Local Bitcoin: BCH trading without KYC

Local Bitcoin: BCH trading without KYC

By Marco Cavicchioli - 4 Jun 2019

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Today the new Local Bitcoin platform for BCH opened trading. This is a very similar version to LocalBitcoins.com but dedicated only to Bitcoin Cash and without KYC.

In fact, on this other site, active since 2012, you can only trade bitcoin (BTC) in different countries and with different national fiat currencies.

Local.Bitcoin.com has been created by the website bitcoin.com, active mainly on Bitcoin Cash (BCH), just to make up for the lack of BCH trading on LocalBitcoins.

The operation is extremely similar and is based on the assumption that the exchanges take place directly between users, in peer-to-peer mode.

In other words, these sites function as OTC trading platforms and not as exchanges, so much so that they do not even express a market price: they only allow the publication of announcements of sale and purchase which purpose is to put the buyer in direct contact with the seller, so that they can agree on the price and mode of exchange.

However, although they do not act as intermediaries, they can act as escrow, i.e. as guarantors of the transaction. In this way, despite being the direct transaction between buyer and seller, both can rely on the guarantee offered by the platform that the transaction will take place exactly according to the agreed criteria. Of course, the escrow service is provided with a commission fee.

Recently, LocalBitcoins has suspended the exchanges in cash face-to-face, eliminating this mode from those available for sale because of the fact that for an exchange of this type there is no guarantee.

On coin.dance/volume/localbitcoins there are various statistics regarding BTC’s trades on LocalBitcoins, while for the time being there is not yet a similar solution for BCH’s trading on Local Bitcoin, as they have just started.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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