Author

Topic: Localbitcoins closing down (Read 354 times)

jr. member
Activity: 45
Merit: 17
February 06, 2024, 10:42:21 AM
#36
And now the main litecoin account is tweeting about the competition too:
https://twitter.com/litecoin/status/1754527804165873684
jr. member
Activity: 45
Merit: 17
February 05, 2024, 09:00:08 AM
#35
About five or six localbitcoin sellers have migrated to ParticlMarketplace as it effectively adds an enforced trustless layer to transfers of funds. particl.store shows a portal view of current offers and pricing.

You can access the marketplace from particl's default wallet at particl.io. Shortly you'll be able to pay in most major cryptos directly, so it should end up having better swap options than the old local bitcoins.

The decentralised exchange particl launched two years ago - BasicSwapDEX.com - now also supports Litecoin MWEB (mimblewimble). The Litecoin and Particl foundations have also just announced a partnership because of this, as it finally gives privacy coin users a place to trade. It seems to be the safest, cheapest and most anonymous option for privacy coin users, or anyone trading for that matter.

Both foundations also jointly announced a competition to celebrate this news where they are giving away five first edition Lealana 1LTC physicals over the coming weeks, see here for more info:

https://twitter.com/BasicSwapDEX/status/1753482630622798198

https://twitter.com/BasicSwapDEX/status/1753481499356401731
hero member
Activity: 2674
Merit: 865
yesssir! 🫡
February 14, 2023, 02:53:55 AM
#34
I found several reliable traders there who I might lose touch with thanks to this issue.

While not everyone will buy it, you can try to minimize these numbers by suggesting them another p2p platform you go to. This is what I did when LC was about to wind down, few days later, I found two traders in agoradesk.
hero member
Activity: 3038
Merit: 969
www.Crypto.Games: Multiple coins, multiple games
February 12, 2023, 01:45:09 AM
#33
This freaking sucks. Woke up and checked my email and actually thought that this was some sort of early April fools joke for a moment. I have been using LBC as my primary exchange for years now with minimal issues.

Never expected them to shut down in my wildest dreams. There's still a lot of trading activity that goes on there on a regular basis. I found several reliable traders there who I might lose touch with thanks to this issue.

I will definitely miss this site and will look for alternatives pretty soon.
legendary
Activity: 3458
Merit: 6231
Crypto Swap Exchange
February 11, 2023, 10:47:29 AM
#32
Got the official email from them this morning about the closing.
More or less a copy of what the web page said.

Interesting that I figured by now I would be getting emails from the other places that offer it that I have accounts with [Binance and such] mentioning that they have a service like the one that LBC offered. What is their marketing department doing?

-Dave
legendary
Activity: 1098
Merit: 1000
February 10, 2023, 01:23:49 PM
#31
I used to use it a lot in the early days as it was one of the few places where you could buy and sell with a decent amount of security.

It's probably been about 5 years since I last used it though as there are many quicker and simpler methods these days however my first thought was also this...

I thought it would be sold instead of shutting down because it is one of the most known exchanges in the btc community.

According to the coindesk article volumes have slumped but it's still doing $5-$7 million per week.  Surely there's got to be some profit to be made.

Maybe the announcement will generate some interest from a buyer.
legendary
Activity: 1792
Merit: 1296
keep walking, Johnnie
February 10, 2023, 12:24:30 PM
#30
Times are such that even a localbitcoins could not survive this crypto-winter.
Sadly. Their name has almost become a household name.

Somehow this news passed very imperceptibly. If I hadn’t accidentally looked into this section (I confess that I don’t often do it) and would not have known about what happened.

The fewer alternative platforms (ways) for bitcoin exchange, the tighter the ring of centralization and regulation narrows. I hope that the number of closed exchange platforms will be compensated by new ones that will offer new ways.
staff
Activity: 3402
Merit: 6065
February 10, 2023, 11:35:18 AM
#29
For those who don't mind going through KYC what are the best alternatives now? Any suggestions?

 Huh

Binance is probably the best option: zero escrow fees unlike some of their competitors, and there are also loads of offers, so you don't have to worry about not finding people to deal with.

If you're planning on buying or selling gift cards (which is risky) Paxful is the place to go.
legendary
Activity: 2212
Merit: 7064
Cashback 15%
February 10, 2023, 10:24:49 AM
#28
For those who don't mind going through KYC what are the best alternatives now? Any suggestions?
Probably something like Binance p2p exchange, but I don't see why you would use kyc when there are alternatives that work fine without it (Bisq, AgoraDesk, HoldHodl).
If you want something that looks similar like LocalBitcoins, than you can check out Localcoinswap.com or Paxful.com.
Just make sure you read the terms before signing up for any of this platforms.
sr. member
Activity: 1820
Merit: 386
February 10, 2023, 08:28:59 AM
#27
For those who don't mind going through KYC what are the best alternatives now? Any suggestions?

 Huh
jr. member
Activity: 45
Merit: 17
February 10, 2023, 07:33:07 AM
#26
There is a KYC free alternative to local bitcoins. It's called Particl marketplace. It's an anonymous yet trustless marketplace (particl.io). You can pay for any goods or services there including bank transfers, there is someone listing monero for sale there currently, but you can also get bullion, cash in the post and bank transfers.

Particl also has a fully decentralised and trustless cross blockchain atomic swap exchange (basicswapdex.com). The developers are currently integrating the exchange directly into the marketplace so that you can pay in pretty much any cypto. So it's not so much a local bitcoins replacement as an "any crypto" to fiat, bullion and cash in the post replacement.

The exchange is proving very popular with the monero community who have been extensively testing it and are considering including it as a plugin with their default wallet so any monero user can access the exchange as well.

Here is a neat video on it: https://youtu.be/1gYNX4ue_O4
legendary
Activity: 2828
Merit: 6108
Blackjack.fun
February 09, 2023, 02:59:23 PM
#25
From what I could see as stated on the official website of the localbitcoin.com is that the team is working on renewing the site by adding more features which will equally take months before it could be completed, as I didn't see any sign of it closing down, because I think maybe O.P may have misinterpret "renewing" to be "closing down".

It was already posted, here is the announcement
https://localbitcoins.com/service_closure/
Also the Twitter announcement a few hours ago:
https://twitter.com/LocalBitcoins/status/1623683223178862593

With a quarter million views in a few hours, it did trigger quite the reaction so it wasn't like LB was a deserted place, it still had users but probably they saw that the end is near and they have no chance of growing their activities even with a price increase. And maybe thy;ve made enough and had enough BTC stashed aside that any future gains from fee would simply not make sense compared to the headaches from the regulations they had to follow.

Still, not the news one would want to read.
legendary
Activity: 2212
Merit: 7064
Cashback 15%
February 09, 2023, 02:31:54 PM
#24
Doing trades on there before kyc was really slick. They were a great dex when I used them (similar in style to bisq now iirc) but then regulations came...
It's sad to see one of the oldest Bitcoin p2p trading websites going down like this, but this was expected after they accepted mandatory kyc regulations on their platfrom.
In future we are going to have to pick sides and I don't see any reason to use websites like LocalBitcoin if they have kyc verification.
I am not worried about this news at all, there are several alternative options for p2p trading that work just fine now, and for all others there are always centralized exchanges.
This is obviously related to latest Operation Choke Point 2.0 that was started by US administration, to make life harder for all crypto to fiat connections.
copper member
Activity: 2856
Merit: 3071
https://bit.ly/387FXHi lightning theory
February 09, 2023, 01:04:34 PM
#23
Makes me glad that I didn't do any KYC with these goons. Before you can trade, they ask for all kinds of stuff including ID cards and SSNs (if you are an american). Who knows what is going to happen to these documents once LocalBitcoins is gone or whether they will even securely destroy them.

I think they were partially a victim of regulations and being stuck where they were physically. There's a lot of countries they could've easily moved to that has fewer regulations, but no, they stayed in one of the first countries that decided to enforce them (Finland).

Doing trades on there before kyc was really slick. They were a great dex when I used them (similar in style to bisq now iirc) but then regulations came...



Is this going to be like when Purse.io tried to close or a lot of other sites in crypto? They're either: closing, wanting the free ads, wanting to quit and sell the site (there's probably a decent number of buyers out there especially if they can keep the name and the brand but go kyc free).
legendary
Activity: 1232
Merit: 1080
February 09, 2023, 11:21:00 AM
#22
From what I could see as stated on the official website of the localbitcoin.com is that the team is working on renewing the site by adding more features which will equally take months before it could be completed, as I didn't see any sign of it closing down, because I think maybe O.P may have misinterpret "renewing" to be "closing down".
It has been confirmed by many members on this forum that they have said they are closing down but they might reopen when they have renewed their websites you are right. I think that means they would try to compete with the other exchanges that have stolen their traffic but I am not sure how they are going to compete against Binance without big fees for transactions. They might make a membership which you have to pay monthly to use their service.

They should be more clear if they intend on opening again but they say that customers need to withdraw their money before 12 months. It is confusing.
hero member
Activity: 896
Merit: 653
February 09, 2023, 11:00:44 AM
#21
From what I could see as stated on the official website of the localbitcoin.com is that the team is working on renewing the site by adding more features which will equally take months before it could be completed, as I didn't see any sign of it closing down, because I think maybe O.P may have misinterpret "renewing" to be "closing down".



Here is what stated on the official website down below

Quote
To make LocalBitcoins even more user friendly for you, our valued customers, we've started the process of renewing our website. The process is on its way and will take a few months to complete. We're working hard to make sure it matches all of your needs.

During the process, we will not only introduce a refreshed look and feel but also completely renew and simplify key functionalities. This includes: the wallet dashboard, trading views and the verification portal.

We will renew each web page one section at a time. Below, through the release notes, you'll be able to follow along to see which sections we've already renewed and which sections we'll proceed with next.


What's to come

1. Refreshed trading views:
Chat, trade, repeat - new trading views make it smooth, fast and safe.

2. New advertisement management experience:
Faster and simpler experience for you to manage all of your advertisements.

3. New verification portal
For a greatly enhanced, simplified and faster verification experience.

4. Customer support:
New portal for handling any support requests you might have.

5. And many other minor improvements:
We will keep adding details as we progress with the website renewal.
https://localbitcoins.com/about-website-renewal/
sr. member
Activity: 616
Merit: 291
February 09, 2023, 11:00:07 AM
#20
Quote
localbitcoins will be closed due to its inability to overcome the bear market that has shaken the industry.

I don't think something like that will close a company that big, with a history that has been going on for about a decade, they should have more experience dealing with this kind of thing.
legendary
Activity: 1232
Merit: 1080
February 09, 2023, 10:56:44 AM
#19
I can't say I didn't expect this to happen[1]. I don't think that the problem has anything to do with them enforcing KYC though. After all, it's difficult to compete with CEXes which already have a large user base and offer P2P for a 0% fee, or with Paxful where gift cards and in-person transactions are supported.

https://bitcointalksearch.org/topic/m.59395025
Good prediction I did not know they were struggling as much as they were I noticed a decrease in activity but I never thought they would die. Every time you see a topic here asking for a p2p exchange localbitcoins is one of the most recommended and by veteran members too. It is probably the earliest p2p that I remember. Huge loss to the community but I guess they do not want to compete with the 0% fee exchanges.
copper member
Activity: 2156
Merit: 536
Building my own Dreams!
February 09, 2023, 10:56:20 AM
#18
We need this service in Bitcointalk.

Definitely agree on this. I mean I myself uses many times these P2P exchanges to buy and sell the Bitcoins. To be honest, I was using Localbitcoins and LocalCryptos mostly to do these types of deals. But Now both are shutting down their operations. And currently, I dont have any other option than using Paxful. But I don't want to use Paxful, as their support team is shit and they have plenty of scammers. So If bitcointalk introduces something like this, then it will be really great for the users who are really dependent on P2P deals. Else If possible, suggest the other best and legit alternatives. Really hearing the news from LocalBitcoins was unexpected.
staff
Activity: 3402
Merit: 6065
February 09, 2023, 10:43:05 AM
#17
I can't say I didn't expect this to happen[1]. I don't think that the problem has anything to do with them enforcing KYC though. After all, it's difficult to compete with CEXes which already have a large user base and offer P2P for a 0% fee, or with Paxful where gift cards and in-person transactions are supported.

https://bitcointalksearch.org/topic/m.59395025
hero member
Activity: 1050
Merit: 681
February 09, 2023, 10:40:18 AM
#16
Something new will replace it but it is a loss to the btc community localbitcoins has been the website everyone uses for p2p trades because of its simple process.
Binance has already replaced everything, from p2p to margin trading to spot trading alts/btc/usdt.
Also, I dont think many ppl were using localbitcoins recently, I heard they got high exchange rates and not very suitable and user friendly for recent users. Hence, they got forgotton because they couldnt catch up with the ppl's changing habits/behaviour. They should have built a better app like binance/bybit to catch more attention of newer generation, but they just got stuck with the old boring theme.
legendary
Activity: 1232
Merit: 1080
February 09, 2023, 10:16:23 AM
#15
Something new will replace it but it is a loss to the btc community localbitcoins has been the website everyone uses for p2p trades because of its simple process. I think they should be allowing more then 12 months to withdraw funds because that is not a lot of time and some members are not getting the message. I wonder if it is increased regulations and KYC requirements that have shut them down. I do not think the company is based in a country where it is banned to use btc and it comes at a weird time for it to shut down. I thought it would be sold instead of shutting down because it is one of the most known exchanges in the btc community.
hero member
Activity: 2562
Merit: 659
Dimon6969
February 09, 2023, 10:09:52 AM
#14
It’s sad but their service is not appealing anymore since centralized exchange already offer P2P exchange that doesn’t need to go outside the exchange itself to sell their holdings. I become a seller of Bitcoin on that platform before but dealing there is a bit risky compared on current P2P exchange of CEX which has safety feature in case you are dealing with scammer.

It’s just sad that they didn’t improved their platform for all the popularity they got during the early stage of Bitcoin. They have the capability to become a huge exchange like Binance before but they didn’t pursue full potential of CEX.

This news is legit.
member
Activity: 155
Merit: 37
February 09, 2023, 10:04:29 AM
#13
you can certainly try https://coinbaazar.com .. thats probably the best and only option

https://twitter.com/coin_baazar
legendary
Activity: 2758
Merit: 3408
Join the world-leading crypto sportsbook NOW!
February 09, 2023, 09:51:30 AM
#12
Just used it myself today, I saw no such thing or message... would have been big news in my circle for sure. Edit: seems confirmed, even if on my screen nothing of the sort shows.

Thankfully, by now, I already have a few trusted peeps from over the years so if it's true, I deal with them outside already anyway for the most. It will mean I don't get the best rates selling over time to new traders though... so that's a bummer.

Always thought them being in Finland protected them somewhat.
legendary
Activity: 2688
Merit: 2444
https://JetCash.com
February 09, 2023, 09:28:12 AM
#11
We need this service in Bitcointalk.
member
Activity: 155
Merit: 37
legendary
Activity: 3458
Merit: 6231
Crypto Swap Exchange
February 09, 2023, 08:54:52 AM
#9
Is this even true? I can't believe that such a great crypto company is closing down.

I don't find this news surprising, LocalBitcoins losing it's popularity since it enforce mandatory KYC. People who don't mind handing their personal data is more likely to use centralized exchange. And those who have serious privacy concern move to different P2P website which has none or optional KYC (such as HodlHodl).

Also, I think a lot of people now found regular trading partners and they started to loose their commissions.
I know I did this YEARS ago when they took the F2F cash out of the options. I knew how to contact the people I had done deals with so I picked up the phone and called them.
Probably should have done that before then to save the % that LBC charged.

After that they stopped offering service where I am so I really stopped caring, but if someone sent you Zelle or cashapp or any of many of the other services that they offered if you trust the other party you really did not need them anymore.

-Dave
jr. member
Activity: 99
Merit: 3
February 09, 2023, 08:53:42 AM
#8
I think yes, it is true. Because they wrote about it officially on their website.

It's a pity, of course. It's bad for bitcoin. Many people in third world countries use it because there is no other similar service there.

In my opinion, they were dead as soon as they introduced KYC))

By the way, I can offer you an alternative application for BTC and XMR called AgoraDesk. Or Bisq and Robosats. They have open source code, a peer-to-peer system, their own hosting, a self-sufficient fiat with the ability to enable/disable ramp and exchange.
legendary
Activity: 1568
Merit: 6660
bitcoincleanup.com / bitmixlist.org
February 09, 2023, 08:48:14 AM
#7
How come no news outlet is reporting on this? Was it announced like just now, or did this exist since a few days ago?

LBC is the second after CoinCloud[1] that I am aware of will be discontinuing their service although it is unknown if they have the same reasons. It seems that this crypto winter will indeed be the end of the journey for many p2p trading services.

1. https://bitcointalksearch.org/topic/bitcoin-atm-operator-coin-cloud-files-for-bankruptcy-5438836
2. https://localbitcoins.com/about-website-renewal/

I think you meant LocalCryptos which has also shut down.

But what on earth does CoinCloud have to do with any of this? As far as I know, they are an ATM operator, not a P2P platform, so while it would make sense that they shut down due to loan defaults, Localbitcoins should not be having any loans, just profit margins.
hero member
Activity: 2002
Merit: 633
Your keys, your responsibility
February 09, 2023, 08:44:46 AM
#6
LBC is the second after CoinCloud[1] that I am aware of will be discontinuing their service although it is unknown if they have the same reasons. It seems that this crypto winter will indeed be the end of the journey for many p2p trading services.

But on login in myself, I could see that they are still active, maybe you have mistaken their renewal for closing down, perhaps they changed their mind.
They didn't say a total shutdown as of today, the "website renewal" ann[2] I think was actually stickied on their first page long before the discontinuing ann, so active users don't pay much attention to that page anymore.



1. https://bitcointalksearch.org/topic/bitcoin-atm-operator-coin-cloud-files-for-bankruptcy-5438836
2. https://localbitcoins.com/about-website-renewal/
legendary
Activity: 3458
Merit: 6231
Crypto Swap Exchange
February 09, 2023, 08:23:20 AM
#5
Surprised it's not on Twitter or any other social media.
But, in the end I can see them having the same issues as other small exchanges. The cost of operations is going up and the larger places are putting a squeeze on profits.

In a peer to peer environment like they have, I can see profits shrinking to the point that it's not worth doing it.

They are not doing a cut and run but an orderly shutdown, so it shows they are at least a serious operation. Gives them credibility if they want to start something similar at a later date.

-Dave
legendary
Activity: 1568
Merit: 6660
bitcoincleanup.com / bitmixlist.org
February 09, 2023, 08:16:18 AM
#4
Can confirm that the URL does exist: https://localbitcoins.com/service_closure/ (another one bites the dust)

Makes me glad that I didn't do any KYC with these goons. Before you can trade, they ask for all kinds of stuff including ID cards and SSNs (if you are an american). Who knows what is going to happen to these documents once LocalBitcoins is gone or whether they will even securely destroy them.

@bbc.reporter Be careful what you wish for, I think this is an example of one of those high profile shutdowns you were talking about a couple days ago.  Grin
legendary
Activity: 1904
Merit: 1563
Bitcoin Casino Est. 2013
February 09, 2023, 08:13:58 AM
#3
I've also tried signing up and this is what their website said
Quote
Info! Signing up is temporarily disabled. Please try again later!

What's odd is that, upon accessing their website, there's a small banner that says "We're gradually renewing our website! Learn more about the latest changes and Give us feedback" as if like there's no service discontinue that will happen. Can't even find the announcement unless I type in service_closure/ on the url.  Huh

More importantly, I am pretty sure there's more to the story behind "crypto winter"
hero member
Activity: 644
Merit: 592
Leading Crypto Sports Betting & Casino Platform
February 09, 2023, 08:12:00 AM
#2
Are you asking if this is true again? But you posted it from the message sent to you via the member area on their website. I'm afraid, such should be more than true, it should be real. I was suspecting the stress of the company since last year, it seems that their services are not widely spread as many might think.

Exchanges and exchangers are their archrivals, and unfortunately for them, internet schemes are not like those of old that comply with what "LocalBitcoins" would dominate. The exchanges and direct exchangers provide their servers directly to people, so, a company with a direct P2P model may not be needed like before.

But on login in myself, I could see that they are still active, maybe you have mistaken their renewal for closing down, perhaps they changed their mind.

hero member
Activity: 2954
Merit: 906
February 09, 2023, 07:42:20 AM
#1
Today I signed up to my LocalBitcoins account and I got this message.

Quote
LocalBitcoins will discontinue its service
Dear Valued Customers,

Originally LocalBitcoins was established to Bring Bitcoin Everywhere and drive global financial inclusion. We have honored that mission for over 10 years and we are proud of what we have achieved together with all of you, our loyal community.

We are therefore sad to share, that regardless of our efforts to overcome challenges during the ongoing very cold crypto-winter, we have regretfully concluded that LocalBitcoins can no longer provide its Bitcoin trading service.

We encourage all customers to withdraw their funds from LocalBitcoins and we ask you to proceed with withdrawing the Bitcoins from your LocalBitcoins wallet. You have 12 months to withdraw, however of course we encourage you to proceed withdrawing sooner.

Thank you for being a part of the LocalBitcoins family! It has been our honor and pleasure to serve you over the last decade.

Timeline for discontinuing the Bitcoin trading service:
2023-02-09 Suspension of new sign ups
2023-02-16
Suspension of trading on LocalBitcoins
Suspension of using LocalBitcoins wallet (with exception of withdrawing one's funds)
After 2023-02-17 LocalBitcoins customers will only be able to log-in to withdraw their Bitcoins. The trading and Wallet services will no longer be available at this point.
We thank you for choosing LocalBitcoins for all these years and apologize for any inconvenience this may cause.

Is this even true? I can't believe that such a great crypto company is closing down. I haven't seen any news about this anywhere on the web. Are there any Localbitcoins users here? Please share your opinions.
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