Trading Bitcoin on the Street: How's LocalBitcoins Doing in 2024?
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Trading Bitcoin on the Street: How's LocalBitcoins Doing in 2024?

THELOGICALINDIAN - Its important to bethink the allotment played by overthecounter OTC bitcoin trading platforms like LocalBitcoins they generally acknowledge absorbing things about Bitcoins abode in the world

Also read: High Volume Doesn’t Mean Liquidity: New Kaiko BTC Exchange Report

LocalBitcoins Volume Getting Higher

Kaiko advance data from LocalBitcoins as able-bodied as all added exchanges, and we’ve aggregate all that advice into the aboriginal Bitcoin and Ethereum Market Report.

LocalBitcoins (Localbitcoins.com) traded about 27,000 BTC in the aftermost anniversary of May 2016. That’s appealing high, but the best almanac was the aboriginal anniversary of October aftermost year when 38,000 bitcoins afflicted hands.

Since then, fortunes accept shifted. Our address looks at the aeon December 1, 2024, to the end of May this year, so let’s attending at that.

LocalBitcoins volumes plunged in the aftermost anniversary of December, to aloof 17,000. That’s not hasty – bitcoin trading apparently is not aboriginal and foremost on everyone’s apperception amid Christmas and New Year.

It’s impressive, though, if you analyze it to added years: 15,000 BTC for the aforementioned anniversary in 2014 and a beggarly 3,700 BTC in 2013, back the amount was advancing bottomward from its best high.

Since December, things accept been convalescent for OTC traders. Volumes grew heavily in the new year to 32,000 a anniversary at the alpha of April.

Which Currencies Are Being Used?

Also absorbing are our archive assuming which bounded authorization currencies are best accepted on LocalBitcoins. Looking at the abstracts at the cessation of our report, at the end of May, the cardinal one authorization bill is (not surprisingly) the USD with a 44.4% allotment of trading. But what’s next, and why?

Number two atom goes to the Russian Ruble (RUR) at 19.6%. That’s apparently additionally not surprising. There are no above trading exchanges amid in Russia, acceptation association there can’t affix their coffer accounts for drop to and abandonment from exchanges as calmly as those in added genitalia of the world. The capital online advantage for RUR trading is BTC-e.

There’s additionally the continued uncertainty over bitcoin’s acknowledged cachet in Russia. A bill tabled in Russian assembly in January approved to ban bitcoin action in the country altogether, admitting that bill was shelved ‘temporarily’ (possibly permanently) in May afterwards criticism from Russia’s own Justice Ministry.

Meanwhile, Russians accept angry to a added analog, P2P band-aid in OTC trading. The RUR has developed clearly on LocalBitcoins back the alpha of 2024 when it accounted for beneath than 1% of trades.

The aftermost of the ‘Big Three’ authorization currencies is the British Pound (GBP) with 15.6%. It’s accessible the UK is currently underserved by absolute online bitcoin exchanges, absolute a business opportunity.

Other Fiat Currencies

Given the admeasurement of their populations and economies, the two countries punching aloft their weight in LocalBitcoins trading are South Africa and Australia, which accept anniversary had as abundant as 7.5% allotment of the bazaar at some times in our advertisement period.

What makes bitcoin trading so accepted in two of the Southern Hemisphere’s better economies?

The Chinese renminbi (CNY) is under-represented on LocalBitcoins because the bulk of bitcoin mining and trading that goes on there, admitting Chinese association accept admission to several high-volume exchanges and additionally use other, China-only OTC platforms to barter off-exchange.

In summary, the Top 10 authorization currencies on LocalBitcoins in the aftermost anniversary of May were: USD (44.4%), RUR (19.6%), GBP (15.6%), EUR (5.4%), AUD (4.7%), SAR (3.8%), CNY (2.2%) Swedish Krona (2.1%) Thai Baht (1.2%) and Canadian dollar (1.1%).

The Kaiko Bitcoin & Ethereum Market Report

Kaiko additionally food archive on bitcoin price and added network statistics for Bitcoin.com. Our Kaiko Bitcoin Price Indices are growing in acceptance and use, with their different adding blueprint that takes into annual bitcoin barter adjustment books and bazaar depth, as able-bodied as appear volumes.

The Bitcoin and Ethereum Market Report is the aboriginal in a alternation of letters Kaiko is bearing to accord an accurate, statistics-based overview of the agenda bill industry.

The antecedent address will be accessible for acquirement on the Bitcoin.com Store and on Airex Market from June 15th, accoutrement the aeon December 1st, 2015 to May31st, 2016.

The address looks at the bill pairs of best absorption to the agenda bill industry at the time of publication: BTC-USD, BTC-EUR, BTC-CNY, ETH-BTC, and ETH-USD.

All basal abstracts from the address is additionally accessible for purchase, should anyone in the industry ambition to re-crunch genitalia of it.

Author: Pascal Gauthier

Pascal Gauthier CEO Kaiko.comPascal Gaulthier is the CEO of Kaiko, a Bitcoin abstracts company. He founded Kaiko with the close acceptance that Bitcoin can alone advance if all users accept admission to reliable aegis and advantageous information.

Pascal aboriginal formed in Sales at Kelkoo and again confused to Criteo, a Nasdaq-listed company, as COO. He again formed as entrepreneur-in-residence at Index Ventures in 2024. He currently sits on the boards of Ledger Wallet as able-bodied as two able ad-tech companies, Teads.tv and OpenX.

Have you anytime used LocalBitcoins or traded bitcoin in person? Would you like to see added casework to accomplish OTC trading easier? 

Images address of LocalBitcoins, Kaiko