LocalBitcoins: One Of The Finest Exchange Platform For Bitcoin

Discussion in 'General Discussion' started by Crypto Angle, Mar 19, 2019.

  1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  1. Crypto Angle

    Crypto Angle Invests like a Pro

    27
    2
    3
    Did you know?
    one of the top trending bitcoin exchange platform called localbitcoins exchange. Localbitcoins is buying and selling the platform for Bitcoins. It provides a facility where users can interact with each other on a personal level and trade Bitcoins with each other.

    What's your point of view on localbitcoins?
     
  2. CryptoTC

    CryptoTC Crypto Fat Cat
    Staff Member

    408
    131
    43
    Grooming myself between naps
    Sleeping on a couch, chair, bed, or under a table
    Indeed we covered it in one of our earliest articles on buying bitcoin.

    Easy ways to buy bitcoin - The Cryptocurrency Forums
     
  3. bit858585

    bit858585 Buys the dips

    15
    0
    1
    who buy btc on it?
     
  4. Cryptobeargrills

    Cryptobeargrills Starting Investor

    4
    0
    1
    Did they add KYC? I heard something about it and honestly i think you would be better off buying on an exchange like Coinbase, even if they have high fees.
     
  5. The CC Forums

    Staff Member

    I haven’t analyzed the fees lately, but localbitcoins at one point had an average spread of 9% above bitcoin trading price, Coinbase fees ran around 3-4% and Coinbase Pro around 0.25%. So the only reason to use localbitcoins is to pay in cash and stay anonymous.

    Otherwise you’re just throwing away fees. I always found it funny when people complained about Coinbase fees a few years ago and then mentioned an ATM or localbitcoins as viable options. ATMs were charging 6-8%.

    Learn to use Coinbase Pro. You’ll get more control and save a ton on fees. None of our links to them are affiliate links. We don’t receive compensation in any form for writing about them or recommending them. Just FYI for those wondering.
     
  6. Old Man Crypto

    Old Man Crypto Expert chainblocker

    291
    69
    28
    Retired, can’t remember from what.
    One step ahead
    LocalBitcoins is about avoiding KYC and governments or keeping your money moves private. The fees don't matter to someone who needs to acquire or spend money without drawing attention. The purists and anarchists can spout all their various pious reasons for this, but it really just boils down to illegal activity. Drugs, guns, money laundering, tax evasion, etc.

    Otherwise there's no need to hide your money from the government. The bitcoin system can run independent of banks and still be transparent and legal. The original intent of bitcoin is still preserved even with KYC and AML. It arose out of the banking crisis and failure of centralized finance. Decentralization doesn't have to be anonymous, just tamperproof, widespread and failsafe.
     
    The CC Forums likes this.
  7. The CC Forums

    Staff Member

    Well this is interesting. It seems localbitcoins is no longer allowing cash buys. One step closer to legitimizing bitcoin and another reason for the uninformed investor to take an interest in bitcoin in my opinion.

    From Bitcoin Magazine on localbitcoins change

    Multiple users have reported that crypto trading platform LocalBitcoins has stopped allowing customers to make in-person trades of crypto assets for cash in an anonymous fashion.

    One of the largest peer-to-peer crypto exchanges in the world, LocalBitcoins has encountered a wide array of legal difficulties in the past several months. Based in Finland, the company began mandating that customers fill out KYC information in late March.

    LocalBitcoins has attracted regulatory scrutiny from the U.S. regardless, however, and this may help to explain this major shift in the exchange’s business model. Although it is unclear how well the company will adapt to the existing ecosystem of conventional crypto exchanges, the company’s original model has been thoroughly dismantled by this point.
     
    CryptoTC likes this.
  8. CryptoTC

    CryptoTC Crypto Fat Cat
    Staff Member

    408
    131
    43
    Grooming myself between naps
    Sleeping on a couch, chair, bed, or under a table
    More and more exchanges are either adhering to official regulations or going out of business.

    What does all of this mean for the peer to peer exchanges? Are they going to be able to avoid all the regulatory scrutiny?
     
  9. Old Man Crypto

    Old Man Crypto Expert chainblocker

    291
    69
    28
    Retired, can’t remember from what.
    One step ahead
    It’s been 3 weeks since my last post in this thread. Localbitcoins is taking hit after hit. Unless they convert to a complete licensed exchange model, they won’t survive much longer.

    Or maybe they go underground with a new name and site. But as it stands right now, they’re being regulated out of all markets. Big trouble in local bitcoin land.
     
  10. CarryWeaver

    CarryWeaver Starting Investor

    2
    1
    1
    Yes, I heard anything about it. While people are looking for the different opportunities of income without any affords, this will provide an extra way to increase your profit quickly.
     
  11. Want to read the rest of this thread? Register now.
    Register

Share This Page