Buy Local Bitcoin Account

What is Local Bitcoin Account

Local Bitcoins is a peer-to-peer cryptocurrency exchange.

Local Bitcoins provides escrow services for the transactions that take place on their platform, making it a secure environment for both sellers and buyers. The transaction fees are 1% per trade.

The fee structure is set by default to 1%, but users have the option of customizing this setting to 0.5% or even 0%.

Other features of the platform include:

1. Multi-signature escrow transactions. This helps to protect against fraud and disputes by using a 2 out of 3 multi-sig address system. In this case, funds are released once two out of the three keys have been used to complete a transaction.
2. Bitcoin deal and escrow protection process.
3. Anonymous trading: Local Bitcoins offer to sell/buy bitcoins without linking the identity of the buyer or seller.
4. The site also offers a built-in wallet, which can be used for bitcoin storage. This is meant as an extra security feature, not as a replacement for other wallets such as Blockchain.
5. The log-in passphrase is encrypted locally using AES 256 encryption, which is then decrypted on the servers (encrypted at rest). All this data is deleted after logout. Local Bitcoins website does not store any user accounts or wallet addresses.

Advantages Local Bitcoins Account.

1. The most secure and trusted peer-to-peer cryptocurrency exchange
2. Low fees: 1% per trade
3. Multiple escrow transactions to protect against fraud and disputes
4. Anonymous trading: Local Bitcoin offer to sell/buy bitcoins without linking the identity of the buyer or seller.
5. The site also offers a built-in wallet, which can be used for bitcoin storage.
6. Security: Local Bitcoins website does not store any user accounts or wallet addresses.

Disadvantages Of Local Bitcoin Account.

1. There is no distinction between verified and unverified accounts on the platform, however, once an account is identified as suspicious due to fraudulent activity the account is locked and all pending transactions are canceled.
2. Transactions can take longer than expected because of the slow transaction processing period due to a high volume of users using the platform.
3. Some issues with payment methods, mostly due to lack of payment processor support.

Benefits of using Local Bitcoin Account.

Local Bitcoins provide a safe and secure environment to buy or sell Bitcoin through escrow services. The 1% transaction fee is lower than many other exchanges. They offer anonymity, which makes it a good choice for people who want to make a purchase without linking their identity to the transactions. The site offers a built-in wallet that can be used for storing Bitcoin. The security of Local Bitcoins is that no accounts are stored on their server or an individual’s computer.

The website is not the only option for making a trade. Other options include:

The Counter exchanges (OTC)

Peer-to-peer cryptocurrency exchanges such as Local Bitcoin allow users to trade directly with one another without having to go through an intermediary. According to “Coincentral,” this has both advantages and disadvantages over conventional Bitcoin exchanges.

Disadvantages of peer-to-peer Bitcoin trading:

Lack of regulatory oversight, which means there is a higher risk for fraud and scams.

There are no guarantees that the other party will complete the terms of the contract.

The seller can charge a high premium due to not having to pay fees.

Advantages of peer-to-peer Bitcoin trading:

The transaction fees are lower than those at a conventional exchange. Local Bitcoins charge 1% per trade, while Kraken charges 0.26%.

Users have more flexibility and control over the price they want to sell or buy at. In contrast, most conventional exchanges will only allow you to trade at market price meaning they set the price of your transaction.

There is more anonymity since only an email address is required to start trading on Local Bitcoins.

How to Buy Bitcoins With 2FA Security Authentication.

With all that said, you can protect your Local Bitcoins account by setting 2-factor authentication (2FA).

This is one of the best security measures you can take to protect yourself against any unauthorized activity on your account. Here are some extra tips to help you stay secure:

Log out after every transaction.

Don’t use public or shared devices to access your account.

Create a strong password that you don’t use for any other accounts.

Use two-factor authentication (2FA) whenever possible.

If you have to store large amounts of bitcoins, opt for an offline wallet instead of storing them online in the Local Bitcoin wallet.

How To Remove Verification In Local Bitcoin

If you want to remove verification from your account on the Local Bitcoin website, simply contact support and ask for the removal of the 2FA. Remember that while this may sound like a good idea at first, it will leave your account completely open and vulnerable to any cyber attacks without the second authentication step.

And remember: there is no going back, the 2FA removal is permanent.

How To Open New Account In Local Bitcoin.

Opening a new account in Local Bitcoin is simple and easy. There are two ways to go about this:

1. You can get verified immediately by uploading your ID or proof of address documents. This will allow you to start trading immediately, but you will have very limited buying/selling options.
2. You can opt to get unverified. If you do this, your trading activities are not restricted by LocalBitcoins in any way, but there are certain limitations for new users that are easily overcome with some effort and time spent on the website.

When you open a new account on LocalBitcoins, you will be able to see some specific functions that are available only to unverified users. These include:

Posting ads for buying/selling bitcoins without any restrictions.

Adding payment methods freely (2FA is optional)

Sending and receiving payments with zero-confirmation transactions (3 confirms). 

The ability to use SMS notifications and customizable options.

Related Products: Buy Movo Cash Acoount

How to Delete a Local Bitcoin account?

If you are afraid that someone may be login with your account, do not enter any of your login information.

Simply, go into the “Delete Account” page and click “DELETE MY ACCOUNT”.

The website will prompt you to enter your username or email address and provide its a password for confirmation before deleting the account.

After the verification is complete, Local Bitcoin will delete all personal information stored about you.

1. These include:
2. Your username.
3. The email address you used to register.
4. All logins and passwords for your account.

All personal information such as name, phone number, date of birth, etc.

A link will be sent to the email address associated with your account, so please make sure it’s correct.

After the account is successfully deleted, you will receive confirmation via email.

If you need to find your password or username at any time, you will be able to recover them by logging in using the email address that’s linked to the account.

To delete your account, visit this page. Once logged into your account, go to the Account Settings page and click “Delete account” under My Profile.

All your personal information will be removed, including login history, email address, phone number, real name is associated with your account, etc. To recover your password or username after deleting the account, visit this page. When logged in, go to Account Settings near the top of the page. Then click “Create a new account” under My Profile.

Conclusion

While it is true that 2FA authentication can inconvenience you, keep in mind the greater good. Can you imagine what would happen if someone was able to get into your account? This could lead to many problems. You could lose all of your funds or even worse, have them stolen from you! I know that using Local Bitcoin is an inconvenience in itself, but I feel that the safety measures are worth it.

Do you use 2FA authentication on your Local Bitcoins account? Why or why not? Let me know in the comments below!

If you found this helpful, please share the love and make sure to check out my other articles for the more informative content! Thank you.