It turns out, even though LocalBitcoins tends to be more expensive, the company is much needed.
During the peak week of April 14, LocalBitcoins' trading volume in these three nations combined was worth roughly $55 million - more than six times the value of U.S. trading on LocalBitcoins in the same week.
When the Bank of Montreal restricted customers from making cryptocurrency purchases, LocalBitcoins activity in Canada spiked.
It's these instances that make LocalBitcoins so valuable, even in an environment where growing awareness of institutional traders and their high-value swaps are stealing the limelight.
On top of that, LocalBitcoins was the platform in the middle of more than half a dozen criminal cases associated with LocalBitcoins traders.
Just like Craigslist horror stories haven't stopped people from using the internet marketplace, instances like these connected to LocalBitcoins haven't slowed the platform's usage.
The $27.2 million in revenue LocalBitcoins took in last year was more than triple its profits from 2016.
Because LocalBitcoins facilitates generally trades of smaller amounts, they rarely attract scrutiny.
Since sanctions keep Iranian banking customers from accessing foreign markets, he told CoinDesk, Iranian traders use LocalBitcoins to find local sellers who accept wire transfers from Iranian banks.
It's these kinds of markets, which are cut off from the rest of the world, that need P2P crypto exchanges like LocalBitcoins.
The Craigslist of Crypto Is Making Millions Where Bitcoin Is Needed Most
Publicado en Apr 19, 2018
by Coindesk | Publicado en Coinage
Coinage
Mencionado en este artÃculo
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.