Fun

Localethereum Becomes Localcryptos and Adds BTC Trading

News Feed - 2019-11-24 05:11:50

Localethereum Becomes Localcryptos and Adds BTC Trading


P2P trading site Localethereum has rebranded to Localcryptos, allowing users to buy and sell both ETH and BTC without KYC. The platform has been providing peer to peer trading services for ethereum since 2017, but in a surprise announcement this week, the website revealed its new home, localcryptos.com and rolled out its P2P trading service and fiat onramp to bitcoin users. Visitors to Localethereum will now find themselves redirected to the new multi-currency site, in a move which will give rival P2P exchange Localbitcoins (LBC) pause for thought.


Also read: Traders Bemoan New Localbitcoins Identity Requirements Bitcoin Traders Can Avoid KYC On Former Ethereum-Only Market


Localcryptos is painting a target on the back of Localbitcoins, placing itself in direct competition not only by offering BTC trades, but by making it possible for users to import their reputation score from one site to the other. The platform announced: “When you join LocalCryptos, you can bring your profile reputation from LocalBitcoins. That way, you can keep your hard-earned reputation — you don’t need to start over.”



By making it as simple as possible for LBC users to carry over their positive reputation, Localcryptos has fired the first shots in a new battlefront for the P2P exchange marketplace. Localcryptos also elaborated on what it considers to be a number of issues with the long running BTC onramp, of which security was at the top of the list. Localcryptos did not hold back on its criticisms of the longstanding exchange, writing: “LocalBitcoins looks the same today as it did in 2012, and there’s plenty wrong with it. Platforms like LocalBitcoins are centralized, custodial, and a far cry from private.”


By comparison, Localcryptos is a non-custodial service where users retain their private keys, an advantage which will be welcomed by traders who are well aware of the fairly regular hacks and security breaches that centralized services fall foul of. The system in place on Localcryptos is similar to P2P bitcoin cash marketplace local.Bitcoin.comwhich launched earlier this year.



The escrow feature on Localcryptos is noncustodial, using ethereum smart contracts for ETH trades and P2WSH for bitcoin, so whatever crypto you’re trading, the funds are never held on a centralized server at any point. For anyone interested in exactly how the decentralized bitcoin escrow service is achieved, Localcryptos goes into the nuts and bolts here. Bitcoin and Beyond


As well as rolling out its service to bitcoiners, Localcryptos intends to extend its P2P trading service to other ERC20 tokens over time, and eventually plans to tackle non-fungible ERC721 tokens as well. P2P exchanges have often labored with low trade volumes and liquidity, an issue which news.Bitcoin.com recently covered in a report on decentralized exchange Bisq. If Localcryptos spreads itself too thin across too many tokens, there’s the potential for liquidity issues to surface.


At present, however, with 100,000 users worldwide and 1,000 active users on any given day completing 200 trades, Localcryptos looks set to create another valuable decentralized gateway for BTC with minimal or no KYC. Coupled with the BCH marketplace available at local.Bitcoin.com, and bitcoiners bemoaning the loss of LBC have new platforms to turn to at last. Local.Bitcoin.com


What are your thoughts on Localcryptos.com? Let us know in the comments section below.


Disclaimer: This article is for informational purposes only. It is not an offer, solicitation or a recommendation, endorsement, or sponsorship of any products, websites, software, services, or companies mentioned. 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 Related What Indian Crypto Exchanges Are Doing to Protect P2P Users EXCHANGES | Kevin Helms


With the Supreme Court of India postponing the crypto hearing, the Indian crypto community is calling for better protection when… read more. In 2019, Cryptocurrency Exchanges Diversified EXCHANGES | Kai Sedgwick


With exchanges controlling so much of the industry inflows, and accounting for more than 40% of the jobs, any review… 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

21Shares files application for spot Solana ETF
Derek Andersen7 hours ago21Shares files application for spot Solana ETFThe proposed fund would be called the 21Shares Core Solana ETF and would not participate in staking SOL.775 Total views1 Total sharesListen to articl
A DAO Is Attempting to Raise $4 Billion to Purchase the Denver Broncos
A DAO Is Attempting to Raise $4 Billion to Purchase the Denver Broncos A decentralized autonomous organization (DAO) wants to purchase the National Football League (NFL) team the D
4 Best Meme Coins Poised for Explosive Gains After Solana Bridges Reach Record $10.1B Volume
Solana’s bridges have recorded insane volumes ($10B+) since 2021, but their performance over the last 3-4 months has been particularly breathtaking. Although the total volume
Balaji Srinivasan Says Hyperinflation Happening Now — Makes Million-Dollar Bets on Bitcoin Price Exceeding $1M in 90 Days
Balaji Srinivasan Says Hyperinflation Happening Now — Makes Million-Dollar Bets on Bitcoin Price Exceeding $1M in 90 Days Venture capitalist and angel investor Balaji Srinivasan
Fidelity’s Bitcoin 401(k) Offering Risks Retirement Security of Americans, Says Labor Department Official
Fidelity"s Bitcoin 401(k) Offering Risks Retirement Security of Americans, Says Labor Department Official The U.S. Labor Department has “grave concerns” about Fidelit
Bitcoin, Ethereum Technical Analysis: BTC Moves Above $28,500 as ETH Nears $2,000
Bitcoin, Ethereum Technical Analysis: BTC Moves Above $28,500 as ETH Nears $2,000 Bitcoin broke out of a resistance level of $28,500 on April 5, as crypto markets continued to reac
Joe Hall13 hours agoBulgaria’s oldest football club adopts Bitcoin and Lightning, joins NostrFootball meets finance: Bitcoin payments integration arrives at top-flight Bulgarian club, Botev Plovdiv FC.1932 Total views8
Best Altcoins to Buy as Trump Urges Fed to Cut Interest Rates in Favor of Crypto
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
Dogecoin Explodes Overnight – Price Action Suggests Fresh Highs Above $0.50
Este artículo también está disponible en español. Dogecoin has jumped into the New Year’s market rally, making an impressive 25% move in just the first few days of 2025
Texas Just Backed Bitcoin: Best Crypto to Buy as States Embrace $BTC Reserves
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
Soccer Clubs FC Barcelona and Real Madrid File Joint Trademark Application for Metaverse Activities
Soccer Clubs FC Barcelona and Real Madrid File Joint Trademark Application for Metaverse Activities Two of the biggest soccer clubs in Spain, Real Madrid and FC Barcelona, have app
Threat of Nested Exchanges and What Binance Is Doing to Combat Them
Threat of Nested Exchanges and What Binance Is Doing to Combat Them sponsored Nested exchanges are becoming a popular tool for money launderers. Learn all about nested exchanges/ser