UPDATE: Folks, the thing is this site is specialized in Bitcoin Cash only, and some sellers have not sold a single coin but don’t bother to cancel their registrations! I checked with an – in-person- seller. It’s OK.

There has been not much “traffic” in this site, since Bitcoin Cash has been less attractive than the Bitcoin Core.

The virtual blind escrow is a good feature. Still, I DONT LIKE THE FACT that THE SITE AUTOMATICALLY SETUP A WEB WALLET for you rather than use your own Wallet address to receive Crypto. It would be perfect IF THE BLIND ESCROW can send crypto directly to customers/users personal wallet addresses instead of the web wallet, which is controlled by the Site when a trade is successfully concluded.

Anyway, I don’t know about other countries, but in this arse end of the world those psychopaths a.k.a government has tighten the control on crypto by making more regulations on registered dealers and financial institutions. This will make harder for people to join the crypto world with privacy.

Unless you trade in person, face to face with cash, you have to use financial services such as your banks or international money transfer such as Western Union and the likes, which will involve fees and ID check.

I just visited a registered crypto dealer in Melbourne whom I had dealt with in the past and bought some coins. Some months ago, it was so simple. I just came to his office without appointment. Just walk-in with a crypto wallet address / QR Code on Cell phone or in a piece of paper, and with cash on hands. No question asked! Buying or selling, and then checking the transation on Blockchain explorer etc… All done in just less than five minutes and walked out. This is no longer the case in Australia. This time I did not expect a custumer (buyer/seller) have to go through a bunch of paper works with a bunch of stupid declarations such as “No use for ransom; no use for terrorism” etc… In one word, no privacy, no anonymity at all!

So folks, if you value your privacy and freedom, and you can bear the stupidity of ID check, Cell phone, Emails collection, and the limit amount of sum for each transaction plus fees from your financial services such as banks, Western Union etc… then the service that this site offers is OK. You will pay a bit more for your privacy. Bear in mind that you have to pay FEES to both the financial institutions and this site. Please DO READ not only the FAQ but the AGREEMENT itself! And be very careful!

If your are lucky, you can find a “In-person” seller in your city. This is the best way to buy : IN PERSON – FACE TO FACE WITH CASH! Unlimited amount!

At any rate folks, buy some crypto now. It has been a bearish. Good time to buy some before they will go up and stay there!

This is my prediction: Bitcoin Cash, Ceteris paribus, will be more popular and increasing in trade volume and unit price in fiats in three years from now. BCH unit price in fiats will be over a thousand at least! And will catch up in price and volume with Bitcoin core in 10 years!

So put it in perspective. If you buy now, in three years from now, it will be at least triple in fiat value. So, just say you do not have any stable income or significant investment. All you have is some grands in cash for a rainy day. You can use one or two grands to buy some BCH (5-10 BCH coin- as of this writing one BCH=225 USD) and in 3 years, your 1 or 2 grands will be at least three times and maybe even more…Of course ceteris paribus if my prediction is correct 🙂 given the fact that ALL MAJOR FIATS have now been in crisis around the world!

My point is, there is no other type of investment that would pay you such a rate of return as the cryptos do, especially when you have just a little cash in your saving account! No other type of investment that can make your just mere one thousand dollars become three thousands or even more in three years, or even in ten years! Last year BCH reached 3,000USD.

All the cryptos have been in slow flow and slow growth because governments have used regulations to make it harder and more expensive to move money around, especially in large amount. But the “market” will overcome. As you can see like the site https://local.bitcoin.com and more will pop up. And there are more and more business that accept cryptos. And you and I do know for a fact that EVERYONE, big and small, will try their best to avoid paying as less tax as possible, if not paying at all!

As always, it’s all up to you folks. Your money, your lives.

PQC

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PQC: Folks, not long ago I urged you to join in the crypto world with Bitcoin Cash, which I strongly believe will bypass Bitcoin Core in the near future. Here is why.

But first, BCH is going down for a week! It’s blessing in disguise! It’s good time to join in …

Today I am introducing you to a Bitcoin Cash market, where you can BUY and SELL Bitcoin Cash (BCH ABC) SAFELY and FAST with anyone around the world… AT HOME and remain ANONYMOUS!

https://local.bitcoin.com

Here is the YOUTUBE that was made by a smart young Australian to show you step by step how to do it.

And HERE is their FAQ which will answer anything you may need to know and understand.

Frequently Asked Questions


Getting Started

What is Local Bitcoin?Is this anything like LocalBitcoins.com?Are there any fees?What are those weird-looking circle icons?

Using Local Bitcoin

Is it possible to change my username?Why do buyers and sellers see different prices?

Security

How is my privacy being protected?How are messages end-to-end encrypted?

Blind escrow

How does the escrow script work?What if I don’t trust you?What is the difference between blind escrow and multi-sig?


Getting Started

What is Local Bitcoin?

Local Bitcoin is a private peer-to-peer platform where you can find others who are interested in trading BCH for local currencies via a blind escrow smart contract.

Is this anything like LocalBitcoins.com?

It is a similar service, but we think it has several advantages over Localbitcoins.com. The biggest difference is we deal only with Bitcoin Cash. But we also have several key features that provide a more secure and private user experience. See the table below for some highlighted aspects of our platform.

Local.Bitcoin.comLocalBitcoins.com
BCH
No KYC
In person cash trading
No counterparty risk
Immune to surveillance
On-chain escrow service
Super fast exchanges
Self-custodial wallet
End-to-end chat encryption
Low transaction fees
User ratings & reviews

Are there any fees?

Local Bitcoin charges a 0.25% fee for the maker (the person who placed the offer listing) and 0.75% for the taker (the person responding to the offer). The reason for the significant discount on makers is because we want to encourage people to place offers.

What are those weird-looking circle icons?

We call these “identity icons”. When sending BCH to a specific address, you can use them to ensure that you have copied the address correctly. The smallest difference in a typed address will result in a completely different identity icon.


Using Local Bitcoin

Is it possible to change my username?

We currently do not allow changing of usernames.

Why do buyers and sellers see different prices?

Offer and trade rates on Local Bitcoin have fees priced into them by default, which is why buyers and sellers will see a different rate for the same trade. The prices you see are exactly what you should expect to receive after Local Bitcoin’s fee.Local Bitcoin charges a 0.25% fee for the marker (the person who placed the offer) and 0.75% for the taker (the person responding to the offer).


Security

How is my privacy being protected?

There are a number of precautions taken by Local Bitcoin developers when designing the platform. Here are the most important ways you are protected:

  • End-to-end message encryption
  • Messaging forward secrecy
  • Financial forward secrecy
  • Signature system

How are messages end-to-end encrypted?

A non-technical explanation:

Every message sent via Local Bitcoin is end-to-end encrypted in your browser. No one — including the Local Bitcoin team — can read those messages. To Local Bitcoin’s server your message looks like a bunch of random indistinguishable numbers.

Once the keys used to encrypt the messages are destroyed, that conversation is gone forever. The only time in which our staff can read messages is when the key required to decrypt them is volunteered by one of the parties (this is done in the case of a dispute).

A technical explanation:

(Our protocol is heavily influenced by Open Whisper System’s Signal Protocol, which is a trusted open source standard endorsed by Edward Snowden and used by Whatsapp, Facebook and Google Allo.)

Every Local Bitcoin user preemptively generates hundreds of signed key pairs and sends them to the Local Bitcoin server. These are called “maker keys” and they allow people to securely initiate trades, send secure messages, send BCH to and deploy smart contracts with accounts that are offline, while maintaining forward secrecy.

The main purposes and benefits of the maker keys are:

  1. Full end-to-end encryption – Nobody can read your messages expect you and the person you are trading with.
  2. Asynchronous – Parties can send messages and BCH to one another even when the other person is offline the entire time.
  3. Identity verification – Each pre‐key is signed by the identity key of its owner so that you know you are always talking to the right person.
  4. Forward secrecy – Messages have forward secrecy, as once the key is deleted there is no way to recover it, even if you can replay the ciphertext.
  5. Simple dispute resolution – Any party only needs to volunteer a shared secret to staff in order for us to read every message in the conversation.

As an example, say Alice is posting an offer on Local Bitcoin.

  1. She’ll generate a random 256-bit secp256k1 public and private key pair securely in her browser (MakerKeyprivate and MakerKeypublic).
  2. Alice will then make an ECDSA signature of SHA3(MakerKeypublic) using her account’s identity key (MakerKeysignature).
  3. MakerKeypublic and MakerKeysignature are submitted to Local Bitcoin’s server for safe-keeping. The private key is encrypted safely using AES-256 with a random IV and stored online too (at least for now).
  4. (Repeat x 100 times)

Similarly, Alice goes ahead and generates and signs (using her identity key) hundreds of BCH addresses.

When Bob comes along and wants to respond to one of Alice’s offer, he’ll ask Local Bitcoin for one of Alice’s signed pre-keys, and one of Alice’s signed BCH addresses. Local Bitcoin will serve him Alice’s next “unexposed” maker key (MakerKeypublic) and BCH address (MakerAddress), and will never show the same key or address to anybody else.

Once Bob verifies both signatures to Alice’s public key, he can be sure that the key and the BCH address both belong to her. At this point, it would be possible for Bob to send BCH to Alice, or send an encrypted message — but for a number of reasons it isn’t that simple (Bob doesn’t have a way for Alice to send him an encrypted forward-secret message yet, or a signed BCH address, and there’s no mechanism yet for dispute resolution).

At this stage, Bob does three things:

  1. He goes ahead and generates his own brand-new one-time secp256k1 key pair as well (TakerKeyprivate and TakerKeypublic).
  2. He grabs one of his own wallet addresses (TakerAddress).
  3. To prove the validity of his new taker key, BCH address and his intention to make this particular trade, Bob bundles everything together and signs SHA3(MakerKeypublic + MakerAddress + TakerKeypublic + TakerAddress) using his identity key (TradeSignature).

Now, he has everything we need to open a secure trade with Alice. He’ll post his TradeSignature, TakerKeypublic and TakerAddress to Local Bitcoin, and the next time Alice is online she will make sure that signature is valid.

For secure messaging, the parties select a shared secret using an anonymous agreement. The way this works is through an asynchronous key exchange protocol called Elliptic curve Diffie–Hellman (ECDH) which allows Alice and Bob to derive the same shared secret using one party’s private key and the other’s public key.

The beauty of ECDH is that ECDH(MakerKeypublic, TakerKeyprivate) produces the same output as ECDH(TakerKeypublic, MakerKeyprivate). Using this equation, the SharedSecretroot is used to generate more secure keys using the HKDF algorithm (SharedSecretenc for AES-256 encryption and SharedSecretmac for HMAC-SHA256 message authentication) — to prevent unwanted potential interactions in the different cryptographic schemes.

When sending messages to each other in the trade, Alice and Bob encrypt the messages using AES256-CBC to SharedSecretenc with a random IV. For verification purposes, every message is signed using the account’s identity key. For further authentication and integrity checking, SharedSecretmac is used to verify HMAC-SHA256 hashes of each encrypted message.

In the case of a dispute, either party needs to volunteer SharedSecretroot to Local Bitcoin staff. This will allow the team to go back and inspect messages, but it won’t allow us to access your wallet or decrypt anything else.

Blind escrow

How does the escrow script work?

When the seller puts BCH in escrow, they are creating an on-chain Bitcoin Cash transaction. The transaction contains two relevant outputs:

  1. Escrow output – This output can be spent by either the buyer or seller.
  2. Fee output – This is the fee portion of the trade. If the trade is unsuccessful, the fee can be reclaimed by the seller; if the trade is successful, the fee will be swept by Local Bitcoin.

Both outputs are P2SH addresses generated from Script templates developed by Local Bitcoin. You can view the annotated Script templates here: escrow script and fee script.

What if I don’t trust you?

Bitcoin.com never takes custody of the BCH, even while it is in escrow. This is why the escrow is called “blind escrow”, even though that term seems like an oxymoron.

It is technically impossible for Bitcoin.com to spend the BCH in escrow. In the majority of transactions, Bitcoin.com is uninvolved, as both parties can complete the escrow on their own. We only become involved when there is a payment dispute, and once involved we can only allow the BCH to be spent by the buyer or seller.

This is possible using OP_CHECKDATASIG, which is only available in Bitcoin Cash. This type of on-chain escrow is impossible to do with Bitcoin Core.

What is the difference between blind escrow and multi-sig?

Multi-sig is another type of Bitcoin P2SH script that uses the OP_CHECKMULTISIG op code. The difference between OP_CHECKDATASIG and multi-signature wallets is that the second party does not need to agree on how and when the BCH is sent. The oracle (which can be the seller, buyer, or arbitrator) doesn’t have the ability to place conditions on the transaction.

With a multi-signature transaction, not only must both parties agree on exactly how the BCH is spent, but both parties must be online at the same time to sign the transaction. This is because both parties must sign the full transaction including all outputs and inputs. With a Script that uses OP_CHECKDATASIG instead, the oracle simply needs to give the winner a signature, which they can use at any time to unlock the BCH in any way they choose.

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