I have recently bought bitcoins from the localbitcoins website and I can truly say that it is the Fastest and easiest way to buy and sell bitcoins
The transaction took only 5 minutes to complete, once you made the payment. However, there are certain guidelines to follow before you start a trade. Some of the most important one are
Finding a trusted seller. LBC keeps the history and activity of all it's user public. Therefore, you can easily find out who can you trust. First of all, find a seller who is highly rated and have serviced more than 500 trades and have 100% positive feed back.
You should not trust a seller who has less than 100 transaction and less than 98% feed back score.
Check the feed back of the seller you are considering to buy from. If anything looks suspicious, do not initiate the trade.
Check the Bitcoin release time and the average time. The release time should be between 4 to 15 minutes.
Do all the communications with the seller through the LBC. The LBC use escrow technology, therefore, gaurantee is provided for the protection of both seller and buyer. You can cancel the trade anytime, if it looks suspicious to you.
I found that the prices of bitcoins in LBC is less than the rate offered by zebpay, unocoin or any other wallet in India.
LBC is a P2P or peer to peer network. It is like OLX. Where advertisers post their trade prices to buy/sell bitcoins. And you have a variety of sellers listed there selling at different prices and you have the freedom to select the seller.
After buying low from LBC you can transfer all the bitcoins to your zebpay account and can now sell them at a higher price and make a decent profit.
Nice article
Thank you..
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