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Author Topic: [ANN] LocalCryptos – Peer-to-peer crypto marketplace that keeps you in control  (Read 68 times)
localcryptos
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January 09, 2020, 05:13:40 AM
Last edit: January 09, 2020, 07:22:05 AM by localcryptos
Merited by hugeblack (2), Coolcryptovator (1)
 #1


LocalCryptos – the peer-to-peer crypto marketplace that keeps you in control

Fiat on/off ramps • Non-custodial • End-to-end encrypted messages • On-chain P2WSH escrow • >100,000 users

LocalCryptos is a peer-to-peer crypto marketplace. The platform is a one-stop shop for fiat-to-crypto ramps worldwide, beginning with Bitcoin and ETH.

People place ads on LocalCryptos to buy and sell crypto. When two people agree on a sale, the buyer pays the fiat half directly to the seller—which is why LocalCryptos is so fast.
What separates LocalCryptos from LocalBitcoins is our non-custodial and end-to-end encrypted nature.
LocalCryptos escrows don’t involve a centralized intermediary. Like trades, all transactions are peer-to-peer. This is possible by using a set of complex Bitcoin scripts.

LocalCryptos serves more than 100,000 users worldwide with traders in 100+ countries (Venezuela being #1). It's the most popular non-custodial fiat on/off-ramp.

Before LocalCryptos: LocalEthereum

LocalEthereum launched in 2017 as the first peer-to-peer trading platform for ETH. Unlike its Bitcoin counterpart, it was private, non-custodial and featured end-to-end encrypted messages.
At the end of 2019, we changed our name to LocalCryptos to support Bitcoin & more.

LocalCryptos' features

  • Built-in self-custodial web wallets. Your keys, your coins.
  • On-chain escrow. For Bitcoin escrows, we use a set of P2SH scripts described here. For ETH, escrow uses an Ethereum smart contract.
  • Messages are end-to-end encrypted. It's impossible for our team—or somebody else—to read your messages without permission.
  • Import your reputation from LocalBitcoins. No need to start over.
  • Referral program. Refer your friends and earn 20% of fee revenue incurred.
  • Truly private. We don't ask for personal information, and you won't find any invasive trackers on LocalCryptos.
  • No downloads needed. Despite LocalCryptos being a cryptography-heavy application, it runs in any modern web browser out of the box.
  • Liquid and growing fast. On an average day, LocalCryptos sees 1,300 online users in 80 countries, and ~250 completed trades.

Fees

  • 0.75% trading fee if you respond to an ad; 0.25% if you create one.
  • No deposit or withdrawal fees.

LocalCryptos vs the old way

Wallet    
Self-custodial    Hosted, hacked twice
Privacy    
Yes    No, strict KYC
Multi-crypto    
Yes    No, BTC only
On-chain escrow    
Yes    No, SQL database
Encrypted chat    
Yes    No
UI/UX    
Modern    Minor changes since 2012
In-person cash trades    
Yes    No, banned




Feedback, comments and suggestions are greatly appreciated. Thanks!
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January 09, 2020, 05:15:20 AM
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January 10, 2020, 10:54:36 AM
 #3

Seeing as this is now for "Cryptos" and not just for a specific coin like ETH or BTC, I'm guessing there are also plans on adding other popular cryptocurrencies in the near future? XRP, EOS, TRX or LTC perhaps?

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localcryptos
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January 14, 2020, 03:18:40 AM
 #4

Seeing as this is now for "Cryptos" and not just for a specific coin like ETH or BTC, I'm guessing there are also plans on adding other popular cryptocurrencies in the near future? XRP, EOS, TRX or LTC perhaps?

Yes. Over time, we'll add more cryptos that are useful and capable of non-custodial escrow.
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January 15, 2020, 08:14:03 AM
 #5

I want to know how escrow works? I read your F.A.Q page and I didn’t find detailed information. Is it similar to bitify.com, as a third party checks the validity of all transfers?
Why don't you integrate services like DEX.AG to auto exchange between ETH and ERC20 Tokens? Trading volumes on the platform?
How would you deal if governments imposed restrictions?
Will the lightning network be supported?

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