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BitSquare: A Bitcoin Exchange without Central Authority

Avatar Yashu Gola 5 years ago

In his original whitepaper about P2P payment technology, Satoshi Nakamoto proposed a method to exchange money between two individuals without requiring a trusted third party. This was the founding definition of Bitcoin, a cryptocurrency which gradually gained fame and adoption for lifting unnecessary commissions off of payment transactions.

BitSquare Graphic Image

The purpose of a newly launched Bitcoin exchange BitSquare somewhat reminds the community of the same core philosophies of Bitcoin, which propagate the idea of decentralized financial transactions between individuals. In times when most of the centralized Bitcoin exchanges are being allegedly involved in faking trade volumes, leaking personal data, and even thefts, BitSquare tries to fill a deep void in the currency exchange market.

“We have developed a solution which is based on pure P2P infrastructure,” claims their website.

“While the transfer of national currency requires the involvement of traditional payment channels like banks or payment processors, we are not dependent on any particular one. Their role is limited to what it should be: They transfer national currency. No power of censoring, confiscating, monitoring or controlling your financial interaction.”

While a majority of Bitcoin followers have supported the idea, some have even raised genuine questions against BitSquare’s feasibility. The major question is regarding the implementation of speculative day trading on a decentralized platform.

One of the exchange’s developers, Richard Myers, acknowledged this issue and promised to minimize its impact in countries with faster payment structures. Meanwhile, he also described how such concerns are very few if compared to the benefits users will receive from BitSquare. These benefits include everything from instant accessibility to utmost privacy.

Fundraiser to Support BitSquare Project

BitSquare recently launched a fundraising campaign on the Lighthouse Crowdfunding App with an aim to raise 120 BTC. Until this date, they have managed to obtain around 42% of the target amount. They could indeed use your help in meeting their project goals on time.

Before deciding to donate, you should always read BitSquare’s white paper to learn more about their project. It’s right here.

Images from Bitsquare.

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN...

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