Local.Bitcoin.com 2021 Review

Local.Bitcoin.com is a peer-to-peer platform for exchanging Bitcoin Cash (BCH). Bitcoin.com Local is a private peer-to-peer platform where users can find other people who are interested in trading Bitcoin Cash for local currencies via a blind escrow smart contract.

The platform offers similar services to LocalBitcoins, Paxful, Hodl Hodl, LocalCryptos, Agoradesk, CoinCola, Remitano, and other p2p platforms.   

Benefits of using Local.Bitcoin.com

  • Bitcoin Cash only platform 
  • No KYC is required to start trading peer-to-peer
  • In person cash trading is an available option on the platform 
  • Non-custodial platform that offers self-custodial wallet so that only you have access to your funds
  • No counterparty risk
  • Secure and safe platform to exchange with privacy
  • Offers on-chain escrow service
  • Exchanges are settled with speed  
  • End-to-end chat encryption
  • Low transaction fees

Fees

Bitcoin.com Local charges a 0.25% fee for the maker (i.e the individual or entity that places the offer listing) and 0.75% for the taker (the person who responds to the offer). The reason for the significant discount on makers is because the platform aims to incentive more people to place offers.

How to get started

  1. Visit Local.Bitcoin.com and create an account.
  2. Search for someone selling Bitcoin Cash (BCH) or create a new buy order.
  3. Open a trade with the seller of your choice and they’ll send the BCH to the blind escrow account.
  4. When you’ve sent the payment agreed upon via bank transfer or other payment method, the seller should confirm they’ve received the funds.
  5. The BCH you’ve bought will then be released from the blind escrow and sent to your digital wallet.

How to create an account

Your Bitcoin.com Local account gives you access to features that allow you to view open offers, create offers, and execute trades with other users. Creating an account is fast and easy. Simply select a unique username, set a strong password, link your email address that will be used to verify your account. Remember to complete the captcha and then create an account. Once you have verified your email address you can start trading. 

How to create an offer to sell 

Local.bitcoin.com offers many different payment methods.  Over-the-counter peer-to-peer trading is all about trust and The different options available for creating an offer include location, payment method, type of currency, the rate at which you will sell, and the min/max trade size. For a step-by-step guide on how to create a sell offer, read this

How to buy Bitcoin Cash

If you wish to buy BCH, simply browse existing sell offers via the Explore option. Search for Buy BCH to filter offers specific to buying BCH. You can further refine your search by setting a specific payment method, sort by popularity or price, currency or users. Once that’s done, you need to open a trade for the offer you’re interested in. Enter the Trade amount and Message to open an offer. When you’re ready, press the Open Trade button. Once a trade has been opened, liaise with the seller with regards to the transfer of payment. The platform facilitates these communications via a chat portal where you can interact with the seller directly. Once a seller views your trade, they should send the BCH to the secure blind escrow. Now you can then send the payment to the seller via the discussed payment method and click “Mark as paid” on the trade page. This notifies the seller that you have paid and they can begin the escrow release process. Once the seller checks and confirms receipt of payment, they will release the escrow and you will receive the funds in your wallet. To check the funds, check your wallet. Please remember to leave a review of your experience. Doing so helps the platform build a network of trustworthy BCH buyers and sellers.

Selling via existing offers on the platform 

As a ‘taker’, which means that you’re responding to buy offers already listed by other users, you can browse existing sell offers via the Explore option. You are then able to search for Sell BCH to filter offers specific to selling BCH. You can further refine your search by setting a specific payment method, sort by popularity or price, currency or users. Once completed you can simply choose an offer that makes sense to you. Make sure you check the buyer’s trading reputation to ensure they are a trustworthy peer. To open a trade, enter the Trade amount and Message. Once you’re ready, press the Open Trade button. Once you’ve discussed the method of payment, send the BCH to the secure blind escrow. When the buyer has paid and pressed the “Mark as paid” button you will receive a notification via email your trade has been paid for.

When you’ve confirmed that you have received the payment you “Release Escrow”. This moves the BCH from escrow to the buyer’s Bitcoin.com wallet. You can view your trading history screen to see the completed status of the transaction. Also don’t forget to leave a review.  

Local.Bitcoin.com is a platform for well-meaning traders. Below are some of the goods, services, and content prohibited for trades on the platform:

  • exploitation or endangerment of minors; child pornography
  • weapons; firearms/guns and components
  • prescription drugs, medical devices; controlled substances 
  • endangered, imperiled and/or protected species 
  • false, misleading, deceptive, or fraudulent content; bait and switch; keyword spam
  • offensive, obscene, defamatory, threatening, or malicious postings or email
  • anyone’s personal, identifying, confidential or proprietary information
  • stolen property, property with serial number removed/altered, burglary tools, etc
  • ID cards, licenses, police insignia, government documents, birth certificates, etc
  • affiliate marketing; network, or multi-level marketing; pyramid schemes
  • and pretty much any good, service, or content that violates the law or legal rights of others.

Protecting yourself from scammers

Since BCH transactions are irreversible, once executed, there’s no way for you to recover your coins unless the receiver initiates a send to your address again. Scammers like to take advantage of this fact. They try to trick people into releasing your coins without ever sending the payment. It’s therefore crucial to not release your BCH from escrow until you have confirmed the payment is complete.

Scammers are typically persistent and often in a rush. The more a buyer asks you to rush through the trading process, the more suspicious you should be. Scammers will try to convince others to do the trade outside of escrow. Please avoid this trick. Some buyers even go to the extent of photoshopping the payment evidence. Please don’t release your BCH until you have confirmed that you have received the money. Also avoid opening any links that the user is sending to you. These can often be fraudulent and introduce viruses in your computer. When you must, we suggest you open them on a new browser. If you’re unsure about a user, you can always contact support for help. Read more about the dispute processes here

Conclusion 

Local.Bitcoin.com is a noncustodial, private Bitcoin Cash trading platform that allows users to buy and sell bitcoin cash BCH anonymously. Since its launch back in 2019, the BCH marketplace has attracted well over 100,000 users. The marketplace uses a blind escrow system to bolster the platform’s security while people trade which make it a reliable platform for people wanting to trade p2p electronic cash. If a seller puts BCH in escrow, they are creating an onchain bitcoin cash transaction which has two outputs – the escrow output, which can be spent by the buyer or seller, and the fee output, that can be leveraged in an unsuccessful trade. This means that if the trade is unsuccessful, the fee can be reclaimed by the seller. The platform doesn’t have a tier system or geo-restrictions which means that trading from any country and across any borders is welcome.

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