30 Sep '17, 6pm

Making a fortune from arranging private bitcoin transactions

HELSINKI (Reuters) - Exchanges aren’t the only way to trade bitcoins and other cryptocurrencies. Some websites help to arrange private transactions between buyers and sellers. LocalBitcoins.com is a popular website through which buyers and sellers advertise bitcoins, setting their own prices and conducting trades privately. It is operated by two brothers in Helsinki who say it has about 350,000 active users from nearly every country. The website has recently been facilitating trades worth as much as $72 million a week and may surpass $1 billion worth of bitcoin transactions this year, according to Nikolaus Kangas, its 31-year-old chief executive. His older brother Jeremias, a programmer, set up LocalBitcoins five years ago. It now has about 15 employees and is looking to hire more. Here’s how it works: Bitcoin buyers and sellers place advertisements on LocalBitcoins. The w...

Full article: https://www.reuters.com/article/us-bitcoin-exchanges-webs...

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