Localbitcoin.com provides a great way for businesses and merchants to buy and Sell their bitcoins online around the world in minutes and the benefits can be profitable if utilized correctly by anyone.
Lets go into getting started shall we.
In order to buy or sell your BTC online using localbitcoin you will first need to have a Bitcoin wallet to either use when sending or receiving your BTC, I would suggest a bitcoin.com or trust wallet you can find a trust wallet in the google play store, I cannot find a direct link to the play store App, but I have got one for their website which you can find “HERE”. They will also direct you to their wallet from there.
Worth noting a trust wallet is also beneficial if you decide you may later want to exchange or trade your currencies on Binance, pancake swap and many other options which are available in the trust wallet
Once you have your wallet set up go straight to Localbitcoin.com where you can begin setting up your account, may I suggest using two types of athentication as this account will need to be as secure as a wallet, since you plan on using this account when buying and selling BTC.
Localbitcoin is in my opinion a very secure site once set up correctly and will always send you a verification code via text msgs each time you open the website in your browser
When your account is set up and you are curious to learn more about how you can earn BTC using this facility, head to the learn button on the top left to centre on the dashboard, here you will find a video explaining how to buy Bitcoins, some FAQs, a list of useful video guides and tutorials , on how to buy/ sell bitcoins online, a security guide, an introduction to trading online, an advertisement price equations guide and some API documentation on how to make your own apps and automate trading, you will also find hosted informational webinars, access to the Localbitcoin blog, information on service fees, contact support and the about us information section.
Now that you have learned the secrets of using Localbitcoin to buy/ sell BTC and are ready to begin trading with others on the platform, I guess you wanna find trades that are profitable for you, there are many ways to do this, first I would search for profitable purchases and sales of BTC that you feel are profitable for you.
Once you have found a buyer or seller that you feel you can make a little profit from by maybe holding for a few days, selling quickly and buying more at a lower rate , check the buyer or sellers stats by clicking their link, here you will find some very useful information regarding the amount of trades made, the method they prefer to send receive fiat money or bitcoins, the % of feedback received from people that traded with this person and the actual feedback itself, their trade limits, location and payment window all this will help you decide if this trade is right for you,
Its worth pointing out before we move on that Localbitcoin always secures the bitcoins to be bought or sold in an escrow account until fiat money has been received, this is to ensure that customers are not defrauded of hard earned currencies.
The next profitable option is to offer to buy BCH or BTC at 2% of current valuation, always keep abreast of the current value when using this method, then you resell this purchased bitcoins at a higher rate to somebody else.
A third option and one of my favourites is to set up a community of like minded traders and merchants that you will provide liquidity for by buying their bitcoins at say 2% below valuation on a regular basis, hence building up trust with these people as the go to person to provide that much needed liquidity for their businesses, you then resell those bitcoins on Localbitcoin and start all over again.
The great thing about Localbitcoin is that anyone can trade bitcoins and become a crypto financier as long as you have the time to start, it doesn't cost a lot of money you could start with reasonably low prices and build up as your profits begin to grow.
I really enjoyed putting together this article and hope that it will encourage some new crypto financiers to take that all important first step, If you enjoyed reading this and would like to read more about cryptocurrency and related topics you can subscribe to my blogs at the following links.
Enjoy the rest of your #BCHDAY
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Localbitcoins.com is for BTC, not for BCH.
For BCH you can use local.bitcoin.com