Cryptocurrency exchange LocalBitcoins is claiming to be the fastest method for purchasing ethereum on the market due to its different approach, which mimics the method of blockchain technology. LocalBitcoins is a peer-to-peer exchange, rather than a centralized company, which LocalBitcoins says makes it easy for people to find a trader that is online and to make a quick transaction. The method finds people who are selling bitcoin in the same country and offers 60+ payment methods worldwide.
Buying cryptocurrencies, from bitcoin to ethereum, has the potential to be time consuming. Converting from fiat to digital currency on exchanges normally requires customers to deposit money using a bank transfer, which can be international and require a number of days for the money to be transferred.
Bank transfers have been described as the fastest payment method within a country or within a bank using LocalBitcoins, removing the need to wait for international bank transfers. If this option is chosen the user will be connected to a trader who uses the same bank, or another bank in the same country, which LocalBitcoins hope will significantly reduce the time the exchange takes.
LocalBitcoins provided the following four steps for people interested in using the system:
1. Register for an account on LBC.
2. Search for advertisements using bank transfers or cash deposit. (The fastest payment methods)
3. Choose an advertisement and buy bitcoins.
4. Convert Bitcoins to Ethereum using Shapeshift.io.
When using the service, LocalBitcoins highlighted its recommendation that customers use Specific Bank Transfer, National Bank transfer or Cash Deposit, as these payment methods tend to get the fastest trade. An account is not required to convert bitcoin to ethereum, so no password is required and exchanges can be made instantly. There is a video to demonstrate the process provided.