ETH (BEP-2) is now available on CryptoLocally!
In line with our relentless effort to bring the very best Peer-to-Peer trading experience to our users, we are delighted to announce that we are adding Ethereum, ETH (BEP-2), to our platform. Thanks to the Binance chain, ETH (BEP-2) will allow CryptoLocally users to trade ETH within our platform without having to worry about latency issues or excessive transaction fees usually associated when dealing with Ethereum’s native tokens.
Why ETH (BEP-2)?
We always strive to offer our users products and services that will bring the most value to our platform. This is the primary reason we have been busy onboarding various blockchain projects we believe will truly enhance the trading experience of our users. Just last month we shared our support for BTC (BEP-2), the Binance chain-issued representative digital asset of Bitcoin. With this latest announcement, we now support two of the most popular and liquid cryptocurrencies in the whole industry.
The Ethereum Platform
If Bitcoin (BTC) is programmable money, Ethereum is a programmable blockchain. Ethereum is the very first blockchain to support smart contracts that enabled blockchain developers to create decentralized applications (dApps) that go beyond the financial industry. Its release ushered in a new era of blockchain-based applications that have the potential to disrupt various industries. It enjoys a significant first-mover advantage over its competitors, becoming the primary smart contracting platform of many relevant decentralized applications in the blockchain industry.
The Ethereum network uses Ether (ETH), the network’s protocol token used to obtain network resources and transaction fees (GAS). However, Ethereum is difficult to measure and transaction fees skyrocket with congested networks. This has become a major challenge for Ethereum. This problem will persist until the second iteration of the network: ETH 2.0. Unfortunately, there is no definite launch date for the much-anticipated protocol update and there have already been several delays.
Binance Chain-based ETH (BEP-2) seeks to address the scalability problem of native Ether coins by enabling faster and cheaper transfers of Ethereum through a pegging mechanism that tracks the price movement of ETH. By choosing to support ETH (BEP-2) we allow our users to use ETH without the latency risks and expensive transfer costs associated with the native ETH currency. We firmly believe in ETH’s price potential and that it could be an interesting trading opportunity for CryptoLocally’s users with further support.
Buying and Selling ETH (BEP-2)
Existing users of our platform would be happy to know they will be using the fast, easy, and secure P2P platform they have grown to love to trade ETH (BEP-2). The only difference would be to switch the platform to ETH (BEP-2). This can be done by selecting ETH (BEP-2) on the digital asset selection window pop-up on the top right-hand corner of the website.
In order to use our platform, new users will just need to register and confirm a valid email address. No prior experience is required and all they have to do is follow the simple instructions on our website. A complete step-by-step guide is also available here (remember all digital assets follow the same procedures).