Chinese regulators are trying to taboo cryptocommunity activities. China introduces restrictions on the sale and buying of Bitcoins, Ethereum and other cryptocurrency. Regulators use various methods, including surveillance and ban of any communications on the cryptocurrency subject.
For example, regulators enter censorship in WeChat, responsible for which are chat administrators who can only constantly monitor user’s messages or delete chat to avoid problems. As a result, cryptocommunity massively transfers to Telegram and commits cryptocurrency transactions in decentralized P2P cryptocurrency exchanges.
Regulators are activated not only in China, but all over the world. No one understands which next country will impose a ban on Bitcoins turnover and cryptocurrency exchanges work.
P2P captures the market
Everyone is trying to move to P2P exchanges until September 30, when the complete ban on the Bitcoin-fiat exchange will be introduced. P2P cryptocurrency exchanges don’t fall under the China restrictions, because there is a decentralized cryptocurrency turnover between individuals.
Traders are afraid to keep their tokens on the centralized exchange, because it can be banned at any time. Forward-looking traders use P2P cryptocurrency platforms, because regulators don’t limit cryptocurrency turnover between individuals. P2P platforms feel a huge influx of new users, so they should expand and accept new coins, not just Bitcoins.
LocalBitcoins loses the race
LocalBitcoins is one of the most popular, but also one of the most remaining platforms. Users are forced to use this platform despite high commissions, an uncomfortable interface and the availability of only one cryptocurrency — Bitcoin, but what about Ethereum and altcoins? Of course, LocalBitcoins survives the last days, because its capabilities don’t grow in proportion to demand.
Qvolta P2P exchange platform — LocalBitcoins main competitor, allows users Bitcoins and Ethereum — fiat exchange using local payments methods. This feature allows users to pass through centralized exchanges and reduce the costs of exchanges. Now cryptocommunity needs a P2P exchange of Bitcoins, Ethereum and altcoins on the same exchange platform with mobile application.
Soon everyone will be able to exchange any coin for fiat money for a couple of minutes anywhere in the world using a mobile phone.