Bitcoin Forum

For those strugging to buy and sell bitcoin in India without any KYC can now relax a bit.
LocalCryptos (earlier LocalEithereum) has announced that it now supports Bitcoin as well. It's really a good news for Indians because now localbitcoins also asks for kyc so it's time for all localbitcoin traders to switch to localcryptos now. You can also move forward your reputation from localbitcoins to localcryptos so you don't have to worry :D ;)

Read more here: https://blog.localcryptos.com/announcing-localcryptos/

I believe, this is going to be a game changer in worldwide P2P trading. The huge volume of LocalBitcoins.com, an European outfit, will now be eaten up by two emerging players, i.e. LocalCryptos.com & HodlHodl.com, from Australia & Russia respectively.

I wish, there were an Indian player in this Game of Thrones as well.

I hope they will not ask the users to confirm their identity once they got more reputation in their business.They just changed their name right? Because these features were available in localethereum as well.

This. New launchers lure customers with 'no kyc' and once they are established a bit, they start asking for kyc.

Anyway, in p2p these days, buyers reversing transaction cases are pretty rampant, how are they gonna deal with that?

Either you understand very little about the Indian p2p scene or you are just posting garbage for the sake of your signature campaign.

Reversing an account transfer / UPI / IMPS payment in India with Indian banks are nearly impossible, I have never seen any tx reversed in my life. Frozen, sure. Reversed? Never.

Besides that to reverse a transaction, one would also need to disclose the nature of the transaction, why on Earth did you send / receive money from some stranger? There you would have to disclose that it was a crypto transaction, and therein risk getting your accounts frozen because Indian banks don't care about what the actual laws are, they just make shit up themselves (A lot like you).

Lastly, this is not a new exchange, this is essentially the rebranding of LocalEthereum. Which was a spin-off of LocalBitcoins, but now its big enough with a bigger userbase to do something on its own, making its own presence known. While allowing BTC/ETH/etc.. p2p trades isn't entirely new, p2p models are doing far better than DEXs and are a need of the hour. So the more, the better.

About luring in customers then asking for KYC part. Trust me if these businesses could, then they would function without KYC, which is what they do at the beginning, but when they get big enough, they start attracting the ire of the regulators, which is precisely when they have to start enforcing KYC norms.

In a nutshell, the more number of smaller p2p exchanges exist, the less each one of them would attract the regulator's scrutiny and the further away you would be from showing your ugly government photo ID picture to some online crypto website.

~edit
Did I mention that LocalEthereum/LocalCryptos have non custodial wallets with a built-in escrow?

No KYC is one of the most dangerous thing in P2P business, believe me!
You never know who's buying on the other side, sending from which bank account, what's his purpose. KYC at least ensures that the bank name of the person sending money matches the documents submitted for kyc.

Even if the exchange does not ask for KYC, wouldn't the buyers/sellers ask for it to be on the safe side?