What is LocalBitcoins and how can you buy and sell bitcoins with bolivars?
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- 17 Oct 2022
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Cryptocurrencies have gained their role within the Venezuelan economy, at least it seems that way to date. In addition to the typical utility of these assets (investment, trading and others), the 10% of the population that —according to the UN— owns some crypto, manages it as another type of currency with which it is possible to make transactions abroad or receive as currency of payment.
Naturally, some exchanges have become the ideal platforms for receiving, sending and exchanging cryptos to local or international currencies as easily and safely as possible, as if it were banking operations.
One of them has been LocalBitcoins, which together with counterparts such as Binance , have become the most accepted by businesses and the favorite of many Venezuelans.
To understand what LocalBitcoins is, how it works, its advantages, commissions and how to buy and sell BTC with bolivars, we invite you to read this article.
What is LocalBitcoins?
It is an exchange platform of Finnish origin launched in June 2012 by two brothers, Jeremías and Nicholas Kangas. LocalBitcoins allows the purchase, sale and exchange of Bitcoin (Bitcoin only) for fiat money such as dollars, euros, British pounds, bolívares and more. Likewise, it also allows you to exchange bitcoins for other cryptocurrencies, although you will not be able to trade with them in this exchange.
With a decade in the volatile world of cryptocurrencies, LocalBitcoins is regulated in Finland and has to date more than 8 million regular customers, an annual trading volume of 2.3 billion dollars and more than 150 payment methods and supported currencies.
Being an exchange, LocalBitcoins does not buy BTC from users, it only 'provides' its P2P (Peer-to-peer) service. People must put their BTC for sale within the platform and third parties on it will be able to buy them using various payment methods.
Who can have a LocalBitcoins account?
LocalBitcoins is open to anyone who wants to sign up. Users only have to provide their personal information, email, telephone number and a photo of their ID or passport.
If you fail to validate your email and phone, you will not be able to use this exchange. Read More…
