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Author Topic: Localbitcoins explanation  (Read 138 times)
Raytoshi
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September 26, 2018, 11:42:26 PM
 #1

Can someone explain to me the main purpose of platforms like Localbitcoins, Bisq, Paxful, HodlHodl, Localethereum, Altcoin, Vicex? I try to look into Localbitcoins and see that people set demanding rules just to buy their bitcoin. Also, the price is usually more than what the current rate of bitcoin is. I'm really clueless about why anyone would use such platforms. What's the benefit?

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figmentofmyass
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September 27, 2018, 12:00:44 AM
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Can someone explain to me the main purpose of platforms like Localbitcoins, Bisq, Paxful, HodlHodl, Localethereum, Altcoin, Vicex? I try to look into Localbitcoins and see that people set demanding rules just to buy their bitcoin. Also, the price is usually more than what the current rate of bitcoin is. I'm really clueless about why anyone would use such platforms. What's the benefit?

you can buy bitcoin quickly---without waiting days or weeks to get verified at an exchange and then wiring money there.

p2p exchanges are also virtually the only way you can trade without KYC verification, and it's the only way to trade for cash. even localbitcoins now has volume thresholds that trigger KYC requirements. i believe the smaller p2p exchanges don't have KYC yet, but some individual high volume traders will demand ID because they're worried about getting arrested for unlawful money transmission.

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September 27, 2018, 12:10:45 AM
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LCB (localbitcoins) acts as medium to find buyer/seller and also acts as an escrow.

About rules. Can give you example what happened to me:
I haven't read the sellers rules (to use certain banks only) and sent wire from another one. Resulting in whole day waiting till money arrived to his account.

Great benefit is you can actually find a buyer/seller nearby and meet with him personally, trade cash (omitting LBC fees)

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September 27, 2018, 01:20:20 AM
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Well you avoid shady exchanges and their tracking, for one. There's no shortage of exchange horror stories on the internet, and if those spook you, these platforms are your best alternative. Some people use these exclusively just for privacy.

That being said, they can be a little more expensive, as you said, and less convenient because trades don't usually happen as fast. It's up to the user whether they value convenience or privacy more, and that's great in itself because you have choices and alternatives.

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September 27, 2018, 02:11:10 AM
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You can trade cryptocurrency for fiat or vice versa in a peer-to-peer manner for some of the exchanges you listed. Meaning, you can simply meet up in person and pay/receive cash. This is great for people without PayPal or bank accounts and if you want to be more anonymous.

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September 27, 2018, 05:11:04 AM
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You can trade cryptocurrency for fiat or vice versa in a peer-to-peer manner for some of the exchanges you listed. Meaning, you can simply meet up in person and pay/receive cash. This is great for people without PayPal or bank accounts and if you want to be more anonymous.
Ok, so what I gather from everyone's responses is the benefit of being anonymous. Because it's clear that it's not cheaper and is not necessarily faster unless you're physically meeting a stranger.

Trying to get some merit points from generous people.
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September 27, 2018, 05:18:11 AM
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Can someone explain to me the main purpose of platforms like Localbitcoins, Bisq, Paxful, HodlHodl, Localethereum, Altcoin, Vicex? I try to look into Localbitcoins and see that people set demanding rules just to buy their bitcoin. Also, the price is usually more than what the current rate of bitcoin is. I'm really clueless about why anyone would use such platforms. What's the benefit?

you can buy bitcoin quickly---without waiting days or weeks to get verified at an exchange and then wiring money there.

p2p exchanges are also virtually the only way you can trade without KYC verification, and it's the only way to trade for cash. even localbitcoins now has volume thresholds that trigger KYC requirements. i believe the smaller p2p exchanges don't have KYC yet, but some individual high volume traders will demand ID because they're worried about getting arrested for unlawful money transmission.

I guess I don't really get why any "regular" person would be worried about KYC verifications. I mean, if they're already getting paid in check or direct deposit by their employer, then that means their bank knows exactly how much money they deposit and withdraw. On the other hand, if a person is making cash on the side or even full-time, then I can totally see why they would want to go this route. I guess I'm still confused why so many people use it? They can't all be making unclaimed cash...

Trying to get some merit points from generous people.
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September 27, 2018, 10:53:02 AM
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You can trade cryptocurrency for fiat or vice versa in a peer-to-peer manner for some of the exchanges you listed. Meaning, you can simply meet up in person and pay/receive cash. This is great for people without PayPal or bank accounts and if you want to be more anonymous.
Ok, so what I gather from everyone's responses is the benefit of being anonymous. Because it's clear that it's not cheaper and is not necessarily faster unless you're physically meeting a stranger.

It's an exchange. You can put up your own price offers and wait for another person to be interested with your offer. You don't have to choose the expensive offers.

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September 27, 2018, 01:11:13 PM
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I guess I don't really get why any "regular" person would be worried about KYC verifications. I mean, if they're already getting paid in check or direct deposit by their employer, then that means their bank knows exactly how much money they deposit and withdraw. On the other hand, if a person is making cash on the side or even full-time, then I can totally see why they would want to go this route. I guess I'm still confused why so many people use it? They can't all be making unclaimed cash...

Because the fewer entities that have your data, the less likely it would be compromised. You also definitely don't want to hand it over to entities you don't trust -- exchanges potentially fall under that because a lot of them are unregulated. That's really all it is for most people. Some value privacy a lot more than others.

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September 27, 2018, 02:42:56 PM
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What's the benefit?

The only benefit I see is speed. I know a trader that is almost 24/7 online, it usually takes us 2 mins to complete a deal, payment is instant at every hour as we both use ING so I could get cahs even at 4 am in the morning if I really needed.

Rates..you must give up a 3-5% for the convenience.

Localsbitcoin is a marketplace where you can buy and sell bitcoin with local currencies.

It's LocalsBitcoins  Grin

There is no chance to fraud with each other because localsbitcoin deduct your amount at the time of making deal. No balance, No deal.

No chance? Are you serious?

I got scammed on LocalBitcoins
Got scammed on localbitcoins.com
Localbitcoins scammers?
Sophisticated scam on LocalBitcoins. Attention all sellers.

and many more, I just got bored on copy-pasting  Tongue

One more important thing is highly/lower rated buyer/seller, You have to skip to make any deal with low rated buyer/seller because they may harass you and you need to wait one hour to close that deal.

This one is new ....

It's an exchange. You can put up your own price offers and wait for another person to be interested with your offer. You don't have to choose the expensive offers.

Yeah, but when you're just a regular user who does one trade a month you're going to run in the same trust problems as people are going to look at you suspiciously.Not even talking if its the first time using it.Besides, people who are going using LB rarely, go there specifically for a fast trade, not to throw an offer and wait for hours for someone to accept it.



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September 27, 2018, 09:23:50 PM
 #11

Can someone explain to me the main purpose of platforms like Localbitcoins, Bisq, Paxful, HodlHodl, Localethereum, Altcoin, Vicex? I try to look into Localbitcoins and see that people set demanding rules just to buy their bitcoin. Also, the price is usually more than what the current rate of bitcoin is. I'm really clueless about why anyone would use such platforms. What's the benefit?

you can buy bitcoin quickly---without waiting days or weeks to get verified at an exchange and then wiring money there.

p2p exchanges are also virtually the only way you can trade without KYC verification, and it's the only way to trade for cash. even localbitcoins now has volume thresholds that trigger KYC requirements. i believe the smaller p2p exchanges don't have KYC yet, but some individual high volume traders will demand ID because they're worried about getting arrested for unlawful money transmission.

I guess I don't really get why any "regular" person would be worried about KYC verifications. I mean, if they're already getting paid in check or direct deposit by their employer, then that means their bank knows exactly how much money they deposit and withdraw.

the concern about KYC verification isn't about banks. it's about bitcoin/altcoin exchanges and the third party services they use to verify identity. with most exchanges, it's very unclear whether they'll adequately secure your private documents. there's been too many database hacks in this space to count. in this day and age, identity theft is a real concern. i take great caution when giving out my passport/SSN and other sensitive info.

it's an even greater concern with ICOs. lots of them are run incredibly unprofessionally and you should assume your documents will be stolen. some of them are straight up scams and intend to sell your KYC documents on the darknet anyway.

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September 27, 2018, 10:30:58 PM
 #12

That's their seelling price , you can also set your own buying price and whoever feels good with kt will sell for you.

If it looks complex, try using Luno , it's easier to navigate.
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