Cryptocurrencies’ ability to liquify into fiat has never been as efficient as it should, as the two battle against each other in separate worlds. But the demand for easy transfer of crypto into local currencies, and vice versa, has seen Qvolta try and step into the local Bitcoin and Ethereum market globally.
In a world where all the cryptocurrency action happens on popular exchanges, such as Coinbase in the USA, and Bithumb in Korea, for example, there is only really one alternative. LocalBitcoins operates as a peer-to-peer marketplace – but it’s a market with a lot of danger, and a lot of need for development.
Peer-to-peer power
Bitcoin, as well as the Dollar, Euro or Yen, can be traded in a peer-to-peer fashion. However, the cryptocurrency market isn’t yet fully prepared for this full level of decentralization. Currently, there are few decentralized platforms, such as exchanges, but their rules, fees and regulations make them feel a lot like banks.
Most of the cryptocurrencies action takes place on these semi de-centralized exchanges which have their own set of rules, regulations, and constraints. This system sse a lot of influence coming from the exchanges in controling their users’ experience.
Fiat money can be traded without strict control in the real world, but the movement of digital currencies mostly falls under the control of exchanges who take their cuts and implement their regulations.
An alternative that has been used to varying degrees of success is LocalBitcoins which sets up a localised market where buyers and sellers meet to trade their digital currencies in a peer-to-peer fashion.
Guarantor of protection
Meeting and trading Bitcoin with strangers on the internet is about as dangerous and fraught with danger as it sounds. Many schemes and scams have been witnessed in the LocalBitcoins market as buyers fall prey to con artists and thieves.
Qvolta, who believe that a neccssary middleman, that is not a centralising agent of money control, but rather an escrow-type guarantor could work in this instance. Without taking ownership of the fiat funds, the notion of local Bitcoin trading can succeed safely, and actually become a Global Bitcoin and Ethereum peer-to-peer market.
Buyer rather than trader
Bitcoin is still trying desperately to become a currency rather than a traded stock or commodity, but the fact that it is mostly bought on an exchange, with confusing candle graphs and constantly swinging prices is a concept that most currency users aren’t accustomed to.
Our sponsor Qvolta’s aim is to turn its platform into a true global marketplace. A seller of Bitcoin and Ethereum can buy tariffs within the amount of the tokens that he wants to sell. The buyer chooses the best offer and provides a profitable deal.
The escrow-type function of Qvolta means that they do step in, but not to hold the money, rather to ensure the trade is effected. They also claim that their fees are far lower than that of exchanges.
Acting as the guarantor, a person can buy Bitcoin, rather than trade it on an exchange, and with that they can also receive their tokens instantly and avoid fees
Habitual payment system
Exchanges are also regulated and controlled by rules that limit buying power to one or two options, but just as in normal trading of goods and services, Qvolta can allow buyers and sellers to choose their payment system.
The monopoly of banks has been disagreed with within the digital currency community, but the exchanges are in danger of copying the same model. If people are to go back to trading their money, digitally or otherwise, directly, options like Qvolta could provide alternative arrangements to break the hegemony.
This is a sponsored article. The article does not necessarily reflect the author’s or The Merkle’s views.
This should have been marked as a PR before the end so that I could choose wether or not to read it.I knew fairly quickly in it was a Pump piece but really it should have been clearly marked at the beginning and not under Home->News->Crypto. C’mon Merkle, you’re better than this…I hope.
Agree This is a p….e of shit. Writer su…s
I am near speechless with astonishment at how utterly ignorant the author is about the regulatory infrastructure impedimenta that controls fiat currencies.
“Fiat money can be traded without strict control in the real world” Nothing, could be further from the truth than that ignorant statement. The reason why “…their rules, fees and regulations make
them feel a lot like banks.” is because governments almost everywhere impose stringent rules on all financial institutions in the name of anti-terrorism financing, anti-money laundering and tax evasion prevention. That’s why they feel like banks, they have to comply with the same laws.
The Australian government looks all set to crack down and prevent peer-to-peer with proposals of up to 7 years jail for trading crypto currencies without a license.
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