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I needed to convert some BTC to my local fiat currency today (GBP). 

A friend told me about localbitcoins.com so I decided to give it a go. 

Opening an account

Opening an account was straightforward, you choose a username, enter your e-mail address and that was it. 

Verifying your account

When I tried to sell bitcoin I was told I had to send some ID to verify my account, I uploaded my passport and the system automatically verified my ID in about 30 seconds. 

Many people buying coins also ask you to verify your mobile, so I verified my mobile phone number too. 

Uploading bitcoin you want to sell

To sell bitcoin you need the bitcoin in your localbitcoin wallet, when you click wallet, and then receive coins, you are given an address to send funds to, there is also a dynamically updated Tx fee.

image.thumb.png.679da8294b7afb7164f8ddf1582bb892.png

This is a bit confusing it's not the tx fee you should send, this is a fee that is deducted from your transfer once it reaches your account.

Selling Bitcoin

The site is basically a directory of people buying or selling bitcoin. Each person has information next to their name about the number of trades they have completed and their feedback score. 

Like this: 

image.thumb.png.2f042f86075af587a0fabc29e24fab81.png

I didn't fancy meeting anyone in person to sell bitcoin... so decided to focus on the online buyers. 

I chose someone with 100% feedback. Then clicked them in the listings. 

The Trade

I input the amount of btc I wanted to sell to the person, and clicked submit, the coins were debited from my wallet and placed into Escrow.

6 minutes later the person sent to my bank. I then released the Escrow.

I started off at the exchange with £600 of BTC, and by the time everything was finished and the tx fees were deducted and it went through the localbitcoin.com system I ended up with £550 in my bank (bitcoin also went slightly down between the process).

So if you want a quick way to convert BTC to fiat, I recommend this method. 

Advice is make sure you choose someone with many trades, and 100% feedback. 

Edited by SuddenlyBroke
  • Bitcoin 1

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