In the modern world, Bitcoins have become some of the biggest conversation starters on the globe. Bitcoins is a form of blockchain technology, the first to be invented actually. It has been said to be the greatest innovation of the digital age, second only to the internet itself.
Despite all of the buzz around bitcoins, numerous people do not even understand the concept. For those who do, it is one of the most fascinating things: the decentralization of digital currency. A currency controlled by no one except the person using it. Most banks today are venturing into the world of bitcoin.
There has been a lot of controversy around bitcoin leading to negative publicity. A lot of people have taken the opportunity to con and scam people in the name of purchasing bitcoins. There is clearly a need for a bitcoin exchange platform with absolute honesty and transparency. This platform is to be found at LocalBitcoins.com. Local Bitcoins it a trading site for bitcoin. The exchange takes place between the buyer and the seller.
How Do Local Bitcoins Work?
The concept behind Local Bitcoins is a global bitcoin exchange platform where people from different parts of the world can come and exchange their local currency to bitcoin. The website works by allowing the sellers to advertise their bitcoins on the website. Along with their selling price for that particular currency, the sellers state the exchange rates for the purchase of the bitcoins, as well as what payment methods the buyer can use to purchase these bitcoins.
The buyer then chooses the seller that is most suitable. You then reply to the advertisement of the seller so that you can agree on whether or not to meet and whether to buy the bitcoins with cash or to purchase them directly from the seller with online banking. For the security of the purchaser, all the bitcoins are placed in a web wallet with Local Bitcoins. There you can simply pay for your bitcoin directly.
Why They Are Different
Local Bitcoins is a site that is different from other contemporary bitcoin trading sites. The company, following the theme of the bitcoin, is decentralized. By decentralized it means you make a deal directly with people. This is unlike other bitcoin exchange websites which are centralized in a stock-exchange fashion.
This makes the process faster and less crowded. This is a result of the lack of an overhead administration for the site. You also get your bitcoins the moment you make the purchase; there is no lag.
The website has also been designed to be versatile to all kinds of payment methods. It is designed to support all the methods that the user’s community uses. This means that the buyer can transact regardless of the transaction methods he chooses to use.
To give security to the buyers, the platform has been designed with a number of security features. These are in place to ensure that the chances of your money getting stolen or your account being hacked are kept at a minimum. The following are the security measures that have been put in place:
Two Factor Authentication
In addition to keying in your password, you will also be required to verify your identity by a code. This code is either sent to you on your mobile phone or on a printed paper. The two-factor authentication works on Android and Windows mobile devices as well as on most printers.
The company has chosen two-factor authentication because for starters it realized that almost all the attacks against someone’s account can easily be prevented by a two factor authentication system. This is a large percentage. Secondly, the two factor authentication codes are quite hard to steal. This is pretty much unlike passwords that are much easier to hack. Lastly, to set up a two factor authentication system takes a very short time. Just a few minutes and you are good to go.
The Platform Has Set Up A Log In Guard
Local Bitcoins recalls all the web browsers and verifies that all your logins are emerging from the same browser. In case the platform encounters an unknown browser, then the platform will request for an e-mail confirmation before it can proceed with the login. This is done to prevent unauthorized logins to your account.
- They encourage the users to avoid the use of the Tor browser as it has been reported to put the coins at risk of getting stolen.
- They also do not recommend logging in on shared devices such as the computers on internet cafes.
- You should also ensure that you are logging in to the right domain and not one with a similar name.
- It is also recommended that you use a dedicated computer when accessing your online wallet to reduce chances of your bitcoins from being stolen.
Why They Are Needed
The company is needed because it provides the users with a platform in which they can freely exchange bitcoin with their local currency. They can do this regardless of the part of the world they come from. The company now acts as one of the strongest pillars supporting the bitcoin economy. On a daily basis, the platform receives between 1,000 and 2,000 new registrations. The platform is one of the pioneers in the bitcoin industry.
They have clients from every single country that you could possibly think of. They have a core mission to enrich the bitcoin culture by facilitating frictionless transfer of bitcoins. They also want to open up a website that gives everyone in the world access to bitcoins through a platform where they can exchange it seamlessly.
The company also offers employment to for people. Currently they only have 10 professional permanent employees, but they do give temporary contracts to freelancers in the industry. They strive to maintain a healthy work relationship for their staff. They are strong believers in the longevity of cryptocurrency.
Local Bitcoins Conclusion
- They provide a secure way to trade bitcoins with the domestic currency of the users.
- They make bitcoin technology available to numerous people globally.
- They ensure the security of your money and bitcoins.
The company suffers from the negative publicity that bitcoins have earned due to scammers taking advantage of them. Also, they have slightly limited users because the general public does not understand or support the use of bitcoin.
The company provides the users with a platform on which they can securely trade currency for bitcoin. This makes them a necessity in the coming age of bitcoins.