How To Double Your Bitcoins

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What is LocalBitcoin – How dos it Work?

LocalBitcoins is a peer-to-peer (p2p) marketplace that allows buyers and sellers to directly communicate and trade Bitcoins. In this post I’ll review the service and also dispense some tips on what to look out for if you’re new to it.

LocalBitcoins was founded in 2012 in Finland by Nikolaus Kangas and has since grown to become one of the leading marketplaces for Bitcoin in the world without any outside investment. LocalBitcoins offers a platform for sellers and buyers from around the world to meet and trade Bitcoins. It’s like the Craigslist for buying and selling Bitcoin.

Secure trading

LocalBitcoins allows for secure trading through the use of several measures:

Reputation system – Each trader has a reputation rank and also public history records showing their past activities.
Escrow – When you request a trade, the traded Bitcoins are held on LocalBitcoins’ escrow service. The Bitcoins are released only after the seller confirms the trade is completed.
2FA (optional) – Whenever you log into your account you will be required to enter an additional PIN code sent to your mobile phone. This prevents people from hacking into your account. This option is not enabled by default.
Login guard – LocalBitcoins is also able to verify you are always logging in from the same browser. If a login from a different browser occurs, an email verification will be required.
Support and conflict resolution – LocalBitcoins has a support team ready to answer user questions and also resolve conflicts between buyers and sellers in case it happens.
Buying Bitcoin anonymously

Until recently, LocalBitcoins acted as one of the main places you can still buy Bitcoins anonymously. However, as new legislation comes into play, LocalBitcoins now verifies customer identities with traditional KYC (Know Your Customer) processes. Additionally, the option to buy Bitcoins with Cash was removed from the site.

Currencies and Payment Methods

LocalBitcoins supports the buying and selling of Bitcoins only. However, multiple clones have risen up such as LocalEthereum and LocalMonero. There are no official fiat currencies that the site supports, since the site itself doesn’t hold fiat deposits. Users on the site accept a wide array of payment options including but not limited to:

Paypal
Wire transfer
SEPA
Neteller
MoneyGram
Skrill
Cash deposits
Payoneer
Payza
WeChat

The specific available payment methods are determined by the user you will be buying from / selling too. Since you’re buying and selling to individuals, you won’t be able to use a credit card.

However, the Paypal option allows you to pay with your credit card in case you don’t have a Paypal balance. Keep in mind that different payment methods will result in different exchange rates, since some methods are riskier than others and the buyer/seller will need an “insurance” against possible fraud. Because to this, you will usually get the best price for buying Bitcoins using an irreversible payment method such as cash deposits or wire transfers. On the other hand, these are also the most risky ones from your side.

LocalBitcoins Fees

Registering, buying and selling Bitcoins on LocalBitcoins is completely free. LocalBitcoins users who create advertisements are charged a 1% fee for every completed trade. So basically, only the people who are actively promoting their services (i.e. makers) are being taxed. Transactions to wallets of other LocalBitcoins users are also free of charge. Each time you send Bitcoins outside of LocalBitcoins, you will only be charged the standard Bitcoin Network fee, which varies depending on how crowded the network is.

It’s highly recommended not to leave your Bitcoins lying around in LocalBitcoins’ wallet and to move it to your own secure Bitcoin wallet. For the complete fee schedule you can visit this page.

Buying Limits

Depending on your verification level you’ll have different buying limits:

T0 – Requires your name, country, email address and phone number. The limit for trade is €1,000/year.
T1 – Requires T0 + physical address, ID verification and KYC info. The limit for trade is €20,000/year.
T2 – Requires T1 + Proof of residence. The limit for trade is €200,000/year.
T3 – Requires T2 + extra ID verification. There is no limit for trade.

Countries Supported

LocalBitcoins is available worldwide with seller listings from 248 countries. However, it does not provide services in the states of New York or Washington in the USA.

Customer Support and Reviews

In the past LocalBitcoins has had its fair share of negative reviews which related to people getting scammed by sellers. The company looks like it now works hard to root out these bad actors and now has a much improved 4.8 rating on Trustpilot. LocalBitcoins is only a platform, it does not screen out buyers and sellers. This is something you should do yourself.

Reviews that are related to the platform itself state that the site is fairly buggy with support taking a long time to respond. From additional online reviews on Reddit, the general vibe was that the platform is good, it’s the people you need to be suspicious of. Or, like one Redditor put it: “Trades are as trustful as the people you’re making the transaction with”.

LocalBitcoins also has an extensive FAQ page where answers to most questions can be found.

LocalBitcoins VS. Paxful

Aside from LocalBitcoins there is one more popular website that acts as a p2p marketplace called Paxful. Both sites basically offer the same services with similar fees however LocalBitcoins has been around longer and is generally considered as more reliable. Also LocalBitcoins has a wider variety of sellers and buyers. You can read my complete Paxful review here.

How to invest in bitcoin and make money – Double your Bitcoin in 1hour

Peer-to-peer bitcoin marketplace LocalBitcoins suffered a hack this week that resulted in the distribution of malware and a loss of customer funds.

Affected users will be granted refunds after taking steps to address security vulnerabilities, according to the company.

LocalBitcoins vice president Nikolaus Kangas acknowledged the hack on 27th January in a forum post, outlining how the intrusion took place through its LiveChat account, with an estimated 17 BTC lost from customer wallets.

The bitcoin marketplace has experienced security-related problems before, including an incident last year when a hacker gained access to its servers for a brief period of time, though according to LocalBitcoins no customer data was lost. Customers have also reported running afoul of fraudulent users in the past.

Kangas told CoinDesk that he believed the hackers used an unknown kind of malware that was able to bypass existing security measures, and took personal responsibility for the LiveChat intrusion.

He explained:

“The attacker used that LiveChat access to spread some kind of Windows executable, which probably was some new kind of keylogger software which is not yet detected by virus protection mechanisms. If the user got that executable installed, with some social engineering, the attacker managed to get access to different accounts of those victims.”

Customer postings on LocalBitcoins suggest that at least one user reportedly lost funds through other bitcoin-related accounts, but that user later reported that discussions with the company were underway on a possible solution.

Awareness prevented spread

According to the company, three users were identified as having lost funds during the hack. Reports indicate that a lack of two-factor authentication may have been to blame for the fraudulent withdrawals, and LocalBitcoins advised customers to ensure that they are using such security measures to protect their accounts.

Kangas said that thanks to the combined efforts of LocalBitcoins employees and users of the site, information about the LiveChat compromise was disseminated relatively quickly, noting:

“Due to fast actions by the Localbitcoins support staff and Localbitcoins.com community, the impact of the attack remained limited. The amount of users affected was fairly low due to general awareness of the users.”

Kangas added that the company is looking at how they can improve their internal security protocols to avoid similar incidents in the future, and suggested that the incident was illustrative of the costs and challenges of participating in a digital economy.

“This is not only a challenge to bitcoin users, but to all Internet services and users in general, about how to make those attacks equally expensive for those attackers,” he said.

Local Bitcoins differs from most exchanges in that it does not require personal information while making excellent trades.

Unlike other exchanges that require ID verification and personal information, Local Bitcoins allows you to purchase bitcoin without linking your name to the bitcoin.

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