LocalBitcoins is No More Secure, Will This Help Bitshares ?

in bitshares •  9 months ago

Today LocalBitcoins the most known site for F2F bitcoin exchange deciced to do KYC/AML checks aka ID verification.

You cannot even delete the account without giving them ID right now.

Lately, F2F exchanges on LocalBitcoins were really getting volumes.

Due to the KYC/AML we can expect decentralized exchanges will have another round. And Bitshares (the older brother of STEEM) is on top of it.

Bitshares has its DEX but also others build exchanges on top of it that share parts of volumes on native tokens.


The most known and oldest (about native DEX per se). I mostly look here for nice offers on BTS, EOS, STEEM, EXCL and CNY pairs of those vs USD. Often arbitrage works.


Newcomers but with expanding database. I trade here mostly SMART, LTC and EXCL.

Other Chains to Work?

Ethereum has exchanges on its chain and NEO is coming with one too. WAVES, LISK also have something in the pocket. Bitcoin also has some decentralized spots but currently, only Bitshares has volumes on decentralized spots and good working system. Try their DEX and see yourself as registration is free and easy. Also BTS is based on similar code as STEEM so us Steemians should support it.

Centralized NoID Exchanges

Of course, for now, we cannot live without centralized spots and these ones work and don't need verifications.

  • BiBox - Another Chinese spot with some unique ICOs and popular tokens [FIRST TIME MENTIONED BY ME AFTER TESTING - TRY NOW]
  • CoinExchange - many ETH tokens and anon coins
  • Binance - the obvious top vol exchange, has STEEM
  • HitBTC - adds ETH ICOs really fast, has SBD
  • COSS - many deals on ETH tokens for arbitrages
  • Cryptopia - they have some decent coins that others dont

Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips!

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This will open the door for payfair to make some noise. April 30tg is official launch

I think this will be big bitshares has a lot going for it. I was just talking to a friend about this, I'm setting up wallet.


You should definitely report back your experiences. I've been thinking of using it for some time. The decentralized model is simply superior to the centralized model used by most exchanges, but moving all my coins over from Bittrex just sounds like a hassle lol.

Can I ask, approximately what was the volume that provoked a message like this?


That is not a very good question to ask. Too dangerous.

that's the reason why we have now decentralized exchange to have a trustless, and have some degree lvls of security. :)

This is their way to improve security but gives a little hassle to us. Anyway, its for our own good and safety.

i own bitshares and i believe in this project

When you buying and selling,you still no need to give your id right?


Correct, on bitshares no ID necessary.

Bit shares is great for crypto to crypto but I have found it difficult for fiat exchanges.

Yoeah I'm really loving Bitshares @kingscrown..

It has to come of its own

As soon as local bitcoins stopped being person to person and went with online transactions with them doing the escrow, they had to do kycs etc.

I trade on Bitshares daily.It takes some time to get some things,but it's ok.Warning!There are many scam coins there,watch out.

No. Bitshares will not see any increase in activity due to Local Bitcoins new policy. Reason being is Local Bitcoins is an online hookup for fiat/btc relationships. bitshares is not. none of the decentralized exchanges will be either. you gotta have bitcoin already to enter bitshares, or EtherDelta. So most likely Local Bitcoins will either pop up on the Dark Net or EOSIO when it goes live in June. It's just a hookup site. The actual transaction doesn't go through their system. It goes through the bitcoin network. Just my two cents!


What you said actually makes a lot of sense. I'm still bullish on BitShares though but more so on EOS because I think we will see and application like BitShares on top of EOS pretty quickly after launch.

Always a great post. Please be sure to see my content as well. I provide technical analysis for the community


When TA on bitshares ???



There will always be a new service to take its place. You can even accomplish under-the-table sales with Craigslist or OLX.

The best way is #steemit i recommended to all people if people want to invest so invest in steemit buy SP ot steem And start the business

That really sucks. I loved localbitcoins because it connected bitcoin users together afk. Now that all the smart crypto users won't want to use local bitccoins because KYC clauses.

KYC seems to also mean Kill Your Company

Great article and very informative, thanks for sharing. I've smashed the upvote button for you!

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This post has received a 6.73 % upvote from @boomerang.

awesome attentions for bitcoin . i learning for your them .you brilliant and excellent man .

very informative, i am interested about crypto

@kingscrown, very informative, i was learning about crypto🤐

As cryptos grow in aceptance and volume, there is more fight to control their anonimity and centralization from the traditional economy. It happened with music, music and books and they could not stop decentralized exchange. It will happen de same. Anonimouus DEX markets will start getting bigger as others introduce KYC rules and start reducing their volumens.

As much as I understand the use of a KYC most of these sites don’t really need it I don’t see why they want your Personal information and why it must be such a manual process why not use something like civic coin to authenticate users this is crypto so why not support projects in the space that can help

You can't delete your information without providing identification? Wow, perhaps that's in violation of the recent EU privacy laws?

Good news for Bitshares & other DEX though.

I mean it's going to get to the point of having some P2P exchange that simply runs allowing people to transfer. It's just going to continue being a cat and mouse game.


FOLLOW ME @pseudoguru

I think we can help each other

What is the problem with the ID?

This is kinda scary!

This post has received a 50.00% upvote from @aksdwi thanks to: @kingscrown.

excellent explanation my friend I have some time in bitshares and I agree with you bts is a great support for the stemian and we should return the favor by supporting greetings

Some of the major exchanges are now asking for KYC. I guess by 2021, no crypto blockchain exchanges will be decentralized, unless stored in private wallets. or just like Bitcoin, some unknown person comes up with an exchange based on a technology that nobody can track or block.

Anyone heard of "Hashgraph"? Some say, it will replace "Blockchain"


Services like LocalBitcoins or LocalEtheriums I never liked, the prices there are ridiculous! Besides, we have a DEXes, so fuck those.

The article deserves praise, thank you author

Decentralization is the way to go for the future.
Wow! Can't even delete an account without giving ID. Sounds a little foolish of the exchange.

I think this will end the dominance of localbitcoin in P2P world and will let the other competitors get the upper hand.

I won’t say that it’s not secure but it’s definitely not easy to use. I always prefer easier options which can be used without any major issue. One such option for me is XefoCoin, it is absolutely based around making life easier for investor.

Not only they will have XefoCoin Card, which will allow anyone to convert the coins into local currency, but also will allow it to be used for shopping, coffee shops and all those stuff.

The ICO is running in unbelievably solid way with the price just $0.06 and on top of it, one is able to get 35% bonus, so that really makes it an epic option. https://xefocoin.io/

Bitshares is simply to use and i love its exchange the only one problem might be its volume which i suppose will grow over time.
There is simply no better DEX where you can put all of your coins and not have to worry about them :)

LocalBitcoins needs ID verification?
They have no way of verifying if the transaction ever happened.
They aren't even involved in the actual transaction.
Soooo, why?

Well, something will rise to fill this void.
But, its still a shame.


Because they can... and because they are not a real distributed platform... =)

This will bring more attention to DEXes too, in the sense of... "they" (the regulators) will try to enforce DEXes to also do KYC/AML, and then it is when things will start to heat up and be interesting... because if the code get's spoofed by anti-criminal laws without the "consent" of the community.. then I would say that that code is NO more... due the simple fact of how distributed open source software works, and how decentralization inhibit the common laws to simply apply.

Anyway... a hole new fun to watch and learn. I am eager for it.

Congratulations @kingscrown!
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There are some problems in the wallet, and attention should be paid to them

I hate giving ID to an exchange