As a report has it, Localbitcoins, a leading peer-to-peer (P2P) platform, now accepts Cardano (ADA), Bitcoin Cash (BCH), Chainlink (LINK), Dogecoin (DOGE), Tether (USDT), and USD Coin (USDC) as payment methods.
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 over 40 other alternative payment methods such as AirTM, transfers between Uphold accounts, MercadoPago, Chime, and PIX in Brazil, which will be available in a number of countries as listed in the report.
At the moment, no trading volumes yet for the newly listed altcoins. However, Dogecoin (DOGE) is currently dominating the LocalBitcoins boards.
There is a tussle of supremacy between LocalBitcoins and Paxful among Bitcoin traders. The former is dominant in Latin America, where it’s rooted itself as the only option for traders.
For instance, legal restriction is preventing Paxful from crypto traders in Venezuela. And according to a report from blockchain data firm, Chainalysis, Venezuela has one of the highest crypto adoption rates in the world.
Why Crypto Traders Would Opt For Peer-to-Peer (P2P) Exchanges
For several reasons, cryptocurrency traders would prefer using P2P exchanges. One of these reasons is the fact that trading windows allow for less exposure to market volatility, and traders secure deposits into their accounts instantly.
In this regard, LocalBitcoins leads similar platforms such as Binance P2P, the peer-to-peer platform of the world’s largest cryptocurrency exchange by trading volume.