Cryptocurrencies are undoubtedly the most lucrative financial assets in the world. It offers plenty of benefits like decentralization, immutability, protection against inflation, and transparency. Peer-to-Peer (P2P) trading is the new trend now. It allows crypto buyers and sellers to directly exchange assets with each other. Importantly, P2P trading platforms like LocalBitcoins remove the role of middlemen. Hence, investors need not pay any commission for executing a trading deal.
LocalBitcoins is a well-known P2P exchange in Finland where users exchange their fiat currencies with the leading cryptocurrencies. It functions based on an Over-the-Counter (OTC) trading mechanism. Entrepreneurs can make a big mark in the crypto era by getting a customized LocalBitcoins clone script from a top-notch app development company.
What are some insightful stats about LocalBitcoins?
- It witnessed a 500% increase in trading volume – from Senegal in the first 3 months of 2021. Investors from the West African country are using more mobile wallets for executing consumer-to-consumer (C2C) transactions.
- LocalBitcoins got 30,000 new users from Nigeria – this year. 1000 new traders from Kenya register on its peer-to-peer trading platform every week. It receives around $3 million in trading volume from Kenya every month.
- 10,000 new traders from Ethiopia joined – the LocalBitcoins P2P trading platform in 2020. The overall growth was 500% when compared to 2019.
- Tanzania (10,000), Uganda (5000), and Somalia (2000) – are the other major markets where LocalBitcoins got new traders.
What is LocalBitcoins Clone PHP Script?
It enables 24×7 trading of valuable Bitcoins through a person-to-person mechanism. Interested crypto traders will get real-time information about the price of Bitcoin (BTC) in local currency, the minimum investment limit, and the names of the sellers. Trained developers utilize the Hypertext Preprocessor (PHP) programming language to establish the LocalBitcoins clone script. Entrepreneurs will benefit from cross-platform compatibility, flexibility, high scalability, quick processing of buy and sell orders, reduction in overall operating costs.
Read more: Is this the right time to Buy Bitcoins?
The core features of the LocalBitcoins exchange clone script
Buy Bitcoins option
Traders can purchase lucrative Bitcoin (BTC) from registered sellers. Investors can go through the reviews posted by other users about a specific seller. Later, prospective buyers enter two amounts (Amount of BTC they wish to purchase in Fiat currency and the total quantity of Bitcoin). Further, traders process the payment within a certain period.
There is no chance of frauds or scams on the LocalBitcoins PHP clone script. It is very useful if the buyer makes the payment and the seller does not release the required amount of Bitcoins. Crypto investors can contact the technical support team. They will release the needed BTC directly from the seller’s LocalBitcoins wallet.
Likewise, crypto sellers can protect themselves from dubious buyers. They should release the particular amount of Bitcoins only after getting the payment from the buyers.
Integrated affiliate program
Users get commission daily by referring new traders to the LocalBitcoins exchange clone script. They receive payments in Bitcoin (BTC) for each successful referral. Registered affiliates will have to post direct links to individual web pages. The total commission increases if the referred person buys and sells Bitcoin regularly on the P2P platform. Further, traders will have to avoid misleading advertisements and spamming.
Sell Bitcoin facility
Bitcoin sellers mention details such as their name, payment methods, payment window (a few hours), price, and trading limits (lower and upper). Additionally, they can mention terms and conditions for the Peer-to-Peer (P2P) trading deal. Besides that, crypto sellers can share their WhatsApp numbers to resolve any queries faced by buyers.
Multi-layer security measures
A LocalBitcoins clone script implements several security steps for both buyers and sellers. It comprises measures like end-to-end encryption, login guard mechanism, OTP based verification, and two-factor authentication.
Provision of 24×7 technical assistance
Investors can approach the Help Centre for sorting out issues related to escrow protection, order processing, and payment execution. Cryptopreneurs can offer round the clock technical support via email, live chat, phone, and Twitter.
Read more: How to Easily Convert Bitcoin to Naira?
How do buyers and sellers process payments on the LocalBitcoins Clone PHP Script?
Crypto traders and sellers can execute peer-to-peer (P2P) transactions with ease on the LocalBitcoins clone script. They can utilize a wide variety of payment methods. They can choose Immediate Payment Service (IMPS), M-Pesa, National Electronic Funds Transfer (NEFT), Paytm, Revolut, Single Euro Payments Area (SEPA), and Unified Payments Interface (UPI).
What are the different cryptocurrencies and stablecoins accepted for buying Bitcoin?
Generally, traders can utilize various cryptos for purchasing Bitcoin (BTC). They can process transactions through Bitcoin Cash, Cardano, Dogecoin, Ethereum, Litecoin, Ripple, and Stellar.
Investors can protect themselves from fluctuations in the market by paying through stablecoins. They can execute payments via Tether (USDT), and USD Coin (USDC).
What are the various sources of revenue of a LocalBitcoins exchange clone script?
Buying and selling Bitcoin (BTC) is completely free on a LocalBitcoins clone script. Entrepreneurs mint revenue by imposing advertisement fees on buyers and sellers. Further, owners of the LocalBitcoins clone PHP script will earn sending fees. It is paid by the traders when they transfer Bitcoin to other digital wallets. They pay the required amount directly from their LocalBitcoins wallet.
Besides that, the transaction fees for executing buy and sell orders vary depending on the level of congestion on the blockchain network. Cryptopreneurs also pocket deposit fees when users receive Bitcoins to their LocalBitcoins digital wallet.
The total cost to develop the LocalBitcoins clone App
The total cost of creating the LocalBitcoins exchange clone script relies on multiple factors. Generally, it depends on the choice of basic and premium features, cross-platform compatibility, the level of customization demanded by the entrepreneur, hourly/weekly charges paid to the front-end and back-end developers, the tech stack used, and the time allocated.
Further, entrepreneurs must incur more expenditure for our premium post-deployment services. We assist in fixing bugs and security loopholes, issuing software updates, maintenance of the P2P trading solutions, technical support, and third-party API integration.
Undoubtedly, LocalBitcoins is a fully secure crypto trading platform. It is highly credible when compared to centralized exchanges affected by data breaches, hacking, and phishing attacks. Moreover, many traders in Kenya, Nigeria, and Venezuela are buying Bitcoin due to the decrease in the value of their fiat currency.
Besides that, the daily trading volume of Bitcoin (BTC) is $21.83 billion as per CoinMarketCap. Above all, the crypto sector has a gigantic market capitalization of $1.42 trillion.
Importantly, the LocalBitcoins P2P trading platform will focus on strengthening its business operations across Asia, Middle East, and North Africa in the future. Hence, entrepreneurs can disrupt the global cryptocurrency industry now by obtaining the LocalBitcoins clone script. They can contact a trustworthy app development company to witness spectacular results in a quick time.