Buying cryptocurrency with cash has always been somewhat inconvenient. In fact, most people rely on LocalBitcoins for this. Cryptocurrency ATMs also provide some relief – though not necessarily when it comes to altcoins – and their fees are often unacceptably high. LocalMonero is a new service bringing the convenience of LocalBitcoins to users of Monero. It is an interesting concept, and one that will certainly help elevate the anonymous cryptocurrency to new levels of market adoption.
LocalMonero can be a Game Changer
Buying Monero is not all that easy. That can be said about most alternative cryptocurrencies these days. The most obvious way to do so is to buy Bitcoin – from an ATM, LocalBitcoins, or an online exchange – and convert it to XMR using exchanges or services such as ShapeShift. It can be quite a cumbersome process, however, which makes altcoins look far less appealing than they really are. Having a direct way to convert cash into XMR would be so much better, although the only way that can be done right now is with exchanges offering fiat currency trading pairs for Monero.
Luckily, it appears this situation is finally changing. A new service allowing people to buy Monero with cash has been announced and is called LocalMonero. Beyond just the name, it sounds very similar to LocalBitcoins, mainly because it uses the same concept in every possible way. However, there is a big difference between the two, as Monero transactions are not publicly visible on the blockchain, whereas Bitcoin transfers can be tracked in real time. For people looking to remain anonymous while using cryptocurrency, Monero is by far one of the better choices.
LocalMonero’s website launched late last week and is currently open to the public. Its founders are based in Hong Kong, but the service itself knows no boundaries whatsoever. In fact, it is available all over the world, wherever people wish to buy and sell Monero in exchange for cash. Several trades are already active on the platform, indicating that people have been waiting for such a service for quite some time now. This should also remove some coins from exchanges whose prices can be manipulated quite easily.
There is another big difference between LocalMonero and LocalBitcoins. LocalBitcoins logs and tracks its users’ IP addresses for security purposes. Additionally, the site asks all users to verify their identities. However, given that Monero is all about privacy and anonymity, requiring ID and address verification is out of the question. The service still collects some basic information, but is far less invasive compared to what information traditional platforms demand from users.
Even though Monero is often associated with anonymity on the internet and illegal activity, the currency itself is not a tool for criminals any more than fiat currencies are. LocalMonero is not designed to be a hub for cybercriminals aiming to obtain the most anonymous cryptocurrency with relative ease and without repercussions. Monero simply has some advantages over Bitcoin, and having a local option to purchase it makes a lot of sense, especially when cash is involved. Monero can essentially be used for everything other forms of money are used for, though one may need to jump through some hoops to make that work sometimes.
Services like this one can help elevate Monero to new levels in terms of adoption. Considering the recent Monero price surge, one would expect demand for XMR to increase as well. Even though its price is currently stabilizing at a lower level, Monero still has a lot of potential. It is not just a tool for speculators. It will be interesting to see how things evolve for Monero here on out. Services like LocalMonero are direly needed in the altcoin world.