LocalBitcoins Clone Script is a readily available crypto trading solution built on the blockchain network that is embedded with general features two-factor authentication, escrow wallet, multiple coin support, AML/KYC guidance, live price tracker, search & filters, etc. These attributes are the ones that are to be considered to define the functionality. It is similar to a peer-to-peer trading platform like LocalBitcoins in terms of features and capability.
With its elements of end-to-end customizations, this could be modified in accordance with the individual business requirements of how they want the cryptocurrency trading platform to look like. Here is the breakdown of steps, signifying the workflow of the LocalBitcoins Clone Script.
Workflow of LocalBitcoins Clone Script:
Step 1: To make use of a peer-to-peer trading platform like LocalBitcoins, the users have to begin with the signup or registration process by specifying essential details in the relevant fields.
Step 2: After being done with the initial setup process, they need to proceed with the KYC/AML compliance. This has to be accomplished in order to verify the identity of the platform users. For this, they should provide valid information.
Step 3: Once they have done with the accounts’ creation, the wallets will be created automatically. The users have to maintain a certain percentage of funds in their wallets to initiate the exchange of cryptocurrency.
Step 4: The ones who are interested in buying a Bitcoin could go forward with it with the help of the Quick Buying feature. Moreover, they have the option to post advertisements, eventually inviting other users to the platform for trading.
Step 5: In the case of any of the traders like the advertisements, they can begin the trading and make use of the available payment modes.
Step 6: Once the buyer completes 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 oversees the transaction.
For transactions made, the platform owner could levy a specific charge. In case of any disputes arise between the traders, the admin would come up with possible solutions when traders were opting for dispute resolution feature.
This is how a typical LocalBitcoins Clone Script would function. With the modifications of the inclusion of additional features, its capability could be tweaked.