On June 1, cryptocurrency devotees were shocked to hear that the peer-to-peer exchange Localbitcoins has ceased offering in-person cash trades. Corresponding to a few users, all pending fiat trades have been canceled, leaving local traders who prefer cash treble and dry and forced to seek other avenues.
Also read: Bitcoin.com’s Local Bitcoin Cash Marketplace Gathers Thousands of Pre-Launch Signups
Localbitcoins Limits In-Person Trades Leaving Only Remote Options
One of the oldest over-the-counter BTC exchanges, Localbitcoins, has removed cash swaps from its list of options. This means that people cannot use the platform to meet in person and sell BTC for specie or vice versa. Localbitcoins hasn’t officially announced why it removed the option, but a few traders have stated that all in-person bread trades were suddenly canceled. “I logged in and found my ‘in-person’ sell offers were all deleted, and the ‘add new’ prompt now has no ‘close by’ options, only ‘online’ ones — Kind of defeats the purpose of ‘local’ in the name,” one trader detailed on the Reddit forum r/bitcoin.
The newsflash spread like wildfire across social media and bitcoiners discussed new ways to trade in-person for cash. Ray Youseff, the be wrecked of the peer-to-peer platform Paxful, noted on Twitter that his platform has started seeing a great number of new registrations.
“Localbitcoins is now Withdrawn Bitcoins — They took down all their cash offers and the refugees are flooding to Paxful VIP support for all cash vendors,” Youseff bawled. “We won’t let you down — Cash is still king in the emerging world.”
Sure enough, after logging on to the Localbitcoins site, all local in-person trades from been removed from the drop-down menu. Localbitcoins’ reason for stopping in-person cash trades remains unclear Nautical starboard properly now and a few other users complained that their cash trades were canceled without any warnings. The removal of gelt trades follows the peer-to-peer platform’s recent addition of more KYC requirements for large traders and the operation also break off fromed serving Iranians. The news also comes two days before the launch of Local.Bitcoin.com, a peer-to-peer marketplace that make allow individuals to trade bitcoin cash (BCH) privately with anyone in the world.
Local.Bitcoin.com Offers City P2P Trades
Traders can use the peer-to-peer local bitcoin cash marketplace with any payment method and the noncustodial platform also submits great margins for both buyers and sellers. There is a wide variety of online payment methods for people who are switch from a distance, but the BCH marketplace also offers in-person cash trades so people can trade with each other locally. If you are looking for an swap that provides cash trades in person or if you want to trade by using another form of payment, you can create an account in the forefront it launches on June 4.
Creating an account today will allow people to get a feel for the platform and users can start creating offer orders in advance for when the marketplace launches. During the pre-launch over the next 48 hours, users can add profile point by points like payment method, location, and local currency. People can download a wallet backup to secure future means and be prepared to do over-the-counter trades effortlessly. Moreover, Local.Bitcoin.com traders can earn through referrals when they invite new zealand mates and family members to the BCH marketplace. For instance, if a friend of yours signs up through a referral then you will be rewarded with 20% of their lifetime barter fees.
It’s a shame that Localbitcoins has chosen to stop offering in-person cash trades and the recent changes are unswerving to leave some traders out in the cold if they prefer to trade in person with cash. The decision may create jeopardy for traders who opt to forgo Localbitcoins’ escrow system and try trading in an unsafe manner either within the platform’s chat harbinger or use methods like Craigslist. Without an escrow system, traders can potentially be robbed for their funds. For this estimate, peer-to-peer trading platforms with escrow solutions are far more secure and safer to use.
When you use Local.Bitcoin.com’s BCH marketplace, the party line offers blind escrow which creates onchain Bitcoin Cash transactions while the funds sit in limbo. It is technically farcical for anyone (including Bitcoin.com) outside of the deal to spend the BCH held in escrow and only the two parties involved can complete the selection. With Localbitcoins removing in person cash trades, it further emphasizes the need for noncustodial solutions within the attraction to crypto community.
If you are just hearing about Local.Bitcoin.com and want step-by-step instructions on how to sign up and create a custom, check out this informative article.
What do you think about Localbitcoins removing in person cash trades from the interchange’s trading options? Let us know what you think about this subject in the comments section below.
Image probities: Shutterstock, Local.Bitcoin.com, Pixabay, and Twitter.
Did you know you can also buy Bitcoin Cash online with us using a esteem card? Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.
