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. 👍

Exodus Now Offers In-Wallet EOS Registration! Register Before June!

Exodus Now Offers In-Wallet EOS Registration! Register Before June!

The Exodus team has done everyone a big favor by making EOS registration a piece of cake! They literally made a one-button method for completing the EOS token registration. This must be done before the end of the ICO on June 1st, when the real EOS blockchain launches.

“As a wallet that strives to make cryptocurrency intuitive and easy, we feel that a difficult EOS registration process is deterring and we hope that adding this function relieves some stress from blockchain banking.” – Exodus

You must have at least 0.005 ETH in your Exodus wallet to complete the process. EOS is a token on Ethereum up until the snapshot. This means fees must be paid in ETH.

If the GIF above doesn’t explain the process thoroughly enough, follow these directions: open up the “Help” menu in Exodus, then scroll down to the bottom until you see the entry for EOS registration, and then click on it. Then click on the Big Green Button and it will ask you to confirm you want to register.

Once clicked, your EOS tokens are registered to the EOS Mainnet address of your Exodus wallet!

 

* If you have already registered your EOS address, the message that your address is not registered will still appear. If you would like you can override the old one and register your address again from within Exodus. This will create a new EOS Mainnet address and Private Key (stored in Exodus).

If you don’t see the options to register, make sure your Exodus wallet is up to date. The current version is 1.50.1

Check out this in-depth blog post and the source for this post for more details on the the swap from EOS ERC-20 tokens to mainnet assets.

Check Out Our Most Popular EOS T-shirts and Hoodies!

John Oliver Covers Bitcoin And Cryptocurrencies On Last Week Tonight

John Oliver Covers Bitcoin And Cryptocurrencies On Last Week Tonight

John Oliver is an English comedian, writer, producer, political commentator, actor and television host. He is most known for is work on The Daily Show with Jon Stewart and now he is making a name for himself on his very own show on HBO called Last Week Tonight.

Quite recently he released an entire episode covering Bitcoin and cryptocurrencies.

Oliver does a great job aggregating information to explain Bitcoin:

“I’m a virtual currency, worldwide, that you can send for little to no fees, open source, not controlled by any government, corporation or individual. It’s financial freedom BRO!”

He even brought on Don Tapscott, author of Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World, who spoke on the security of blockchain technology:

“A blockchain is a very highly processed thing like a chicken mcnugget and if you wanted to hack it it would be like turning a chicken mcnugget back into a chicken. Now someday someone will be able to do that but for now it’s going to be tough.”

We commend John Oliver for covering Bitcoin and cryptocurrencies, which we believe are the future of finance and data recording.

For much of the episode Oliver focuses on responsibility when investing in cryptocurrencies telling viewers to not invest any more than they could afford to lose, which is a pretty standard phrase in any financial market. But still good advice.

John Oliver also hones in on the EOS project, which he clearly does not understand. He reads off the initial coin offering numbers scoffing at how much value the EOS team has raised. Oliver also doesn’t understand Block.one’s obscure mission statement and relationship to the EOS blockchain. Launching a cryptocurrency that competes against state created fiat currencies is highly illegal according to governments. Block.one does not want to be held directly responsible for the launch of the decentralized network. If governments could find out who Satoshi Nakamoto is, you had better believe they would kill him.

Watch the episode below:

Dear John Oliver – By eosio On Medium

Block.one’s CTO Daniel Larimer has previously built and deployed two of the most used (and “usable”) decentralized applications to date. Having originally worked on the development of Bitcoin and feeling it would not adequately perform, Dan developed a scalable high performance Blockchain architecture, now widely known as Delegated Proof of Stake (DPOS); today DPOS processes the majority of all blockchain transactions globally.

EOSIO is designed to leverage DPOS and familiar scripting languages to enable developers and businesses to more easily take advantage of high performance blockchain capabilities, and deploy open source community driven business models.

Block.one believes Blockchain technologies have the potential to become the next mainstream infrastructure for communication and commerce, and can introduce new freedoms while streamlining compliance and universal interoperability. The company is committed to the technological and regulatory innovation required to push forward on common ground for developers, users, businesses, and regulatory agencies around the world.

Block.one and community contributors make continual progress on the development of the EOSIO platform that can be viewed on the EOSIO Github, a fully transparent hub where the real time progress of feature creation through to completion can be viewed and contributed to.

They then discussed Brock Pierce, who is now moving on to independent community building and investment activities. In short the Block.one crew has no hard feelings and is thankful for his contributions.

They went on to say:

As a growing company building value through an open source community as opposed to traditional avenues of proprietary software ownership, we are conscious of the importance of robust corporate communications. We take professional standards seriously and are always focused on raising the bar as our company transitions from startup to aggressive growth. We value acknowledgment of room for continued improvement and remain confident in our mission to further the impact of Blockchain as a foundational technology.

Thanks again for the entertaining reminder to stay informed when it comes to new industries, concepts, and people.

Your fans at Block.one

P.S. If you’re interested in blockchain based Beanie Babies, we recommend exploring #Cryptokitties