sat Aug 31 2024
As a seller, you'll be required to provide some basic information for verification purposes, ensuring a secure and trustworthy trading environment. This might include your email address, phone number, and proof of identity.
Was this helpful?
329
49
DigitalTreasureHunter
Fri Aug 30 2024
Potential buyers can then browse through the available advertisements and select the one that suits their needs. Once they've decided, they initiate the trade by sending a trade request to the seller.
Was this helpful?
295
93
Rosalia
Fri Aug 30 2024
The trade then moves into a chatroom where both parties can negotiate and finalize the details of the transaction. During this phase, the seller may request the buyer to make the payment first, depending on the agreed-upon terms.
Was this helpful?
315
46
Load 5 more related questions
