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In a recent development, LocalEthereum, a peer-to-peer (P2P) trading platform for Ether (ETH) has changed its name to LocalCryptos, to support more crypto assets including ERC-20 tokens. The firm aims to become a leader in the P2P fiat-to-crypto trading space.

Will LocalCryptos Matchup to Arch Rival LocalBitcoins?

With this new initiative, LocalCryptos aims to compete with arch rival LocalBitcoins. The former is non-custodial, end-to-end encrypted, and completely private unlike LocalBitcoins. As a matter of fact, a non-custodial platform doesn’t hold user’s private keys. Subsequently, the firm cannot hack or freeze users’ crypto assets.

Taking a dig on LocalBitcoins platform, Michael Foster, CEO of LocalCryptos said,

“Platforms like LocalBitcoins are centralized, custodial, and a far cry from private. These platforms are vulnerable to hacks and thefts like a centralized exchange. Hackers have stolen several billion dollars from centralized crypto platforms. At least two of those heists took from LocalBitcoins traders.”

However, non-custodial platforms have their own perils. If in case a user loses their wallet and password, the platform cannot help them with the recovery. Interestingly, the platform seeks to put the users in complete control.

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“Crypto was born out of the desire for eliminating the role of middlemen and legacy institutions in otherwise person-to-person interactions. We developed LocalCryptos based on this idea of users remaining in control at all times—not us,”

added Foster.

New Users Need Not Start Again on The Platform

LocalCryptos boasts of more than 100,000 registered users, 1,500 daily active users and 450 trades each day, making it one of the largest non-custodial P2P Bitcoin platform. The platform also has an impressive trading volume and has seen $3 million worth of fiat-to-crypto trades per month, from 139 countries.

Most importantly, traders willing to shift on to LocalCryptos need not start over on the platform. The platform is not subjected to as many regulations as LocalBitcoins. The latter recently implemented a mandatory verification process which resulted in a 30% drop in volume on the platform. The firm will also add ERC20 tokens soon and will develop a new smart contract to handle the tokens. Also, in the distant future, the platform might even support ERC721s.

Rising P2P Cryto Space

Also, helping traders and crypto users is not the sole motive of the firm.The firm is also focussed on helping the underbanked and unbanked communities, with a major aim to free Venezuela from hyperinflation.

P2P crypto trading platforms are gradually increasing in number. Another decentralized P2P platform, SIBEX AG, is looking to serve institutional investors. Last month, the firm raised around $1.8 million in a seed funding round to expand its offerings.

Will LocalCryptos Manage to Outdo LocalBitcoins? Let us know, what you think in the comments below!

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Trade Wars: LocalEthereum is Now LocalCryptos, Will It Outpace LocalBitcoins?

Article Name

Trade Wars: LocalEthereum is Now LocalCryptos, Will It Outpace LocalBitcoins?

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In a recent development, LocalEthereum, a peer-to-peer (P2P) trading platform for Ether (ETH) has changed its name to LocalCryptos, to support more crypto assets including ERC-20 tokens. The firm aims to become a leader in the P2P fiat-to-crypto trading space.

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Supriya Saxena

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Coingape

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cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

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The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Supriya Saxena , 2019-11-19 08:42:24 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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