Popular P2P trading platform Localbitcoins is facing a social media backlash after reports that it is clamping down on anonymous trading for high volumes.
Localbitcoins is a P2P cryptocurrency exchange that was founded in Finland in 2012. The platform allows for safe and anonymous transactions with Bitcoin directly between only the retailer and the customer without any involvement by the exchange. It is considered that its model makes all operations faster and more convenient. The service works in 224 countries, so a wide range of fiat currencies are available. Besides that, all the operations are possible online and offline by providing a user with the required information about locations of the participating retailers in his region. Localbitcoins fees are quite low compared with other exchanges and are only 1% of any operation made by the seller. To stay secure, it is necessary to investigate all the information about the other party of the transaction. This can be found out from its reputation and number of years its been using the Localbitcoins app.
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