Despite many cryptocurrency users having made their first purchases using Localbitcoins, little attention is paid to the experiences of the traders who operate on the platform. News.Bitcoin.com reached out to several Localbitcoins traders to find out about the challenges facing peer-to-peer crypto brokers.
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“It’s A Lion’s Den”
News.Bitcoin.com spoke to an Australian Localbitcoins trader who has been operating on the platform for just “a few months.”
The trader, who wishes to remain anonymous, works alongside roughly 2 other individuals, with the company’s operations demanding approximately 40 hours of work. The company was started using pooled savings, with all of the individuals continuing to work outside of trading.
The company conducts trades both online and face-to-face, with in-person trades occurring in public places where security cameras are present. The trader also requests know-your-customer information prior to meeting…