Who Will Create The Next LocalBitcoins?

Who Will Create The Next LocalBitcoins?

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.”

Let us know your thoughts. -> Contact.

Thanks for reading.

Read our last post: Voice Social Media Launches On The EOS Blockchain

New Survey Reveals 27% Of Young Professionals Prefer Bitcoin Over Stocks

New Survey Reveals 27% Of Young Professionals Prefer Bitcoin Over Stocks

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.

But it’s still interesting to see the data.

From Forbes:

Data collected by Harris Poll on behalf of Blockchain Capital

“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.”

 

Twitter CEO, Jack Dorsey Now Buys $10K Of BTC A Week

Twitter CEO, Jack Dorsey Now Buys $10K Of BTC A Week

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.

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.

From newsbtc.com:

“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. 👍

Canadian Crypto Exchange Loses $145 Million Because CEO With The Only Password Passes Away

Canadian Crypto Exchange Loses $145 Million Because CEO With The Only Password Passes Away

One of the largest bitcoin exchanges in Canada has reported a loss of almost $ 145 million USD. QuadrigaCX claims to have lost access to the companies cold storage containing a sizeable amount of crypto assets.  Included in the offline cold storage was 26,500 Bitcoin, 430,000 Ether, and 200,000 Litecoin.

From thehackernews.com:

“Following the sudden death of Gerry Cotten, founder and chief executive officer QuadrigaCX, the Canadian exchange this week filed for legal protection from creditors in the Nova Scotia Supreme Court until it locates and secures access to the lost funds.
In a sworn affidavit filed by Cotten’s widow Jennifer Robertson and obtained by Coindesk, Robertson said QuadrigaCX owes its customers some CAD 260 million (USD 198 Million) in both cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, and Ethereum, as well as fiat money.
However, Robertson said the cryptocurrency exchange only has smaller amount in a ‘hot wallet’ (USD 286,000), claiming that to protect its users funds from hackers, majority of coins were kept in a ‘cold wallet’—a physical device that is not connected to the internet—by Cotten, who died of Crohn’s disease on December 9 in Jaipur, India.”

 

But not everybody is buying the story. Some researchers and QuadrigaCX users have been doubtful of the Canadian crypto exchange’s claims. The amount claimed seems higher than it should be. Some claim QuadrigaCX never had access to such a large pool of funds. It could be true but it could also be a sneaky exit scam.  

If the claim is true, the company will be filing for bankruptcy and the crypto assets on the cold storage will never be accessed again.  

Keep your passwords safe friends! And make sure you have a way for your beneficiaries to securely access your passwords and modern-day keys. 

Changelly Exchange Now Available On Android

Changelly Exchange Now Available On Android

The Changelly exchange is one of our favorite crypto exchanges, especially when you need to swap crypto assets fast.

In recent news, they have finally created an Android app for their platform! Many of the writers here at Bitcoin Shirtz use Android over IOS, so this is great news for us. The Changelly exchange is a go-to for us with almost all cryptocurrencies, with the exception of BitShares and STEEM, which in that case we use Blocktrades.us.

Changelly Exchange Now Available On Android - image 1 - bitcoinshirtz

From Changelly’s Steemit Page:

Changelly team is happy to announce the launch of the mobile app for all the Android users. The first official version of Changelly mobile app is now launched on Google Play.

The leading instant swap service finally is in your pocket wherever you go. Changelly users no longer have to open the browser on their gadgets every time they want to instantly swap one crypto asset for another. The mobile app represents an adaptive instrument for all the fans of smartphone usability, and offers exactly the same options as the full web version of the service, namely:

  • exchange one crypto for another in a few minutes via the Changelly
  • mobile app;
  • buy any of cryptos listed with a credit card directly from the Changelly mobile app;
  • explore cryptos listed and real-time rates.

 

The Benefits

Importantly, Changelly users no longer have to go through the authorization procedure while doing the exchange through the mobile app. The Changelly app users can either undergo verification by choosing the Google account to sign in, or skip the verification step and go straight to the exchange.

 

The Mobile App Description

In addition to the exchange section, Changelly mobile app includes History section, where the user’s transaction history is placed and Support section, from where the user can send a request to Changelly support team and find the answers to the FAQ.

Changelly mobile app is quite compact and simple in use. It takes up only 8 Mb of the gadget memory and supports the Android versions starting with the version 4.4.

Changelly Exchange Now Available On Android - image 2 - bitcoinshirtz

Changelly Exchange Video:

Square Cash Has A Beautiful Landing Page But Fails To Provide Real Bitcoin Services

Square Cash Has A Beautiful Landing Page But Fails To Provide Real Bitcoin Services

Square Cash, also known as “Cash” or Square, Inc. has recently added Bitcoin investing to their list of services.  Square Cash allows users to transfer money using a phone app. The platform now boasts over 7 million users, as of 2018.

Why Square Cash Fails To Provide Real Bitcoin Services

With their new found interest in Bitcoin and blockchain technology, Square, Inc. is now allowing users to purchase and hold Bitcoin in their app. The catch is, they hold the blockchain asset, not you. We explored their new service offering and were completely let down. It turns out you can’t send or receive Bitcoin from the Square app. There are no bitcoin addresses to be seen. Bitcoin and blockchain are all about transparency and the Square Cash app gives users the opposite. They tell you that you now hold Bitcoin in the app but how do you know? You simply can’t verify the information. We doubt they are lying about any of the info displayed, but how would you know otherwise?

If Square Cash wants acceptance from Bitcoin investors, they will have to update their app and make it more transparent. There needs to be proof of purchase on the Bitcoin blockchain. Verifiability is paramount in the blockchain space.

What we liked was their beautiful landing page and informative information about Bitcoin and it’s anonymous creator, Satoshi Nakamoto.

Check out some screenshots from https://cash.me/bitcoin :