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Author Topic: Localbitcoins now requires identification  (Read 238 times)
TheQuin
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May 14, 2018, 08:04:13 AM
 #41

I have built up a "trusted" network of friends for these Peer-to-peer trades over time and I can even trade with them, without using escrow services, but newbies will unfortunately not have that privilege.  Roll Eyes

It could end up making the currency exchange board on this forum far more active.

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May 14, 2018, 10:33:31 AM
 #42

The unfortunate side of this is that people will have to turn to the more shady platforms to trade <Peer-to-peer> anonymously.  Angry  You can still use these platforms for smaller trades, but it is risky in countries where Bitcoin is being "banned". <Like we saw happening when China temporarily closed the Bitcoin exchanges>

I have built up a "trusted" network of friends for these Peer-to-peer trades over time and I can even trade with them, without using escrow services, but newbies will unfortunately not have that privilege.  Roll Eyes

With this policy I think people will move away form localbitcoin slowly and steadily and will start using some other exchange or their is a huge scope for something like localbitcoin to come up and capture the market easily. So the market is now wide open for new players to eneter in this space.

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May 15, 2018, 10:45:24 AM
 #43

The unfortunate side of this is that people will have to turn to the more shady platforms to trade <Peer-to-peer> anonymously.  Angry  You can still use these platforms for smaller trades, but it is risky in countries where Bitcoin is being "banned". <Like we saw happening when China temporarily closed the Bitcoin exchanges>

I have built up a "trusted" network of friends for these Peer-to-peer trades over time and I can even trade with them, without using escrow services, but newbies will unfortunately not have that privilege.  Roll Eyes

Yes, there are definitely shadier alternatives that I'd rather not use, but people may be forced into using. A lot of current casual buyers/sellers may also have to turn to centralised exchanger services with no escrow protection, which is a big concern.

For whoever that doesn't know yet, Localbitcoins gave out an entirely new and updated terms and conditions a few days back as well: https://localbitcoins.com/gdpr

These restrictions don't really affect newbies yet, though. They still have a chance to trade without significant volume. Although key word is *yet*. We don't know if Localbitcoins is going to follow current guidelines forever.

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