These obstacles have resulted in the development of delocalized trading which allows people to protect their identities and sensitive data as they get the most out of such trades. Here are some of the thriving marketplaces on the market which cryptocurrency users are now enjoying.
Bitmarkets
Bitcoin has grown fast over the years, thanks to its early appearance on the market. People quickly took to using it but faced a problem when they needed to convert their bitcoins into real-world currency. The companies that came in to act as the mediums for exchange were successful at first, but users soon realized that they were losing a substantial amount of their money in the process. There was also a need for a less complicated method which would, in turn, reduce the waiting periods. It is in this spirit therefore that Bitmarkets came into the scene.
This market is free and open-sourced, and it has undergone a series of changes to become the success that it is to date.
The Beginning
It began in the year 2013 when Steve Dekorte embarked on a journey to create a decentralized market that would operate on a peer to peer basis. He worked alongside Chris Robinson before Adam Thorsen, and Rich Collins came into the picture. Together, they created Bitmarkets which they showed at a Bitcoin conference in May 2014. The team, having received positive feedback on their advancements, went ahead to release the market in November that year and they have been in operation ever since.
Now
This market uses Bitmessage communications in a bid to protect the information of people using the platform. As such, both the seller and the buyer get an assurance that nobody can alter their transactions as they transact with each other directly, without the need for a third party. In this way, there are no funds in escrow, and this significantly reduces the number of disagreements arising from the operations. What’s more, the parties can complete their transactions in a matter of minutes.
SafeMarket
This marketplace offers users privacy such that although interactions will appear in a shared ledger, nobody can access the identities of the users of the platform. This privacy also extends to IP addresses such that people with malicious intents cannot go after members in any way. In this way, one can only know what is available on the market and at how much but they cannot identify the people behind the numbers. Most users admit that this feature is one of the biggest motivators behind using this platform.
There was once a time when cryptocurrencies were subject to hacking and scamming and this was attributable to the existence of monies in escrow. People could easily track the funds and transfer them, thus affecting the ongoing transactions. In this platform, the funds remain in virtual escrows such that they are not accessible by anyone. When both the merchant and the buyer are ready to make the exchange, they can do so, and none of the two can scam the other in the process. This protection gives users the confidence to transact in this space, knowing that their cash is safe.
There are no alterations in the market, and this is because there are no servers which can serve as distorters in the transactions. Each user has an accurate view of what is available in the market and thanks to peer to peer networks; external influences cannot disrupt the flow.
This market stands out such that users can create submarkets within it such that they can segregate products based on features. The opportunities in this trading market are endless, and users can only hope for more advancement over time.
OpenBazaar
This market allows users to make use of cryptocurrencies in their transactions, thus making e-commerce transactions a breeze. The project began back in 2014 when Amir Taaki and other bitcoin enthusiasts decided to create a platform in which people could transact, devoid the need for a third party. They created the DarkMarket and exhibited it at the hackathon where they got a lot of positive responses. Brian Hoffman was one of the interested parties at the exhibition, and he sought Amir in a bid to work with him on the development of the market. It was then that Brian realized that Amir was not interested in further advancement and as such, he took on the project and renamed it the OpenBazaar.
Together with his team, Brian built a different code base for the project, and they released the platform in 2016. The response from users was satisfactory, and they made a few tweaks to the market and released another version in late 2017 in a bid to improve user experiences. There are many measures in place to ensure that the identities of users are kept private, and the platform allows the use of a wide array of cryptocurrencies.
These markets have enabled cryptocurrency users to transact in a free yet safe environment, and this has greatly aided in the ease of online transactions.