Earlier than the imposition of these compliance mechanisms, LocalBitcoins was a great tool for individuals to reinforce their privateness on-chain. However even after, the stripped-down service helped facilitate a local bitcoin financial system – the platonic ideally suited of which might appear like alphanumeric addresses interacting with equally pseudonymous entities counting on Bitcoin’s structure to estable mutual “belief.” The corporate onboarded and verified customers from 189 international locations. At its peak, in 2018, some 2,400 BTC traded palms weekly. By 2021, common weekly volumes dropped under 1,000 BTC. Final week, solely 283 BTC had been traded.
