Topic: How to buy Bitcoin from Local Bitcoin as a beginner using your fiat curency (Read 211 times)
October 05, 2018, 05:01:53 PM
Just want to add that before engaging in Localbitcoins.com , try to research first if there's an available crypto local exchanger in your country. In a country that is not quite restrict in terms of using crypto, at least there should have.
Why choose those? It's because of the availability of local payment methods. Surely it will that local exchange will touch most of the popular payment gateways in your country. In that way cash in and cash out are just one click away without any hassle method.
October 05, 2018, 03:10:29 PM
The "genuity" of a lot of sellers on LBC is also highly questionable.
If i were an absolute noob, i'd be much more comfortable using a regulated nonP2P exchange such as coinbase. The chances of something going wrong on coinbase are much, much smaller than that of a P2P trade.
But if coinbase et al are not available in your country, LBC could be a decent solution, sure. (Although the fees would probably be massive, depending on the payment method and seller..)
Coinbase has a limitation, is not available in my country. This is the more reason why local bitcoin is more unique than the coinbase. Local Bitcoin is everywhere across the globe. If i were an absolute noob, i'd be much more comfortable using a regulated nonP2P exchange such as coinbase. The chances of something going wrong on coinbase are much, much smaller than that of a P2P trade.
But if coinbase et al are not available in your country, LBC could be a decent solution, sure. (Although the fees would probably be massive, depending on the payment method and seller..)
October 05, 2018, 11:40:19 AM
What you are telling is about LBC genunity is that you have to be alert in which ever exchange you buy. In LBC the escrow security is high and getting scammed is low chances only the negligence of the user is the cause of getting scam. Their escrow is very good and their system of buying and selling is also good. Only thing is that you should be alert.
It's still not something you want to experience as an absolute newbie to bitcoin.
Even if you don't get scammed, you still get delayed/will have trouble accessing your funds due to their escrow, i doubt that'll leave good memories about the crypto ecosystem to most people.
Quote
only the negligence of the user is the cause of getting scam
Which is exactly what most new people are. Especially if you come from the traditional banking system where everything is reversible & banks are widely trusted etc.
October 05, 2018, 11:07:22 AM
The "genuity" of a lot of sellers on LBC is also highly questionable.
If i were an absolute noob, i'd be much more comfortable using a regulated nonP2P exchange such as coinbase. The chances of something going wrong on coinbase are much, much smaller than that of a P2P trade.
But if coinbase et al are not available in your country, LBC could be a decent solution, sure. (Although the fees would probably be massive, depending on the payment method and seller..)
If i were an absolute noob, i'd be much more comfortable using a regulated nonP2P exchange such as coinbase. The chances of something going wrong on coinbase are much, much smaller than that of a P2P trade.
But if coinbase et al are not available in your country, LBC could be a decent solution, sure. (Although the fees would probably be massive, depending on the payment method and seller..)
What you are telling is about LBC genunity is that you have to be alert in which ever exchange you buy. In LBC the escrow security is high and getting scammed is low chances only the negligence of the user is the cause of getting scam. Their escrow is very good and their system of buying and selling is also good. Only thing is that you should be alert.
October 05, 2018, 10:13:38 AM
If i were an absolute noob, i'd be much more comfortable using a regulated nonP2P exchange such as coinbase. The chances of something going wrong on coinbase are much, much smaller than that of a P2P trade.
Agreed with you. But, for your info, coinbase doesn't allow people from every country to buy/sell. That's why we need to depend on LocalBitcoin. October 05, 2018, 09:59:06 AM
The "genuity" of a lot of sellers on LBC is also highly questionable.
If i were an absolute noob, i'd be much more comfortable using a regulated nonP2P exchange such as coinbase. The chances of something going wrong on coinbase are much, much smaller than that of a P2P trade.
But if coinbase et al are not available in your country, LBC could be a decent solution, sure. (Although the fees would probably be massive, depending on the payment method and seller..)
If i were an absolute noob, i'd be much more comfortable using a regulated nonP2P exchange such as coinbase. The chances of something going wrong on coinbase are much, much smaller than that of a P2P trade.
But if coinbase et al are not available in your country, LBC could be a decent solution, sure. (Although the fees would probably be massive, depending on the payment method and seller..)
October 05, 2018, 08:43:56 AM
As a beginner that just have little knowledge about Bitcoin, where to buy bitcoin and start invest is the major challenge. You might have different sources through a google search, but the genuinity of those sources is another thing you need to think about most especially if we a huge amount of fiat currency to start our investing. If you can get it right by buying bitcoin as your first cryptocurrency through your fiat currency, all other cryptocurrencies of your choice will become very easy for you to invest in through the help of exchanges.
I am writing this article to help the newbies that are just coming into the crypto world where they can easily and safely buy their first bitcoin with their fiat currency without being scam. Local Bitcoin(https://localbitcoins.com) is one of the best platforms that can help you out as a beginner. The beauty of this platform is that you can buy and sell or send to any exchanges to start trading it with other cryptocurrencies. The platform is designed to use all locations across the world. If your resident is the UK or US, you will use your local currency or fiat currency to buy the bitcoin of your choice.
HOW TO BUY BITCOIN WITH LOCAL BITCOIN
Stage 1. Registration
Register your free account with the https://localbitcoins.com and confirm your account by clicking a that will be sent to your email
Stage 2. National ID Submission
You will need to submit a national Id for confirmation before you can be authorised to use the account for any transaction.
Stage 3. Searching for advertisements
After the confirmation of your account, are you now set to buy your first bitcoin. Search for advertisements through the main page to get the amount you want to buy in your currency. Thereafter, you will be directed to choose a method yours from the drop-down list. In a situation where you are not that to sure of a payment method, you will have to choose "All online offers" as a payment method and it will display a list of bitcoin traders from your location.
Stage 4. Select an advertisement
You can now choose one trader with a good reputation score with a high volume of trades from the list displayed. A response time will be displayed and the maximum time of all responses shouldn't be more than 90 minutes, else it will be cancelled.
Stage 5. Making Payment to the seller
After selecting the buy button the, the responses time will start counting and you will have to pay the seller before the response finish.
Stage 6. submission of evidence of payment
You will have to submit evident of payment through the chat box to the seller and stop the responses time.
and Immediately your account will be credited with your bitcoin after the seller confirmation.
This transaction can be completed within 5 to 10 minutes if you are doing fiat currency transfer with your local bank.
I am writing this article to help the newbies that are just coming into the crypto world where they can easily and safely buy their first bitcoin with their fiat currency without being scam. Local Bitcoin(https://localbitcoins.com) is one of the best platforms that can help you out as a beginner. The beauty of this platform is that you can buy and sell or send to any exchanges to start trading it with other cryptocurrencies. The platform is designed to use all locations across the world. If your resident is the UK or US, you will use your local currency or fiat currency to buy the bitcoin of your choice.
HOW TO BUY BITCOIN WITH LOCAL BITCOIN
Stage 1. Registration
Register your free account with the https://localbitcoins.com and confirm your account by clicking a that will be sent to your email
Stage 2. National ID Submission
You will need to submit a national Id for confirmation before you can be authorised to use the account for any transaction.
Stage 3. Searching for advertisements
After the confirmation of your account, are you now set to buy your first bitcoin. Search for advertisements through the main page to get the amount you want to buy in your currency. Thereafter, you will be directed to choose a method yours from the drop-down list. In a situation where you are not that to sure of a payment method, you will have to choose "All online offers" as a payment method and it will display a list of bitcoin traders from your location.
Stage 4. Select an advertisement
You can now choose one trader with a good reputation score with a high volume of trades from the list displayed. A response time will be displayed and the maximum time of all responses shouldn't be more than 90 minutes, else it will be cancelled.
Stage 5. Making Payment to the seller
After selecting the buy button the, the responses time will start counting and you will have to pay the seller before the response finish.
Stage 6. submission of evidence of payment
You will have to submit evident of payment through the chat box to the seller and stop the responses time.
and Immediately your account will be credited with your bitcoin after the seller confirmation.
This transaction can be completed within 5 to 10 minutes if you are doing fiat currency transfer with your local bank.
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