Mon. Nov 21st, 2022
Localbitcoins Expands Payment Options to Include Bitcoin Cash and Other Cryptocurrencies

Localbitcoins Expands Payment Options to Include Bitcoin Cash and Other Cryptocurrencies

Localbitcoins Expands Payment Options to Include Bitcoin Cash and Other Cryptocurrencies : Localbitcoins, one of the world’s largest peer-to-peer exchanges, has introduced Bitcoin Cash and other cryptocurrencies as payment options for purchasing Bitcoin on its site. This is a significant shift from the company’s previous attitude, which had not adopted additional payment options and had relied solely on Bitcoin for a long time.

Localbitcoins Adds Bitcoin Cash and Other Cryptos

Localbitcoins, one of the biggest P2P cryptocurrency exchanges in the world, is now allowing its users to purchase Bitcoin with other cryptos, in a departure from its earlier Bitcoin-only approach. The company announced in a blog post last week they will now allow listings leveraging Tether (USDT), Polkadot (DOT), Cardano (ADA), Bitcoin Cash (BCH), USD Coin (USDC), Chainlink (LINK), and Dogecoin (DOGE) as payment methods.

The exchange has incorporated a number of additional fiat-based payment options, some of which may be used globally and others which are only available in certain regions. The decision represents a significant break from the company’s usual Bitcoin-only attitude, and basically opens up the prospect of arbitrage with altcoin pricing on the platform, though not as explicitly as in the past.

Localbitcoins was one of the original P2P exchanges, and it hasn’t altered much since then, save from the tightening of the KYC requirements linked with the platform’s use. Since its inception in 2012, the network’s user interface and homepage have stayed mostly same, and the platform currently lacks a mobile app.

Slow-moving Innovation

One of the reasons for this abrupt change of heart might be the exchange’s loss of significance in emerging economies like Venezuela, where it has been demoted from the favored method of purchasing bitcoin to just another viable choice.

The diminishing amount of purchases, as seen by Coin Dance data, is proof of this. This was compounded by the introduction of a new peer-to-peer (P2P) alternative market, Binance P2P, which is endorsed by the exchange and has drawn many of Localbitcoins‘ merchants and consumers in the previous two years. Other less intrusive choices, such as Local, have also surfaced.where no KYC is required for direct P2P trade.

The decline in popularity of localbitcoins might just be a sign of the times, since there are now a plethora of alternative options for purchasing bitcoin outside direct, P2P trading. P2P, on the other hand, retains several essential characteristics that make it the go-to means of getting cryptocurrency for many, and Localbitcoins may be increasing its offering and payment options to meet the needs of its consumers.

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