The Craigslist of Crypto Is Making Millions Where Bitcoin Is Needed Most

It turns out, even though LocalBitcoins tends to be more expensive, the company is much needed.

During the peak week of April 14, LocalBitcoins' trading volume in these three nations combined was worth roughly $55 million - more than six times the value of U.S. trading on LocalBitcoins in the same week.

When the Bank of Montreal restricted customers from making cryptocurrency purchases, LocalBitcoins activity in Canada spiked.

It's these instances that make LocalBitcoins so valuable, even in an environment where growing awareness of institutional traders and their high-value swaps are stealing the limelight.

On top of that, LocalBitcoins was the platform in the middle of more than half a dozen criminal cases associated with LocalBitcoins traders.

Just like Craigslist horror stories haven't stopped people from using the internet marketplace, instances like these connected to LocalBitcoins haven't slowed the platform's usage.

The $27.2 million in revenue LocalBitcoins took in last year was more than triple its profits from 2016.

Because LocalBitcoins facilitates generally trades of smaller amounts, they rarely attract scrutiny.

Since sanctions keep Iranian banking customers from accessing foreign markets, he told CoinDesk, Iranian traders use LocalBitcoins to find local sellers who accept wire transfers from Iranian banks.

It's these kinds of markets, which are cut off from the rest of the world, that need P2P crypto exchanges like LocalBitcoins.