LocalBitcoins is an intriguing cryptocurrency exchange in Finland. With LocalBitcoins, users from all over the world may exchange their local currency for Bitcoins. It also facilitates in-person and online transactions between Bitcoin buyers and sellers that reside nearby. Advertisers can specify their desired exchange rate and payment method, and other members can respond by arranging to meet the buyer or seller in person. LocalBitcoins also acts as an escrow, ensuring the fairness of every transaction.
History and Origins of LocalBitcoins
LocalBitcoins is a legal online cryptocurrency marketplace headquartered in Helsinki, Finland. As of June 2012, Jeremias Kangas, the company’s founder, had launched it, and it has since grown to be one of Finland’s best-performing companies financially. Sebastian Sonntag is the company’s current CEO and owner. Any user from any country is welcome to utilize the exchange unless explicitly barred from doing so by the site.
LocalBitcoins suspended operations in New York state in August 2015 due to the requirement for sellers to obtain a BitLicense from the New York State Department of Financial Services to comply with local financial legislation.
The LocalBitcoins platform has already been in the headlines due to controversies in Russia. The telecoms executive agency, Roskomnadzor, restricted access to the site in September 2016 over concerns that the network could be used for money laundering. LocalBitcoins earned a total of $29.6 million in revenue in 2019. The sheer volume of deals by country on the site shows that it is a popular peer-to-peer platform.
LocalBitcoins is currently available in over 240 countries and 13774 cities, with particular traction in the U.S., UK, and China. Due to government restrictions, LocalBitcoins is only open to residents of the following ten states in the U.S. – Illinois, Kansas, Montana, New Hampshire, New Jersey, Pennsylvania, Tennessee, Texas, Virginia, and Wisconsin.
Key Features of LocalBitcoins
Among LocalBitcoins’s most distinctive features are:
Reputation system – Individual traders have their own reputation ratings and public history records detailing their previous activities.
LocalBitcoins’ escrow service is used when you request a transaction, and the traded Bitcoins are held on the escrow service. Only once the seller confirms that the transaction is complete are Bitcoins released.
No transaction fees – LocalBitcoins has no fees for purchasing or selling Bitcoin, making it a cheap option to invest in bitcoin. LocalBitcoins charges a 1% escrow fee on every completed deal if you post an ad. You can avoid the cost by responding to advertising instead of placing your own. It’s an active exchange, so offers are plentiful.
Numerous payment options – LocalBitcoins lets users choose almost any payment option. Users specify payment methods in their adverts. Users may search for offers with specific payment options. LocalBitcoins accepts payments via bank transfers, money wires, payment apps like Zelle and PayPal, and other cryptocurrencies.
Support and dispute resolution – LocalBitcoins has a support team that is available to assist users with any queries they may have and mediate any disputes between buyers and sellers.
Informed BI – The platform provides intuitive business intelligence by displaying real-time feeds for the bitcoin price.
LocalBitcoins is probably one of the most well-known and controversial Bitcoin exchanges. Escrow service LocalBitcoins is renowned for its security and reliability. However, the platform is targeted at first-time buyers and sellers. However, LocalBitcoins ensures its traders’ safety and security by exerting due care and reasonable prudence. The platform presently only supports one cryptocurrency, Bitcoin, and most payment alternatives are regional-specific.