Back in October, we reported on the launch of the peer-to-peer trading platform called Localbitcoincash. Since then the website has seen some updates, more users are exchanging, using the platform, and the developer of the exchange has plans to add a ‘shapeshifting-like’ service to the portal shortly.
Sending Money to Each Other for Less Than One Cent
A new peer-to-peer trading platform dedicated to bitcoin cash (BCH) trading called Localbitcoincash.org (LBCH) is growing more popular among crypto-enthusiasts worldwide. Individuals from the U.S., Venezuela, Singapore, Australia, Norway, the Philippines, and more are selling bitcoin cash with trades varying between 0.01 to 20 BCH per trade. The website is entirely different than when it first launched, and the interface operates more smoothly. Registering and interacting with the platform takes only a few minutes to grasp.
Just recently the developer of the website an individual who goes by the name ‘Eric’ did an ask-me-anything (AMA) on the Venezuelan Reddit forum, giving residents from the area some insight into the project. Because Venezuelan citizens are using the platform to purchase and sell bitcoin cash, Eric thinks BCH is the perfect cryptocurrency fit for their needs.
“I understand the bad situation in Venezuela and having been really poor before, and hungry for many years, I have experienced the pain myself — I believe bitcoin cash can solve some of those problems,” explains Eric’s recent AMA.
Bitcoin cash allows anyone, anywhere in the world, to send money to each other for less than one cent, instantly, safely, without requiring any permission from anyone (banks or government), and its value does not get destroyed by hyperinflation.
Email, Escrow, Meetup, and a BCH Business Directory
The LBCH platform has a lot of differences than its Localbitcoins counterpart. For instance, LBCH has a feature service where users can email BCH to a friend or family member. Trades can be done via escrow using methods like a bank transfer, or users can meet each other locally. The “meetup” option seems to be the most active trades on the platform right now. The peer-to-peer BCH trading platform has a customer support phone number as well. Additionally, there is a directory of businesses and merchants that accept bitcoin cash. BCH accepting businesses can be searched using the index and merchants can add themselves to the list.
A Bitcoin Cash-Based ‘Shapeshifting’ Application
Eric has more plans for the website as the developer has recently detailed that a “no fees shapeshifting/changelly” application is coming to LBCH. Bitcoin cash will be the base currency, a plan in which the developer believes will “lower the barrier for people to trade any altcoins into bitcoin cash or into fiat, converting them into bitcoin cash — Even if they were previously anti-BCH.”
“I hope we can go live with those new features within the next few days — When we go live, we will start with just BTC/ETH/LTC/DASH and add other coins over the coming weeks,” the LBCH developer explains.
We will definitely have serious liquidity problems at the start so just take note not to bid crazy rates.
Visitors of LBCH can see the implementations of BTC/ETH/LTC/DASH be added to the platform when casually perusing through the website. Eric also details that users can expect some improvements with the UI/UX of the site in the future. Alongside this, the developer also recently disclosed that withdrawal fees will be added shortly to help with funding the project.
“To help out with our expenses, there will be withdrawal fees soon — Will keep you all updated,” the developer emphasizes.
What do you think about the LBCH platform? Let us know your thoughts in the comments below.
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Images via Shutterstock, and Localbitcoincash.org.
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Author: Jamie Redman