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LocalCryptos is shutting down

by /u/deerp Community Watch · 4 votes · 3 months ago

Just received an email that Localcryptos(dot)com is shutting down in 2 months time. This was my favourite site to purchase crypto as it had a lot of no kyc sellers which made it relatively easy to buy crypto without identification. Here is the info from their blog page -

'After 5 years, LocalCryptos is saying goodbye

Today is the LocalCryptos platform’s 5th and final birthday.

After five successful years, we have decided to wind down the LocalCryptos platform. This will be a gradual process taking place over the next couple of months. We understand that our loyal users won’t be too happy to hear this news, and we apologize.

We want to make closing down as clean and orderly as possible to allow our users a smooth transition to alternative P2P platforms. LocalCryptos will be winding down in phases, with the key dates included below.

LocalCryptos’ success

LocalCryptos, previously known as LocalEthereum, was launched on this day in 2017 as a hobby project. Over the years, it gained more than 400,000 registered users and grew to a team of approximately ten.

LocalEthereum began as an experiment. We had the idea of using an Ethereum smart contract as a peer-to-peer trading escrow mechanism, rather than a middle-man, and using a new cryptography-in-the-browser technology to power a non-custodial web wallet that can interact with that smart contract. Before LocalEthereum, there were other cryptography-powered peer-to-peer marketplaces like it, but they each required you to download an application onto your computer in order to access them, making it near-impossible for them to receive any mainstream adoption. LocalEthereum brought those ideas to the web browser so everyone, regardless of technical know-how, had the ability to trade crypto without the risks of hacks and thefts that plague centralized exchanges.

The experiment quickly turned out to be a success. Since then, we made massive improvements in functionality, efficiency, and user experience (with plenty of bugs along the way), including rebuilding our codebase from the ground-up in 2018 and giving the interface multiple major design overhauls that our dedicated users will remember.

In 2019, we discovered we can create a functionally similar non-custodial escrow mechanism using Bitcoin’s Script language, and so we relaunched as LocalCryptos, bringing non-custodial P2P trading to Bitcoin and other UTXO-based cryptocurrencies (Litecoin, Dash, and Bitcoin Cash).

It didn’t take long for Bitcoin to become the dominant crypto on LocalCryptos. By September 2020, roughly 50% of new trades were being completed in Bitcoin.

Unfortunately, increasingly high network fees made Ethereum-based trading relatively costly, especially compared to the traditional custodial alternatives that don’t have any network fees because activity doesn’t occur on-chain. This priced users in lower-income countries out of the marketplace for some time, until we introduced cheaper alternative cryptos like Litecoin, Dash, and Bitcoin Cash.

While we had much more planned for LocalCryptos, unfortunately we believe that internal and external factors prevent our small team from fully achieving our vision.

Why is LocalCryptos closing?

LocalCryptos has made the tough decision to voluntarily wind down for multiple reasons. Among the reasons include personal health matters impacting the development and progression of the marketplace, an anticipated downtrend in cryptocurrency markets, as well as challenging developments in the long-term regulatory trajectory amidst the global evolution of the crypto economy.

While any of these alone are not the sole reason, they are each motivating factors in our decision. We weighed up all the options, attempted various alternative solutions to keep the LocalCryptos vision alive, but in the end we made the decision to gradually end our services and recommend our users to other P2P platforms.'

Comments (6)
/u/newbieforever2018 "You've got ★bail★" · 2 votes · 3 months ago · Link

"challenging developments in the long-term regulatory trajectory"

If for no other reason that alone is going to have a big impact.

/u/deerp Community Watch OP · 1 votes · 3 months ago · Link

Haha! Try saying that 5 times in a row Newbs after a few beers!

Being serious this is stressing me out as my country it's very difficult to purchase crypto no kyc now. We don't have ATMs as they were made illegal earlier this year so when localcryptos does go under, it's not going to be easy at all to purchase crypto without identification. Looks like I'm gonna have to make some discreet enquiries with the couple of sellers I've used for years to see what they can do for me.

/u/newbieforever2018 "You've got ★bail★" · 1 votes · 3 months ago · Link

Why not buy crypto from a KYC exchange and then move it to an anonymous wallet and send it to whomever from there?

/u/footsteps · 2 votes · 3 months ago · Link

full on attack by the US-UK state underway by the looks of it.

/u/BigDaddy2K · 1 votes · 3 months ago · Link

That is sad to hear I have used them in past

/u/DurboTiesel · 1 votes · 3 months ago · Link

Good time to switch to AgoraDesk/LocalMonero I guess.