LocalBitcoins news

Localbitcoins is a site, which facilitates P2P Bitcoin sales by allowing users to list their own buy/sell advertisements.

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Blow to LocalBitcoins, Now Banned in China and Russia

A few hours ago, Roger Ver posted on Reddit that “local.bitcoin.com is now blocked in China and Russia.” LocalBitcoins is a popular decentralized escrow and peer-to-peer service that matches Bitcoin traders. While major exchanges hardly ever publish country-specific user data, LocalBitcoins is a good proxy for such geographic data. The data on its platform has weekly trade volumes as well as country compilations. As per the Bitcoin service data, Russia and Venezuela buyers are its dominant traders. China is also known for its high usage of the platform. The Chinese government has, however, banned crypto exchanges. Bitcoin fans in China, therefore, have had to rely on such peer-to-peer platforms for trade. China huge need for LocalBitcoins Part of Bitcoin’s 2019 price hike has been blamed on Chinese traders. There were reports that they had been stockpiling the digital currency in the earlier months of 2019. The sanctions from the US had severely hit the value of the Yuan. The Chinese were, therefore, turning to the token moreover, using it as a store of value. The Chinese government has measures in place that are meant to protect its national currency. One of the stringiest steps, for instance, limits the outflow of Yuan to $50,000 per year. Chinese traders have with time used BTC to circumvent this limit despite the exchange ban. They use over the counter dealers and platforms such as LocalBitcoins to keep trade moving. Stable coins have also been popular amongst Chinese traders, especially those importing goods to Russia. The importance of LocalBitcoins to the Chinese crypto user, therefore, cannot be overemphasized. Russia Predominant LocalBitcoins Usage Reports of a LocalBitcoins ban in Russia have circulated for some years. It was alleged that the Roskomnadzor, the country’s mass media, telecommunications, and internet supervisory body banned the platform. Just like the Chinese, Russians are also highly dependent on the platform. LocalBitcoins nonetheless published a post that would assist its Russian users circumvent the blockade. LocalBitcoins has for years been the eBay or Craigslist equivalent for BTC traders. Traders post their buy or sell offers on a bulletin board, with specific details on location and the exchange rate. Any interested trader replies to the ads, signifying a meeting point where the exchange should take place. There is the option of online banking for remote trades. On June 1, things seem to have taken a surprising turn for the platform when its cash option was pulled from the platform. Traders were only left with online payment options. They could also deposit cash into their seller account directly if they wished to. The platform’s face-to-face crypto purchase was a favorite for most users out for anonymity. During such trades, no personal information is expected to change hands. Such trades also eliminate fraud since the process is irreversible. All that traders need to do is to meet up in a Wi-Fi-enabled public place to trade. After eliminating its in-person cash trades, the Finnish platform announced it on Twitter saying: “In order to adapt to the current regulatory environment we had to reconsider our policy on local cash trades as well as on the geographical areas where our service is available, among other platform features. As a consequence, advertisements in the cash category (i.e., local cash trades) were disabled in our platform on Saturday, June 1”.
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What effect did LocalBitcoins’ in-person cash trade ban have on its business?

LocalBitcoins is one of the largest and most well-known peer-to-peer bitcoin trading platforms. Founded in 2012, the platform enables users to trade bitcoins with one another through various P2P methods including cash deposits, bank transfers, and until recently, in-person cash exchanges. On June 1, LocalBitcoins announced that, due to local regulations, the firm would remove the option of in-person cash trades from its platform. After the announcement came reports that claimed LocalBitcoins was losing traders to other P2P crypto trading platforms due to its decision. The Block has analyzed LocalBitcoins’ volumes to determine whether there are merits to claims it has lost market share. First, we take a look at LocalBitcoins' volumes over time. Below, we can see that LocalBitcoins’ volumes peaked at the end of 2017, during the height of the bull run before sliding back down facilitate between $40-$60 million per week in mid-2018. Source: CoinDance, CoinMetrics, The Block In comparison, however, while traditional retail exchanges have experienced similar slumps in volumes from late 2017 through most of 2019, by June 2019, these exchanges saw their volumes began to ramp back up while LocalBitcoins’ volumes stayed flat.¹ Source: CoinDance, CoinMetrics, The Block While some might cite this as an example that the cash ban has directly impacted LocalBitcoins’ volume, based on the data we’ve gathered, we do not believe we can make this definitive conclusion. As an example, the chart below compares the average volume of the 10 largest LocalBitcoins markets prior to the cash ban and after the cash ban. Source: CoinDance, CoinMetrics, The Block In the chart the above, we see that half of the 10 largest markets on LocalBitcoins actually saw their average volumes increase post-cash ban. Additionally, LocalBitcoins does not appear to be losing market share to some of its competitors like Paxful and Bisq. Source: CoinDance, CoinMetrics, The Block As we see in the chart above, LocalBitcoins has maintained a 70% market share compared to Paxful and Bisq. Only in late June did it see its market share briefly drop to 67% before climbing back up in early July — maintaining its share of the market to date.² Furthermore, while LocalBitcoins has officially banned in-person cash trades, a simple search of its platform shows that users are finding ways around the ban. The screenshot below is the result of a 20-minute search of the platform for “cash in-person” trades on LocalBitcoins. Source: LocalBitcoins Conclusion Due to the lack of data points for competing peer-to-peer bitcoin exchanges, we are unable to make a definite conclusion that LocalBitcoins’ in-person cash ban has impacted its market share dominance. However, based on the fact that LocalBitcoins has not experienced an immediate decrease in trading volume post-ban, and that users appear to still be using LocalBitcoins for in-person cash trades, we could state that the cash ban has not made any notable impacts on its volume. There could be two reasons for this: (1) in-person cash trades were not a significant contributor to LocalBitcoins’ volumes or (2) users are still making in-person cash trades on LocalBitcoins. ¹ We took the volumes of the top five Bitcoin exchanges (Binance, Coinbase, Kraken, Bitfinex, & Bitstamp) for our calculation of retail exchange volume ² We were only able to obtain data points from three bitcoin-only peer-to-peer exchanges
The Block Crypto

Localbitcoins Issues

So I used Localbitcoins last month to sell a little bit, then got my leftover fraction of coins back out and the account is zero. Today I get a fishy email from "no-reply (info@document.co.uk)", to the email that I created just for localbitcoins, with the title, "Contact #xxxxxx, BTC sent - Transaction Finalized (please leave feedback) xxxxxx" The #xxxxx was not the person I did business with, and the last one is just some random transaction ID I assume. Message : "Hi You have released transaction and funds (.18534393 BTC) are on the way. The transaction verify code is: ycdla CHECK TRANSACTION STATUS Best Regards LcoalBitcoins Team I checked LocalBitcoins to find out "Site is under heavy load. Access restricted for anonymous users. Please consider logging in: Log in" The hyperlink was a smarturl shortener. 1 Concern - that email I created was on my personal host, and solely for the bitcoins, to remain isolated and whatnot. It seems something leaked from Localbitcoins. Plus, the email talking about a transaction verify code? I don't remember that either. I don't know what to fully think about this, but I do know I browse this subreddit often and there's always an issue or another with some exchange, and thought I should contribute and share.
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Bitcoin Trading at 650% Premium on LocalBitcoins Zimbabwe, Price Shoots $75,000

Coinspeaker Bitcoin Trading at 650% Premium on LocalBitcoins Zimbabwe, Price Shoots $75,000Bitcoin has entered a major correction in the last five days and the price of the world’s largest cryptocurrency slips below $10,000. Since last Thursday, June 27, Bitcoin (BTC) price has lost nearly 30% from its 2019 peak of over $13,700. Thus, after a massive bull run throughout June 2019, bears are now dominating the bulls.However, the situation is not the same everywhere! In the economically paralyzed nation of Zimbabwe, the demand for Bitcoin continues to escalate so much so that Bitcoin is trading at a massive 650% premium on the peer-to-peer trading platform LocalBitcoins Zimbabwe.Zimbabwe’s crashing economy and oppressive policies have pushed the local citizens to put their money in crypto, especially Bitcoin. Moreover, a full-ban on foreign currencies by the government has escalated crypto adoption to new highs. At such a time, Bitcoin is currently trading at a massive price of $75,000 in Zimbabwe. Currently, Bitcoin is trading just under $10,000 which means that Zimbabwe citizens are paying a massive 650% premium.Bitcoin in Massive Demand with Zimbabwe’s Economic ParalysisLast week, in a new policy change, the Zimbabwean government re-introduced its Zimbabwean dollar. More importantly, this decision came by stopping the cash flow for the US Dollar. This has resulted in further backlash from the local citizens against the government. Olaoluwa Samuel-Biyi, director of remittance service SureRemit, said:“Cryptocurrency is the digital version of old Swiss Dinar: The unstoppable money circulating without the government’s consent. Watch Bitcoin usage and prices spike in Zimbabwe, where, like everywhere else, “the full faith of government” is just economic jargon.”With Zimbabwe’s exacerbating economic conditions, it has officially declared it illegal to circulate cryptocurrencies. Besides, it has completely banned all the local exchanges operating in the country, last year. As a result, investors have moved to P2P platforms.P2P Trading Volumes RiseWhile the global regulators are showing their involvement to bring crypto regulations in the market, we’re still to reach any mutual consensus. On the other, the worsening global economic scenario is driving the crypto craze further. Specifically, the countries reeling under economic sanctions are seeing greater crypto adoption by their locals.Zimbabwe is not a case in isolation. We have seen that over the last year, Latin American nations like Venezuela, Argentina, and Brazil contributing majorly towards cryptocurrency adoption. As these countries have introduced new policies to alleviate the crypto adoption, investors in higher numbers are shifting for peer-to-peer trading platforms.Hence the P2P platforms like LocalBitcoins are witnessing record volumes. However, last month, LocalBitcoins has recently removed the option to exchange crypto for cash. We could possibly see investors moving to decentralized exchanges (DEXs) going ahead. The demand for DEX is likely to increase looking at the regulatory uncertainty.Bitcoin Trading at 650% Premium on LocalBitcoins Zimbabwe, Price Shoots $75,000
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Monolith partners with decentralized finance heavyweights to spend MKR, DGX and DGD anywhere that accepts Visa

Monolith is bringing crypto adoption to the mainstream with a debit card that lets you spend your coins and tokens anywhere in Europe that Visa is currently accepted. The news follows an announcement from UK-based Monolith that they have partnered with MakerDAO and Digix to offer their tokens on the platform. Creating gold for the digital age. pic.twitter.com/Y0FRa5kHiv — Digix (@DigixGlobal) July 1, 2019 The smartphone-based Monolith platform allows you to quickly and easily send and receive cryptocurrencies, including ETH, DAI, TKN, MKR, DGX, and DGD, convert them into fiat currency and pre-load them on to a Visa debit card that is attached to your Monolith account. Mel Gelderman, CEO of Monolith, said MakerDAO and Digix represent high-quality Ethereum decentralized finance projects and are the first in a long set of milestones on Monolith’s roadmap. He said: “We’re thrilled to have had a fantastic response from our beta users and are now ramping up for growth. Rebranding from Tokencard to Monolith has helped us achieve our mission of democratizing finance and bringing the token economy to everyone while providing a unique service to our customers.” Gelderman added: “MakerDAO and Digix are some of the most well-recognized and earliest Ethereum-based projects. For TKN holders, these partnerships mean that MKR, DAI, DGD and DGX are now eligible for use in Monolith. We’re thrilled to offer them on the platform, and see this as the start of bringing many more quality tokens into the Monolith ecosystem. Watch this space.” Self-sovereign banking Monolith means anyone can finally achieve the cypherpunk ideal, of ‘becoming their own bank’, and can effectively live their lives on Ethereum away from big banks and corporations. Once loaded up the Visa debit card can be used at millions of locations across Europe that accept Visa, opening up a world of opportunity for people who want to make a permanent switch to living on cryptocurrencies. You can then spend your cryptocurrencies anywhere Visa is accepted, whether it’s buying drinks, cinema tickets, or anything else you can think of. Tea, Tokens and the Moon landing. Paid for in $ETH with @tokencard_io Best weekend. pic.twitter.com/xeW8obrbzi — Mel 'Monolith' Gelderman (@MelGelderman) August 3, 2019 The service is decentralized and completely non-custodial, with each account holder creating a private seed phrase for their account and having complete control of their finances, allowing them to operate as their own self-sovereign bank. Backing They have the backing of some well-respected figures across the crypto space too, including Rune Christensen, CEO, and founder of MakerDAO. He said: “Monolith’s solution provides a powerful way for token holders to extend the usefulness of their crypto-holdings. Their cards create a critical bridge from the world of DeFi to the more traditional world of retail.” The post Monolith partners with decentralized finance heavyweights to spend MKR, DGX and DGD anywhere that accepts Visa appeared first on CryptoSlate.
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Bakkt Cleared Launch | Bitcoin Bullish News!

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Why is Bakkt Important For Mainstream Adoption of Bitcoin (BTC)?

After a year of repeated postponements, we are finally going to have physically-delivered Bitcoin futures. September 23rd is the day when Bakkt is launching its physically-delivered Bitcoin futures contracts after receiving the green light from the CFTC. “Transparency and trust to digital assets,” is what Bakkt vows to bring to the cryptocurrency industry which is […]
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