Peer-to-peer Bitcoin exchanges will slowly take over from their centralized counterparts. It is evident a lot of Bitcoin users prefer to trade in a P2P fashion. Remitano is a new platform which provides this service in a few countries around the world already. It is evident there is a lot of competition for LocalBitcoins right now, which can only be considered a good thing.
Remitano Embraces P2P Cryptocurrency Trading
One gripe most people have with centralized exchanges is how they are custodians of people’s money. It is virtually the same as keeping money in a bank account, as you need the institution’s permission to access and spend your balance. The same applies to centralized exchanges, in that they control users’ funds in the case of both fiat currency and Bitcoin. It is a far-from-ideal situation that needs to be addressed sooner rather than later.
Finding solutions is not all that easy in this regard, though there are quite a few possible courses of action. Decentralized exchanges are preferable, but those will take time to come to fruition and gain market traction. Atomic swaps are another option, although this technology is still in the very early stages of alpha testing right now. Until then, we can all benefit from peer-to-peer trading solutions such as LocalBitcoins.
However, if everyone used LocalBitcoins, there would still be a lot of centralization in effect. This is why we have seen multiple peer-to-peer trading platforms related to Bitcoin pop up as of late. Remitano is one of the newer platforms which focuses on both Bitcoin and Ethereum. The company is active in several regions around the world, including North America, Europe, Asia, Africa, and the Middle East. Not every country in the world is supported right now, but it seems the list of supported regions will continue to expand over the coming weeks and months.
The look and feel of Remitano is very similar to that of LocalBitcoins. There is a section containing listings for buyers and sellers as well as customer feedback. Moreover, there is a reputation system in place, which is an absolute must when dealing with strangers on the internet. Moreover, Remitano ensures all trades are protected by escrow, which makes the whole ordeal a lot safer for both buyers and sellers alike. Do keep in mind the escrow service is controlled by Remitano, which means people still must trust the company with their funds until transactions are completed.
This focus on both Bitcoin and Ethereum is pretty significant as well. We have seen some new peer-to-peer trading projects focusing on Ethereum trading as of late. In fact, there is a LocalEthereum platform in existence as well. Peer-to-peer trading is quickly becoming the new normal in the world of cryptocurrency, which is a positive trend. As one would expect, there is also an affiliate program to let people earn some money while bringing new people to the platform.
All things considered, it is great to see more peer-to-peer trading platforms in the world of cryptocurrency. We need to start weeding out centralized exchanges, as they are the weak point in the ecosystem right now. Regulators can’t influence Bitcoin directly, but they can make life difficult for centralized exchanges. Transitioning to P2P – and eventually decentralized – trading is the only viable course of action.