Understanding Local BitCoin platform

Lynso last year. The passive income guru in this video tutorial is understanding the local bitcoins platform.

So now that you've verified your account and you've installed the GA codes, let's get going. And on understanding how the local bitcoins platform works. So when you log in, you'll be taken to the home page. And this is the home page. So I'm just going to explain to you exactly what's going on on this page. So firstly, what you need to be doing is you need to scroll down to the bottom of the page here where it says change country so that the sellers are people in your country. You can only trade with people from your country, obviously. So if you're in Nigeria, just drop this down and click on Nigeria. If you're from the usa, just put in here the usa. So Nigeria, there it is, It'll come up. So I'm just going to leave it on South Africa, because that's where I am. And now I'm going to explain to you. So again, when I do something on my. On the video, please pause the video. Please go to log into local bitcoins and go and follow each step that I'm doing. You can't watch the video, the entire video and then remember everything. So there's a lot of steps here. So just pause the video. Now go and change the country and then the video. So just to understand what these numbers represent. So over here you'll see.

This information. Satrader03 so this is the name of the trader that you are possibly going to be buying coins from. The coin price is done.

From the cheapest price to the most expensive price. So you need to be buying from the cheaper suppliers. So this is his name, SA Trader. He's done 10,000 trades and he's rated 100%, which basically means that there were no issues or challenges with anybody. Everybody likes him. All these trades went smoothly and, and that's great. Even if the percentage is like 95% to 90%, there could have just been an altercation with one of the suppliers and, you know, somebody got marked, got marked down. So.

As you can see, everybody's at 100%, which is great.

So over here, this is the type of transfers with specific bank. So what this means is that this supplier is dealing with fnb, Standard Bank, Nedbank and absa. Okay, so if you're with Capitec, rather, you know, if you're going to use this guy, then expect that your coins are only going to be reflecting in your wallet. He's only going to release the coins to you when he's got physical cash in his bank. So you know, bank to bank, as in FNB to FNB takes 24 hours. Standard bank to Standard bank takes 24 hours. But if it's from another bank to your bank. So if you banking with Capitec and you're paying into fnb, it can take between three to five working days for your money to reflect and in the seller's account. So he's not going to release the coins until he's got the cash. So it's recommended that you deal with somebody with the same bank. But I mean if you, if you with Capitec and you want to save the extra, I don't know, 500 yen for the Bitcoin over here, you can see the difference between the price over here, then you know, rather deal with the supplier over here. But I mean it's a, it's a very minimal amount of money.

To lose when you, when you're dealing with Capitec to Capitec. So I would, I would, if I was with Capitec, I would then rather just use, use this guy as a supplier so that your coins are released immediately and you can then transfer your coins to Atlantic. Cool. So that's, that's that this is the price of the coin. And then obviously if you want to buy coins, you would click the buy button, which I'm going to show you in the next video. First I'm going to explain to you about this platform. So when you want to buy coins, you can just click on coins over here. And obviously that's the homepage. So if you want to be on this platform, I'm going to teach you how to create a sell order as well. So that when you get money from Atlantic and you want to get that cash into your bank account, I'm going to teach you how to create an advert and you will become one of these sellers. So it's over here you would post a trade.

And here's where you would create a trade.

And sell your bitcoin, which I will show you. And then this is the, this is forums and then obviously this is the, the help section. How do I buy coins? Frequently asked questions, guidelines, contact support, etc. Over here, this is a speech bubble. So this is where you communicate with buyers and sellers when there's a trade that's going on, which I'm going to show you how that works when I do the trade. And to get to your wallet you would just click this button over here. Now if you had coins then the coins would be reflecting over here. This is your wallet over here. So if you've got no coins in the wallet, it'll just say wallet. So I've got a few coins in my wallet. And, and if you want to get to your wallet to transact, you would just click on the, on the, on the wallet address, on the wallet numbers or the word wallet and you'll be taken to your wallet. Okay, so now we're in your wallet within the local bitcoins platform and there's a couple of things here that you would need to understand. So as you can see there's three tabs over here. This is the send bitcoin. So if you wanted to send bitcoins to another wallet, like if you wanted to send bitcoins to Atlanta, you would need to click on your wallet. And then obviously the send page will come up and this is where you would type in the senders, the receivers wallet address. So the person that you sending coins to, you would put his account number over here. This is where you would put the number of coins that you want to send. And obviously a description which is very, very important. I would definitely put a description in that gives you reference of where you sent coins to and why you sent the coins so that you can tally up your account and do some checks and balances. If you don't know the amount of like let's say you want, you knew the amount of rand that you wanted to send to somebody, you would then enter the amount of rents. Let's say you wanted to send a thousand rand to a friend and when you click on the amount of bitcoins it automatically displays over there. So if you were in the USA and you were sending dollars, you just click on this, you click on this drop down menu here. You choose US Dollars and let's say you were sending a thousand.

Dollars. You click in there, that is what a hundred dollars worth of bitcoin is right now the bitcoin price goes up and down all the time. So these amounts will change all the time. Now the person receiving the coins are not going to receive the exact, this exact, because obviously there's a banking fee involved, a transaction fee when you send coins and that will be deducted and the fees are very, very low. I mean it's like, it's like a couple of rand or fraction fractions of a bitcoin. So as you can see here on the wallet, okay, there are lots of zeros. That means you can buy One millionth of a bitcoin. And that is the big misconception around bitcoin is that people say bitcoin is very expensive. How do you get into bitcoin? You don't need to buy one full bitcoin. If you want to buy $100 worth or like a thousand naira's worth or, or a hundred rands worth of bitcoin, you can do that as long as the supplier is willing to sell that. So let's go back to the buy the buy section and just understand these limits over here. So this guy is saying that he will only sell Bitcoin from 250Rands worth of Bitcoin and he has a maximum of 250,000 Rands worth of bit. Okay? So if you want to buy a hundred rands with a bitcoin, you can't buy from this guy. You would need to buy from this guy or this guy. Okay? And that's what those numbers represent. So let's go back to the wallet address and understand more information.

So when you want to send coins, you would just click the continue button and then the coins will be sent to your friend that you want to send coins to or another platform that you want to send coins to. And the transactions can take anywhere from 30 minutes, depending on how busy the blockchain is. If you want to receive money, you would just click on that icon at the top here and now this is your bitcoin account number, okay? Your wallet address. You can you just highlight it. Make sure that when you do highlight and copy the address, you've copied the first alphanumeric to the last alphanumeric. Okay, so on a Windows machine it is Ctrl C and on a Mac machine it is the Command plus the C button. Or you can just right click it and then just copy the address. Okay. This drop down menu shows you any bitcoin that are coming into your into your wallet from a. So if somebody's sending you money and they said they've sent it, you would just come to your Receive Bitcoins tab, click on incoming transactions and you can see what funds are coming into into your bitcoin wallet. So these are your old addresses. Now your address changes every two weeks. You get a new address. It's for security purposes, so make sure that you do give the correct address to the person that is going to be sending you coins. What else can we see over here? So if you don't want to give them the address, what you can do is you can give your friend the QR code. You can just take a picture of it and email it or WhatsApp it to your friend so that they can scan that code. And this code is your wallet address, which is great. So it's just another way of seeing your address. The transactions are just our previous transactions that you've done, like a bank account statement. So you can see exactly like what you've done on your account and it goes back to, to Inception. You don't pay for statements. Everything is online and then it just downloads as a CSV. So if you click it will just open up a page and there you have it. You can download to CSV so that you've got your statements on hand, which is great. Okay, so that is basically understanding this part of, of local bitcoins and the wallet. Let's see what we've got you on the little man. The little man gives you a little bit of information about your account. So this is my account, Bitcoin carrot bars. That's the name of my account, of my one account. Remember we created another account called the Passive Income Guru, but I wanted to go through this to show you an account that has got transactions on it. So this is the name of my account. I've got a 97% score. I had an altercation with one guy, didn't, didn't release my coins. As I said you previously, we had words on the speech bubble and he's marked me as he didn't like me. So I lost a bit of points, which I'm not too fazed about. But I've done 100 plus trades with 81 different partners and just tells you my first purchase was one year, 10 months ago. I've been verified trusted by 14 accounts. And then we've got feedback. You've got your feedback from various different suppliers, which is great. So let's go back to this. This is where you can edit your profile. This is where we did the verification, the security checks. You can put your real name in various different things, go through each of these icons or sections so that you can better understand the, you can better understand the platform and how it works. Here's your dashboard. So your dashboard is basically where you've created your trades. Okay, so this is where you would create an advertisement to sell bitcoin if you had bitcoin. So if I wanted to sell coins, I can see that the cheapest guy is 61,900. I like to be the cheapest on local bitcoin so that I can sell my coins fast. I want the money in my account as fast as possible. So I know that the cheapest guy is 61,900. So I now know that if I want to create an advert, I should create my advert at 61,000, below 61,900. So if I create an ad, I just click on the create ad, sell locally. I put in my country, South Africa.

I know I'm going fast. I'm just giving you an example here and you can see that's the, the price of bitcoin.

If you go to Google, that's the price. So there's always a difference between the buying and selling rate of bitcoin. Just like there is with currency. There's a buying price and a selling price.

The selling price is always lower than the buying price. So if we go to Google, you can see here that this is the buying price of the price that bitcoin is being sold for on the exchanges like Polonix, etc. That's basically where the banks buy and sell their coins and it's being sold at 60,304. But on there's a hundred grand difference here between the Google price and this price. But on the local bitcoins platform it said they're the cheapest guys selling at 61,900. Now if I wanted to sell coins on the, on the exchange and I wanted to be the cheapest, I would just have to play with these figures over here, the percentages and, and see like how much.

You know, cheaper I want to be than the cheapest guy. So if it was 2.1% then it's above the Google price, then it's 61,720. I'm cheaper than the cheapest car which is 61,900. So that's the price that I would put. I'm happy to lose R200 per bitcoin. That's just happy with it. You'll decide what you're happy to lose and you can just put in your, your selling price then just go through the rest of these settings here of when you want your advert to display restrictions. Amount. So if you, you only wanted to sell let's say.

Amounts of 250Rands with the bitcoin, up to a thousand rands with a bitcoin, then those, those would be your limits. So if you had a hundred thousand rands with a bitcoin and you wanted to sell, let's say you only wanted buyers that could afford 80,000 rands with a bitcoin, then you'd Set your limit here to a minimum of 80,000, etc. Okay. Or the transaction minimum limit, minimum limit would be 80,000 and the maximum limit would be a hundred thousand. Okay. This is your trading times, this is your terms of trade. So in here you put the bank accounts that you support. So if you've got multiple bank accounts, EPSA, FNB, Capitec, etc. If you're only doing FNB, you just put the FNB only, but I'll show you on, on a trade. Exactly the other terms and conditions. So if you wanted to sell your coins, just go to another trade, another supplier, copy his terms and conditions and just paste them in there and then just follow these, these other instructions over here. It's pretty self explanatory. And then you could publish your trade and then you would sell your, your Bitcoin on the local exchange. Somebody would buy bitcoin from you and pay you into your local bank account. Very, very simple to sell your, your bitcoin on this exchange. And what else have we got here? So this is the wallet address. It's just a duplication. There's your wallet and there's your wallet. Here's your account security which is, we've done that. It's your verify your account and also your two factor authentication. So that's strong, which we've done. The rest of the stuff you don't really need, you can go through those sections, but I'm not going to go through them on this video. The support is if you ever have a challenge with, with a seller, you can create a support ticket or if you feel that coins aren't reflecting or anything, you can just post a support ticket. And the support, as I've said in my last video, is very fast and swift. They answer you within an hour and your support tickets are resolved very, very quickly. This is one of the most trusted bitcoin platforms out there and I'm very happy to use this platform. So that's that. And then this section over here is basically, it's a duplicate of your dashboard. So Dashboard and Dashboard, which we've gone through, so here's your wallet, let's go back to Dashboard. So you can control, here's open trades. So if you had an open trade, if you were buying from someone, or if you were selling to someone, here would be your open trades. If I was buying from someone and I clicked out of that sell transaction, I could go over here and then that transaction will be represented over here, which I'm going to show you when I buy A coin, which I'm going to do in the next video. These are all the closed trades that I've done and this is everybody that I've done done business with. These are completed trades, people that with the transaction is being completed and these are canceled trades. These are trades that I've cancelled for various different reasons, mainly doing different videos, etc. So that's the platform, very easy to use, very simple, nothing complicated. Don't get freaked out. It's just like a bank account. It's just like online banking. There's just a few, just different things, different buttons that you need to learn. And I know that you're going to learn this very, very quickly and it really is very simple. So don't get freaked out. Okay? In the next video, I'm going to show you how to buy a bitcoin and then I'm going to show you how to send that coin to Atlantic. So if you like this, if you found this video to be interesting and educational, please subscribe to my YouTube channel. So on my website, just click on the video on the bottom right hand corner it says there, YouTube. Click on YouTube. Sign into your Google account. Subscribe to my channel. Like the video. Please comment in the comment section if you found this video to be interesting and worthwhile. And then share this video with your team so your team can also be up to date with how you know the local bitcoins platform works. And I'll see you on the next video.