Over-the-counter Bitcoin trading has become a lot more popular over the past few months. By cutting out the middlemen and centralized exchanges, platforms such as LocalBitcoins are surging in popularity. It seems a new competitor may emerge very soon, as PayFair is scheduled to launch in the near future. This platform works similarly to LocalBitcoins, but seemingly requires no KYC procedure whatsoever.
Can PayFair Make a Positive Impact?
It is evident there is a growing demand to trade cryptocurrencies for fiat currencies without going through a centralized exchange. Although the latter option is still quite popular, not everyone wants to go through a KYC or AML procedure for smaller purchases of Bitcoin and altcoins. Additionally, exchanges support a limited number of payment methods, and using certain options can lead to annoying delays. Not all payment methods are created equal; that much is rather evident.
With all of these facts in mind, it is not surprising to see platforms such as LocalBitcoins gaining a lot of popularity. This platform offers escrow services and lets users select any payment method they see fit. Additionally, these platforms don’t always have KYC and AML verification processes, which makes buying and selling Bitcoin a lot more straightforward.
This is where PayFair comes into the picture. This new OTC trading platform will launch very soon and seemingly removes the need for KYC verification entirely. That’s a pretty interesting approach to cryptocurrency trading. PayFair positions itself as a decentralized escrow platform and peer-to-peer exchange. With a strong focus on low fees and providing a private environment, this solution could make a meaningful impact in the coming months and years.
Although the platform seemingly only supports the PayFair token as of right now, that situation will come to change in the future. There will be native support for the project’s own token first and foremost, but there is a lot more to cryptocurrency than simply new or existing currencies. A decentralized trading approach should encompass various cryptocurrencies which can make a positive impact.
Whether or not PayFair will ever be able to compete with LocalBitcoins remains to be seen. There is definitely a growing interest in decentralized exchange solutions for various cryptocurrencies. That being said, none of those projects have gained any major traction, and it will be quite some time until decentralized trading solutions become the new normal. With more offerings coming to market regularly, an interesting future lies ahead.
All of this further confirms that the cryptocurrency industry is in a very good place right now. A lot of developments are taking place behind the scenes, yet there is still a very long way to go until this form of money becomes a mainstream activity. Solutions such as PayFair could have a big impact in the long run, as OTC trading is quickly becoming a very popular business model. With the demand for Bitcoin and altcoins not slowing down in the slightest, things can only get better from here on out.