On October 14 a new bitcoin cash exchange was launched called, Localbitcoincash.org, a platform that enables people to trade the decentralized currency in a peer-to-peer fashion.
Localbitcoincash.org Launches Beta Platform
This week the beta version of Localbitcoincash.org (LBC) was released after bitcoin cash (BCH) fans were teased with screenshots of the platform two weeks ago. The developer of the site states that the platform is in its very early stages and the team plans to improve the marketplace over time. Further, the LBC developer says he tried to contact the team from Localbitcoins so they could offer assistance with forking the code but received no reply. “We have decided to take matters into our own hands,” explains the LBC developer.
“We aim to keep transactions free, including escrows and bank transfers, to encourage more people to use Bitcoin Cash,” explains the LBC website announcement. “However, currently all expenses came from the founder’s savings so to ensure the site sustainability, we will be charging optional fees.”
As long as we can pay the bills, we are happy. We are determined as hell to make bitcoin cash become a household name.
A Good Thing About Bitcoin Cash is That Transaction Fees Are Less Than a Penny
Additionally, deposits and withdrawals are free as well except for the network transaction (tx) fee. However, the LBC developer says tx fees on the Bitcoin Cash network are typically “less than a penny, depending on your transaction size.” The site offers escrow options for trades, bank transfers and local meetups for bitcoin cash exchanges. Currently, a majority of the individuals with trades listed on the platform are choosing the meetup option.
“Please do not deposit anything if you are uncomfortable doing so — Use the meetup option to trade with other users off-site,” details the LBC developer emphasizing the platform is still in beta.
A New Subreddit and Ambitious Plans for Bitcoin Cash
For support, the website has a contact email, a phone number and the development team has also created a subreddit as well; called /r/localbitcoincash. The team will be helping people with issues and support through the subreddit regularly, explains LBC.
Further, the website gives step-by-step instructions for trading BCH with escrow, and methods of meeting up locally as well. The website also has a price index covering a variety of the top cryptocurrencies, so users don’t need to go to a separate website to find various prices. A trader reputation will be added to the LBC platform in roughly a month, the developer details on Reddit. Moreover, the LBC administrator says they have big plans for the peer-to-peer website stating:
It has been a wild ride for bitcoin cash owners as the price swings between a low of $200 to a high of $1000 in the two months since bitcoin cash was born. As a founder, I would like to share that we have extremely ambitious plans for bitcoin cash over the next 12 months.
What do you think about the new Localbitcoincash.org platform? Let us know your thoughts in the comments below.
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Images via Shutterstock, and Localbitcoincash.org.
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