LocalBitcoins Shuts its Doors. What's Next?
I guess hearing about localbitcoins is quite similar to hearing about bitcoin itself. Moreover, If you ever did any bitcoin related search(es) in the past, then you must have stumbled on localbitcoins.
LocalBitcoins was a peer-to-peer bitcoin exchange platform based in Helsinki, Finland. Users post advertisements on the website, where they state exchange rates and payment methods for buying or selling bitcoins. Other users reply to these advertisements and make the payment in their specified payment method. As of December 2020, LocalBitcoins has over 1,000,000 active traders with a trade volume of 612 million US dollars between October and December 2020 Wikipedia
Localbitcoins has been in operation since June 2012 and on Thursday, the 9th of Febraury 2023, the company announced it was shutting it doors. The supposed reason for its closure was stated as follows:
Localbitcoins trading volumes have been declining for a long time, and there is no big enough market demand for our services anymore.
Personally, I have been using localbitcoins for seventeen months and it has been my go to spot to convert my bitcoin to cash which is then deposited directly into my bank account. I use the BTC to SEPA (EU Bank transfer) option to achieved this. My experience using localbitcoins and has been amazing and I am sadden by their shutdown.
What's Next?
Well, it is hard to tell if there are other decent platforms out there that offer the same or even better services than localbitcoins.
Personally, I have turned to Paxful I had created my account five years ago but never really used the platform because I never felt the need to used it until today.
Today, I logged in and it took less tens minutes go through verifications and anable more security on my account. Right now, my daily trade volume has been increased from $1k (933.1 Euros) to $10k (9331 Euros) after I completed verification.
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I am still skeptical about trying out Paxful but I do not have another option as a replacement to localbitcoins. Having a replacement is very necessary and important to me.
I am curious to find out if anyone has got any suggesstion(s).
Thanks for your time!
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Disturbing news! They tighten our nuts on all sides.
I have been looking for a reliable crypto-fiat gateway for a long time, where KYC verification would not be required! It's not that I want to commit fraudulent activities, it's just that this procedure is contrary to the main ideas of cryptocurrency.
As a result, I found a telegram bot for myself that works on the same principle. helps buyers and sellers meet.
I will not advertise it here, I will only say that I trust this service, since it was created with the support of the developers of one of the top 100 projects on the coinmarketcap.
That's right, I always try to avoid KYC options until I have no other option.
Before, I was using mainly peer-to-peer without the need of a third party person or exchange but this couldn't last forever as the guy had to stop.
Also, I really don't have any idea about the usage of Telegram bots. I barely use telegram to begin with but I will look into this.
I appreciate your feedback.
Since you are interested in my information, I will still tell you how to find this service.
Once, for familiarization, I installed a 1inch wallet for android. And in the sections of this wallet there was a recommendation for this telegram bot, among other services for buying crypto.
I really didn't want to name projects here, but telegram is full of scammers. Be very careful in choosing the services with which to share personal data or conduct transactions!
Good luck!
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