According to a report, Localbitcoins, a leading peer-to-peer (P2P) platform, now accepts Cardano (ADA), Bitcoin Cash (BCH), Chainlink (LINK), Dogecoin (DOGE), Tether (USDT) and USDCoin (USDC) as method of pay.
The new development implies that the cryptocurrencies listed above can now be used to create advertisements on the P2P trading platform.
In the blog post, the platform said: “You asked, we delivered! Some highly anticipated altcoins have now been added as payment methods! ”.
LocalBitcoins also announced the inclusion of more than 40 alternative payment methods such as AirTM, transfers between Uphold, MercadoPago, Chime and PIX accounts in Brazil, which will be available in various countries as indicated in the report.
At the moment, there are no trading volumes for the newly listed altcoins yet. However, Dogecoin (DOGE) currently dominates the LocalBitcoins boards.
There is a fight for supremacy between LocalBitcoins and Paxful among Bitcoin traders. The former is dominant in Latin America, where it is entrenched as the only option for traders.
For example, the legal restriction prevents Paxful from trading cryptocurrencies in Venezuela. And according to a report by blockchain data firm Chainalysis, Venezuela has one of the highest adoption rates for cryptocurrencies in the world.
Why Cryptocurrency Traders Would Opt For Peer-to-Peer (P2P) Exchanges
For various reasons, cryptocurrency traders would prefer to use P2P exchanges. One of these reasons is the fact that trading windows allow less exposure to market volatility and traders secure deposits in their accounts instantly.
In this sense, LocalBitcoins leads similar platforms such as Binance P2P, the peer-to-peer platform of the largest cryptocurrency exchange in the world by volume of operations.