Buying and selling cryptocurrencies can be done in many different ways. A lot of consumers rely on centralized exchanges and trading platforms. Liberalcoins takes a different approach, as it focuses on peer-to-peer trading. It is also the first P2P trading platform supporting Zcash, which is rather interesting.
The Liberalcoins Concept
There is a lot of competition among P2P exchange platforms, which can only be considered a good thing. Although LocalBitcoins controls the market, it is evident that people are looking for ways to access altcoins as well. While there are platforms such as LocalBitcoinCash and LocalMonero, Liberalcoins seems to combine all of these currencies and more in one convenient platform.
How Does it Work?
Like all other peer-to-peer trading platforms, Liberalcoins is designed to connect buyers and sellers directly. Users will need to register for an account, though, which is something not everyone will be OK with. Liberalcoins may remove this requirement in the future, but at this stage, the signup process will remain mandatory.
As far as the supported currencies are concerned, Liberalcoins offers a relatively wide selection to choose from. Bitcoin is supported, of course, and one can also buy and sell Dash, Litecoin, Monero, and Zcash through the platform. The addition of Zcash is particularly unusual, mainly because no other P2P trading platform seems to support this altcoin. It is a bit unclear why that is the case, but this is a positive change.
Liberalcoins also prides itself on offering the lowest fees. Cash trades can be completed for a fee of 0.5%, which is a lot lower compared to other P2P trading platforms active in the cryptocurrency industry today. Being able to trade locally with other like-minded cryptocurrency enthusiasts is something a lot of people are actively looking for. Liberalcoins can make a big impact in this regard.
The Road Ahead
Although Liberalcoins is definitely on the right track, there is still room for improvement. Supporting even more currencies would be a good idea, although one has to make a well-weighed decision prior to doing so. Competition among P2P trading platforms will benefit the cryptocurrency industry in the long run, which is all one can ask for.
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