LocalBitcoins Decides To Shut Down Its Operation
Have you heard of LocalBitcoins which provides P2P trading services? This is a well-known peer-to-peer bitcoin trading platform that continues its services for the last 10 years. Many people use this platform to do P2P trading.
LocalBitcoins decides to shut down its operation and already stopped new registration on Feb. 9, 2023. They will cease Bitcoin trading and wallet services on February 16, 2023. Customers have the option to withdraw their funds and the company gives a 12 months period to do that.
It is recommended to withdraw your funds from this platform as soon as you can. Maybe you are wondering why they decide to discontinue their services. It is stated that the persistent challenging situation in the crypto market is the season for the decision to terminate P2P trading services.
The bear market is really tough and every company goes through a challenging situation. That's the harsh reality. The company may not reveal what they are going through handling the present situation. Finally, we see a positive move in the crypto market, but LocalBitcoins decides to end its services.
When I was new to crypto, I wanted to know how to buy or sell crypto easily. I found out about LocalBitcoins. I did not think it will not be around in the future. In crypto, it is hard to predict what will happen in the coming days and how it will impact any crypto business.
P2P trading can be risky. Having a trusted platform makes it easy and you can do P2P trading reducing the risk. You can check out reviews and feedback before deciding to do P2P trading. You may get support to solve any dispute.
When one door closes, new doors open and come up with better solutions. I guess LocalBitcoins would be a memory. We see different things in the crypto journey. Recently MetaMask made a partnership with Onramp.money to boost crypto activity in India. People can buy cryptocurrency directly inside the MetaMask wallet.
We will see new things in crypto. DeFi was not around in the past, but now we have Decentralized Finance (DeFi). The crypto industry is evolving and growing every single day. Let's explore and move forward.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Hi Zainab Fatima here from dot platforms and Rougee!!!
Yes, I am aware of LocalBitcoins. It is true that the company has decided to shut down its operations after 10 years of providing P2P trading services. The challenging situation in the crypto market is the main reason behind this decision. It is always recommended to withdraw your funds as soon as possible in such situations.
It is unfortunate that the platform is no longer available for those who have used it in the past and appreciated its services. However, it is important to remember that the crypto industry is constantly evolving and new opportunities are emerging all the time.
Hi @crazywrites6!
I did not know you are Zainab Fatima. Good to see you here.
LocalBitcoins reminds me of the early days of my crypto journey. I did not how to buy crypto with fiat back then. Sad to see this platform will not be around anymore.
Thanks! See you around!
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How did that company make money? Did they take a portion of the fees to make sure they could keep running and the transactions dropped? I am wondering what exactly changed between the previous bear market and the current one for them to shut down.
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They did not mention specific problems that force them to make this decision. They saw the bear market before. They are supposed to be prepared to face this crypto winter.
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