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.
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.
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.
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.
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.