How does the LocalBitcoins clone script work?
Workflow of LocalBitcoins Clone Script
LocalBitcoins Clone Script is an instant available crypto trading solution developed on the blockchain network that is entrenched with general features like two-factor authentication, escrow wallet, multiple coin support, AML/KYC guidance, live price tracker, tracking & filters, etc.
These attributes are the ones that are to be thought to define the functionality. It is equivalent to a p2p crypto trading platform like LocalBitcoins in terms of features and capability.
With its elements of point-to-point customizations, this could be modified in accordance with the individual business requirements of how they want the cryptocurrency trading platform to look. Here is the breakdown of steps, Describing the workflow of the LocalBitcoins Clone Script.
Workflow of LocalBitcoins Clone Script:
Step 1: To use a p2p crypto trading platform like LocalBitcoins, the users have to start up with the signup or registration process by specifying important details in the suitable fields.
Step 2: After being accomplished with the initial setup process, they need to move with the KYC/AML compliance. This has to be accomplished in order to confirm the identity of the platform users. For this, they should provide useful information.
Step 3: Once they have accomplished the account’s creation, the wallets will be created automatically. The users must maintain a certain percentage of funds in their wallets to initiate cryptocurrency exchange.
Step 4: The ones who are interested in buying a Bitcoin could go ahead with it help of the Quick Buying feature. Moreover, they have the option to publish advertisements, eventually inviting other users to the platform for trading.
Step 5: In the case of any of the traders like the promotions, they can begin the trading and make use of the known payment modes.
Step 6: Once the buyer satisfies the payment, the Bitcoin will be transferred to the buyer’s wallet through the escrow system. In this, the admin (platform owner) is the one who handles the transaction.
For transactions made, the platform owner could charge a specific fee. In case of any disputes arise between the traders, the admin would come up with potential solutions when traders were opting for the dispute resolution feature.
This is how a specific LocalBitcoins Clone Script would function. With the changeovers of the inclusion of additional features, its capacity could be tweaked.
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