TL;DR: As worsening government regulation strangles the growth of cryptocurrencies around the world, the need for trading platforms beyond their reach has become apparent. Bitcoin.com has seized this market opportunity by launching a new peer-to-peer Bitcoin Cash (BCH) marketplace, Local Bitcoin, with potentially huge advantages over its competitors. The platform does not require know-your-customer (KYC) identification, is fully non-custodial, and facilitates communications with end-to-end encryption, making it a standout choice for those who value their privacy and are looking to buy or sell BCH anonymously.
To sign up for the platform, click here.
Local Bitcoin is set for a full release on 4 June 2019, which coincides with the Tiananmen Square massacre anniversary. Roger Ver, Bitcoin.com CEO, said on Reddit, “We chose this day in history to launch our product that will have the ability to help people avoid this sort of governmental nonsense in the future.” Currently, you can sign up to Local.Bitcoin.com and create buy or sell listings in preparation for the early June release.
Advanced Privacy Features, Only With Bitcoin Cash
Enthusiasts who previously looked to onboard or off with crypto have had precious few options, and among them Localbitcoins remains a favorite choice. The site specializes in BTC only, however, and acts as a custodian while matching buyers and sellers. It also has slowly crept-in KYC features, making transactions more visible to snoops. All these factors have contributed to Localbitcoins becoming increasingly less attractive.
An advantage for BCH users can be faster confirmation times and lower fees, but, for whatever reason, Localbitcoins never ventured beyond BTC. With Local Bitcoin, the platform contrasts in several ways, starting with offering BCH support (see above chart). Its escrow is blind, as the seller creates an on-chain BCH transaction: the escrow output can be spent by seller or buyer, and the fee output allows a seller to reclaim the Local Bitcoin fee if a trade doesn’t happen.
A key here is Bitcoin.com never touches the BCH, in the sense it would be impossible for the company to spend it while in blind escrow. Such improvements are in large measure due to OP_CHECKDATASIG, an advantage in using Bitcoin Cash made possible through the November 2018 BCH upgrade. It’s actually considered an old opcode, re-enabled to improve script language. The hope then was OP_CHECKDATASIG would bring about innovations in a host of areas, from smart contracts to oracles.
DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.
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