As anyone who frequents this humble blog knows, I’m almost as interested in cryptocurrency as I am in digital marketing.
I’ve been a bit slack of late when it comes to reviewing cryptocurrency-related services (I guess interest in the crypto markets as a whole took a big dive, along with the market cap/prices, earlier in the year).
However, I recently wanted to cash out a small amount of Bitcoin – just a few hundred dollars. I’m a firm believer in locking in profits from time to time.
Unfortunately, cashing out in New Zealand isn’t as easy as it has been in the past:
- Xapo Card stopped working mid last year. I don’t know if there are any other “Bitcoin ATM Cards” that are even supported in New Zealand.
- Any option for securing an online/virtual Bitcoin-backed card looked very dodgy indeed. I’d rather not cash out at all than those it on some scam.
- Cryptopia no longer support NZDT withdrawals, so that pathway is gone, at least for the immediate future.
There are a few other NZ-based services around, but I decided to try one that I had been meaning to use for a while – Local Bitcoins.
In this Local Bitcoins review, I’ll share my experiences with using the platform.
What Is Local Bitcoins
The site is an “over the counter” platform for buying and selling Bitcoin. Basically, instead of acting like a regular exchange, you are simply getting access to a platform that allows sellers and buyers to come together and work out their own deals.
Things I Like About Local Bitcoins
- Easy to get set up.
- Easy to assess credentials of buyers/sellers.
Things I Don’t Like About Local Bitcoins
- Pricing isn’t the best.
- Risk for fraud/scams.
- Clunky interface.
Overall, I found the process of selling Bitcoin through Local Bitcoins to be straightforward and easy.
Within an hour of initiating the transaction, I had the money in my account.
Of course, with any “peer to peer” platform like this, you are always somewhat at the whims of what the person on the other end of the deal is like. My trade partner was reasonably polite and helpful, so no complaints there.
All things being considered, I will probably use Local Bitcoins again in the future and would recommend it to others. I haven’t yet tried buying anything through the platform, but when I get around to this I’ll be sure to update my review.
Ease Of Use
Local Bitcoins seems like a decent option for buying and selling Bitcoin on an "over-the-counter" basis. I found selling easy enough, and will update once I've tried buying as well.