Almost nine years after Bitcoin launched, trading cryptocurrency with fiat currencies remains difficult and expensive, with the space dominated by centralized exchanges charging high transaction fees and not always delivering the user experience and level of service you expect.
Exchanges like Coinbase and Kraken (and many more like them) force you to go through time-consuming anti-money laundering and know-your-customer (KYC) processes before they allow you to trade any significant amounts.
For anyone doing frequent or large transactions, these fees add up.
Gox in 2014 being the biggest and most famous breach, with Bitfinex last year on second place — have given the exchanges a bad reputation among both traders and holders of cryptocurrency, who refrain from storing their coins on the exchanges when possible.
You can sell your Bitcoin via multitude of payment methods without having to give anyone your ID, making it the preferred option for buyers and sellers who value their privacy.
However, unlike its Bitcoin counterpart, Localethereum will be a completely decentralized service (there won’t be an ICO though) where the user retains full control at all times.