A Detailed Review of the Local Bitcoins Exchange

The first cryptocurrency exchanges appeared relatively recently, 8 years ago. Since then, the digital currency industry has changed a lot. Today, a large number of exchanges, both large (daily trading volumes are estimated at hundreds of millions and even billions of dollars) and smaller regional platforms, are operating successfully. All of them are probably similar, but in this article we will look at Local Bitcoins exchange (from which you can even trade in cash) from different perspectives. In the end of the article we will conclude whether you should pay your attention to it or pass it by.

1. General Information about the Local Bitcoins exchange

The Local Bitcoins site has a fairly solid age (as for the cryptocurrency industry), it began its work back in 2012. The company was registered in Finland.

The main goal of the project developers is to provide the possibility of acquiring cryptocurrencies in those countries where this cannot be done using traditional banking systems. Exchange users have guarantees that their financial assets are outside state control. The platform interface is translated into the following languages:

  • English;
  • Russian;
  • Italian;
  • Chinese;
  • Portuguese;
  • Spanish.

The Local Bitcoins exchange was often discussed in media. People who live in more than 100 different countries around the world have a physical ability to interact with Local Bitcoins. The site supports a huge number of national fiat currencies.

2. The basic principles of the platform

The mechanism of interaction between users is extremely simple. Some users place orders (for sale or purchase), independently indicate the desired exchange rate, payment method, as well as the maximum and minimum value of the transaction deal. Other users have an opportunity to choose the most profitable application and confirm transaction just in one click.

3. Details about registering on Local Bitcoins

The procedure for registering on the Local Bitcoins site is quite simple, absolutely anyone who has ever registered on any simple portal, can handle it. In order to create an account on the Local Bitcoins exchange, you need to have a working email address, and you also have to come up with a more or less complicated password. After filling out application, a confirmation letter will come to your e-mail. And after account is confirmed, a user immediately receives its own Bitcoin wallet, but without a private key.

To increase security, developers recommend to install two-step authentication.

4. How to buy and sell BTC on Local Bitcoins?

Let’s analyze the procedure for buying and selling coins on this platform in details. Let’s divide these processes into 4 stages for conveniece.

How to buy BTC?

  1. You need to log into account and go to the main page. Then it`s necessary to enter the desired amount of BTC, country of residence, method of payment and payment service in the special field. Then the platform will display a list of suitable options, taking into account the specified filters.
  2. Choose the most suitable option from the list. When making a choice, it is very important to consider not only a financial point of view, but also reputation, reviews and number of seller`s transactions.
  3. Before confirming this or that transaction, you need to examine details carefully. If all the conditions are clear, and the seller’s reputation is good, then it’s time to enter desired amount of coins and confirm the request. Then the exchange will freeze the number of coins that are necessary for transaction, and will give time to pay.
  4. After payment occurred, click “I paid”. This will give trader a signal to check the payment, and if everything is ok, then the corresponding amount of BTC will appear on buyer’s wallet after a while. At this point transaction can be considered as completed.

How to sell BTC?

The sale process is almost identical, so it is pointless to describe it in details step by step. It is very important not to transfer BTC to a buyer until he or she has paid for the transaction by fiat. The fact is that after coins are credited, the buyer may suddenly reject the transaction, and since the transactions in the blockchain are irreversible, the seller risks to remain without coins and without fiat.

5. Exchange Commission

It is worth mentioning that the exchange does not handle transactions that occur in fiat. The process of transferring national currencies occurs without participation of the exchange, that is, directly between users. For this reason, no additional fees are charged by Local Bitcoins for such transactions. Local Bitcoins takes a commission only from the sellers, it is only 1% of each transaction.

6. Security and support

Work safety is achieved by a successfully implemented rating system. That is, new users cannot place orders for large sums. To expand your limit on Local Bitcoins, you should first conduct several successful transactions. After each transaction, the parties can exchange assessments and leave mutual feedback about each other. These assessments will continue to serve as an indicator of user`s integrity.

The exchange creators recommend to choose traders who have special green indicators, which tells about the following:

  • presence of a sufficient number of positive reviews;
  • long-term cooperation with the service;
  • possibility of payment using a variety of payment services;
  • availability of constant sufficient trading volume.

To increase the level of security, developers have implemented two-step authentication and captcha confirmation.

As for the support, it does not work perfectly. Sometimes it takes 3 days to get an answer on some questions. But it should be noted that the support service responds to absolutely all requests.

7. Main advantages and disadvantages

Advantages:

  • The possibility of buying and selling cryptocurrency for cash. This feature favorably distinguishes Local Bitcoins among other exchanges. Of course, cash trades are more developed in million-persons cities, but similar offers can be found also in smaller towns since recently.
  • The ability to pay by variety of payment services. For those users, who prefer to trade online, there is a big choice of various services.
  • Impressive trading volumes.
  • Generous referral program, according to which you can earn 20% of income from each user brought over.
  • The ability to interact with the service through VPN. This can be useful for residents of those countries where Local Bitcoins is officially blocked, as, for example, in the Russian Federation.

Disadvantages

  • No mobile apps. Working through a smartphone browser is not the most convenient way to interact with the service.
  • The lack of support for altcoins, that is why cryptocurrency exchange is not possible yet.

8. Conclusion

Local Bitcoins is a unique service which allows people from different countries to acquire BTC, bypassing government regulation. The exchange has been successfully operating during six years, and has reached an impressive trading volume. The Local Bitcoins interface is pretty simple and clear. The service can definitely be used not only by beginners, but also by experienced traders.

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Interview with Marco Robinson: Bitcoin is the Best Performing Asset of All Time

Nowadays pretty much everyone has an opportunity to become a successful entrepreneur and investor. With the emergence of cryptocurrency and blockchain, perhaps it has become even more accessible.

Today, we invited to talk Marco Robinson a man who not only managed to become a world-famous investor, but also created a number of successful projects. An Award Winning Entrepreneur, Prime Time TV Star, Philanthropist, #1 Bestselling Author, Winner of the iProperty People’s Choice Awards Best Real Estate Company, World Renowned Property Investor, and Restaurateur he knows how to make money work for you better than anyone.

Hello, Marco. First of all, let’s discuss your success as an investor. At what point in your life did you start investing in real estate, and why this particular area was one of the first you chose?

I first invested in real estate fairly late in life at 40 years old after I had a great business success and had quite a bit of money I didn’t know what to do with.

It was an interesting time in 2009 as it was the subprime crisis, I discovered properties were very cheap especially in the USA, and I found that fascinating so I started to study what made Real Estate go up and go down and wondered why this happened continually…I got so into this I decided to write a book about property cycles and what made them do that and I developed an algorithm based on four main drivers that triggered property price increases, they were:

  1. Cycles (economic cycles) for example in the UK there is a proven 18-year cycle
  2. Population growth. (Rent prices and property increased basically supply and demand.
  3. Structure plan. (What they are gonna build in the area, for example, new manufacturing, schools, etc)
  4. Local and individual property taxes & including friendly states and governments (some taxes are so high you can easily get negative cash flow)

When did you first learn about the blockchain technology, and how did it help you in the development of your projects?

I was introduced to Bitcoin in 2015.

I saw as a real threat to the banking system which I liked very much and after some detailed research discovered it was a genuine reaction, I felt, to the US sub prime crisis which made 40 million people homeless. I loved the security of it and especially it’s decentralization, that it could not be shut down and the founder very cleverly could not be identified.

I was also looking for a loyalty solution to connect all my businesses including my restaurants, my cosmetics, my property, my travel, my education and film companies, a currency everybody could use that I could keep within my own eco-system, so I could keep my clients loyal and grow my client based with the best value proposition in the market place. That currency I created is called NAKED DOLLARS and is now listed on LATOKEN.

Besides NKD, what do you think about investments in cryptocurrency in general?

It’s a brand new sector and to be frank not even the end of day one yet. A lot of cowboys presented a fabulous whitepaper in 2016 and 2017 and made a fortune off speculation…2018 saw a massive correction and the crypto market lost 80% of its value in one year because of this and because not many people had a real product.

It is here to stay, only just yesterday JP MORGAN created their own cryptocurrency, governments are creating their own, they have to as the FIAT CASH currency system is not sustainable, a new debt system has to be created or the majority of the world will go bankrupt.

Bitcoin is the SAFEST currency in the world, it cannot be hacked, it has no founder, no company, no office, and no assets, yet it is the best performing asset of all time increasing 350,000% in ten years! You cannot ignore it at all!

Are there any startups in the cryptocurrency world which you have invested or would like to invest in?

There are very few I would because of the losses in 2018. New projects don’t just have to have great technology, they must have great founders with great track records in business and great profiles in terms of influence.

How do you feel about buying, for example, real estate for Bitcoin?

I’d rather keep the bitcoin it gives a higher return potentially. I would rather use other cryptocurrency like Ethereum to buy real estate.

However I also use a profit strategy, so when I make great profits in bitcoin I will buy real estate as real estate gives me great cash flow.

In what areas, do you think, the use of blockchain technology is necessary?

I think it’s critical in pretty much every industry to prove the origins of each product or service and the security of it, especially in supply chain businesses such as gold and diamond mining to supply to make sure they are not conflict diamonds etc. I also love the adoption to health and medicine, for example, if someone has an accident one drop of blood or even a thumbprint can track the entire medical history of that person in seconds and the perfect medication can be administered!

You are a well-known philanthropist and are famous for your good deeds for the homeless and the needy, because you know very well what it feels like to not have a home. Let’s talk about an 18-year-old teenage mother Holly, a part of the TV Show “Get a House for Free.” Have you thought about not just “giving a fish” to people, but also trying to “teach people to fish”, that is, to give the needy the knowledge of how to “get back on their feet”?

I’m already now doing that with FREEDOMX, www.freedomxmovement.org where I have created a new charity social impact program where the victims of homelessness are rewarded on a merit based philosophy: “I help you if you help someone else” this is CONDITIONAL ALTRUISM, so we only help them if they want to be helped and IF they want to be microfinanced for a coffee shop on a bicycle, for example, they have to be certified and trained which lowers risk and creates a new economy for people to thrive in.

In what areas besides real estate, restaurant business, TV-shows would you like to or plan to realize yourself?

I’m making my first Hollywood movie “legacy of lies” next month, I helped fund the whole movie and my profits will be going to help the homeless

You can see the trailer here:

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CryptoMining.Farm Scam: 30 Victims Lost $1.34 Million

Thirty people have filed complaints to Thailand’s Technology Crime Suppression Division stating that they were victims of crypto mining scam, they allegedly lost 42 million baht ($1.34 million). The police thinks that the amount of victims can be bigger.

According to the victims’ words, the leaders of the scam convinced them to invest money into CryptoMining.Farm, a blockchain-mining website. One anonymous victim said to the Bangkok Post that one of the leaders promised investor an impossibly high return – 70% a year.

The victims signed contracts when they entered the website, the documents said that a customer may withdraw money at any time he/she wanted without any additional condition. However, the situation has changed since August. The victim stated that:

“From August the owner began imposing conditions for withdrawing the money. Then at the start of this month, the site announced it would start paying back investors in 84 installments which would take over seven years to complete. The payments were supposed to be made in foreign currencies [which] is not permitted by Thai laws.”

After a preliminary investigation, the police is sure that not 30, but 140 people became victims of the scam. Moreover, it can be related to a big scandal which happened in August 2018, when a popular Thai actor and his siblings stole about 797 million baht ($25.5 million).

According to the Bangkok Post, the company has two official offices in Bangkok and Chiang Mai, which may make the victims think that the company’s operations are legal.

Thailand treats digital money with caution and tries to regulate it. The Thai Ministry of Finance even issued a document last year where all the country’s cryptocurrency activities were regulated, including the taxation of participants of crypto market.

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Cryptocurrency Prices Today, February 19: EOS Has Increased By More Than 20%, BTC Approaches At $4000

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency Rate

According to the Coingecko online platform, Bitcoin (BTC) added 4.1% over the past 24 hours. The price at the time of writing is $3896 per coin.

Cryptocurrencies are growing rapidly:

Bitcoin Cash added 11% over the past 24 hours and costs $145 per coin;

Ripple increased by 8% and costs $0.33;

EOS raised by 21% and its price is $3.57;

Litecoin grew by 6% and its value is $47;

Cardano plus  7% and costs $0.046;

Stellar fell by  9% and its price is $0.087;

IOTA added 7% and its cost is $0.30;

Dash raised by  8% and its price is $87;

Monero became more expensive by 5% and costs $51.

Over the past 24 hours, Ethereum has added 5.6%. The coin rate is $146 per coin.

The total market capitalization is $132 billion. Bitcoin’s share is 51.8% of the total. In monetary terms, it is $68 billion.

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The List of Bitcoin Mainstream Trends Which Will Dominate in 2019

Bitcoin is one of the most famous cryptocurrencies in the world. It is actually the first one, thus, no matter what might be, it has already gone down in history. Even though the cryptocurrency may not be that popular right now, due to various reason, some changes are already inevitable, hence, let us just check on trends which will become a part of everyday life in 2019.

1. Bitcoin ATMs

The number of Bitcoin ATMs is growing rapidly. It is a kiosk which allows a person to buy/sell Bitcoins in cash or by credit card. They actually look like an ordinary terminal, yet, it is connected not to bank account, but to Bitcoin exchange. The number of Bitcoin ATMs in the world accounts for 4292 at the time of writing.

Source: www.statista.com

Such ATMs will definitely encourage people to use cryptocurrency, since now it becomes more understandable for ordinary people. If people get accustomed to use Bitcoin ATMs, then crypto will see a bright future.

2. Central banks and Bitcoin

Some people do not want to get involved in crypto as it lacks regulation, including bank regulation. However, in 2019, one of Bitcoin trends may become partnership between central banks and cryptocurrency.

Several banks have already introduced systems how to work with crypto. Bank of America, for example, has officially patented a system for saving crypto actives for significant corporations. Moreover, this week, one of the biggest American banks, JPMorgan Chase & Co, has announced that it developed its own digital coin – JPM Coin.

Perhaps, such implementations will bring positive effect on the relationships between crypto and financial institutions.

3. Bitcoin in smartphones

Since the beginning of the third millennium, a cell phone has become an integral part of our everyday life. By using a smartphone we can do almost everything that is connected to our work, study, leisure, or hobby. Financial transactions, including crypto operations, are no exception.

On May, 2018, Huawei Technologies Corporation provided users of its smartphones with the opportunity to use Bitcoin wallet BTC.com. At the end of the past year, HTC company released the smartphone Exodus, powered by blockchain. A person can only purchase the phone with digital currencies.

It is too early to say whether these phones will be successful and useful or not, yet still it is very important that world is trying to meet the needs of everyone.

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Cryptocurrency Rate Today, February 18: Bitcoin Overcame $3700, and Ethereum Is At $140

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency Rate

According to the Coingecko online platform, Bitcoin (BTC) added 2.8% in the past 24 hours. The price at the time of writing is $3747 per coin.

Cryptocurrencies moved to the green zone:

Bitcoin Cash added 6.49% over the past 24 hours and costs $130 per coin;

Ripple increased by 3.99% and costs $0.31;

EOS raised by 5.99% and its price is $3.01;

Litecoin became more expensive by 1.38% and its value is $44;

Cardano added 3.66% and its cost is $0.042;

Stellar lost 1.68% and costs $0.079;

IOTA added 1.84% and its value is $0.28;

Dash raised by 2.79% and its price is $81;

Monero became more expensive at 5.33% and costs $49.

Over the past 24 hours, Ethereum has added a record-high 12%. The coin rate is $140 per coin.

The total market capitalization is $126 billion. Bitcoin accounts for 52.1% of the total. In monetary terms, it is $65 billion.

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Details About Bitcoin Cash Cryptocurrency And Its Recent Hard Forks

The first cryptocurrency Bitcoin already had several dozen hard forks for its whole history, but all these projects did not receive adequate support and popularity in wide circles. The only branch of the original Bitcoin that really deserves attention is Bitcoin Cash. This cash appeared in August 2017 and immediately chained to itself attracted attention from the entire cryptocurrency community. Subsequently, this project got its own hard fork, which divided the coin into two projects: BCH ABC and SV. In this article, we will discuss this topic in more detail.

Contents:
(please, click the topic to scroll down to it)

  1. What is Bitcoin Cash?
  2. The main features of Bitcoin Cash cryptocurrency
  3. Hard fork BCH on November 15, 2018
  4. Where is it possible to buy Bitcoin Cash now?
  5. Conclusion

1.What is Bitcoin Cash?

Answering in simple words to the question “What is Bitcoin Cash?”, we can say that this is a cryptocurrency project, which is an improved version of the original Bitcoin. This project was formed due to the hard forks of the first BTC cryptocurrency held on August 1, 2017. The main reason for its holding was the disagreement of developers about the future of BTC, in particular, its scaling. As it is known, the Bitcoin blockchain bandwidth is not very large, for this reason, during a heavy load on the network, it is possible to wait for confirmation of transactions for several hours or even days. The development team decided to fix the above problems, thus Bitcoin Cash appeared on the market.

2. The main features of Bitcoin Cash cryptocurrency

As mentioned above, the Bitcoin Cash algorithm is designed to minimize transaction confirmation time. This kind of delays that occur on the original Bitcoin network and they happen due to many factors, including the small size of one block (1Mb). At Bitcoin Cash, this indicator is much larger, its block size reaches 8 MB.

Another fundamental difference between Bitcoin Cash and the original Bitcoin is the inability to extract BCH using specialized ASIC computing equipment. The fact is that for several years already, Bitcoin mining cryptocurrency has been profitable and is available only for large players since it can be mined using so-called Asics. Such equipment is quite expensive and only large miners can afford it. Since the hashrate of the Bitcoin Cash network is much smaller than that of its older brother, it is more cost-effective to mine BCH, using ordinary video cards. This feature makes BCH much more decentralized than BTC.

The third, but not the least important issue that Bitcoin Cash developers were able to solve is the number of transaction commissions. As it is known, miners receive impressive commissions for their work in the Bitcoin network, this is absolutely justified since they incur huge costs. But this hard fork is much less costly to maintain, respectively, users can make transactions and pay low commissions for it.

3. Hard fork BCH on November 15, 2018

The unity of the BCH development team did not last very long – thirteen and a half months, after which the project split into two parts. News about Bitcoin Cash, which filled all the profile media in November 2018, was only about the loud hard fork.

As we all remember, on November 15 last year, the BCH network was divided into two parts: BCH ABC and BTC SV. It worth noticing, that the split in the network was not very friendly. SV’s proponent Craig Wright was extremely categorical and allowed himself angry remarks about the ABC supporters, led by Roger Ver.

All market participants will remember this event for a long time, because literally right after it, the largest (in the last 7 years) drop in the coin rates began in the cryptocurrency market. In just two weeks, the market lost more than 50% of its total capitalization. Up to the end, it is not known how closely these two events are connected, but a partial correlation is definitely traced.

4. Where is it possible to buy Bitcoin Cash now?

To purchase BCH ABC currency is possible using a variety of online exchanges as well as cryptocurrency exchanges.  As for the BTC SV coin, the list of sites that supports it is a bit shorter, but in any case, you can buy SV at large sites (Gate.io, Binance, etc.)

5. Conclusion

So, Bitcoin Cash cryptocurrency is an improved version of the original Bitcoin. It was created by a group of developers who decided to go their own way and review some features of the work of BTC. So how does Bitcoin Cash work?

  • increased block size (up to 8 MB), which significantly speeds up the network;
  • the inability to mine BCH using ASIC, which has a favorable effect on network decentralization;
  • miners can conduct low commission transactions due to network optimization.

Answering the question “how fast is Bitcoin Cash?”, it should be said that the BCH network is able to process about 60 transactions per second. This indicator in the original Bitcoin is located at 7 transactions per second.

Subsequently, Bitcoin Cash was also divided into two separate branches: ABC and SV. This event struck the project a bit and slowed down its development. As of February 2019, Bitcoin Cash ABC takes the 6th place in the global Coinmarketcap ranking, with a total capitalization of just $2.092 billion. As for Bitcoin SV, it takes the 11th place, and its total capitalization is equal to 1.1 billion dollars.

If to talk about forecasts, then with much greater probability, Bitcoin Cash ABC has a much better chance of further development than Bitcoin SV.

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