LocalBitcoins is a bitcoin startup company based in Helsinki, Finland. Its service facilitates over-the-counter trading of local currency for bitcoins.[2] Users post advertisements on the website, where they state exchange rates and payment methods for buying or selling bitcoins. Other users reply to these advertisements and agree to meet the person to buy bitcoins with cash[3] or pay with online banking. LocalBitcoins also offers a reputation and feedback mechanism for users and an escrow and conflict-resolution service. As of December 2013, LocalBitcoins has around 110,000 active traders with a trade volume of 1400–3000 bitcoins per day.[4]
In February 2014, two Florida men were charged with violating state money laundering laws for using LocalBitcoins.com.[5] In that same month the company announced that it would begin mass-producing low-cost bitcoin ATMs.[6]
References
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