Everyone in the Bitcoin community is concerned with the increasing number of hacking attempts on the Bitcoin exchanges. As recent as it gets, in January this year, hackers reportedly stole $5 million worth of Bitcoins from the BitStamp exchange. Even in shock and frustration, investors had no authority to look up to.
So, what if I told you of a new development that hopes to ease your concerns regarding the above problem? Sounds good, right? Recently, the world’s first trustless cryptocurrency exchange, Mercury Exchange, was launched. The primary purpose of this exchange is to remove the third party (exchanges) from transactions between two parties, i.e. a peer-to-peer network boasting of direct transfer from one wallet to another. Buyers and sellers will be able to trade different cryptocurrencies, including Bitcoin, Litecoin, and Dogecoin, in its alpha version, Mercury v0.1.
Even with such advantages, investors are not advised to jump into this ship with all the money. They must note that since this is an alpha version, there are likely to be a lot of bugs, as is common with every project in its testing stage. The developer who goes by the handle “mappum” on the popular Bitcoin forum, bitcointalk.org, said that the software was yet to be audited and professionally reviewed. But give it a try with amounts that you feel safe with; you might find it a lot more satisfying.
A direct transfer between two parties could have positive implications for the Bitcoin industry. The Bitcoin economy has a lot of potential investors who have been sitting out because of security reasons, apart from the unstable nature of the cryptocurrency. This development should, at least, restore or boost the confidence of the existing customers as well as push new customers into the world of digital currencies. And, we are not complaining!