Getting Bitcoin is not as easy as buying your everyday stuff. Bitcoin exchanges do not operate in all the countries at the moment. The most popular exchange that goes by the name Coinbase, operate only in 32 countries at the moment.
If you want to buy Bitcoin in your country and it doesn’t fall in those 32 countries supported by Coinbase, you have to start looking for alternatives. The best source to buy Bitcoin in such a situation is through Localbitcoins.com
Localbitcoins.com operates in more than 248 countries at the moment. At Localbitcoins, the Bitcoin sellers can list their Bitcoin by setting a specific premium. The premium range is from 20% to 100%. It depends on the sellers at what price they want to sell their Bitcoin.
Once the Bitcoin ad has been published on Localbitcoins, it goes on the homepage of the site where there’s a number of sellers has already got their Bitcoin listed. The order of the Bitcoin is from the cheapest to the most expensive. These sellers are the ones that are willing to sell Bitcoin for the bank transfer.
Right below the list of sellers, there’s another list of sellers who are willing to sell the Bitcoin for Cash. You will find these sellers a little bit expensive as compared to those who recommend the bank transfer. After that, you will find a list of buyers who have defined a specific amount they are willing to pay the sellers for the BTC. If anyone wishes to sell the Bitcoin immediately, he can pick up a buyer rather than going for a listing.
In case you are wondering whether Localbitcoins.com is secure or not, then let me tell you that it is 100% secure. Localbitcoins.com uses escrow to handle its payments. Escrow is popular for its security and safety of funds.
When a transaction is launched on Localbitcoins.com to buy or sell bitcoin, the funds and the bitcoin both are locked up in escrow. Once the sellers and buyers verify the transaction, the funds or bitcoin gets released immediately to the concerned parties.
The entire transaction merely takes 5 minutes on Localbitcoins.com. Most of the times, the sellers are online, so it doesn’t really take more than 2 minutes. Have a look at the following steps to buy Bitcoin from Localbitcoins.com.
How to buy Bitcoin from Localbitcoins.com
Sign up on Localbitcoins.com
- First of all, open Localbitcoins.com and sign up.
- Localbitcoins.com will require your identity, provide the required documents to verify the account.
- Enable 2FA with Google Authenticator to secure your account.
- Once you have successfully made the account and got it verified, you will be able to start the transactions.
Select a Seller
- Now get back to the homepage of Localbitcoins.com.
- You will see a list of sellers on the homepage.
- Select the currency you want to perform the transaction in. By default, the currency of your country will be selected. In the screenshots below, PKR is selected as the currency because I’m logged in from Pakistan.
- The sellers have specified the price of Bitcoin they want to sell it at, and the amount of Bitcoin that they have.
Start a Trade
- Pick up the seller that has your desired amount of Bitcoin and also who’s price is feasible for you.
- Read the trade conditions of the seller and see if you can comply with them.
- Now enter the amount of Bitcoin you want to buy and send the trade request.
- Upon launching the trade, the seller will share his bank account details with you.
- Transfer the amount to the seller, and then click on the “Payment Paid” button on the right side of the trade screen.
- Once the buyer confirms that he has received the payment, Bitcoin will be released immediately and you will get it in your Localbitcoins.com wallet.
- You can now enter your exchange or wallet address to transfer your Bitcoin immediately.
- That’s all. This is the easiest method to get Bitcoin.
So, that’s how we bought Bitcoin from Localbitcoins.com. Bitcoins on this website are a little bit expensive because of the premium on them. However, this is the easiest method to get Bitcoin in over 248 countries in the world. The best time to buy Bitcoin is when it goes down. As the price of Bitcoin goes down, the premium also goes down.
I hope that this guide helps you guys. If you have any queries, drop them in the comments section below.