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Guide: how does Localbitcoin work
Guide: how does Localbitcoin work
Altcoin

Guide: how does Localbitcoin work

By Alfredo de Candia - 5 Apr 2020

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After the announcement made several months by the famous LocalBitcoins, a platform for buying and selling bitcoin (BTC) among individuals, of the introduction of the KYC procedure in order to buy and sell amounts over 1000 euros per year, here is Bitcoin.com taking the opportunity to launch Localbitcoin, a trading platform without KYC for BCH.

Step-by-step guide: how to register on Localbitcoin 

After registering on the platform by entering a username, a password and a registration email, the user will have access to the website in order to buy and sell Bitcoin Cash (BCH), but also to buy goods and services in the marketplace section with a dedicated area for Steam-related items.

By going to the “Trade BCH” section, it is possible to start selling and buying BCH based on the offers made by other users; for buying BCH users must click on “Buy BCH” and select the type of payment. Localbitcoin also accepts gift cards from Amazon, PayPal and also the Venezuelan Petro cryptocurrency.

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After identifying the most convenient offer, it is possible to view the feedback about the seller, check when they registered to the platform, when they were last online, the number of trades and so on.

Proceeding with the offer, a screen will open to start the trade with the seller and in case the seller does not have enough reputation, it is the platform itself that alerts the user.

The same applies when selling BCH, depending on the requests in the relevant section.

However, a different scenario applies when the user wants to create an offer to sell or buy BCH or sell goods and services and get paid in BCH.

For this, it is necessary to write the city in which the listing will appear, the accepted payment method and also the currency of choice.

In addition, it is possible to set the price fluctuation rate taking as reference the data from different exchanges to confirm it, by choosing a minimum and maximum value according to the availability of the trade.

Finally, a title must be added in order to post the offer and information about the trade (e.g. when to be contacted).

It is also possible to choose the type of profile that can respond to the ad, whether everyone or only those who have, for example, verified their phone number.

This procedure has a fee ranging from 0.25% for those who create the offer and 0.75% for those who respond to the offer.

Guide to buying and selling goods and services

The procedure is similar in the case of buying and selling items in exchange for BCH. It is possible to enter the category of the object, the description, the price in BCH and the photos of the object itself, following the same steps of the previous procedure.

Localbitcoin is thus a simple and intuitive platform: it is easy to create an offer or buy and sell BCH by simply browsing through the various menus.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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