Localbitcoins Adds Bitcoin Cash and Other Cryptocurrencies as Payment Methods – Bitcoin News


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Localbitcoins, one of the largest P2P exchanges in the world, has added Bitcoin Cash and other cryptocurrencies as payment methods to purchase Bitcoin on its platform. This marks a clear departure from the company's previous position, which had not added any new payment methods and remained just Bitcoin for some time.

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 using other cryptos, a departure from its earlier pure Bitcoin approach. The company announced in a blog post last week that it will now allow listings that include Tether (USDT), Polkadot (DOT), Cardano (ADA), Bitcoin Cash (BCH), USD Coin (USDC), Chainlink (LINK ) and Dogecoin (DOGE) as a means of payment.

The exchange has also added several new fiat-based payment methods that can be used internationally and others that can only be used in certain countries. The decision marks a clear departure from the traditional pure bitcoin stance the company has taken since its inception and effectively creates the possibility of arbitrage with altcoin prices on the platform, albeit not as directly as with a traditional exchange.

Localbitcoins is one of the first P2P exchanges and, other than strengthening the KYC measures associated with using the platform, hasn't changed much. Even the user experience and website have remained largely the same since it went live in 2012, and the platform still lacks a mobile app.

Slow innovation

One of the reasons for this sudden change of heart could be the stock market's loss of importance in emerging markets like Venezuela, where the stock market has moved from being the preferred way of buying Bitcoin to being another good option in the marketplace.

Evidence of this is dwindling sales volumes, which can be seen in the coin dance statistics. This was also exacerbated by the arrival of a new P2P alternative market: Binance P2P, which is backed by the exchange and has attracted many traders and customers to Localbitcoins over the past two years. In addition, other, less privacy-friendly options have emerged, such as Bitcoin.com Local, which does not require a KYC for direct P2P trading.

The declining popularity of Localbitcoins could only be a sign of the times as there are many other ways to buy Bitcoin besides the direct P2P exchange. However, P2P still has some key features that make it the to-go method for many to acquire cryptocurrencies, and Localbitcoins may expand its offering and payment methods to keep up with the demands of its users.

What do you think of Localbitcoins introducing new cryptocurrencies as payment methods? Let us know in the comments section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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