Yes, you can purchase cryptocurrency peer-to-peer using BTC on LocalCoinSwap. With the introduction of the lite version of crypto-to-crypto (C2C), you can now purchase any of the cryptocurrencies listed on our platform with the following cryptocurrencies:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Dash (DASH)
- Tether (USDT)
- TrueUSD (TUSD)
These cryptocurrencies are listed as payment methods and trading using these is called Crypto-to-Crypto (C2C) trading. When trading C2C, trade advertisements are still priced in fiat currency (generally USD).
Example of Buying LCS with BTC on LocalCoinSwap:
Here is an example of a user using BTC to purchase LCS on LocalCoinSwap:
- A seller posts a trade advertisement to sell LCS on LocalCoinSwap.
- The seller selects USD as the fiat currency and BTC as the payment method and outlines in the terms and conditions that they will use the Coinmarketcap.com BTC/USD rate.
- A buyer initiates a trade with the seller to purchase 200 USD of LCS paying with BTC.
- When the seller accepts the trade and funds the escrow, 200 USD of LCS is taken from the seller’s LocalCoinSwap wallet and held in escrow
- The buyer and seller use the in-trade chat box to discuss and agree on how much BTC is equivalent to 200 USD using the Coinmarketcap rate.
- The seller then provides the buyer with their BTC wallet address in the in-trade chat.
- Finally, the buyer sends the agreed amount of BTC to the address and, once received, the seller releases the LCS to the buyer
- The trade is now complete
Disputes and Resolutions:
Given that the cryptocurrency being used as a payment method is on a transparent blockchain, there is no ambiguity or disagreement on the legitimacy of the payment. This significantly lowers any risk of fraud that is associated with some riskier payment methods.
It is recommended to always use USD as the fiat currency given the standard practice of pricing cryptocurrencies in USD. This removes the need for any complex cross pricing between fiat currencies!
If you have any questions, please open a support ticket to speak directly with our LocalCoinSwap customer service team.