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How to use localbitcoins.com? Is it a safe way to buy sell bitcoins?

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how to use localbitcoins.com

Understanding the working of one of the most reliable peers to peer marketplace: LocalBitcoins.com

  • Cryptocurrencies as currency

Let us see what LocalBitcoins.com Platform is all about? Cryptocurrencies, from the day one were intended to be used as a form of decentralized currency, in contrast with the centralized one, but the condition of cryptocurrencies these days seems to be far away from a currency and more of an investment asset. As the market has not gained maturity, a number of investors like venture capitalists and hedge fund investors are pouring into the industry. In this millennial generation, buying and selling Bitcoins is not any lesser obsession then clicking a selfie and posting it on social media. Hence out of Fear Of Missing Out (FOMO) a number of millennials are jumping onto the Bitcoin bandwagon in order to buy them so that they do not get a temptation that they are being left behind which has led to a number of countless hacks and scams in the name of Bitcoin. Hence, one needs to be careful about the Ponzi schemes that run around in the name of Bitcoin and safeguard ourselves from such lawbreakers.

 

  • Localbitcoins.com

Localbitcoins.com is one of the Bitcoin buying service provider, used by the user in order to purchase or sell Bitcoins by putting on advertisements on LocalBitcoins.com. Localbitcoins.com is not a cryptocurrency exchange it is just a local service which helps in buying and selling of cryptocurrencies between various users without much security compliances. This method is generally preferred for the long-term investors are those who just want to try Cryptocurrencies. however, this device high brokerage fee when compared to the cryptocurrency exchange which implies minimum fee for trading purposes.

 

Step by step let’s understand how to use services offered by LocalBitcoins.com in order to buy a certain amount of Bitcoins.


1. First of all, a user needs to register himself on the website. On completing all the registration formalities a user gets a unique Bitcoin wallet absolutely free of cost automatically without any extra work being done. If by any chance a particular user has already registered with localbitcoins.com then one can skip this particular step.

2. After the completion of the first step, the user is automatically taken to a next window where two options are available for buying and selling Bitcoins respectively. A user has to choose the number of Bitcoins, the Fiat currency (whichever is easily accessible for him), the country and the kind of offer. Kind of offer means, what kind of advertisement does he want to post. For example, if he wants to send Bitcoins he can receive the cash from the person, through Altcoins or through a number of money transfer portals like PayPal, MoneyGram, etc.

3. After selecting the appropriate locality the advertisements Bitcoin seller advertisements would be displayed to the user and he can choose any particular user to undertake transactions. The seller ratings can be checked for a better transaction. The reviews and ratings of the seller must be good enough as this is an indicator of good reputation and reliability. The response time of a particular user must also be kept in mind prior to initiating a transaction.

4. Once a particular user is selected from the list, his personal terms and conditions are displayed and if the buyer doesn’t same to fit in, then we can go back and select another user. After selecting an appropriate user after a number of trial and error. The user needs to enter the number of Bitcoins and a message to the seller which is optional and click on send trade request button.

5. Once a trade request is initiated a countdown timer starts after the completion of which, the trade automatically gets canceled if the payment or any activity is not detected. Once the payment is completed the user must click on I have paid button in order to verify the same, then the LocalBitcoins.com escrow service would release the amount of Bitcoins into the wallet address provided by it.

 

  • Is LocalBitcoins.com safe?

Founded in the year 2012 by Jeremias Kangas, the company has never been attacked by any kind of security threats. The team members are well versed with the headquarters in Finland. It offers a very easy and an interactive way to buy or sell Bitcoins privately without the intervention of any cryptocurrency exchange, by the application of the escrow service. The response time of the customer service provided by the company is very less and the seems to respond immediately to any problems related to the previous transactions. So Yes, Localbitcoins.com seems to be legit enough because it has been operating since 2012.

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Altcoins

Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

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There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

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Altcoins

Cryptocurrency Market Updates: Bitcoin May fall further

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The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

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#Bitcoin

Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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