LocalBitcoins was a popular peer-to-peer cryptocurrency trading platform. According to coinmarketcap.com the project has unfortunately terminated its services after more than a decade of business in the crypto space.
Launched in 2012, LocalBitcoins provided a secure and convenient way for users to buy and sell Bitcoins directly with each other. This eliminated the need for intermediaries or centralized exchanges.
How LocalBitcoins Worked
The platform allowed individuals from different locations to connect and engage in transactions using various payment methods. These included bank transfers, cash deposits, online wallets, and even gift cards. LocalBitcoins acted as an escrow service. They held the Bitcoins until the agreed-upon terms of the trade were fulfilled by both parties.
One of the main advantages of LocalBitcoins was the emphasis on privacy and anonymity. The platform did not require users to undergo extensive identity verification processes. This allowed individuals to maintain their privacy while engaging in cryptocurrency trading. However, this also meant that users needed to exercise caution when conducting transactions with unknown counterparts to avoid potential scams or fraudulent activities.
LocalBitcoins History
Over the years, LocalBitcoins had become a popular choice for both experienced traders and newcomers seeking a user-friendly interface and direct interaction with other Bitcoin enthusiasts.
It gained recognition as a reliable platform due to their robust security measures. These included two-factor authentication and an escrow system that safeguarded transactions against potential fraud.
I found the website and process pretty reliable back in the day.
Unfortunately LocalBitcoins faced regulatory challenges in certain jurisdictions due to the peer-to-peer nature and concerns over “money laundering” risks governments often claim are associated with cryptocurrency trading.
This and the “crypto winter” ultimately led to the closing of the platform and services that were critical to the Bitcoin community.
Which begs the question, who will create the next LocalBitcoins project to help people trade and use Bitcoin (in person) without restrictions and fear?
Coinmarketcap.com included a great quote in their article from a LocalBitcoins customer in Venezuela saying:
“They were an important part of the hardest moments in my country.”
On Saturday, June 1st, Block.one announced the creation of Voice Social Media. The new social platform will run on the EOS blockchain.
Voice social media hopes to help the users reap more rewards (instead of the platform). Voice will also be open since all the data will be stored using the public chain. This is in contrast to networks like Facebook. Facebook recently announced they are moving in a more privacy-focused direction.
Voice social media is the new exciting blockchain social platform of 2019. But how does it stack up against platforms like Steemit? Steemit is the blockchain based social media platform launched in 2016 by Ned Scott and Dan Larimer. Steemit reached 1 million accounts in two years and exposed new demographics to blockchain technology. Hopefully, Voice social media will have a similar impact and bring even more people to the blockchain life.
“[Block.one CEO Brendan Blumer] promised that Voice will do a better job of keeping out bots and trolls than previous social networks, without really going into the mechanics of doing so. Previously, though, Block.one brought on stage a product lead from Yubico, the makers of YubiKey, to talk about ways in which EOS would integrate with WebAuthn, a password-less standard recently approved by the W3C, which governs the worldwide web.
All attendees at the event were given a new YubiKey.At the end of Blumer’s talk, the massive screen behind him exhorted viewers to “Unlike shady algorithms” and “Unfollow being followed.” Then it was Block.one CTO Dan Larimer’s turn.“Social media was intended for good,” said Larimer, who previously co-founded a blockchain-based social media site, Steemit, before leaving for Block.one in 2017. He came on stage to announce a new token, the Voice token. “Everyone who signs up for Voice will get an EOS account,” he said.
The chief mechanic Larimer showed off was one in which users could stake Voice tokens to move to the top of a chain of comments. If someone else staked tokens to go above them, the first user would get their tokens back and then some. This additional pressure on the EOS blockchain should be partially offset by another announcement Larimer made: EOSVM. “This is a WebAssembly engine designed specifically for blockchain,” Larimer said, promising it would run 12-times faster than the original EOSIO software, which was released on June 1, 2018.
You can sign up for beta access to Voice social media on their website voice.com. We have signed up for beta access and will post an article with details and feedback on the Voice platform user experience. We will also include the latest info on the Voice Token Distribution. So stay tuned.
A New Survey by Blockchain Capital has revealed an increase in the popularity of Bitcoin. Demographics like Young Professionals (young people aged 18-34) are now putting more of their money into crypto assets like Bitcoin.
If you asked us, we would say it’s a no brainer. Of course, young people are into bitcoin more than older demographics.
“Changes in the popularity of Bitcoin from October 2017 to April 2019 covered include:
The percentage of people who are unaware of Bitcoin dropped from 23% to 11%
The percentage of those aged 18-34 who describe themselves as at least “somewhat familiar” with Bitcoin rose from 42% to 60%.
The percentage of respondents who have a positive view on Bitcoin as a new innovation in financial technology rose from 34% to 43%.
The percentage of respondents who strongly or somewhat agree that most people will be using Bitcoin in the next 10 years rose from 28% to 33%.
Despite the bear market, the percentage of people who indicated they are likely to buy bitcoin in the next 5 years rose from 19% to 27%.
Examples of this greater openness to bitcoin from the younger generations include:
Three times as many people in the 18-34 age group are at least “somewhat familiar” with bitcoin as those 65 and older.
59% of the 18-34 age group have a positive view on Bitcoin as a financial innovation, but only 24% of those 65 and older feel that way.
In terms of future adoption, 48% of the 18-34 age group think most people will be using bitcoin in 10 years, while only 16% of those 65 and older believe that will be the case.
42% of those in the 18-34 age group say they are likely to buy bitcoin within the next 5 years, while only 8% of those 65 and older claim they will make such an investment.
20% of millennials claim they own some bitcoin. Only 2% of those 65 and older claim to have any bitcoin.”
If you want to work at Facebook and you want to work in California, we have some good news for you. Facebook is handing out blockchain jobs!
We are not sure what the tech giant is up to exactly. Rumors have said they are launching a coin for use in their messaging platform WhatsApp. But they have very much done a 180 regarding their position on cryptocurrency. Not too long ago Facebook blocked all crypto related ads on their platform. Now they are recruiting for several blockchain positions.
“Facebook’s HQ in Menlo Park, California, has opened five new positions in its blockchain department, according to listings posted today, March 29. The new jobs were posted in the company’s LinkedIn account.Recently, the company opened a position for a senior lawyer with experience in both blockchain and payments. The person will be responsible for drafting and negotiating a wide variety of contracts related to its blockchain initiatives, along with advising clients on the various legal risks related to the tech. Facebook is also reportedly seeking a product manager and mixed methods UX researcher to work in its office in Tel Aviv, Israel. The number of recently opened positions for blockchain department therefore surpasses 20.”
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Jack Dorsey, Twitter CEO stated on a recent podcast that he is maxing out the limits on the Square Cash App and purchasing $10,000 dollars of Bitcoin a week.
TIL @jack is maxing out the weekly $10k BTC buy limit. I guess smart money has been loading up on cheap BTC all along. https://t.co/zs1R04zn45
If the Twitter CEO wants to buy more Bitcoin, we suggest he turn to Coinbase. Buy and sell limits are much higher.
On Coinbase regular users can purchase $25,000 a week. Verified users can purchase $25,000 a day. But once the funds are in your Coinbase wallet, there are no buy or sell limits.
What Jack Dorsey, Twitter CEO is likely doing is simply a dollar cost average strategy. Dollar cost averaging (DCA) is an investment strategy where a large purchase of a financial asset like an equity or cryptocurrency is spread out over time with the goal of reducing the impact of volatility.
“In a surprising turn in the conversation, he explained that he purchased $10,000 worth of Bitcoin, which currently amounts to 2.7 BTC, over recent weeks, and could do the same again in the following. Doing some napkin math, this works out to around $520,000 in cryptocurrency purchases a year (considering he doesn’t go over that amount or purchase any other digital assets) — or about 0.0928% of his $5.6 billion net worth. Although this isn’t a relatively large amount percentage-wise, it shows that Dorsey is looking to accumulate for the long haul, as he dollar-cost averages in.”
Twitter CEO, Jack Dorsey Discusses Bitcoin On The Joe Rogan Podcast:
Are you ready for the next crypto bull run? Many investors are using strategies like dollar cost averaging to build a diversified portfolio in preparation for the next major price movement. Stay tuned to the Bitcoinshirtz blog for the latest news from the Bitcoin and blockchain industry. 👍
