The ability to buy cryptocurrency will usually depend on the exchanges. People in far flung regions, or in highly regulated ones, face rules and regulations that make buying digital currencies difficult.
Additionally, buying cryptocurrency is far more like trading stocks and bonds than buying a commodity, another reason why it is less accessible to a large portion of the global population.
These controlling exchanges usually don’t have enough functionality to provide enough technical for their users either despite taking on huge volumes of clients.
Qvolta believes that allowing people to operate with their local payment methods, to buy Bitcoin and Ethereum, like a product, can help in spreading cryptocurrency around the world.
Barriers to entry
The manner in which centralized exchanges control the cryptocurrency stock of the world shows similarities between elite banking, where there is much exclusion and high barriers.
Murzin said of Qvolta’s platform:
“Up until recently, cryptocurrency exchange platforms had high barriers to entry, so they were the exclusive domain of advanced users and geeks. We created Qvolta as a direct response to this problem. Users don’t need to be crypto tech geeks to use our service like they do on our competitors’ platforms. On Qvolta, they find a secure and convenient solution – and both novices and advanced users alike will appreciate the lower commission rates.”
Murzin speaks of his competitors, and it seems as if the biggest one in terms of a similar platform is LocalBitcoins. The idea of peer-to-peer trading of Bitcoin has been implemented by the localised trading platform, but there have been some problems.
LocalBitcoins simplifies the matter of high barriers of entry, but still adds large commissions to its service which is also limited and unintuitive
Qvolta is hoping to offer the peer-to-peer nature of trading Bitcoin and Ethereum with individuals – rather than an exchange, but on a global level with ease and less complications.
One of the issues dogging peer-to-peer trading however is the fear of scams and cons.
However, Qvolta is offering itself up as a guarantor for these global trades.
This may ring alarm bells about a centralised middle man, taking their cut and also implementing their rules, like banks or exchanges, but Qvolta maintain this is not the case.
The platform says it is simply guaranteeing the transactions, they do not even take custody of the fiat funds, or charge high commissions or fees.