Jon Matonis – "Until physical paper cash is outlawed …"

Jon Matonis – “Until physical paper cash is outlawed …”:

Bitcoin Foundation board member Jon Matonis (@JonMatonis) describes the growing trade of bitcoins in face-to-face, in-person transactions.  Excerpts:

“In-person bitcoin transactions allow you to meet interesting new people in your area – and discuss bitcoin.”

“For the casual traders seeking more privacy, I recommend in-person trading through”

“LocalBitcoins has steadily added new cities and market depth. ‘We currently have 142 countries and 1700 cities,’ [founder Jeremias Kangas] recently told Bitcoin Magazine, ‘but that most definitely isn’t enough. We want to expand to at least 170,000 cities’”.

“LocalBitcoins offers an escrow facility and a rating system both of which can be extremely valuable for the first-time trader.”

The bitcoin provider sets the price markup and types of payment that will be accepted. […] Given the robustness of trade in some large urban areas, it is entirely possible to earn a living from buying and selling bitcoin using the LocalBitcoins matching platform.”

“In the general classification of commodity, bitcoin’s trade is similar to any other collectible item, such as antique diamonds, celebrity autographs, moon rocks, Buddha figurines, and baseball cards.”

“Ultimately, until physical paper cash is outlawed, bitcoin will still be bought and sold in person just like any other commodity.”

 – (Further discussion on the article)

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