One of the most trusted ways to buy bitcoins is through LocalBitcoins. It’s a destination where buyers and sellers meet and a large number of them sell bitcoins via PayPal for others to use. However, its prices are much higher than that of VirWox.
Following are the steps that you will need to follow to complete a bitcoin transaction on LocalBitcoins.
Step 1: Log Onto LocalBitcoins:
To buy local bitcoins, head over to LocalBitcoins.com and enter the amount of USD (or any other currency), select your country and select “PayPal” as your payment method.
Step 2: Select Your Seller:
You should now be seeing a list of sellers willing to accept PayPal. You can run by them one at a time and here are some factors to look into:
- Feedback Score – It is located under the seller’s name. here you can see the feedback about the seller. We recommend conducting transactions with only high feedback sellers.
- Trade Limits – Every seller has a minimum/maximum amount they are willing to trade.
- Payment Window – The time you have left for making a payment and marking that payment ‘done’ after you initiate the trade.
Step 3: Verify Credibility of The Seller:
For credibility verification of a seller, click on “see feedback”.
With these points, you can find out if the seller is trustworthy or not.
- Trade Volume of confirmed Trades– Be sure to check that the number of trades is in proportion to the number of partners.
- Trusts– The higher this value, the better.
- Blocks– A higher number of “blocks” than “trusts” is not a good sign.
- Verifications– If a person has his ID/Passport and other personal details verified, then he can be trusted.
Certain sellers will require you have an initial reputation in order to buy from them so they can avoid scams or fraud. This means that you will have to conduct some small transactions to prove your legitimacy.
Step 4: Finalize The Trade:
Once you’ve chosen your seller, enter how much you are willing to buy and click on “Send trade request”.
Step 5: Payment:
You will be taken to the “Payments” page and you’ve got to “mark the payment complete” on the invoice.
Once this step is finished, the seller will verify your payment and you will receive BTC in your wallet.
Things to know:
- Local Bitcoins also offers “Bitcoin escrow service” to protect you from fraud.
- You might not be able to buy from every seller of your choice because serious sellers have serious requirements, such as account age, minimum no. of sales, etc.
- Bitcoins are reflected “Instantly” into your LocalBitcoins wallet once they’ve been released.
Bitcoin is a peer to peer currency which does not have any physical form. In other words, it’s a virtual currency. The currency is stored in Bitcoin wallets.
There are several forms of Bitcoin wallets – most common ones being desktop wallets, mobile wallets, online wallets and hardware wallets.
The goal of this article is to provide you with the necessary information about all these forms of wallets. So let’s get started with knowing what is a Bitcoin wallet are and what are the different types of it.
Desktop wallets are compatible with different desktop applications and each of them offers different features. For example, Hive is an OS X-based wallet which includes app store that connects directly to Bitcoin services.
Another example of desktop wallets is Bitcoin Core which relays transactions on the network and enables you to create a Bitcoin address for sending/receiving virtual currency.
Some desktop wallets are particularly designed to gain enhanced security. Armory is a prime example of such wallets.
Desktop wallets are handy, but only when you are at home. If you are out on the street, they are of no use. And this is the reason as to why these wallets are falling out of favor.
On the other hand, mobile wallets are more useful as everything regarding your bitcoins is just one tap away.
It doesn’t matter where you are, whether it’s a physical store, park or just a random street, if you have access to the internet, you can access your Bitcoin wallet and make transactions on the go. Some of the common bitcoin mobile wallets are Xapo, Mycelium, and Blockchain.
These wallets keep your bitcoin keys encrypted on the phone and also back it up on a web-based server.
Online wallets store user’s private key online and link it to mobile/desktop wallets. One of the biggest advantages of online wallets is that they can be accessed from anywhere regardless of which device you are using.
However, there is one major drawback: If a user fails to implement them correctly, it will put the organization running the website in charge of his private key which eventually takes his bitcoins out of his control. That could be a risky move, especially if you collect a lot of bitcoins.
Some examples of the best Bitcoin wallets online are:
Coinbase operates worldwide. Users in the United States and Europe can also buy bitcoins through Coinbase exchanges.
learn more about how to buy Bitcoin with Coinsbase.
Circle offers the feature to send, receive, store and buy bitcoins.
This service offers hybrid wallet which lets the users encrypt their private keys before sending them to its servers.
And Hardware Wallets:
Hardware wallets are dedicated devices that are used to facilitate payment and store private keys. Some examples of these wallets are Trezor Hardware Wallet and Ledger USB Wallets. These wallets are easy to carry in your pocket and can be physically moved from one place to another.
Since the introduction in 2009, Bitcoin has been on an incredible rise. The value is always going up, and so is the speculation about BTC’s future.
At the time of writing, Bitcoin had already gone past the $2500 mark – and the trend is still expected to continue. Incredible! Isn’t it?
Considering bitcoin’s popularity, it is clear as rain that this currency is surely going to play a huge role in the B2B (Business to Business) community in future. However, the question is; what role will it play and how will bitcoin affect the B2B community worldwide?
Anyone with the slightest of the knowledge of business community would know that the volume of B2B transactions is way too higher than the volume of P2P (Person to Person) transactions.
Moreover, bitcoin in business has all the potential and tech to replace traditional payment systems – wire transfer being the most common one. In terms of speed, wire transfer is quite slow. The transfer between two countries may take up to a week; which, in business terms, is a waste.
Another traditional payment method used in the business community is ACH (Automated Clearing House). The method is cheaper but slower than the wire transfer, so it needs replacing too.
On the other hand, the client, as well as the merchant prefer instant Bitcoin payments and is a perfect fit for it. The crypto can be used to send/receive payments within a short period of time which may range from one to a couple of hours.
After reading all that, one might wonder: “if Bitcoin is instant and convenient, what’s stopping it from breaking into the Bitcoin B2B community?” It’s the acceptability and lack of usage. Bitcoin payments can only work if both parties are willing to use it – and considering the risks associated with this currency, not many are ready to accept bitcoin as a payment method.
However, if the business community decides to go with bitcoin, here are some benefits that they can enjoy:
Compared to conventional payment methods, Bitcoin is super-fast. The ability to complete international transactions within a few seconds/minutes can solve the speed issues.
Low transaction cost is another advantage of Bitcoin. Where other methods cost up to 10-40 USD, transactions through Bitcoin only cost a few cents.
The majority of the adult population relies on services like Money Gram or the Western Union for money transfer. Services like these follow a set of rules and restrictions imposed by the government; which greatly affects one’s ability to do business.
However, Bitcoin can solve the issue as it is regulated by a third party to impose restrictions on users. It ultimately provides users with more freedom and makes the transfer process simple. Anyone with a regular PC and access to the internet connection can transfer the coins to whichever part of the world they want.
These are some of the pros that Bitcoin brings with it for the business community. However, all is not that simple. Bitcoin adoption in B2B community can also bring about some harms with it – security and price volatility being the most common ones in Bitcoin community.
One of the biggest issues with Bitcoin is that the security is the responsibility of the individual making payments. For example, if someone is sending a certain number of bitcoins to someone else, the first thing they will need to make sure is to send it to the right address. A slight mistake and the coins are gone forever.
Another issue is that your computer at which bitcoins are stored must not have any spyware and other suspicious programs installed on it. It compromises the security of the bitcoins.
Another issue with Bitcoin is high volatility. The value of Bitcoin changes in a matter of minutes. With such instability, it’s almost impossible for the business community to adopt Bitcoin payments.
Although Bitcoin is the most popular form of cryptocurrency and allows instant transfers, there some issues with it – stopping it from a wider adoption. Once these issues are dealt with, there is no doubt that bitcoin will rule the business world.