LocalBitcoin is to Bitcoins what Prestmit is to gift cards but with a twist? LocalBitcoins is a Finnish peer-to-peer bitcoin marketplace. The platform allows anonymity while trading. Individuals advertise their bitcoin to potential buyers and negotiate their prices. When the seller sells for an agreed price they pay 1% of the money made to LocalBitcoins. It also allows sellers to be paid in their local currency. The platform aims to link buyers and sellers of bitcoin and it already has around 11,000 active traders.
Buyers can make payments using bank transfers, bank cash deposits, or an international transfer brand like Western Union.
Opening a LocalBitcoins Account
Go to LocalBitcoin.com, click on SIGN UP FREE. Fill in your details then click on register. A confirmation link will be sent to the email you provided when filling in your information. Once this is completed your wallet has been created and you can now buy and sell bitcoins.
Do LocalBitcoins Operate in Nigeria?
Yes, it does. Users residing in Nigeria can buy and sell bitcoins on this platform, as they allow payment in Naira.
How to Buy Bitcoins on the Platform
- Enter the main page and fill in the search box with the amount of bitcoin you want to buy in your country’s currency. Also, fill in your location and preferred payment method.
- If you are not sure of the payment method you want you can choose ALL ONLINE OFFERS.
- You will see adverts of bitcoin sellers around your location.
- Select a seller with a good reputation score. You can check a seller’s reputation score/amount of sales made through the SELLER option.
- After negotiating with the seller, pay for the bitcoin. You can do this through bank transfer, payment through bank or you can meet with the seller in person.
Your newly acquired bitcoin will be transferred to your wallet. In case you do not agree with the seller’s conditions you can always go back to pick a different seller.