This is a follow-up to this question.
A finitely generated subgroup of $(\mathbf Q, +)$ is isomorphic to the direct limit of the system $$\mathbf Z\xrightarrow{1}\mathbf Z\xrightarrow{1}\mathbf Z\xrightarrow{1}\mathbf Z\to\cdots$$
The rationals with squarefree denominator are isomorphic to the direct limit of the system $$\mathbf Z\xrightarrow{2}\mathbf Z\xrightarrow{3}\mathbf Z\xrightarrow{5}\mathbf Z\to\cdots$$
Would the set $\mathbf Z[\frac{1}{2}]$ (i.e. the set of all rationals with denominator $2^n$) then be isomorphic to the direct limit of the system
$$\mathbf Z\xrightarrow{2}\mathbf Z\xrightarrow{2}\mathbf Z\xrightarrow{2}\mathbf Z\to\cdots$$
What about the localization of $\mathbf Z$ at 2, how would that be expressed as a direct limit?
Also, where can I read more about this?