Most Bitcoin users have heard of LocalBitcoinCash by now. This new platform aims to rival LocalBitcoins but will only support BCH. This is a rather interesting platform, and it turns out a beta version of the platform is now live. This is a major milestone in the history of Bitcoin Cash, even though it remains to be seen if there is demand for such a service. After all, BCH is still losing ground compared to Bitcoin and most other currencies as we speak.
LocalBitcoinCash will have an uphill battle ahead. Although the service has a lot of merit, demand for Bitcoin Cash isn’t necessarily there. It is still one of the top five cryptocurrencies in the world, mind you. However, BCH has taken a far more severe beating in recent weeks compared to other altcoins. Even now, the market is very slow to recover, with the price hovering near the $320 mark. A far cry from its all-time high, to say the least.
LocalBitcoinCash Public Beta is Here
Whether or not LocalBitcoinCash can change any of that, remains to be seen. The purpose of this platform is similar, as users can buy and sell BCH in exchange for commonly used payment methods. Cash is always an option, of course. Buyers and sellers can decide to use other solutions as well. Bank transfers, PayPal, et cetera are all supported unofficially.
With LocalBitcoinCash now launching in public beta, it will be interesting to see how things evolve. In a few weeks from now, we will be able to tell if it is a worthwhile venture. There are plenty of people who think Bitcoin Cash will be the next big thing. Others know it is an altcoin that will continue to lose traction. It is hard to tell who is right or wrong in this regard. It is true BCH has no unique purposes right now. On the merchant front, things are not looking great either.
That being said, there are some benefits to LocalBitcoinCash. Transactions are free, including the escrow and bank transfer services. At the same time, the founders will pay for all expenses, which is not a sustainable model. Charging optional fees is the only logical outcome in this regard. It is not a platform designed to make money, though, but merely provide a valuable service. An interesting platform to keep an eye on.