P2P Markets Report: Record Volume in Peru, Argentina, Philippines

P2P Markets Report: Record Volume in Peru, Argentina, Philippines

According to Coindance, peer-to-peer (P2P) trading activity has significantly rebounded during recent weeks, following the record low in volume posted for the week of the 1st of September. The increased trading activity appears to have mostly occurred in the Latin American and emerging BTC markets, with record volume posted by the Peruvian, Argentinian, and Philippine Localbitcoins markets.

Also Read: 55% of All BTC Is Parked in Whale-Sized Wallets

Peruvian Localbitcoins Market Posts BTC Volume Record

Peru saw record-breaking trading activity this past fortnight, with the preceding two weeks comprising the strongest in the history of trade between BTC and the Peruvian Sol (PEN) when measuring in BTC, and the second and third strongest when measuring fiat.

The week of the 8th of September was the strongest on record for BTC/PEN trade on Localbitcoins when measuring in cryptocurrency, and the second strongest when measuring in fiat currency, with 114 BTC worth of trade, or 2.635 million PEN (approximately $800,000 USD) taking place in seven days.

The following week comprised the second strongest when measuring volume in BTC, and the third strongest when measuring in fiat with 112 BTC, or nearly 2.39 million PEN (roughly $720,000 USD) exchanging hands during the week of the 15th of September.

Argentinian and Philippine P2P Markets See Trading Activity When Measuring in Fiat

The last two weeks for trade between BTC and the Argentine Peso (ARS) on Localbitcoins have comprised the two strongest weeks for volume in the market’s history when measuring in fiat currency.

Roughly 6.93 million ARS (approximately $180,000 USD) worth of BTC was traded during the week of the 8th of September, comprising the largest weekly volume for ARS/BTC on Localbitcoins. Nearly 6.16 million ARS (roughly 160,000 USD) worth of trading activity then took place during the week of the 15th of September, the second strongest in the market’s history.

This past week also comprised the strongest on record for trade between the Philippine Peso (PHP) and BTC when measuring in fiat currency, with nearly 37.5 million PHP (approximately $690,000 USD) exchanging hands during the week of the 15th of September.

When measuring in BTC, the 106 BTC worth of trade comprised the strongest week of P2P trading activity in PHP since late May 2016.

Emerging Markets See Increase in Trading Activity

A number of emerging markets also saw spikes in trade volume in recent weeks, with those posted by the Iranian and Tanzanian markets among the most significant.

The week of the 8th of September saw the strongest volume since January for trade between BTC and the Iranian Rial (IRR) on Localbitcoins, with roughly 37.5 billion IRR (approximately $890,000 USD) change hands in seven days.

The preceding two weeks comprised the second and third strongest for trade between Tanzanian Shillings (TZS) and BTC when measuring in fiat currency. When measuring in BTC, this past week tied with the week of the 14th of April, 2018 as the strongest in the history of BTC/TZS trade on Localbitcoins, with 17 BTC worth of trade.

Do you think the lull in P2P trade activity is over, or will we test new lows for volume in the near future? Share your thoughts in the comments section below!


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Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI Ban

Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI Ban

A growing number of crypto exchanges in India have announced the return of fiat deposit and withdrawal support despite the crypto banking ban imposed by the country’s central bank. Several other exchanges in the country also allow their users to use Indian rupees to buy and cash out cryptocurrencies through their exchange-escrow peer-to-peer (P2P) services.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Exchanges Say INR Support Is Back

Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI BanSince the crypto banking ban by the Reserve Bank of India (RBI) went into effect in July, crypto exchanges in the country have been deprived of banking services. Many of them subsequently shut down their INR support, disallowing users to make deposits and withdrawals in Indian rupees. The Supreme Court of India is scheduled to hear petitions against the ban next week.

However, recently at least three crypto exchanges in the country have announced the return of INR deposit and withdrawal support despite the RBI ban.

On Wednesday, September 12, crypto exchange Koinex announced that it has brought back INR deposits and withdrawals through its P2P system, stating:

We are happy to announce the revival of INR in the crypto universe through a new peer-to-peer deposit and withdrawal mechanism for INR transactions…Just like the old times, users will be able to deposit and withdraw funds directly from their INR wallets.

Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI BanAnother crypto exchange, Coindelta, announced on August 31 that it had resumed INR support. “We have resumed back the INR deposits and withdrawals on Coindelta. Not only this, your old favourite INR markets are back where you can trade with your INR,” the exchange wrote.

In addition, news.Bitcoin.com recently reported on another exchange, Giottus, offering a creative way of allowing users to deposit and withdraw Indian rupees using its P2P platform.

Other Exchanges With Similar Services

The three aforementioned exchanges are utilizing their exchange-escrowed P2P services to facilitate deposits and withdrawals in Indian rupees. Each has its own set of rules including the number of coins supported, the deposit and withdrawal process, and the time it takes to withdraw INR using their systems.

Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI BanThere are several other exchanges with similar P2P services that allow users to both purchase cryptocurrencies and cash out in Indian rupees.

Crypto exchange Wazirx, for example, recently celebrated its six-month anniversary of launching its P2P service. The exchange claims “We’re seeing our trading volumes increasing every day.” Vouching for the popularity of P2P trading, CEO Nischal Shetty told news.Bitcoin.com “We see more than 1 match per minute on our P2P.”

Another exchange, Instashift, has been offering P2P trading of over 80 coins. “Since the last set of RBI related developments in the past couple of months, we have continued to see strong 20-25% growth in trading volumes month on month over the last 2 quarters of our operation,” CEO Rahul Chitale shared with news.Bitcoin.com.

Coindcx also offers P2P trading on its Dcxinsta platform. “We guarantee any 50+ cryptocurrencies purchase directly with INR in less than 60 seconds,” CEO Sumit Gupta claims.

Other fiat-enabling systems outside of the P2P services are also being used in India such as the Dabba trading system which uses the Telegram messaging app to facilitate the trades.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

What do you think of the way Indian crypto exchanges offer fiat support despite the RBI ban? Let us know in the comments section below.


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Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart Event

Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart Event

Fully decentralized peer-to-peer crypto exchange Bisq has launched a mobile notification app for both Android and iOS systems. The platform saw record growth last month and is holding a market kickstart event as a way to boost liquidity.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Bisq Mobile App Launched

Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart EventBisq, a fully decentralized peer-to-peer (P2P) crypto exchange that allows users to trade fiats against cryptocurrencies, has launched a mobile notification app for both Android and iOS systems.

The project’s developers announced on Sunday, September 9, that “The Bisq mobile notifications app for iOS is now available from the app store.” This announcement came two days after the team announced, “The initial release of the Bisq mobile app for Android is now available.”

Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart Event

Both the Android and iOS versions of the app allow users to customize alerts for trades, offers, disputes, and prices. The app is linked to the desktop software where all trading is done, in a P2P environment.

Bisq’s latest version, v0.8.0, has a number of new features such as “Local / face-to-face trading, iOS and Android mobile app notifications, Halcash as a new payment method, [and] privacy improvements,” according to the developers.

August Was Record Month for Bisq

Bisq continues to grow in the number of users and trades this year. On September 4, the team shared the platform’s growth statistics for August, revealing:

August was a massive month for Bisq, setting a new record of 358 BTC traded…That’s a 26% increase over the previous record month of June 2017, and at a much higher average BTC/USD price…Also, 13,000 trades as of today.

Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart Event

Bisq developer Christoph Atteneder added that, in August, the total number of trades was 926 and the average number of trades per day was 30.

Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart EventSince Shapeshift announced its move to a new membership model that requires know-your-customer (KYC) information from its users, Bisq has been highlighted as an alternative to Shapeshift. The Bisq developers tweeted on September 5, “Big news. Shapeshift bowing to KYC regs could mean many more users coming Bisq’s way soon.”

September Market Kickstart Day

The Bisq team is not solely relying on Shapeshift’s policy change to grow their userbase. To help build the liquidity of the platform’s order book, they are preparing for an event dubbed the “September Market Kick-Start Day.” The developers explained:

On September 20th 2018 we will try to get as many people as possible to place offers on Bisq as a way to kick-start liquidity after the summer and also launch the newest release.

They elaborated that “If we can reach 300 offers published on one day we will see a new high in [the] number of trades,” noting that participants who make at least one offer on that day will be rewarded 10 BSQ, the project’s own token designed to help fund platform development.

What do you think of Bisq’s development? Would you use Bisq? What do you think of their market kickstart event? Let us know in the comments section below.


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P2P Markets Report: BTC Posts Record Low for Localbitcoins Trade Volume

P2P Markets Report: BTC Posts Record Low for Localbitcoins Trade Volume

According to Coin.dance, the first week of September has comprised the weakest on record for global peer-to-peer (P2P) trade volume on Localbitcoins. The considerable lull in trading activity appears to have pervaded across the vast majority of Localbitcoins markets, with only half a dozen national markets posting volume that is comparable to the trading activity experienced in recent weeks.

Also Read: How to Buy Bitcoin Without Disclosing Your Identity

Record Drop in Number of BTC Traded on Localbitcoins

Coin.dance data claims that only 864 BTC were traded during the week of the 8th of September on Localbitcoins – the lowest on record in the five and a half years in which the company has been compiling data when measuring in BTC.

P2P Markets Report: BTC Posts Record Low for Localbitcoins Trade Volume
Global Localbitcoins Weekly Trade Volume (BTC)

Until now, the lowest week recorded by Coin.dance had been the first in which it began publishing data for Localbitcoins trade volume – which saw 1,995 BTC exchange hands during the week of the 16th of March, 2013.

P2P Markets Report: BTC Posts Record Low for Localbitcoins Trade Volume
Global Localbitcoins Weekly Trade Volume (USD)

When measuring in USD, the week of the 8th of September comprises the weakest seven days of trading on Localbitcoins since the 31st of January, 2015 – which saw $5.871 million worth of BTC change hands, then equating to 24,785 BTC worth of trade.

Most Major Localbitcoins Markets Post Dramatic Decline in Trade Volume

P2P Markets Report: BTC Posts Record Low for Localbitcoins Trade VolumeIf the current data is accurate, the majority of national Localbitcoins markets saw a drastic decline in the number BTC traded during this past week.

Of the 48 fiat currencies traded on Localbitcoins that are tracked by coin.dance, only 6 P2P markets – those of Croatia, the Czech Republic, Iran, Morocco, Poland, and Venezuela – have posted volume trade volume for the 8th of September, 2018 that is comparable to the volume of recent weeks.

Transversely, the Localbitcoins markets of Argentina, Australia, Brazil, Canada, Chile, China, Colombia, Denmark, Dominican Republic, Egypt, Europe, Hong Kong, Hungary, India, Indonesia, Japan, Kazakhstan, Kenya, Malaysia, Mexico, New Zealand, Nigeria, Norway, Pakistan, Peru, Philippines, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Sweden, Switzerland, Tanzania, Thailand, Turkey, Ukraine, United Arab Emirates, United Kingdom, USA, and Vietnam all appear to have experienced dramatic declines in P2P trade volume.

What is your response to the decline in BTC trading activity on Localbitcoins? Share your thoughts in the comments section below!


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How to Buy Bitcoin Without Disclosing Your Identity

How to Buy Bitcoin Without Disclosing Your Identity

Privacy preservation is one of cryptocurrency’s defining characteristics. Digital assets such as bitcoin provide a far higher degree of anonymity and surety than traditional online payment methods such as credit card or Paypal. There’s just one problem: buying bitcoin without disclosing your most intimate details isn’t easy. The following options, which don’t require KYC, are better bets for privacy connoisseurs.

Also read: Four Alternatives to Shapeshift

Buy Your Bitcoin, Keep Your Privacy

Buying bitcoin in a discrete fashion was relatively easy in BTC’s early days. Sites like Localbitcoins.com required no KYC, and the lax regulatory environment enabled crypto exchanges in many countries to operate with impunity. Those days have long gone, and while the cryptocurrency landscape today is better in many ways, in certain areas it is arguably worse. KYC is a prime example. You can purchase a plane ticket with less questions than you can buy your first fraction of a bitcoin. Thankfully a few outposts, beyond the reach of US-dominated enforcers, remain.

Bisq

How to Buy Bitcoin Without Disclosing Your IdentityBisq is a decentralized P2P network that we’ve previously profiled. It enables BCH, BTC, and numerous other cryptocurrencies to be bought and sold without needing to first scan your passport, driving license, disclose your financial history, and attest to the origin of your bitcoins. It’s how a cryptocurrency marketplace ought to be in other words. To access it, users need to download Bisq’s desktop software which is open source. As its FAQ explains, “Bisq does not know the traders. No data is stored on who trades with whom. Bisq does not require registration. This means privacy is maintained, there are no “approval” wait times, and identity theft becomes impossible.”

Hodl Hodl

How to Buy Bitcoin Without Disclosing Your IdentityLike Bisq, Hodl Hodl doesn’t hodl funds: instead it utilizes a P2P model, with funds retained in multi-sig until the seller has denoted payment received. The platform enables BTC and LTC to be traded in a trustless setting, and there’s no obligation to complete arduous and intrusive verification procedures. There is the ability to obtain Verified or Trusted status, which unlocks higher trading limits and other benefits, but such provisions are not mandatory. Because P2P exchanges like Bisq and Hodl Hodl have lower liquidity and wider spreads, buyers will typically pay a little above the book price for bitcoin, and may struggle to buy or sell large quantities of coins at a time. They may conclude, however, that these downsides are offset by the increase in privacy that comes from choosing a non-custodial exchange.

Localbitcoins

Localbitcoins.com (LBC) was the original P2P exchange, and it retains a high volume of users, enabling BTC to be bought and sold in a matter of minutes. It remains the world’s go-to peer-to-peer exchange for purchasing bitcoin core. Earlier this year, LBC updated its terms of service to require additional identification for traders who exchange a significant volume of coins. Furthermore, LBC does require basic levels of trust to facilitate trading; a mobile number or email address for example, although these things are easily spoofed for those who desire maximum privacy. LBC’s greatest function, from a privacy perspective, however, is its ability to facilitate cash transactions in person. Once you’ve met and established trust with an LBC trader, subsequent transactions can be conducted in confidence and in privacy, without broadcasting your desire to buy bitcoin to the world.

Openbazaar

Online marketplace Openbazaar (OB) is a portal for buying all sorts of goods, from apparel to recreational drugs. It’s also a great place to buy cryptocurrency with no questions asked. After downloading the OB client, users are able to integrate their preferred BCH, BTC, or ZEC wallet and start trading. OB’s commitment to privacy and desire to support the principles upon which cryptocurrency was founded make it a popular choice with individuals who wish to purchase bitcoin without being forced to answer 100 questions.

How to Buy Bitcoin Without Disclosing Your Identity
Openbazaar

What other privacy-friendly ways can you buy bitcoin? Let us know in the comments section below.


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RBI Ban Hearing in Two Days – What Indian Crypto Exchanges Are Expecting

RBI Ban Hearing in 2 Days - What Indian Crypto Exchanges Are Expecting

The Indian supreme court will hear all petitions against the crypto banking ban by the Reserve Bank of India on Tuesday. News.Bitcoin.com talked to the CEOs of several Indian exchanges to find out what they are expecting from the hearing, trader sentiment, their exchanges’ current trading volumes, and how they see the court’s ruling affecting the crypto community.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

The Beginning of the Journey

RBI Ban Hearing in 2 Days - What Indian Crypto Exchanges Are ExpectingAll eyes in the Indian crypto community are on the supreme court (SC) hearing on Tuesday, September 11, when all petitions related to the crypto banking ban by the Reserve Bank of India (RBI) will be heard. The country’s central bank issued a circular on April 6, banning banks from providing services to crypto businesses.

In response to the ban, a number of crypto exchanges operating in India have come up with methods to allow users to continue to deposit and withdraw Indian rupees. Among them are Wazirx, Instashift, and Coindcx exchanges which offer services based on the exchange-escrowed peer-to-peer (P2P) model.

Wazirx’s CEO, Nischal Shetty, shared with news.Bitcoin.com:

The SC hearing is not the end of the road but the beginning of the crypto journey in India…If the outcome is positive then it will definitely boost trading volumes. If the outcome is negative then I don’t think there would be much impact on the existing trading volumes.

Rahul Chitale, CEO of Instashift, told news.Bitcoin.com that “The ruling will surely have some bearing and the SC’s views will shape a lot of the regulatory thinking, but it’s unlikely to have an immediate tactical impact.” Citing that similar regulatory hurdles are seen globally, he described:

Crypto will continue to thrive regardless of the government view, like we have seen worldwide. Any ruling which forces the government to precipitate taking a view on this will only benefit crypto in India in the long run.

Sumit Gupta, CEO of Coindcx, explained to news.Bitcoin.com that “All Indian exchanges and crypto traders are eyeing the SC ruling.” In the long run, however, he believes that “Indian traders will eventually find ways to invest in cryptocurrencies via some innovative channels.” Emphasizing that “a negative ruling will just shift users to P2P trading platforms,” he asserted:

A positive ruling will boost crypto trade in the Indian market like we have seen in Q3 of 2017 and we will see lakhs of new users joining exchange platforms and volumes can shoot up even higher than it was before in the next bullish run.

Trading Volumes Rise Amid RBI Ban

RBI Ban Hearing in 2 Days - What Indian Crypto Exchanges Are ExpectingDespite the banking ban, Shetty revealed that trading has been increasing on Wazirx, largely due to the increase in popularity of the exchange-escrowed P2P service. “Our trading volumes have been growing every week,” he said. “We were pleasantly surprised and overwhelmed by the way users have acclimatised themselves to P2P.”

For Instashift, Chitale described that “since the last set of RBI related developments in the past couple of months, we have continued to see strong 20-25% growth in trading volumes month on month over the last 2 quarters of our operation,” adding:

There is a lot of trader money still parked on the sidelines, and we continue to see a lot of it return back to the market, even in spite of the current downturn in nearly all major coins.

RBI Ban Hearing in 2 Days - What Indian Crypto Exchanges Are ExpectingGupta is also seeing a rise in trading volumes on Coindcx “due to its crypto-crypto nature.” However, he clarified that in general “that’s not the case,” elaborating that “Most of the Indian crypto investors are either hodling or trading rarely and hence the decline in overall volumes across exchanges. We observed that many people are also waiting to hear the SC verdict before they invest as this is also going to move crypto prices in India.”

Sathvik Vishwanath, CEO of one of India’s largest crypto exchanges, Unocoin, recently shared a similar sentiment with news.Bitcoin.com. He revealed that on his exchange, “The volumes have significantly come down as this [RBI’s ban] is not only restricting the new users joining the platform but it is also hurting the sentiments of the present users.” Unocoin currently does not offer P2P trading.

What Exchanges Are Expecting from the Ruling

RBI Ban Hearing in 2 Days - What Indian Crypto Exchanges Are ExpectingRegardless of the outcome of the supreme court’s hearing, “It’s business as usual for us at Instashift,” according to Chitale. He added that “Our users are mostly retail investors who are into it for the long run, and while trading volumes may fluctuate up or down…we don’t see investor demand diminishing in the shorter timeframe.”

Wazirx is also prepared for whichever direction the ruling may take. If a stay order is granted on the RBI ban, “we’ll immediately resume bank deposits and withdrawals for all our users,” Shetty confirmed, emphasizing that, otherwise, Wazirx’s P2P solution “is already working great for all the users in India.” He further detailed:

Crypto has now reached a stage where everyone has started taking it seriously in India and the majority of the young generation sees crypto as a way to invest their money…I’m banking on the SC releasing a directive asking the government to lay out regulations for crypto in India as that would enable every Indian to trade safely in crypto in the future.

RBI Ban Hearing in 2 Days - What Indian Crypto Exchanges Are ExpectingSharing the sentiment, Chitale explained, “We are hopeful that the ruling will cause the government to prioritize its stand and clarity on a number of aspects of crypto,” such as regarding “taxation, classification, resolve any duality in state/center views, and so on.” He reiterated that “In short, this can only lead to clarity. Any clarity will lead to trader and investor confidence thus boosting the overall market.”

Citing that “as an asset class, ‘new money’ into crypto will come on the merit of crypto and other macro factors (like capital controls, taxation etc),” he concluded that “Broadly, we don’t expect trader and retail investor sentiment to diminish in that regard.”

Similarly, Gupta confirmed that Coindcx is “already prepared for the worst and have backup plans no matter which way the ruling swings.” Nonetheless, he said:

We are hopeful and believe that the government’s careful evaluation of the blockchain and cryptocurrency space will bring out a positive ruling that protects the interests of Indian crypto traders and investors. However I strongly feel that this space will eventually get regulated in India and we will see India as one of the global leaders in the blockchain space in the next 3-4 years.

What do you think the supreme court will do and how will the ruling affect the crypto community? Let us know in the comments section below.


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Reserve Bank of India Anticipates Shift to P2P Crypto Trading

Reserve Bank of India Anticipates Shift to P2P Crypto Trading

India’s central bank has released its latest annual report which includes a section dedicated to cryptocurrency. The Reserve Bank of India outlines the risks posed by crypto and emphasizes the need to monitor crypto development in anticipation that some trading may shift from exchanges to peer-to-peer (P2P) mode.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Risks to Monetary Policy

Reserve Bank of India Anticipates Shift to P2P Crypto TradingThe Reserve Bank of India, the country’s central bank, published on Wednesday its 268-page annual report for 2017-18.

While asserting that “the cryptocurrency eco-system may affect the existing payment and settlement system which could, in turn, influence the transmission of monetary policy,” the central bank wrote:

Though cryptocurrency may not currently pose systemic risks, its increasing popularity leading to price bubbles raises serious concerns for consumer and investor protection, and market integrity.

A Shift to Peer-to-Peer

Reserve Bank of India Anticipates Shift to P2P Crypto TradingThe annual report also confirms that the government and the central bank “are keeping a close watch on cryptocurrency.”

Referring to the circular it issued in April banning all financial institutions from providing services to “any individual or business entities dealing with or settling in virtual currencies,” RBI reiterated:

Developments on this front need to be monitored as some trading may shift from exchanges to peer-to-peer mode, which may also involve increased usage of cash. Possibilities of migration of crypto exchange houses to dark pools/cash and to offshore locations…require close watch.

Since the RBI ban, crypto exchanges in India have come up with solutions to continue providing Indian rupee deposit and withdrawal services to their customers. One solution that is growing in popularity is through exchange-escrowed P2P trading.

RBI Sees Additional Risks

Reserve Bank of India Anticipates Shift to P2P Crypto TradingRBI claims that cryptocurrencies are “prone to hacking and operational risk” because they are stored in electronic wallets. In addition, the central bank sees “a high possibility of its usage for illicit activities, including tax avoidance.”

Emphasizing that crypto lacks an “established framework for recourse to customer problems/ dispute resolution as payments by cryptocurrencies take place on a peer-to-peer basis without an authorised central agency which regulates such payments,” RBI detailed:

The absence of information on counterparties in such peer-to-peer anonymous/pseudonymous systems could subject users to unintentional breaches of anti-money laundering laws (AML) as well as laws for combating the financing of terrorism (CFT).

Furthermore, the report mentions that a number of central banks around the world are exploring central bank digital currencies. “In India, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency,” the report reads.

What do you think of RBI’s opinions? Let us know in the comments section below.


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Indian Exchange Resumes Fiat Deposits and Withdrawals Using New Method

Indian Exchange Resumes Fiat Deposits and Withdrawals Using New Method

An Indian cryptocurrency exchange has come up with a new method to allow its users to deposit and withdraw rupees despite the crypto banking ban by the country’s central bank. The exchange also guarantees that rupee requests will be processed within 30 minutes or the user will receive ten free XRP credited to their account.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Creative Ways Around RBI Ban

Indian Exchange Resumes Fiat Deposits and Withdrawals Using New MethodThe Reserve Bank of India (RBI), the country’s central bank, issued a circular in April banning all financial institutions under its control from providing services to crypto exchanges. The ban went into effect in July and banks began closing accounts of crypto exchanges, prompting a number of them to come up with creative solutions for INR deposits and withdrawals. Some launched exchange-escrowed peer-to-peer (P2P) services; some crypto-to-crypto trading.

One crypto exchange in particular claims to have found a way around the ban. Giottus, which also offers exchange-escrowed P2P trading service, reopened its fiat support despite the RBI ban. The platform offers BTC, ETH, BCH, XRP, and LTC trading pairs.

Giottus wrote on its website:

Get your INR processed within 30 mins of placing your request, else get 10 XRP credited to your Giottus account.

The exchange explained that INR withdrawals are only processed during banking hours, adding that “withdrawal requests received after 5 p.m. will take a maximum of 10 hrs or will be credited [the] next day (whichever is earliest).”

Giottus’ Method

Indian Exchange Resumes Fiat Deposits and Withdrawals Using New MethodGiottus co-founder and COO, Arjun Vijay, recently explained to Ambcrypto publication that his exchange is able to offer INR deposit and withdrawal services “by identifying specific traders who can process deposits and withdrawals quickly. This is still done through P2P, allowing the traders to still function normally,” the news outlet conveyed and quoted Vijay saying:

We have now started processing INR deposits and withdrawals through these selected P2P partners and they currently on average process requests within 15 minutes. As a safety measure, we take collateral from these P2P partners, and these partners, as service fee charge 0.2% for the deposits and 0.2% for the withdrawals.

Vijay further noted that traders can process volumes of up to approximately 60-70 percent of their collateral deposited with the exchange before additional collateral is required.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

What do you think of Giottus’ method to let customers deposit and withdraw rupees amid RBI’s ban? Let us know in the comments section below.


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Banks Freeze Company’s Accounts After Owner Traded on Localbitcoins

Banks Freeze Business' Accounts After Owner Traded on Localbitcoins

The owner of cryptocurrency mining electric bicycle retailer, 50cycles, recently had his company’s accounts with HSBC and Barclays frozen within hours of transacting on peer-to-peer cryptocurrency trading platform, Locabitcoins.

Also Read: P2P Exchange Options Increasing for Crypto Traders in India

HSBC and Barclays Freeze Accounts of 50cycles

Scott Snaith, the owner of cryptocurrency mining electric bicycle retailer, 50cycles, has sought to deter businesses from partnering with U.K. high street banks after his company was thrown into “chaos” following the freezing of his business’s accounts.

Mr. Snaith’s accounts were frozen by HSBC and Barclays just hours after he conducted five-figure BTC transactions via peer-to-peer trading platform Localbitcoins, in which he sold BTC for fiat currency that was deposited into his personal bank accounts, and not his company’s accounts. Mr. Snaith asserts that the transactions were “entirely transparent and above board,” adding that his trading partners were U.K. account holders with verified identification. Mr. Snaith stated that no explanation was offered for the account closures, describing himself as being the victim of “financial discrimination.”

“My two personal bank accounts and business account were frozen for using a well-known bitcoin trading site. No unlawful activity has taken place but just because the word ‘Bitcoin’ was mentioned my accounts were locked instantly. A ‘senior fraud advisor’ then closed my complaint off – leaving me with no choice but to take the issue to the Financial Ombudsman for appeal. This situation is a complete nightmare and the knock-on effects have been unbelievable. One of my staff left as they had just had a baby and couldn’t afford to be in a job that was unable to pay them, which isn’t surprising,” Mr. Snaith said.

HSBC Reinstates Account, Barclays Refuses

Banks Freeze Business' Accounts After Owner Traded on LocalbitcoinsWhilst HSBC have reinstated Mr. Snaith’s account, Barclays maintained the freeze. Mr. Snaith stated: “I’ll never be able to bank with Barclays again. I’m a professional business owner taking advantage of new financial technologies and it looks like the banks are failing to keep up with their customers’ habits. We are the ones being punished. The banks are deliberately creating obstacles. They are anti-digital currency and displaying a new form of financial discrimination.”

“To me, this is a clear case of the high street banks abusing their power. It is not a criminal matter but a personal, corporate decision that someone has made. In my mind, that’s wholly wrong, and I am sure there are many other victims that are even less fortunate than myself,” he added.

What is your reaction to the freezing of 50cycles’ accounts? Share your thoughts in the comments section below!


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P2P Exchange Options Increasing for Crypto Traders in India

P2P Exchange Options Increasing for Crypto Traders in India

Since the Reserve Bank of India (RBI), the country’s central bank, banned banks from providing services to cryptocurrency businesses, traders are increasingly trading on peer-to-peer (P2P) platforms. Local crypto exchanges have come up with a number of exchange-escrowed P2P solutions.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Localbitcoins

Trading volumes in both the Indian rupee (INR) and BTC increased on Localbitcoins between the week of April 7, when the RBI issued its circular, and the week of August 18. The INR trading volume increased 25 percent, from 68 million rupees (~US$974,561) to 85 million rupees (~$1,218,201). The number of BTC traded increased about 23 percent from 150 BTC to 184 BTC.

P2P Exchange Options Increasing for Crypto Traders in India

Earlier this month, news.Bitcoin.com reported that Indian traders have also found some other creative ways to trade cryptocurrencies amid RBI’s ban including Dabba trading via Telegram.

Exchange-Escrowed Marketplaces

P2P Exchange Options Increasing for Crypto Traders in IndiaThe Mumbai-based Koinex is offering an exchange-escrowed P2P service called Loop for the trading of BTC, ETH, and XRP. Founder and CEO Rahul Raj explained to Inc42 that “buyers and sellers on Loop can create their own listings (like a marketplace) or explore existing listings to choose their best trades.”

He elaborated, “while it’s still early days, Loop has been very well received by the Indian trading community and we are seeing increasing traction every day,” adding:

Other key aspects of Loop include a user rating mechanism, cancellation option for sellers, listing modification, dynamic pricing, cleansing of stale listings, and a host of other features to ensure only genuine and legitimate trading on the platform.

Another crypto exchange, Coindelta, has created an exchange-escrowed P2P system called Flux. BTC, ETH, XRP, and USDT can be transferred directly between Coindelta and Flux, but other cryptocurrencies must be converted to USDT on Coindelta before sending to Flux.

Auto-Matching Orders

P2P Exchange Options Increasing for Crypto Traders in IndiaThe Wazirx P2P system uses USDT in transactions. Sellers convert their cryptocurrencies to tether and sell them for rupees and buyers convert their rupees into tether to trade on the exchange. “Wazirx acts as an escrow account for holding the cryptos during the transaction,” the exchange described.

Orders are automatically matched by the exchange, CEO Nischal Shetty told news.Bitcoin.com:

The auto-matching open order book in P2P has never been attempted before and people love the ease.

Furthermore, Wazirx tweeted on August 25, “Wazirx has the cheapest price for crypto in India.”

Incentives for Depositing INR

Crypto exchange Bitbns also recently launched P2P transaction functionality which has been updated several times. Last week, the company announced an incentive scheme for anyone depositing INR in order to speed up order matching. The exchange explained:

We have introduced an option that allows withdrawers to tip depositors as per their wish. The tip could be anything in the denominations of 0.1 i.e 0%, 0.1%, 0.2%, 0.3%, and so on up to 1% of the transaction amount.

However, some users have complained on social media about not being able to withdraw funds. Some also said that they have been scammed on the exchange’s Telegram group by people pretending to be Bitbns’ admin.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

What do you think of these trading options? Let us know in the comments section below.


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Regulations Round-Up: 21-Year-Old Arrested, Coinbase Files for Patent

Regulations Round-Up: 21-Year-Old Arrested, Coinbase Files for Patent

In recent news pertaining to cryptocurrency regulations, Alibaba and Tencent are collaborating with Chinese authorities to monitor and prevent peer-to-peer cryptocurrency trading via their respective mobile payments platforms, a 21-year-old has been indicted for operating an unlicensed cryptocurrency exchange, and Coinbase has filed with the U.S. Patent and Trademark Office for a mechanism designed to increase the security of BTC transactions.

Also Read:The Daily: China Escalates Crackdown, Russia Chases Shadows, UK Warns of Scams 

Alibaba and Tencent Collaborate With Chinese Authorities to Crack Down on Crypto Trading

Regulations Round-Up: China Monitors P2P Crypto Transactions, 21-Year-Old Indicted for Unlicensed ExchangeAnt Financial’s Alipay – the mobile payment app owned by multi-national e-commerce giant Alibaba – has revealed that it is cooperating with Chinese authorities to scrutinize and crack down on peer-to-peer cryptocurrency trading.

A spokesperson for Ant Financial stated: “Alipay has always adhered to the principle of not providing services to virtual currency transactions. We will continue to closely monitor over-the-counter trading activities on a daily basis. Once we find any suspicious crypto-related transactions, we will take appropriate measures immediately, including but not limited to: suspension of fund transfer functionality of any Alipay accounts used by companies for crypto-related transactions.”

On Friday, Tencent, the developers of social media and mobile payment app Wechat, also announced that the company would seek to crack down on the use of its Wechat Pay platform for the purposes of transmitting cryptocurrencies.

21-Year-Old Arrested for Running Unlicensed Exchange

Regulations Round-Up: China Monitors P2P Crypto Transactions, 21-Year-Old Indicted for Unlicensed ExchangeJacob Campos, a 21-year-old man from Mexico, is facing 31 charges in the United States for operating an unlicensed “no questions asked” BTC exchange.

According to his indictment, Mr. Campos “did knowingly, conduct, control, manage, supervise, direct and own at least part of a money transmitting business affecting interstate and foreign commerce which failed to comply with the money transmitting business registration requirement. […] From on or about January 2015 to on or about April 2016, within the Southern District of California and elsewhere, defendant Jacob Burrell Campos […] did knowingly and willfully fail to develop, implement and maintain an effective anti-money laundering program, including the development of internal policies, procedures and controls, reasonably designed to prevent money laundering and the financing of terrorist activities, as part of a pattern of illegal activity involving more than $100,000 in a twelve-month period.”

The indictment adds that “From on or about December 2016, to on or about March 2018, […] defendant Jaco Burrell Campos did combine, conspire, confederate and agree with others known and unknown to the Grand Jury to commit an offense against the United States, that is to structure and assist in the structuring the importation of monetary instruments for the purpose of evading the reporting requirements of” U.S. regulations.

Prosecutors estimate that Mr. Campos conducted 971 transactions on behalf of 900 different customers. Mr. Campos is currently being held without bail as he awaits trial and faces charges of running an unlicensed money transmitting business, conspiracy to structure monetary transactions, and failing to maintain an anti-money laundering program, in addition to 28 charges of money laundering.

Coinbase Files for Mechanism Designed to Bolster Security of BTC Transactions

Regulations Round-Up: China Monitors P2P Crypto Transactions, 21-Year-Old Indicted for Unlicensed ExchangeEarlier this month, major U.S.-based cryptocurrency exchange Coinbase filed with the U.S. Patent and Trademark Office for a mechanism intended to increase the security of BTC transactions.

The patent filing asserts that “It may be a security concern for users that the private keys of their Bitcoin addresses may be stolen from their wallets. Existing systems do not provide a solution for maintaining security over private keys while still allowing the users to check out on a merchant page and making payments using their wallets.”

The patent seeks to allow customers to encrypt their passphrases transactions into a “master key” to create an additional layer of protection against theft. With each transaction, the master key is deleted, with a new master key being created for each individual transaction. The filing states: “It may be a security concern for users that the private keys of their Bitcoin addresses may be stolen from their wallets. Existing systems do not provide a solution for maintaining security over private keys while still allowing the users to check out on a merchant page and making payments using their wallets.”

What is your response to Tencent and Alibaba’s efforts to combat peer-to-peer trading on their mobile payments platforms? Join the discussion in the comments section below!


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P2P Cryptocurrency Lending Grows Increasingly Popular in China

P2P Cryptocurrency Lending Grows Increasingly Popular in China

China is reportedly witnessing a surge in peer-to-peer (P2P) cryptocurrency lending amid the country’s recent liquidity crunch and the virtual currency markets’ bear season. Despite regulatory uncertainty, entrepreneurs are reportedly eying opportunities in the nascent industry.

Also Read: Theories Abound After BTC Leaps While Bitmex is Down

Peer-to-Peer Cryptocurrency Lending Gains Popularity in China During Bear Market

P2P Cryptocurrency Lending Grows Increasingly Popular in ChinaChinese media outlet, Sohu, has published a report on the increasing proliferation of cryptocurrency lending platforms.

Zhang Le, described as a veteran of the cryptocurrency industry according to Sohu, stated: “At present, most of the market only recognizes two major currencies, Bitcoin and Ethereum. This business is currently earning interest.” Xu Lizhen described those lending through the platform as comprising long-term cryptocurrencies holders who aren’t interesting in trading the markets in the short term.

“This is just the need. When the currency is low, people who are speculating in the currency will definitely not be willing to sell the coins. Once they are short of money, they must find such platforms. The demand has formed this market,” Zhang Le said.

The media outlet cited industry insiders as estimating that there are currently more than twenty startups operating in the cryptocurrency loan industry.

Nascent Industry Emerging Despite Looming Regulatory Uncertainty

P2P Cryptocurrency Lending Grows Increasingly Popular in ChinaSohu reports that insiders as described those launching operations in the P2P crypto loan industry as “harden[ing[ their swords,” emphasizing the risks posed by regulation – “the biggest variable in the field.”

According to a rough translation, Xu Lizhen of New Express stated: “The [cryptocurrency] industry is called to stop, the market has not stopped.” Xu Lizhen described the crypto lending platforms as offering cryptocurrency investors the opportunity to “solve [their] liquidity problems in the down phase,” stating that such accept larges “pledges [of] BTC [and] ETH,” and that the “cost is beautiful.”

Hu Jie of the Shanghai Institute of Advanced Finance stated: “currently, digital currency mortgage lending business mostly occurs only in the currency circle. One party has funds (or digital currency) to seek lending, and the other party lacks funds (or digital currency) to borrow. Digital assets can be used for mortgages, and such private trading behaviors can be allowed.” Hu Jie also emphasized the potential contingencies associated with regulation, stating “if an entity specializes in this business and engages in this type of lending and financial management, it needs to have corresponding qualifications and conditions. Otherwise, it may be suspected of illegal lending and illegal business.”

Internet finance lawyer, Xiao Wei, stated: “This is a gray game. The essence is to solve the problem of asset liquidity or direct fundraising. But even in the gray industry, we must not adopt a market manipulation method. This will only bring the 266th fraud of the criminal law to our future. The risk of sin.”

Do you think that Chinese lawmakers will crack down on cryptocurrency lending? Share your thoughts in the comments section below.


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Stablecoins Gaining Popularity in India to Minimize Central Bank’s Impact

Stablecoins Gaining Popularity in India to Minimize Central Bank’s Impact

A growing number of cryptocurrency exchanges in India are adding stablecoins such as trueusd (TUSD) and tether (USDT) to their platforms. They are part of the solutions exchanges have come up with in order to minimize the impact of the crypto banking ban imposed by the country’s central bank.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Unocoin Adds TUSD

Stablecoins Gaining Popularity in India to Minimize Central Bank’s ImpactUnocoin, one of India’s largest crypto exchanges, announced on Wednesday the addition of TUSD to its crypto-to-crypto platform, Unodax. An ERC-20 token built on the Trusttoken platform, each TUSD is said to be backed by one USD held in reserve which can be redeemed. Unodax currently offers 23 TUSD trading pairs including BTC, BCH, ETH, LTC, and XRP.

“The decision [to add TUSD] has been taken to minimise the RBI circular’s impact on cryptocurrency investors and traders,” Inc42 reported. The Reserve Bank of India (RBI), the country’s central bank, issued the circular banning banks from providing services to crypto companies on April 6.

The publication quoted the exchange’s CEO and co-founder, Sathvik Vishwanath, commenting on the addition:

After the RBI banned bank transfers for crypto trading and investments, we were looking for the plausible solutions to help our users continue to hodl, without any disruptions and hassles.

“With trueusd, we are excited to present our users with a long-awaited stable trading plan for crypto-assets traders on our Unodax exchange,” he continued. “Crypto enthusiasts may use this stable coin as a medium of exchange for other crypto-assets and minimise their risks in a volatile market.”

Zebpay Slashes Withdrawal Fee for TUSD

Stablecoins Gaining Popularity in India to Minimize Central Bank’s ImpactAnother major crypto exchange in India, Zebpay, added TUSD to its platform earlier this week, as news.Bitcoin.com previously reported.

The exchange also slashed withdrawal fees for multiple currencies. For TUSD, “withdrawal fees are zero till 31st August 2018.” Zebpay wrote:

You can now buy, sell and trade TUSD in two trading pairs: TUSD-INR and BTC-TUSD.

Wazirx Uses USDT in P2P, Adds TUSD

Stablecoins Gaining Popularity in India to Minimize Central Bank’s ImpactCrypto exchange Wazirx launched an escrowed “P2P” service on July 10 that uses tether to enable users to deposit and withdraw INR in an effort to bypass RBI’s ban. Issued on the Bitcoin blockchain via the Omni Layer protocol, each USDT is backed by one USD that Tether Limited claims is held in reserve and can be redeemed for cash. Wazirx has also added TUSD as a deposit option.

The exchange explained that USDT is used “to make stability and crazy liquidity happen,” elaborating:

While building Wazirx P2P, we realized that since crypto price fluctuations are beyond our control, we needed to bring in a stable coin…Since we wanted to add the stable coin with the highest liquidity in the global market, we’ve decided to go with tether.

More Indian Exchanges Offering TUSD and USDT

On Saturday, August 11, Zecoex announced that it has introduced the TUSD trade markets for BTC, ETH, and XRP pairs.

Stablecoins Gaining Popularity in India to Minimize Central Bank’s ImpactCoindelta has also added USDT for trading, deposits, and withdrawals. Trading against INR was enabled on July 19 and against the platform’s long list of cryptocurrencies on July 24. The exchange noted, “USDT is a stable coin, the value of USDT is always tethered to the US dollar price. This makes it easy for people to hold their funds.”

Koinex introduced TUSD on July 6 and aims for this trading market to serve as an alternative to INR as a stable currency. Users can deposit and trade TUSD against INR, BTC, ETH, and XRP. The exchange detailed:

With the absence of INR corridors, we began to find a suitable alternative to the stability of digital assets against fiat currency. After sincere efforts, we are glad to announce the introduction of trueusd (TUSD) as a stable coin on Koinex.

What do you think of Indian exchanges using stablecoins to minimize RBI’s impact? Let us know in the comments section below.


Images courtesy of Shutterstock, Unocoin, Zebpay, Wazirx, Trusttoken, and Tether.


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Malta Tops Exchange-Based Crypto Trade, Russia Leads in OTC Volume

Malta Tops Exchange-Based Crypto Trade, Russia Leads in OTC Volume

Jurisdictions with crypto-friendly legislation or comprehensive regulations in place are leading in terms of exchange-based cryptocurrency trading. According to a new study, however, over the counter and P2P exchange is much more popular in developing nations and countries where non-cash payments are still not widely spread.

Also read: Crypto Funds Number 466 Despite Trends, Uncertainty

Exchange Trade vs OTC Trading

The report produced by financial services provider Worldcore covers data from the months of June and July and uses statistics from a Morgan Stanley study conducted earlier this year to compare two lists of countries – one with the top destinations by volume traded on cryptocurrency exchanges, and a second one with those that lead in terms of over the counter (OTC) and peer-to-peer (P2P) trading volumes.

The new study confirms that jurisdictions offering favorable business climate through crypto-friendly legislation as well as those with well-established regulatory frameworks account for a large portion of the exchange-based crypto trade. Malta ($1.2 billion), Belize and Seychelles ($700 million each) are topping the chart with over 2.6 Billion USD of daily trading volume.

Malta Tops Exchange-Based Crypto Trade, Russia Leads in OTC Volume

Following are nations that have already adopted some comprehensive crypto regulations, including South Korea, the Untitled States, and Hong Kong. Russia is 13th in this group with a 24-hour volume of less than 50 million USD on trading platforms.

The researchers at Worldcore have specifically compared exchange and non-exchange volumes for the week of July 14 – July 21, 2018, using data from the popular P2P exchange Localbitcoins. The results turned out to be quite opposite to what the Morgan Stanley figures show, as Kommersant reports. This time, Russia is the pronounced leader, having registered a weekly trading volume of 2,000 BTC, while the US has 1,000 BTC. They are followed by China and Nigeria with 600 BTC traded by the residents of each country. Next are Venezuela, Great Britain, and the EU member states.

Reasons, Explanations, and Predictions

The authors of the study cite some good reasons for the notable divergence. “Crypto exchanges are most often registered in countries with preferential taxation, and many over-the-counter trades occur in nations with low financial culture or strict tax legislation,” commented Worldcore CEO, Alexei Nasonov, who is also leading the research team.

The analysts further explain that the popularity of direct exchange methods in Second and Third World countries like Russia, Nigeria, Colombia, and Kenya, is largely due to the relatively undeveloped system of non-cash exchange of crypto assets and fiat through payment systems and banks. Restrictive currency laws also play a role, as is the case with Russia for instance where crypto-specific regulations are yet to be adopted and the exchange services are currently unregulated.

Malta Tops Exchange-Based Crypto Trade, Russia Leads in OTC Volume

The researchers believe that trading platforms will continue to migrate to destinations providing favorable conditions and preferential tax regimes. Malta is a good example – the island nation has already attracted companies like Binance, the largest trading platform by volume which is exploring opportunities to launch a decentralized bank there, Okex, another Chinese-run cryptocurrency exchange which announced in April it is setting foot on the island, and the Polish Bitbay which revealed its plans to move to Malta in May.

The team at Worldcore also expects the average volume of transactions to increase in the future. At the same time, the financial tech company predicts that the off-exchange market will shrink with growing crypto turnover through traditional payment systems and the spread of payment gateways supporting transactions with Visa and Mastercard credit cards.

What are your expectations for the future of crypto trading? Share your thoughts on the subject in the comments section below.


Images courtesy of Pixabay, Worldcore.


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Huge Demand for ‘P2P’ Crypto Trading Seen in India After RBI Ban

Huge Demand for 'P2P' Crypto Trading Seen in India After RBI Ban

Exchange-escrowed trading directly between cryptocurrency buyers and sellers is growing in popularity in India following the crypto banking ban imposed by the country’s central bank. One local exchange, in particular, is seeing “tremendous” response from Indian traders for this service as “tens of thousands of new users have signed up” in a month.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Indians Warming Up to New Solution

Huge Demand for 'P2P' Crypto Trading Seen in India After RBI BanSince the country’s central bank, the Reserve Bank of India (RBI), banned banks from providing fiat service to crypto companies, local cryptocurrency exchanges have come up with solutions for their users to be able to withdraw Indian rupees. One popular solution is exchange-escrowed trading which local exchanges call peer-to-peer (P2P) trading.

Indian crypto exchange Wazirx launched this service about a month ago. CEO Nischal Shetty told news.Bitcoin.com that the response from traders for this service has been “tremendous,” stating:

People love P2P…Everyone had their doubts whether P2P would work or not, the convenience etc…[But now] We’re seeing above 1 trade match every minute happening in P2P…we’re talking about peer-to-peer transactions at a rate of more than 1 per minute.

He further revealed, “tens of thousands of new users have signed up on Wazirx after we introduced P2P. In fact we got more signups in the last 2 weeks than we got in the last 2 months.”

Platforms With Similar Services

Huge Demand for 'P2P' Crypto Trading Seen in India After RBI BanThe Wazirx P2P system was built “to replicate how a traditional order book in an exchange behaves,” the CEO described. It uses tether (USDT) in transactions. Sellers convert their cryptocurrencies to USDT and sell them for rupees. Buyers convert their rupees into USDT which can be used to trade any cryptocurrencies on the exchange. “Wazirx acts as an escrow account for holding the cryptos during the transaction,” the exchange detailed.

“The P2P system has replaced the previous system of depositing fiat into Wazirx account and in return getting INR balance in your account,” Shetty explained to news.Bitcoin.com. “What happens now is that you deposit the fiat into another user’s account and get USDT in return…After you get USDT, you can trade in our USDT market in the regular way (non P2P).”

Furthermore, orders are automatically matched by the exchange. “The auto matching open order book in P2P has never been attempted before and people love the ease,” he noted, elaborating:

In most cases, P2P is even faster than the traditional method of deposits and withdrawals people here were used to because in P2P if the person is active online then they would immediately do the money transfer to the peer’s bank account.

Huge Demand for 'P2P' Crypto Trading Seen in India After RBI BanA few other exchanges also offer similar solutions. Coindelta, for example, launched its P2P exchange called Flux on July 26. Users can transfer their BTC, ETH, XRP and USDT between the main Coindelta exchange and Flux. Other cryptos must be converted to USDT on the Coindelta exchange first before sending to Flux.

A popular exchange-escrowed service in the country that uses a classified-style order book listing is Loop by Koinex crypto exchange. Currently, only BTC, ETH, and XRP are listed on the platform for trade.

Zecoex and Giottus crypto exchanges also offer services where users can make offers to sell from their crypto balances and then wait for buyers to select them from a list of available offers. Another exchange for Indians, Instashift, offers a platform for users to buy and sell cryptocurrencies between each other for five fiat currencies, including the Indian rupee.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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P2P Markets Report: Selling Drives Upswing in Emerging Markets’ Volume

P2P Markets Report: Selling Drives Upswing in Emerging Markets' P2P Volume

The recent selling pressure experienced by BTC has driven a surge in the peer-to-peer trade volume for numerous emerging cryptocurrency markets. The Localbitcoins markets for the Philippines, Iran, and Kazakhstan have all seen a significant upswing in the number of bitcoins traded in recent weeks.

Also Read: Blockchain States Lure Citizens with Political Nostalgia and Voting Rights

Philippine P2P Markets Witness Spike in Trade Volume

P2P Markets Report: Selling Drives Upswing in Emerging Markets' VolumeThe week of the 28th of July posted the second highest weekly volume for trade between BTC and the Philippine Peso (PHP) on Localbitcoins for 2018, according to Coin.dance.

This past week saw 39 BTC trade hands via the Philippines’ Localbitcoins markets – comprising the highest of number of BTC traded since the week of the 24th of February, 2018 – during which 40 BTC exchanged hands. The volume for the week of the 28th of July saw a 30% increase in the number of BTC traded week-over-week – up from 30 BTC during the week of the 21st of July.

P2P Markets Report: Selling Drives Upswing in Emerging Markets' Volume

When measuring volume in fiat currency, this past week produced the second strongest volume of 2018 and the fourth highest weekly trade volume in the history of the Philippine Localbitcoins markets – with approximately 16.9 million PHP worth of trade taking place during the week of the 28th of July.

P2P Markets Report: Selling Drives Upswing in Emerging Markets' Volume

Iranian Localbitcoins Trade Surges

The Iranian Localbitcoins markets posted the strongest volume since the week of the 2nd of June, with 25 BTC exchanging hands via the platform this past week.

P2P Markets Report: Selling Drives Upswing in Emerging Markets' Volume

When measuring in Iranian Rial (IRR), the week of the 28th of July saw the second strongest weekly trade volume since February, with over 19.6 million IRR worth of BTC changing hands this past week.

P2P Markets Report: Selling Drives Upswing in Emerging Markets' Volume

Kazakhstan Experiences Upswing in P2P Trade Activity

The P2P BTC markets for Kazakhstan has also seen the strongest trade volume in roughly a month this past week, with 9 BTC trading hands.

P2P Markets Report: Selling Drives Upswing in Emerging Markets' Volume

When measuring in Kazakhstani Tenge (KZT), this past week saw the second strongest trade volume between KZT and BTC since February, with over 24 million KZT worth of trade taking place.

P2P Markets Report: Selling Drives Upswing in Emerging Markets' Volume

Do you think that the trade volume for emerging P2P cryptocurrency markets will continue to rally? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Coin.dance


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