Localbitcoins Adds Bitcoin Cash and Other Cryptocurrencies as Payment Methods

Localbitcoins, one of the biggest P2P exchanges in the world, has added Bitcoin Cash and other cryptocurrencies as payment methods to acquire Bitcoin on its platform. This marks a clear departure from the earlier position of the company, which hadn’t added new payment methods and had remained Bitcoin-only for some time.

Localbitcoins Adds Bitcoin Cash and Other Cryptos

Localbitcoins, one of the biggest P2P cryptocurrency exchanges in the world, is now allowing its users to purchase Bitcoin with other cryptos, in a departure from its earlier Bitcoin-only approach. The company announced in a blog post last week they will now allow listings leveraging Tether (USDT), Polkadot (DOT), Cardano (ADA), Bitcoin Cash (BCH), USD Coin (USDC), Chainlink (LINK), and Dogecoin (DOGE) as payment methods.

The exchange also added several new fiat-based payment methods that can be used internationally, and others that can only be used in specific countries. The decision marks a clear departure from the traditional Bitcoin-only stance the company has had since its creation, and effectively creates the possibility for arbitrage with altcoin prices on the platform, albeit not as directly as in a traditional exchange.

Localbitcoins is one of the first P2P exchanges and, apart from the strengthening of the KYC measures associated with the use of the platform, it has not changed much. Even the user experience and webpage have remained much the same since it began operation in 2012, and the platform still lacks a mobile app.

Slow Innovation

One of the reasons for this sudden change of heart could be the loss of relevance the exchange is facing in emerging markets like Venezuela, where the exchange has been moved from being the preferred way of buying bitcoin to just another good option in the market.

Evidence of this is dwindling volumes of sales, which can be seen in Coin Dance statistics. This was also exacerbated by the arrival of a new P2P alternative market: Binance P2P, which is backed by the exchange, and has attracted many of Localbitcoins’ merchants and customers in the last two years. Further, other less privacy-invasive options have emerged, such as Bitcoin.com Local, where no KYC is required for direct P2P trade.

Localbitcoins’ waning popularity might be just a sign of the times, as now there are tons of other ways to purchase bitcoin aside from direct, P2P exchange. However, P2P still has some key traits that make it the to-go method of acquiring cryptocurrencies for many, and Localbitcoins might be expanding its offer and payment methods to keep up with the requirements of its users.

Payments Firm Square May Build a Hardware Wallet, Dorsey Heckled at Bitcoin Conference Over Censorship

 

The cofounder of Twitter and the CEO of the payments firm Square, Jack Dorsey, has revealed his firm is contemplating creating a bitcoin hardware wallet in collaboration with the community. Dorsey revealed this in a tweetstorm and said he wanted to share some “guiding principles” concerning this possible venture.

Dorsey: ‘Square Is Considering Making a Hardware Wallet for Bitcoin’

On Friday, Jack Dorsey tweeted about the possibility of Square creating a bitcoin hardware wallet and discussed a number of principles the firm is guided by when approaching the subject. The founder of Twitter and Square explained that what the company creates needs to be “open,” as he noted that “bitcoin is for everyone.”

“Square is considering making a hardware wallet for bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community,” Dorsey tweeted. “We want to kick off this thinking the right way: by sharing some of our guiding principles. Bitcoin is for everyone. It’s important to us to build an inclusive product that brings a non-custodial solution to the global market,” the Square CEO added.

Dorsey then gave those who have already pioneered the noncustodial wallet space props, and asked his Twitter followers what the “biggest blockers to get a non-custodial solution to the next 100M people?” Numerous people answered Dorsey’s questions and a few responses discussed hardware wallets with no iOS support.

“iOS support. Trezor, up until now, still doesn’t support iOS for (good reason.) If you solve this solvable problem, you gain a huge portion of the market,” one individual responded to Dorsey’s Twitter thread.

“Custody doesn’t have to be all-or-nothing,” Dorsey continued. “We can probably simplify custody through ‘assisted self-custody.’ Assisted requires great product design: minimal setup time, relying on existing devices, and end-to-end reliability. How should we be thinking about assisted solutions?,” the Square CEO asked. He further added:

Most people access the internet on mobile. Any solution we build must provide an excellent experience when using mobile, despite its shortcomings and liabilities. An uncompromising focus on mobile interaction is likely to include the most people. What are the dangers here?

Dorsey Gets Heckled by a Conference Attendee in Miami

After Dorsey published his thread with about 12 different points, he said that Square and his team plan to “continue the conversation.” He further noted that a dedicated Twitter account would be on the way and a Github repository, as well, if the firm decides to build a hardware wallet.

“We’ll update this thread with that information when we’re ready. Thanks,” Dorsey concluded.

Dorsey’s hardware wallet tweet has accrued tens of thousands of likes and retweets since he announced Square’s possible hardware wallet venture. The Twitter CEO also mentioned that layer 2 capabilities and Cash App integrations with the hardware wallet are also important guiding principles.

Meanwhile, after the hardware wallet announcement, Dorsey attended the Bitcoin 2021 conference in Miami this weekend and was heckled by a conference attendee over “censorship” and “interfering in elections.”

“Why is Jack Dorsey on a stage at a Bitcoin event in the first place?” an individual tweeted in response to the heckling video.

Binance Extends Blockade of Zimbabwean Crypto Users to Include Non-Resident Traders

 

Malta-based cryptocurrency exchange, Binance, has reportedly extended its blockade of Zimbabwean users to include non-resident citizens. As a result of the new measures, all Zimbabwean nationals are now precluded from using the Binance trading platform.

Zimbabwean Nationals Blocked

Prior to the introduction of this new measure, Binance apparently allowed Zimbabwean nationals with non-Zimbabwean residential addresses to access its trading platform, while those residing in-country were blocked. Still, some Zimbabwe-based crypto users were able to circumvent this blockade by installing virtual private network (VPN) apps on their devices. The new measures appear to have plugged these loopholes.

In a letter addressed to one user, Binance, which recently installed former U.S. banks regulator Brian Brooks as CEO of its U.S division, refuses to divulge the reasons why it is now rigorously enforcing the U.S. Office of Foreign Asset Control (OFAC) measures against Zimbabwe. Instead, the crypto exchange is warning of consequences that Zimbabwean users face if they fail to withdraw their digital assets in time. The letter explained:

You have identified yourself as a Zimbabwean national in your submitted document and as a result, we are unable to serve you further in accordance with our terms of use. Kindly note that the trading function is not available for this account. As such, we recommend that you withdraw your assets in their original form.

In addition, the undated letter warns the affected users to “withdraw all funds as soon as possible within the three days.” Afterwards, the trading account will be permanently deactivated.

Decision Slammed

In the meantime, one affected user has slammed the new Binance policy of targeting users “based on their nationality rather than their location.” Although Binance has so far refused to furnish users with the reasons for its actions, the new measures suggest the exchange may be attempting to shake off a perception that it enables money launderers and tax evaders.

As previously reported by Bitcoin.com News, Binance is already under a U.S. Department of Justice (DOJ) investigation. Therefore, by excluding all Zimbabwean users from its trading platform, Binance may be signaling its newfound interest in adhering to the U.S. government’s sanctions policies.