is this Localbitcoins alternative - localcryptos.com?

CryptoBuzzerd

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Quote from: Soldierswitlittlefaith on February 05, 2020, 07:31:52 AM

Hello fellow trader's, can anyone confirm that this website is for real?

localcryptos.com

has anyone traded on this platform successfully?
Pls share your experience with other's

Thanks
Soldierwitlittlefaith

I have a lot of experience trading on Localcryptos (https://localcryptos.com/r/IonStorm) and I can recommend it because:

1) no KYC (I hate it!)
2) you can trade fiat money to btc/eth/ltc/dash (yes!)
3) built-in crypto exchange (based on 3-d party service, so you can choose use it or not)
4) Non-Custodial platform.

Overall: LocalCryptos is a best p2p trading platform on a market for today

noormcs5

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Quote from: Soldierswitlittlefaith on February 05, 2020, 07:31:52 AM

Hello fellow trader's, can anyone confirm that this website is for real?

localcryptos.com

has anyone traded on this platform successfully?
Pls share your experience with other's

Thanks
Soldierwitlittlefaith

I have recently traded on localcryptos.com and found it to be a good site. There was no issue at all and i was able to buy bitcoin through escrow. The only concern was that the price to buy bitcoin was a little higher from the market price and i bought BTC at 3.04% higher rates. When more people will come to this site, the rates will become more reasonable because of competition.

figmentofmyass

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Quote from: LeGaulois on February 10, 2020, 02:49:04 PM

Quote from: OmegaStarScream on February 10, 2020, 01:40:24 PM

Quote from: LeGaulois on February 05, 2020, 06:15:25 PM

@figmentofmyass

No KYC... until the site becomes big and popular...

-snip-

It appears that they have some plans for it (but in a different way): https://blog.localcryptos.com/preventing-identity-theft-with-optional-id-verification/

I don't see it really differently. Of course, it won't be mandatory but LocalCryptos itself (and the 'trusted attestors') can be the point of failure.

localcryptos cannot be a point of failure since they will never see your ID documents.

yes, the trusted attestor can be a point of failure. the alternative is to send your ID documents to every single person you trade with. which one is the better solution?

Quote from: LeGaulois on February 10, 2020, 02:49:04 PM

If the financial authorities, or whatsoever, ask the website to perform the KYC verification for all clients, it won't really be able to do it as described, because the site will be supposed to be able to give any information about any client, any trade, at any time. So Localcryptos won't be able to say "we can't, it's done by our 'trusted attestors and we have no access'
They will simply reply 'it's not our business, deal with it and obey' or close the shop

only if the laws are drastically changed. as squatter pointed out earlier, localcryptos doesn't appear to legally qualify as a "digital currency exchange" so they are not subject to those requirements.

i'm still skeptical of the whole attestor marketplace thing and will probably just stick to p2p cash trading without ID, but it's still a cool solution to a shitty problem.

LeGaulois

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Quote from: OmegaStarScream on February 10, 2020, 01:40:24 PM

Quote from: LeGaulois on February 05, 2020, 06:15:25 PM

@figmentofmyass

No KYC... until the site becomes big and popular...

-snip-

It appears that they have some plans for it (but in a different way): https://blog.localcryptos.com/preventing-identity-theft-with-optional-id-verification/

I don't see it really differently. Of course, it won't be mandatory but LocalCryptos itself (and the 'trusted attestors') can be the point of failure. Also as the blog post said, the attestors can even be a company. On a large scale, you can be almost sure it will be used, more or less.

If the financial authorities, or whatsoever, ask the website to perform the KYC verification for all clients, it won't really be able to do it as described, because the site will be supposed to be able to give any information about any client, any trade, at any time. So Localcryptos won't be able to say "we can't, it's done by our 'trusted attestors and we have no access'
They will simply reply 'it's not our business, deal with it and obey' or close the shop

It's good for people who disagree to share their ID to complete a deal with another trader directly, no matter if the messages are encrypted, but agree to verified by 'an attestor"

figmentofmyass

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Quote from: OmegaStarScream on February 10, 2020, 01:40:24 PM

Quote from: LeGaulois on February 05, 2020, 06:15:25 PM

@figmentofmyass

No KYC... until the site becomes big and popular...

-snip-

It appears that they have some plans for it (but in a different way): https://blog.localcryptos.com/preventing-identity-theft-with-optional-id-verification/

cool idea. what we don't want is for localcryptos to be a central repository for ID documents, so they are taking the right approach IMO.

traders obviously need to authenticate one another in order to trade with confidence using unsafe mediums, and there are AML implications for high volume traders. so there should be a voluntary e2e encrypted p2p solution for ID verification---that doesn't directly involve localcryptos since they don't custody funds.

i'm curious to see how their attestor marketplace works out.

OmegaStarScream

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Quote from: exstasie on February 06, 2020, 08:03:26 PM

I'm a little confused about how the escrow system works. I understand it's non-custodial, so a BTC seller apparently escrows via a P2WSH transaction.

Let's say a buyer pays but the seller doesn't release the BTC. How does the dispute mechanism proceed from there? How does Localcryptos or the buyer force release of the escrow?

Everything is explained here in details: https://blog.localcryptos.com/how-bitcoin-escrow-works/

So in short, in order to unlock the escrow's transaction, two inputs are needed. One is the buyer's public key and the other one can either be the seller's secret code or the arbitrator's in case of a dispute (which allow to either return or release the funds).

Quote from: LeGaulois on February 05, 2020, 06:15:25 PM

@figmentofmyass

No KYC... until the site becomes big and popular...

-snip-

It appears that they have some plans for it (but in a different way): https://blog.localcryptos.com/preventing-identity-theft-with-optional-id-verification/

exstasie

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I'm a little confused about how the escrow system works. I understand it's non-custodial, so a BTC seller apparently escrows via a P2WSH transaction.

Let's say a buyer pays but the seller doesn't release the BTC. How does the dispute mechanism proceed from there? How does Localcryptos or the buyer force release of the escrow?

Harlot

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Quote from: LeGaulois on February 05, 2020, 06:15:25 PM

No KYC... until the site becomes big and popular...

Localcryptos.com isn't currently a good target to be bothered by regulations and institutions but if a day the site becomes as popular as LBC don't worry you can be sure it will have to abide by the AML laws like any others, unfortunately.

They probably don't have any KYC as of the moment since LocalCryptos ,formerly known as LocalEthereum, is based in Australia where their AML guidelines for the crypto industry is pretty loose compared to US or European countries where unlike LocalBitcoin or any crypto exchange will be operating locally they'll be instantly have a KYC requirement issued by the government. Yes you are right if they'll be more popular in a sense that they'll have more customers from those countries with strict guidelines it will be inevitable for them to be KYC free just like ShapeShift suddenly becoming a KYC required exchange. As for the exchange itself I don't see any bad reviews as of right now and I don't think it's bad to try it out as this is a good KYC free exchange alternative.

davinchi

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I don’t know about this site and this is the first time that I am seeing anyone mention it here. If you don’t know anything about this site I will advise you not to even risk trying it out, if LocalBitcoin works good for you there is no need for you to be making use of another site so you don’t end up losing your money. I don’t stress myself with looking for new sites, as long as what I’m using is working out for me I wouldn’t bother myself with looking for an alternative.

Moreover, even if I do decide to look for another alternative it wouldn’t be a new site that has no review yet. So, you have to be very careful about what you use.

Soldierswitlittlefaith

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Quote from: White Christmas on February 05, 2020, 08:05:30 AM

Quote from: Soldierswitlittlefaith on February 05, 2020, 07:31:52 AM

Hello fellow trader's, can anyone confirm that this website is for real?
localcryptos.com
has anyone traded on this platform successfully?
Pls share your experience with other's
Thanks
Soldierwitlittlefaith

Localcryptos is already talk a lot of times here in the forum and as far as I know this localcryptos are from the local ethereum in which they are finally supporting bitcoin so they change it into localcryptos and it started way back year 2017 and until now it is functioning and many people says that it is real and legit because many people are sharing good experience with this localcryptos, I have already tried it once and it is all good in which you don't need to have KYC in order to access so it is more easier to access here in local cryptos.

thanks for your comment @White Christmas!

Soldierswitlittlefaith

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Quote from: joniboini on February 05, 2020, 08:00:23 AM

The site has been mentioned multipe times here. I never used it my self but it looks like most people have good experience. Try reading about them on the services discussion board. Such as https://bitcointalksearch.org/topic/localcryptos-an-alternative-to-paxful-localbitcoins-5204160.

I thank everyone who has contributed to this thread and to all those who will contribute thereafter.

Regard's
Soldierwitlittlefaith

squatter

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STOP SNITCHIN'

Quote from: LeGaulois on February 05, 2020, 06:15:25 PM

No KYC... until the site becomes big and popular...

Localcryptos.com isn't currently a good target to be bothered by regulations and institutions but if a day the site becomes as popular as LBC don't worry you can be sure it will have to abide by the AML laws like any others, unfortunately.

It's not just that it's smaller than LocalBitcoins. It's a matter of jurisdiction -- Finland and the EU vs. Australia. The latter has been extremely hands-off with regulation of cryptocurrency. While Australia did amend AML/CFT laws to apply to cryptocurrency and digital tokens, the thresholds are quite lax. Exchanges must register with the state, implement an AML/CTF program, and report suspicious activities, but KYC does not appear to be mandatory and the lowest reporting threshold I see is 10,000 AUD.

I don't even think non-custodial P2P exchanges like LocalCryptos fall under Australia's definition of "digital currency exchange provider", so the above laws probably don't even apply.

Quote from: LeGaulois on February 05, 2020, 06:15:25 PM

Rinse and repeat, people will start to use another site without KYC until the same thing happens again and again.

Exactly -- we can cross that bridge when we come to it. In the meantime, it'll probably take Australia years to incorporate services like LocalCryptos into the law.

LeGaulois

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@figmentofmyass

No KYC... until the site becomes big and popular...

Localcryptos.com isn't currently a good target to be bothered by regulations and institutions but if a day the site becomes as popular as LBC don't worry you can be sure it will have to abide by the AML laws like any others, unfortunately.

Rinse and repeat, people will start to use another site without KYC until the same thing happens again and again.

In the long term decentralized platforms are more viable (I refer to real DEXs like Bisq not the 'hybrid' like crypto-bridge)

figmentofmyass

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Quote from: Soldierswitlittlefaith on February 05, 2020, 07:31:52 AM

Hello fellow trader's, can anyone confirm that this website is for real?

localcryptos.com

has anyone traded on this platform successfully?
Pls share your experience with other's

i've made one successful in-person cash trade---the first i've made since LBC shut down cash listings. i had to drive a ways to make the deal happen, but it was 100% worth my while.

Quote from: ?? on ??

Quote from: OmegaStarScream on February 05, 2020, 08:07:04 AM

Yes the platform is legit and a great alternative for both LBC and Paxful as I explained in the thread linked above.

The only downside is that there isn't much liquidity so unless you're sticking to known payment methods, it might be a little bit hard to get your buy/sell offer fulfilled.

I figured as much, the lack of liquidity also means I would end up expecting buying at a premium and selling for less than others are currently paying. That's just life when the demand and supply are weakened.

wrong attitude IMO. you can capitalize on this situation by putting up lucrative offers and seeing what fish you can get to bite. there's a lot of anti-LBC sentiment emerging and plenty of people who will pay a premium to avoid KYC on LBC and paxful. now is the time to provide liquidity because IMO localcryptos is gonna keep gaining in popularity (as long as they can maintain zero KYC), so the profit margins are gonna drop.

Artemis3

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Quote from: OmegaStarScream on February 05, 2020, 08:07:04 AM

Yes the platform is legit and a great alternative for both LBC and Paxful as I explained in the thread linked above.

The only downside is that there isn't much liquidity so unless you're sticking to known payment methods, it might be a little bit hard to get your buy/sell offer fulfilled.

Yes this is the big obstacle to "new" exchanges, the smaller ones with little liquidity, few buyers and sellers offers provide little incentive to use them. For example decentralized bisq is nearly desert.

I wish they had supported bitcoin since the beginning. I never paid attention as i didn't need Ethereum in the past, and last time i bought some i used the instant one (forgot name) back when kyc wasn't a thing.

OmegaStarScream

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Yes, the platform is legit and a great alternative for both LBC and Paxful as I explained in the thread linked above.

In my opinion, the only downside is that there isn't much liquidity so unless you're sticking to known payment methods, it can be a little bit hard to get your buy/sell offer fulfilled.

White Christmas

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Quote from: Soldierswitlittlefaith on February 05, 2020, 07:31:52 AM

Hello fellow trader's, can anyone confirm that this website is for real?
localcryptos.com
has anyone traded on this platform successfully?
Pls share your experience with other's
Thanks
Soldierwitlittlefaith

Localcryptos is already talk a lot of times here in the forum and as far as I know this localcryptos are from the local ethereum in which they are finally supporting bitcoin so they change it into localcryptos and it started way back year 2017 and until now it is functioning and many people says that it is real and legit because many people are sharing good experience with this localcryptos, I have already tried it once and it is all good in which you don't need to have KYC in order to access so it is more easier to access here in local cryptos.

joniboini

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The site has been mentioned multipe times here. I never used it my self but it looks like most people have good experience. Try reading about them on the services discussion board. Such as https://bitcointalksearch.org/topic/localcryptos-an-alternative-to-paxful-localbitcoins-5204160.

Soldierswitlittlefaith

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Hello fellow trader's, can anyone confirm that this website is for real?

localcryptos.com

has anyone traded on this platform successfully?
Pls share your experience with other's

Thanks
Soldierwitlittlefaith

Topic: is this Localbitcoins alternative - localcryptos.com? (Read 261 times)