, bitcoinJudging by today’s financial trends, it seems like ‘decentralized’ is the new, popular model that many financial applications wish to incorporate. With this in mind, Bitsquare, a decentralized bitcoin exchange is going to launch its beta version this Wednesday, on the 27th of April, at the Fab Lab in Barcelona.
Bitsquare is likely one of the first decentralized bitcoin exchanges to hit the market and boasts a couple of essential features that differentiate it from other exchanges. With this in mind, Bitsquare does not hold any bitcoin. Rather, the funds are held in multisignature addresses instead of an exchange-controlled wallet. Together with this, it also does not control national currency, and instead transfers it directly from one trader to another.
Thanks to these key features, users who’ll choose this exchange will likely feel much safer when it comes down to trading on it. Additionally, for added privacy, Bitsquare uses a P2P network that operates over Tor. In return, thus means that there are no servers, thus making the platform immune to hacking and DDoS attacks. Surprisingly, Bitsquare has also adopted a policy which does not require users to register. Thus, no verification is required- in exchange, this makes the platform a financial heaven for those who wish to keep their identity private.
However, while the exchange wishes to offer all users the right to privacy, its scope isn’t to encourage criminal behaviour, which is why they may need to verify the identity of certain traders in case of disputes, or other issues.
According to the exchange’s website, “Bitsquare is not a company. It is an open source project aiming to organize as a Decentralized Autonomous Organization (DAO)”
Based on everything that has been outlined so far, what do you personally think about the upcoming Bitsquare exchange? Let us know your thoughts in the comment section below.
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