Converting cryptocurrency to cash and vice versa remains a problematic venture. It is a complicated and cumbersome process is most cases. Liberalcoins aims to achieve this goal, as they support a few different currencies. Bitcoin, Dash, Monero, and Litecoin are all supported. It is a slightly more “advanced’ version of LocalBitcoins. Always do your own research before depositing funds on an unknown website, though.
Having more options to buy or sell Bitcoins and altcoins is not a bad idea. The problem is finding a convenient service to do so. A lot of people don’t want to sign up for an exchange, which is understandable. Additionally, few ATMs effectively support altcoins as of right now. A platform such as Liberalcoins may provide some relief in this regard. Do keep in mind the platform is still in beta for the time being.
Liberalcoins can Become a Major LocalBitcoins Competitor
As the name somewhat suggests, it is a site similar to LocalBitcoins. Although we have seen a site for Litecoin and Monero focusing on this aspect as well, more competition can only be a good thing. It will benefit consumers all over the world. Users will trade cryptocurrencies for various payment methods in a peer-to-peer manner. There is still an account requirement, though. Every trade is subject to a 0.5% fee, which is not all that much.
The main object of this platform is to introduce more localized trading solutions. This should also promote the use of cryptocurrency on a global scale. On the user side, there is an option to set up 2FA, which is something everyone should enable by default. Users can choose between Google Authenticator or email 2FA. The former is a far more secure solution, though.
Last but not least, it appears Liberalcoins also has a Shapeshift-like feature. That is pretty nifty, although it remains to be seen whether or not there is a demand for such a service. All things considered, this platform can prove to be a valuable addition to the cryptocurrency ecosystem. People need to focus on peer-to-peer trading rather than using centralized exchanges. Decentralized trading would be even better, but those solutions are still in development.