Localbitcoins, one of the largest P2P exchanges in the world, has added Bitcoin Cash and other cryptocurrencies as payment methods to acquire Bitcoin on its platform. This marks a clear departure from the company’s previous stance, which didn’t add new payment methods and remained Bitcoin-only for a while.
Localbitcoins adds Bitcoin Cash and other cryptos
Localbitcoins, one of the largest P2P cryptocurrency exchanges in the world, now allows its users to buy Bitcoin with other cryptos, unlike its previous Bitcoin-only approach. The company announced in a blog post last week that it will now allow ads using Tether (USDT), Polkadot (DOT), Cardano (ADA), Bitcoin Cash (BCH), USD Coin (USDC), Chainlink (LINK) ) and Dogecoin (DOGE) as payment methods.
The exchange also added several new fiat payment methods that can be used internationally, and others that can only be used in specific countries. The move marks a clear departure from the company’s traditional Bitcoin-only stance since its inception, and effectively creates the possibility of arbitrage with altcoin prices on the platform, although not as directly as in an exchange. traditional.
Localbitcoins was one of the earliest P2P exchanges and other than the strengthening of KYC metrics associated with using the platform, it hasn’t changed much. Even the user experience and webpage have remained roughly the same since its launch in 2012, and the platform still lacks a mobile app.
One of the reasons for this sudden change of mind could be the loss of relevance the stock market faces in emerging markets like Venezuela, where the stock market has shifted from being the preferred way to buy bitcoin to being another good option. on the market.
Proof of this is the decrease in sales volumes, as evidenced by the statistics from Coin Dance. This has also been exacerbated by the arrival of a new alternative P2P market: Binance P2P, which is supported by the exchange, and has attracted many localbitcoin merchants and customers over the past two years. Additionally, other less privacy invasive options have emerged such as Bitcoin.com Local where no KYC is required for direct P2P trading.
The declining popularity of Localbitcoins may just be a sign of the times, as there are now many more ways to buy bitcoin besides the direct P2P exchange. However, P2P still has a few key features that make it the method of acquiring cryptocurrency for many, and Localbitcoins could expand its offering and payment methods to meet the needs of its users.
What do you think of Localbitcoins adopting new cryptocurrencies as payment methods? Tell us in the comments section below.
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