WARNING! If meeting with a stranger to buy or sell cryptocurrency with cash, make absolutely sure you meet in a visible, populated area, for your own safety. Also, do NOT leave until you've verified the crypto transaction has completed and is NOT a reversible transaction.
It's a website that's like a Craig's List for people that want to buy & sell BitCoin with you, locally. You get connected through the site, then go and meet in person to make the trade. In the U.S. DO NOT TRADE MORE THAN $10,000/YR OR YOU WILL GO TO PRISON FOR 10 YEARS!!!!!!!!!!!!!!
Local BitCoins will not work without centralized DNS.
It will not work without central servers.
User accounts are not in the user's control. They're controlled by the service provider. It's unknown or is not applicable if Local BitCoins supports cryptocurrency monetization.