While custodial and KYC compliant services are rapidly expanding in influence, and sometimes even “forced” by governments, there are still ways to use/trade cryptocurrencies as they were supposed to be used.
Satoshi Nakamoto released Bitcoin in 2009, after first publishing the Bitcoin Whitepaper earlier. During times of financial turmoil, a new payment system appeared out of nowhere, and the most tech savvy individuals started looking into it, mining it, and contributing to the revolutionary code.
P2P cryptocurrency exchange LocalCryptos is now offering Bitcoin Cash trading with its services.
LocalCryptos and other P2P exchanges offer escrow services to facilitate trading between buyers and sellers without having to deposit funds.
LocalCryptos (formerly known as LocalEthereum) started as a P2P exchange for Ethereum trading. Two years ago, it added support for BTC and later LTC and Dash.
As the Bitcoin Cash user base keeps expanding, apparently no exchange can ignore it for too long. LocalCryptos has now added support to Bitcoin Cash trading and offers escrow functionality to interested parties.
The website recognizes our IP and instantly prompts us with the closest traders to our location. This option can be turned off and search globally or within selected nations in the list.
It has a system of ranking its traders according to feedback from those traders that interacted. However, it is also important to know the risk and always conduct due diligence before trading.
When you buy crypto, you select from between 40 available payment methods, contact the seller, and make the arrangements.
The seller will send the cryptos to an escrow wallet service LocalCryptos provide and when they verify the payment, they notify the exchange and it will release the escrowed crypto to the buyer.
Beware of scams and especially offers that look too good to be true. There are always scammers lurking, and they try to lure investors into deals that may look like an opportunity.
Cryptocurrencies are empowering the individual by giving absolute control to the owner of the funds, with the use of our private keys.
The “coins” are always inside the blockchain, wallets are services that help us access the funds without having to code commands.
The private key gives us access to move our funds to other addresses without censorship, with no third-party supervising and authorizing transactions. There is no other person in between. Our transactions are transmitted in the network, miners pick them up and create a block that permanently records our transaction and add it to the blockchain.
Centralized exchanges are custodial services that control our crypto funds.
I’m always explaining how important it is to withdraw crypto out of any centralized service unless you are day trading.
The crypto we hold in exchanges is not our crypto, but a promise that the exchange will act according to our wishes.
Blockchains are trustless environments, immutable, uncensorable, and permissionless.
Hopefully, one day, all those cheering for the El Salvador deal with custodial LN wallets will understand that any government of any particular ideology despises all the above.
Lead Image from: Source (modified)
Notes (Relating SmartBCH):
I find SmartBCH to be an extremely exciting opportunity for the Bitcoin Cash ecosystem. It has already opened up so many possibilities and while we all know that most of the tokens we see may still be at a very early stage, some of them still have good backing from the community.
I recognize that CashCats for example has collaborated for an airdrop with Satoshi Angels. Also, Knuth is a known name within the community and the dev Fernando Pelliccioni. BitcoinCash Argentina also has a token and did an airdrop, and I'm hoping to find some more.
Having some known names from the community backing a token means they may have sound plans to back these projects. I hope to see the SmartBCH tokens, coming with a complete plan that could also attract investors.
I’ve taken part in the ICO craze of 2017, and between 2017-2018 I’ve read researched more than a thousand projects.
A whitepaper gives us a sign, but it doesn’t mean the project will succeed. 99% of the ICO projects failed, and many were also scams.
It is a requirement though, to have a website explaining the token, giving options where to buy, having a clear roadmap that devs will be committed to following, giving the team members background information and the token information.
Most importantly, the token needs to have a purpose. It should provide a solution to a problem to make it meaningful.
Now, I know that probably many do not know these are important features.
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