LocalBitcoins was founded in 2012 by Jeremias Kangas and is based in Helsinki, Finland. It was created as a response to the need for a decentralized and peer-to-peer platform for buying and selling bitcoins. The platform aims to connect buyers and sellers directly, without the need for intermediaries or centralized exchanges.To use LocalBitcoins, users need to create an account and verify their identity. Once verified, users can browse through the advertisements posted by other users and choose the one that suits their needs. The advertisements specify the payment method, exchange rate, and other details.When a user finds an advertisement they are interested in, they can initiate a trade by clicking on the “Buy” or “Sell” button. This opens a trade chat where the buyer and seller can communicate and negotiate the terms of the trade. LocalBitcoins provides an escrow service, which means that the bitcoins are held in a secure wallet until the payment is confirmed by the seller. This ensures that both parties are protected from fraud or non-payment.Once the payment is confirmed, the seller releases the bitcoins from escrow and they are transferred to the buyer’s LocalBitcoins wallet. From there, the buyer can withdraw the bitcoins to their own personal wallet or use them for other transactions.LocalBitcoins also provides a web wallet where users can store their bitcoins. However, it is generally recommended to use a personal wallet for increased security.In addition to the trading platform, LocalBitcoins also offers a range of other services, such as a merchant invoicing system, an affiliate program, and an API for developers.Overall, LocalBitcoins provides a convenient and secure platform for buying and selling bitcoins directly between individuals, with a wide range of payment methods and exchange rates to choose from.

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