On October 31st, 2008, Satoshi Nakamoto published a whitepaper called Bitcoin: A Peer-to-Peer Electronic Cash System. Needless to say, Bitcoin went on to become the world’s leading cryptocurrency with a total market capitalization upwards of $178 billion at the time of this writing.
Initially, there were little to no other ways to transact with bitcoins than peer-to-peer (P2P). Unfortunately, that’s no longer the case. As the industry progressed, cryptocurrency exchanges and other custody services started to appear and to act as a middle man. Of course, there are benefits to that – the entire process is much more user-friendly, but it also lacks its core concept – the peer-to-peer nature.
This is where CryptoLocally steps into the picture.
What is CryptoLocally?
CryptoLocally is a relatively new P2P market place that launched in October 2019 and is operated from Hong Kong. Initially, it was an EOS market place, but later on, they added more cryptocurrencies, including Bitcoin, TRX, Binance Coin (BNB), Ethereum (ETH), and so forth.
The platform provides its users with a way to buy and sell different cryptocurrencies without having to use a middle man. Moreover, they can do so using their local fiat currencies.
It has a variety of different payment methods (Paypal, Venmo, Bank Transfer, and others), and it also provides for a way for the parties to meet in person and do a cash transaction.
How Does CryptoLocally Work?
The entire process is relatively simple. Upon visiting the platform, users have to decide whether they want to buy or to sell one of the supported cryptocurrencies.
To buy a certain cryptocurrency, the user needs to visit the section of the platform that has different offers.
On the main page of the desktop version of the website, there’s a selection of the featured cryptocurrencies and some of the popular altcoins.
Clicking on any of the above will enable the users to create an offer to buy or sell their respective cryptocurrency.
One of the more positive things about CryptoLocally is the variety of available payment methods. Users can do a bank transfer, use Venmo, TransferWise, Alipay, PayPal, or even set up an in-person meeting and settle the transaction in cash.
After the buyer and the seller agree on the terms, the latter transfers the tokens to a secure escrow. After that, the buyer needs to send the agreed local currency. Another benefit is that the parties can back away from the deal if they change their minds. This is possible right until the moment the payment is made, and all of the assets remain supposedly protected.
Once the seller has received the funds, he can release the amount of crypto held in the escrow account, and it will be credited to the buyer’s wallet immediately.
The Benefits of P2P Trading
One of the main benefits of P2P trading with CryptoLocally is that users don’t have to create a separate account as they can easily transfer the assets directly from their digital wallets.
Moreover, tokens are sent directly to an on-chain smart contract that provides increased security, according to the team.
It’s also important to note that there’s no KYC procedure to be worried about, as all users need is an email address to register.
The overall design of the exchange is easy to use, and there’s also a comprehensive reputation system. It provides a score, automatically calculated after each trade. This way, users can know whether or not the transacting party they choose is a reliable one.