Fun

You Can Privately Cash out Bitcoin on These P2P Exchanges – for a Premium

News Feed - 2020-02-11 10:02:21

You Can Privately Cash out Bitcoin on These P2P Exchanges – for a Premium


Using P2P exchanges to cash out bitcoin provides privacy, but it comes with a premium – a price premium, to be precise. Whether you’re buying or selling crypto on these semi-decentralized platforms, be prepared to take a hit on the market price. If you’re planning to sell bitcoin on the leading peer-to-peer platforms, here’s what you can expect to receive below the spot price.


Also read: How Often Are Top Privacy Coins and Mixers Actually Used? – A Look at XMR, DASH, and ZEC Privacy But at What Price?


On centralized cryptocurrency exchanges, the spot price for digital assets is set by thousands of traders simultaneously executing buy and sell orders. On P2P exchanges, those numbers run into the dozens at best, and single figures in some cases. With each buyer adding their own fee to ensure the trade is profitable, you can expect to receive anywhere from 1-15% below market price. To determine the typical premium commanded by P2P exchanges, news.Bitcoin.com checked the best price offered for payment by bank transfer on six platforms: Bisq, Hodlhodl, Localbitcoins, Localcryptos, Agoradesk, and local.Bitcoin.com. Here’s how they stacked up. Bisq Bisq


Bisqis an open source application for buying and selling BTC and other cryptocurrencies. Using it requires installingthe Bisq desktop client and connecting to Tor. The additional steps required to trade on Bisq account for its limited usage; the platform averages just 2-3 trades a day.


Bisq users start off with a trading limit of 0.01 BTC but this can be raised once another trusted peer has signed your account. In practice, this means you’ll encounter lots of small sell orders on the site. If you’re looking to liquidate large amounts of BTC, Bisq really isn’t the place. When visiting Bisq, news.Bitcoin.com was able to sell BTC at an average of 7% under spot price, but the order size was limited to 0.08 BTC and required two trades.


Agora Desk


Agora Deskis a P2P exchange for BTC and XMR with a mediocre reputation. The complaints it fields appear to be mostly targeted at the price premium, rather than due to any intrinsic flaws in the site. Available on the clearnet and darknet, Agora will let you cash out quickly and easily, but expect to receive 10% under spot for your coins. Localcryptos


Localcryptos, recently reviewedby news.Bitcoin.com, is the daddy of P2P exchanges when it comes to liquidity, with $126K of crypto shifted in the last 24 hours. On Localcryptos, you can sell BTC or ETH at just 4% under spot price.


Localbitcoins


Localbitcoins.com(LBC) doesn’t really belong on this list since it introduced KYC, which defeats the entire point of cashing out P2P. Nevertheless, it is still a P2P exchange, and a dominant one at that. In testing, it was possible to cash out BTC at just 0.5% under spot for orders over $750, and 1.5% under for smaller sales. There’s a lot to fault with LBC, but you can’t fault that tight spread. Hodlhodl


Hodlhodl’s best achievement is orchestrating the Baltic Honeybadgerconference, though it also serves as a reasonable P2P exchange. The best offer available on the site is 3% under market price, which isn’t bad at all.


Local.Bitcoin.com


Local.Bitcoin.comis a BCH-only P2P exchange. When filtering for U.K. buyers, offers start at just 0.5% below the spot price for bitcoin cash. For the U.S., however, it’s a different picture, with the best offer for bank transfer coming in at 6% below spot, and limited to $200 of BCH. When other payment methods are selected, though, it’s possible to sell large amounts of BCH in the U.S. via Cashapp or Skrill for just 3% below spot.


And the Winner Is…


If you’re using a P2P exchange to cash out crypto to cover everyday expenses, you’re already a winner. However, if you’re seeking a P2P platform solely on price, your best option is Hodlhodl at 3% under or Localcryptos at 4% under. (LBC technically provides a better price, but the KYC hit means it isn’t worth it.)


In third place is local.Bitcoin.com (-0.5-6%), followed by Bisq (-7%) and Agora (-10%). For some bitcoiners, however, the additional privacy provided by the latter two markets may justify the price premium. And remember, if you don’t like the price being quoted, there’s nothing to stop you from creating your own ad on a P2P exchange, naming your price, and waiting for the buyers to come to you.


What P2P exchanges do you recommend? Let us know in the comments section below.


Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock.


Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Chartsto see what’s happening in the industry. Share this story: Tags in this story Bisq, DEX, Exchange, HodlHodl, KYC, LBC, p2p, Privacy Related London-Based Cryptocurrency Exchange LBX Faces Compulsory Liquidation EXCHANGES | Avi Mizrahi


London-based cryptocurrency exchange LBX is the latest digital asset trading venue to face critical difficulties and is now being liquidated.… read more. SLP Token Trading Platform Cryptophyl Adds BTC Pair With Bitcoin Cash at Flat 0.15% Fee EXCHANGES | Lubomir Tassev


Digital asset exchange Cryptophyl has announced it’s launching bitcoin core (BTC) trading. The first available pair is with bitcoin cash… read more. Kai Sedgwick


Kai"s been manipulating words for a living since 2009 and bought his first bitcoin at $12. It"s long gone. He"s previously written whitepapers for blockchain startups and is especially interested in P2P exchanges and DNMs. Please enable JavaScript to view the comments powered by Disqus.

News Feed

Ethereum’s Shapella Upgrade to Enable Staking Withdrawals Set to Go Live on April 12
Ethereum"s Shapella Upgrade to Enable Staking Withdrawals Set to Go Live on April 12 The Ethereum blockchain is set to undergo its next major update since the network switched from
Digital euro to be ‘most private electronic payment option’
Daniel Ramirez-Escudero10 hours agoDigital euro to be ‘most private electronic payment option’Since the inception of the digital euro, many critics have called the proposed digital currency a surveillance tool.903 To
Prepare for Recession: Musk and Goldman Sachs’ Blankfein Weigh In; Galaxy Digital’s CEO Talks on Terra Collapse — Bitcoin.com News Week in Review
Prepare for Recession: Musk and Goldman Sachs" Blankfein Weigh In; Galaxy Digital"s CEO Talks on Terra Collapse — Bitcoin.com News Week in Review This week, both Goldman Sachs&#x
Bank of Russia Wants to Restrict Crypto Investments by Blocking Card Payments, Report Reveals
Bank of Russia Wants to Restrict Crypto Investments by Blocking Card Payments, Report Reveals The Central Bank of Russia is currently reviewing various ways to prevent Russians fro
XRP Price Reversal Toward $3.5 In The Works With Short And Long-Term Targets Revealed
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
How Trump’s DOGE Vision Could Impact Bitcoin Prices By 2025: Market Expert Answers
As the US presidential election approaches, former President Donald Trump’s odds on crypto betting platforms like Polymarket have surged, with analysts predicting significant implications for Bitcoin prices if he secur
Gamestop Beta NFT Marketplace Launches, Platform Leverages Loopring’s ZK-Rollup Tech
Gamestop Beta NFT Marketplace Launches, Platform Leverages Loopring"s ZK-Rollup Tech On Wednesday, the head of growth at Loopring, Adam Browman, announced that the recently teased
Bitcoin, Ethereum Technical Analysis: BTC Fails to Breakout of $40,000 Resistance Level
Bitcoin, Ethereum Technical Analysis: BTC Fails to Breakout of $40,000 Resistance Level On the eve of tomorrow’s FOMC meeting, bitcoin once again failed to climb past its lo
Ethereum Price Back Above $2,500: Is a Bigger Move Coming?
Este artículo también está disponible en español. Ethereum price started a fresh increase from the $2,300 support zone. ETH is rising and might aim for a move above the $
Derek Andersen6 hours agoCZ post on X about Ceffu and Binance.US contradicts SEC claims, adds to confusion“It is more than likely that BAM still doesn’t understand what Ceffu is,” the SEC stated after trying to unt
Dogecoin Must Hold This Support Or Risk Crashing To $0.015, Analyst Warns
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
As Bitcoin’s Hashrate Remains Elevated, BTC’s Mining Difficulty Expected to Reach a Lifetime High
As Bitcoin’s Hashrate Remains Elevated, BTC’s Mining Difficulty Expected to Reach a Lifetime High During the last month, Bitcoin’s hashrate has been coasting along above