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Localbitcoins, el Pioneer P2P Bitcoin Exchange, tanca després d'una dècada de servei a causa de Crypto Winter
Localbitcoins, the Helsinki, Finland-based bitcoin exchange founded in 2012, is closing operations after over a decade of service. The company’s operators attribute the shutdown to the “ongoing crypto-winter,” which has left them unable to continue offering their bitcoin serveis comercials.
The Challenges Faced by Localbitcoins and its Ultimate Demise in the Crypto Market
The first peer-to-peer (P2P) bitcoin exchange, Localbitcoins, is ending operations after over ten years in the business. The exchange anunciat the news on its website, stating that new sign-ups will be suspended as of Feb. 9, 2023, and trading will be suspended seven days later, on Feb. 16. Following the suspension of trading, Localbitcoins users will only be able to withdraw their bitcoins and have 12 months to do so.
“Originally Localbitcoins was established to bring bitcoin everywhere and drive global financial inclusion,” the company stated on Thursday. “We have honored that mission for over 10 years and we are proud of what we have achieved together with all of you, our loyal community.” The bitcoin exchange added:
We are therefore sad to share, that regardless of our efforts to overcome challenges during the ongoing very cold crypto-winter, we have regretfully concluded that Localbitcoins can no longer provide its bitcoin trading service.
In its early years, Localbitcoins was the preferred exchange for peer-to-peer trades globally. The platform saw strong volume in its first few years, but centralized crypto exchanges eventually surpassed it, leading Localbitcoins to become more prominent in regions without centralized trading options.
El 2019, l'intercanvi d'igual a igual es va enfrontar a més reptes quan va ser necessari to comply with Know-Your-Customer (KYC) regulations. Additionally, Localbitcoins van finalitzar les operacions presencials aquell any, fent que la plataforma fos menys atractiva per als comerciants peer-to-peer.
In 2021, during the crypto bull market and resurgence in digital currency prices, Localbitcoins anunciat the launch of an Android mobile app. Despite this, Localbitcoins never regained the volume it saw in 2017. Even during the 2021 bull market, the platform’s volume va continuar disminuint. Statistics show that Localbitcoins’ volume is currently as low as it was during the 2015 bear market. The first week of February 2023 saw a slight increase, with 6.56 million BTC negociats durant un període de set dies.
What do you think is the future of peer-to-peer cryptocurrency exchanges after the closure of Localbitcoins? Share your thoughts in the comments section below.
Font original: Bitcoin.com