Review on LocalBitcoins by Saparov Meylis

The cryptocurrency world is constantly changing. New projects, websites and digital tokens are regularly emerging. This material will be dedicated to a cryptocurrency exchanger with Finnish roots called LocalBitcoins.



Not so long ago, the rules for using this site have changed noticeably, bringing users both a number of inconveniences and undeniable advantages. Analyzing this and some other questions, I will try to give an answer as to whether it is worth trading on LocalBitcoins in 2019 and whether it makes sense to consider it as a worthy competitor to the market giants.

This company was established back in 2012. Then the Finnish startup set itself quite ambitious goals, his team wanted to launch a project that would unite people and economies around the world, bypassing the classical banking system. Thus, users should have received the maximum level of freedom and anonymity for transactions and transfers outside the supervision of regulators.



The project initially positioned itself as a global product with a claim to worldwide distribution. Thus, a fairly official site in the ".com" domain zone has acquired a Russian-language interface, as well as the ability to exchange and transactions in rubles and a number of other currencies of the CIS countries.



LocalBitcoins.com is a specific project that combines the characteristics of an exchanger and a P2P network. This is definitely not a cryptocurrency exchange in the classic sense of the term.



LocalBitcoins functionality is implemented in such a way as to simplify buying and selling Bitcoins to the lowest possible level of complexity. This site has absolutely no charts, trading tools and other essential attributes of stock exchanges. It all comes down to the interaction of those who want to buy and those who want to sell cryptocurrency on certain, clearly defined conditions.



A typical scheme for buying and selling Bitcoins on LocalBitcoins is as follows:



1. The seller puts up an offer for sale

a certain number of tokens for the amount he needs.

2. The buyer finds this application among dozens of others,

interested in her as the most financially

attractive and contacts the seller for

further conclusion of the contract.

The further transaction takes place through the mediation of the LocalBitcoins site, which helps to ensure the transparency and security of the operation.



Each such transaction is carried out using an “intermediary account”, into which funds from both parties go. As soon as the required amounts come to him (previously indicated in the contract), LocalBitcoins sends everyone what he claims.