LocalEthereum Woos LocalBitcoins Traders After Platform Reportedly Bans Cash Trading
As executives keep quiet on the move, a competitor suspended fees for cash meetups, accusing LocalBitcoins of participating in the “war on cash.”
LocalBitcoins, which allows users to trade BTC for fiat currency privately, purportedly cut the option for in-person meetups to trade crypto for cash, angering social media commentators.
“It’s time to no longer recommend LocalBitcoins, EVER,” the top response to the original Reddit report reads.
As Cointelegraph reported, LocalBitcoins halted anonymous trading in April 2018, requiring high-volume account holders to identify themselves before conducting further business.
For some, however, the latest change provided a marketing opportunity. LocalEthereum, the similarly-named platform catering to ether (ETH) traders, announced it had removed cash transaction fees as a direct response to LocalBitcoins.
“The global war on cash and privacy continues. LocalBitcoins suddenly removed all cash-in-person offers today, without any warning to its users,” a blog post read Saturday. It further noted:
“Meeting in person is one of the oldest ways to exchange between crypto and fiat, and it remains one of the safest. As long as you follow simple guidelines, it’s incredibly rare for anything to go wrong.”