Operating in more than 209 countries worldwide, LocalBitcoins is the most widely used P2P platform.
Operations are carried out directly from person to person, with minimal commissions.
Sending remittances has been a reality for some time, but in the last decade, given the economic changes that have taken place in the world, it has become popular. To give a few examples, students who leave need money to cover their expenses, and the only form of income they have is what their parents send them from their country of origin. There is also the example of people who migrate for better work, growth or a better lifestyle, but do not want to leave their family without financial support. In these cases, the remittance service comes into play.
Remittance services fulfill the function of receiving money, in the local currency, and sending it to the country of origin, delivering the equivalent value in the currency in which it will be received. But it’s not all rosy, there are currency control regulations involved, often useless, which hinder the transaction and, in many situations, make it an almost impossible task to carry out.
This is where cryptocurrencies become important, as they are completely decentralized currencies, not regulated by government authorities, and having universal value, they can be sent or received anywhere on the planet, without the need for third-party intervention. The only time a third party intervention might be necessary would be to convert our cryptocurrencies to fiat currency (money in circulation of a country).
Well, if you are completely new to the world of cryptocurrencies and want to continue reading this guide, we would rather stop just for a moment and read the sections What is Bitcoin? and how to use it? , so you can easily understand what we will explain later.
Assuming you already have the knowledge, let’s continue:
There are numerous websites for trading bitcoins, but one of those who gained strength is local bitcoins, which operates in more than 209 countries worldwide. The way of working is responsible for its success. First of all, LocalBitcoins does not buy or sell bitcoins, this platform serves as a means to guarantee the transparency of transactions and avoid fraud, through a system of blocking funds and reputation, since the operations take place directly from person to person. with minimal commissions involved and, of course, a personal wallet, as it is mandatory for transactions.
Back to the topic of remittances, there are two options for sending bitcoins:
- The first is to buy bitcoins through the platform and send them to your family member’s wallet, so they can save them or sell them later on the platform. You can view the existing tutorials at CriptoNoticias how to create and use different wallets that are active in the market.
- The second option is more feasible for people who do not like technology very much and is also the fastest option. Here you just need to buy bitcoins in your local currency on Localbitcoins, then change the geographical location of the posts and sell them in your relatives’ local currency. When the buyer goes to make a deposit, it will be paid directly into your family’s bank account.
Later we will see the steps to perform these actions. When everything is clear, let’s begin.
Using Localbitcoin to send remittances
To start this whole process, the first thing you will need is to learn how to use the platform. To do this, we offer you to go step by step with this beginner’s guide to learn how to buy and sell bitcoins in any currency and from anywhere in the world with LocalBitcoins.
When the tutorial is done carefully, we will assume that We already know how to buy, sell, send and deposit bitcoin to our wallet. Now let’s learn how we can use these techniques to send remittances.
The first thing we will do is buy the amount we want to send in bitcoins, following the tutorial, we should already know what to do; Just don’t forget to take into account the reputation of the seller’s users and the number of transactions. If you are in doubt, you can calmly ask the candidate for more information. Also remember that you can make physical deliveries; that is, buy bitcoins with cash for this look for ads that sell bitcoins for cash, as the previous tutorial shows. Always remember to see the number of transactions made and the level of reputation, this way we will avoid the risk.
Well, having money in the account, we have to send the purchased bitcoins to relatives. The best and fastest option is to sell them and the money goes directly to their account, as we already mentioned.
Primarily we need to change the geographic location of the adand locate us on the classifieds of the country we need to ship to.
To do this, we scroll down the page and go to the next option, at the end of everything.
We can add cities or countries directly to the frame
This will open a text box where We will enter the country from which we want to see adswe press enter and that’s it, the geographical location has already been changed.
In particular, we can consider how we want our family members to receive the money, remember that there are bank transfer ads as well as personal cash delivery ads.
On the other hand, the only difference compared to the previous tutorial at the time of sale is that Instead of providing our bank details, we will provide details of our family members.
After we have confirmed everything, we will hereby transfer funds between two different currencies, without government regulations, paperwork or the risk of having our funds frozen due to suspicious activity. Always aware that there is a legal framework in which we operate. Depending on our reputation, Localbitcoins will have a daily buy/sell limit. Likewise, if in doubt, ask the seller for more information. If you have any problems, please contact the relevant test institutions.
This tutorial shows how easy it is to use a bitcoin coin exchange tool, and is just one of the benefits of a completely open and controllable network like bitcoin. More and more countries around the world are joining the implementation of this type of tool to make everyday life easier and optimize money transfers.
Featured image of Daniel Krasoń / stock.adobe.com