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LocalEthereum Grabs The Opportunity As LocalBitcoins Bans Cash Trading

LocalBitcoins has come up with no response after users posted that it had banned cash trading from its platform, effective June 1, 2019. LocalBitcoins marks as a P2P cryptocurrency exchange platform that was established in Finland in 2012. The exchange permits for anonymous and safe dealings with Bitcoin straight between only the customer and the retailer without any participation by the exchange. As a result, all the operations become more convenient and fast.

The exchange has its services in more than 220 nations, which means there are several service fiat currencies available on its platform. In addition, all the operations can be done offline and online by giving a user with the needed information about sites of the participating retailers in that region. Localbitcoins charges nominal fees as against other exchanges and are just 1% of any deal done by the seller. On the safer side, it is suggested to get all the information about the dealing party beforehand. This can be done by looking at the experience and reputation of the party at the Localbitcoins app.

LocalBitcoins supposedly had cut the alternative for in-person meetings to trade cryptocurrency for cash, annoying social media commentators.

Cash the opportunity

Cashing on the opportunity, Localethereum stated that the international war on privacy and cash persists. LocalBitcoins had suddenly banned all cash-in-person offers, without any prior information to its users. As a result, they have lowered the fee on cash-in-person exchanges to as low as 0%. Users are given the option to sell or buy ETH with cash on LocalEthereum platform for free. This offer is applicable until July 1, 2019.

Meeting in person for doing cash transactions marks as one of the oldest means to exchange between fiat and crypto, and it continues to be one of the safest ways. As long as a user follow simple rules, it’s very rare for something to turn wrong. LocalEthereum stated that while doing cash trading, parties should meet in a public place like a cafe.

Bitcoins, as well as other cryptocurrencies, are yet to find harbor in some nations like China, Iran, and India, due to non-existent supervisory clarity.

Published by Ruchi Gupta

Swati Goyal has over 6 years of experience in financial research & analysis domain. She has built financial models varying from consumer goods to banks. She has her articles published in leading dailies of the nation

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