LocalBitcoins History at localbitcoinswiki

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LocalBitcoins History
LocalBitcoins is a well-known bitcoins based startup located in Helsinki, Finland. It provides over-the-counter trading service for bitcoins.

Way of Working of LocalBitcoins
A user who wants to sell their Bitcoins placed their advertisement on the LocalBitcoins platform set their exchange and also briefly specify their preferred medium of exchange.

Other users who want to buy bitcoins approach these advertisers and buy bitcoins from advertisers after mutually agreeing upon the terms and conditions of the sellers.
This is what you should expect

LocalBitcoins has by default review and feedback mechanism by which you can know about the credibility of the seller. Apart from that, Local Bitcoin offers escrow and conflict resolution service to the trader at their platform.

As of September 2019, Bitcoin has an active 110,000 traders and 1700 – 3,000 trade volumes that sounds like a huge transaction.

About the History of LocalBitcoins
LocalBitcoins platform was established by Jeremias Kangas. He revolutionized the way of trading bitcoin by creating an escrow system for the marketplace by the end of the year 2012.

Since its inception, the website has started creating an enormous amount of revenue. In the year 2013, Local Bitcoin has suffered from the biggest data breach, when thirty bitcoins were stolen from its active users.

In the year 2013, LocalBitcoins has ceased its financial operation in New York State because sellers were restricted to purchase a license to buy bitcoins from the New York Department of Financial Services to fulfill the legal requirements of financial regulatory institutions.

In August, LocalBitcoins has succeeded to enhance its marketplace through acquire 1.35 million different customers from 249 different countries, and the weekly trade volume of Bitcoin transactions exceeds US$14 million.

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