There are many way to convert Bitcoin into cash, but this one is by far the easiest and (if needed) the most anonymous one. Here the explanation in order to sell your bitcoins on a well known website called LocalBitcoins.com.
LocalBitcoins allow users to met each other and build an agreement onto a trade. It can be a sell or a buy depending on you goal. On this tutorial we will see how to close a selling deal with someone against some money. The results depends on how you set the deal and might be for example a wire transfer, some hand to hand cash, or one of the many different payment accepted.
Let’s start our deal by creating an account on LocalBitcoins.com here.
1 – Account creation.
First, go on the website and click on the Sign up free button on the top task-bar.
You will need to fill a simple subscription form :
After providing a Username, Email, and Password you can register on the website. After this step you will need to follow a link inside a mail you just received in order to confirm your mail address.
2 – Crediting your bitcoin balance.
Now you are ready to add some of your bitcoin on your LocalBitcoins account to be able to set a new deal with the others customers. First, click on the wallet button.
You will get a page where their services provide you a bitcoin address. This address can be given to anybody if you want them to give you bitcoin. You can also credit yourself and put some bitcoin on it. Be aware that after each payment detected, LocalBicoins will give you a new address but the one you just used will still be functional.
You can use any bitcoin wallet that you are familiar with in order to credit this address. For example purpose, we are going to use Electrum wallet and send bitcoin to this address. In the send tab of the app, I have provided the destination address that LocalBitcoins gave me, a description for me to remember what is this transaction related. Finally put a (expensive) fee for getting my payment detected and validate as soon as possible.
When you send your payment with this wallet, you have to provide your password to sign the transaction. Here is what it’s looks like : (do not corresponding to the current transaction)
After the payment occurs, you will need to wait some confirmation on the bitcoin network. After getting something like 3 confirmations, you will have your balance credited on LocalBitcoins and will be ready to sell them on this website. As I show below, I invite you to click on the Post a trade button.
The first part of this page is to get information from which location you are trading (Your market target) and which payment method you will allow to your customers.
Following the first part, you will be asked to provide more information about your deal. Each field are already well describe. A lot of them are optional and are here to give you the ability to get a nice control over your selling. The more accurate you are, the more chance you get to match the deal that corresponding to your needs.
After providing all of the information required, you will be able to click on the Publish advertisement button as shown just above. If you want to see your advertisement in live, here are the step to follow.
First go to your dashboard where you can see the list of your advertisement.
Then, you can find the list of your current deal in progress. One useful tips is to click where there is the ‘Hidden’ word : you can activate or deactivate your deal directly from there.
If you wonder why my screenshot show up a hidden status it’s because we are outside the scheduled time I’ve set. So for now the deal isn’t shown to anybody. Be sure to be ready to sell when you start to deal on this platform. If some buyers cannot close the order they made with you, that can make them not really happy and they can give you bad feedback. Also useful to know but be aware that there is an average of the elapsed time which is calculated to close a deal and become part of your reputation. Long story short : the fast you close a deal, the better it is.
When somebody start a deal with you, the corresponding amount of bitcoin related to this transaction is deduced from your balance during the screen time of your deal (But is not given to the customer). If anything goes wrong and you suspect to be scammed, contact the support to ask them help to close the deal. LocalBitcoins do their best to keep you safe about your deal.
If you are scarred, don’t hesitate to raise the number of verification needed asked to your customers to deal with you. Be patient and you will get your reward.
When finally come the time where you are sure about the money you received, there is a Released bitcoin button on the trading page that you can hit to give your coin to your happy customer.
LocalBitcoins take exactly 1% of your transaction you make.