[GOOD NEWS] Time to switch from LocalBitcoins to LocalCryptos [NO KYC]

Patatas

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Quote from: akamit on November 23, 2019, 12:35:02 AM

Quote from: Patatas on November 22, 2019, 07:08:50 PM

Quote from: akamit on November 19, 2019, 05:14:23 PM

Second thing is, their fee (0.25%) is high if compare with LBC.
LBC just cuts BTC0.00015 from the total deposit amount and there is no escrow fee. But today I noticed LBC deducted 0.00003+ from my deposit which is far less than before.
Localcryptos says 0.25% escrow fee and I'm not sure about the deposit fee. So a BTC0.1 transaction will cut BTC0.00025 escrow fee which is much higher than LBC imo and if the amount is more than the fee will be more or do I missed something.

I wouldn't mind paying a bit more service fees if I'm not asked for my documents. Everybody will. I wouldn't risk my identity with random businesses to save a few cents.

I wouldn't disagree with you but the fee gets bigger when the transaction amount is bigger, you know that.
The only thing attracting is their NO KYC policy, and yeah this attracted me fully because I got suffered a month at LBC. Let's see how far this goes.

I'm suffering at LBC now for verification of my documents especially when the document involved is a passport. I wouldn't want to share my passport for anything related to the crypto. They just rejected my other documents so I'm desperately looking for an alternative.

Quote from: akamit on November 23, 2019, 12:35:02 AM

Also, I didn't find any trades for my location when I last checked, so looking forward to making an exchange in the future.

Same. No trades found for SEPA transfer and most of the deals were from the Russians when I'm not even in Russia. Seems sketchy.

akamit

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Quote from: Patatas on November 22, 2019, 07:08:50 PM

Quote from: akamit on November 19, 2019, 05:14:23 PM

Second thing is, their fee (0.25%) is high if compare with LBC.
LBC just cuts BTC0.00015 from the total deposit amount and there is no escrow fee. But today I noticed LBC deducted 0.00003+ from my deposit which is far less than before.
Localcryptos says 0.25% escrow fee and I'm not sure about the deposit fee. So a BTC0.1 transaction will cut BTC0.00025 escrow fee which is much higher than LBC imo and if the amount is more than the fee will be more or do I missed something.

I wouldn't mind paying a bit more service fees if I'm not asked for my documents. Everybody will. I wouldn't risk my identity with random businesses to save a few cents.

I wouldn't disagree with you but the fee gets bigger when the transaction amount is bigger, you know that.
The only thing attracting is their NO KYC policy, and yeah this attracted me fully because I got suffered a month at LBC. Let's see how far this goes.

Also, I didn't find any trades for my location when I last checked, so looking forward to making an exchange in the future.

Patatas

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Quote from: Stedsm on November 22, 2019, 06:42:01 PM

Even if the charges are quite low for the maker and even the taker pays less here, there's not much difference if you check the prices. At Localbitcoins, if you sell your BTC, the max you can get is INR 549k while at localcryptos, you will get a deal of max INR 528k (checked both at the time of writing this). And it's not that I've seen this just today, but the difference had been since the announcement and it kept continuing. Those who believe LBC gives premium rates, please talk to my ✋, I've seen much better prices to sell BTC at InstaShift. The difference between prices, i.e.; 549k - 528k = 21k comes around 4% of loss if sold at localcryptos. Well, it's completely your decision to go for either of these exchanges but I guess I've given you a brief idea on the major difference here.

Thanks, dude you made some good points there. I was definitely going to try out LocalCryptos but now the rates are bothering me. How is your general experience with InstaShift? Are they as secure as LBC?

Quote from: akamit on November 19, 2019, 05:14:23 PM

Second thing is, their fee (0.25%) is high if compare with LBC.
LBC just cuts BTC0.00015 from the total deposit amount and there is no escrow fee. But today I noticed LBC deducted 0.00003+ from my deposit which is far less than before.
Localcryptos says 0.25% escrow fee and I'm not sure about the deposit fee. So a BTC0.1 transaction will cut BTC0.00025 escrow fee which is much higher than LBC imo and if the amount is more than the fee will be more or do I missed something.

I wouldn't mind paying a bit more service fees if I'm not asked for my documents. Everybody will. I wouldn't risk my identity with random businesses to save a few cents.

Stedsm

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Even if the charges are quite low for the maker and even the taker pays less here, there's not much difference if you check the prices. At Localbitcoins, if you sell your BTC, the max you can get is INR 549k while at localcryptos, you will get a deal of max INR 528k (checked both at the time of writing this). And it's not that I've seen this just today, but the difference had been since the announcement and it kept continuing. Those who believe LBC gives premium rates, please talk to my ✋, I've seen much better prices to sell BTC at InstaShift. The difference between prices, i.e.; 549k - 528k = 21k comes around 4% of loss if sold at localcryptos. Well, it's completely your decision to go for either of these exchanges but I guess I've given you a brief idea on the major difference here.

1Referee

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Quote from: akamit on November 19, 2019, 05:14:23 PM

The thing I'm wondering about is their NO KYC policy, will they be able to stick with this policy or they will change their policy after a certain time when they start to get acknowledged by the authorities.

I think it's fair to say that as long as there is a centralized party behind the platform, governments could force it to comply with regulations, mainly so if they grow larger and larger. The larger you grow as platform, the more noticeable you are and thus the more likely it becomes for regulators to step in.

Quote from: akamit on November 19, 2019, 05:14:23 PM

Localcryptos says 0.25% escrow fee and I'm not sure about the deposit fee. So a BTC0.1 transaction will cut BTC0.00025 escrow fee which is much higher than LBC imo and if the amount is more than the fee will be more or do I missed something.

It depends on what end of the trade you are, but LC generates 1% per transaction; 0.25% is what the maker pays and 0.75% is what the taker pays. There is no deposit fee.

akamit

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LocalEthereum is on the play quite some time, maybe since 2016 or 2017 and now they have expanded their market by including Bitcoin.
The thing I'm wondering about is their NO KYC policy, will they be able to stick with this policy or they will change their policy after a certain time when they start to get acknowledged by the authorities.

Second thing is, their fee (0.25%) is high if compare with LBC.
LBC just cuts BTC0.00015 from the total deposit amount and there is no escrow fee. But today I noticed LBC deducted 0.00003+ from my deposit which is far less than before.
Localcryptos says 0.25% escrow fee and I'm not sure about the deposit fee. So a BTC0.1 transaction will cut BTC0.00025 escrow fee which is much higher than LBC imo and if the amount is more than the fee will be more or do I missed something.

I haven't read the article yet as I'm feeling too much lazy now, I'll take a look tomorrow.

o_e_l_e_o

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They've come up with an interesting to way non-custodially escrow bitcoin. LocalEthereum did this via smart contracts, which obviously don't exist on bitcoin, so they've used transaction scripts to build something similar. You can read about it here: https://blog.localcryptos.com/how-bitcoin-escrow-works/

There's no mention of internal testing though, so I'll be avoiding this for the time being until I know they can pull it off smoothly without funds being permanently stuck on escrow addresses or something similar.

I'm still using BISQ as and when I need to, but it's always nice to have more DEXs without KYC on the market. Anything to move away from privacy invading security risks that are centralized exchanges.

leowonderful

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Bitcoin FTW!

Interesting. I don't think I've heard of either LocalEthereum before, which seems to be the predecessor of what's now LocalCryptos if I read this little announcement article correctly. Seems like most of the listings on the site are still Ethereum-related, and it does seem like there's relatively few sellers with high transaction amounts in places like the United States and just two at the moment in Canada, though I expect if the site's as good as the article seems to suggest it is, that number will likely grow. I've done a bit of searching on the reputation of LocalEthereum on these forums too, and it doesn't seem like there's any major problems besides people getting scammed due to the nature of the high-risk payment methods they used.

I like the general interface and layout of the site as well as it's similar to Paxful's, though I do prefer the option of a dark theme.

milewilda

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Thanks for the share up.I did check LocalCryptos and im bit surprised that it do have some considerable numbers of sellers and buyers.

I cant say that this will beat up LBC but due to that no KYC thing then this will give out some bells for some users and might consider this one.

BTCTrader30

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For those strugging to buy and sell bitcoin without any KYC [p2p] can now relax a bit.
LocalCryptos (earlier LocalEithereum) has announced that it now supports Bitcoin as well. It's really a good news for all because now localbitcoins also asks for kyc so it's time for all localbitcoin traders to switch to localcryptos now Cheesy

Read more here: https://blog.localcryptos.com/announcing-localcryptos/

Topic: [GOOD NEWS] Time to switch from LocalBitcoins to LocalCryptos [NO KYC] (Read 170 times)