Many people are drawn to Bitcoin because of its decentralized and peer-to-peer nature. In recent months, however, a lot of focus has been on other aspects of Bitcoin, which overshadows the peer-to-peer aspect of this disruptive digital currency. Coinffeine is looking to shift that focus to where it belongs, as the technical preview of their peer-to-peer Bitcoin exchange platform has been released.
Coinffeine – A New Breed of Bitcoin Exchange
If you ask Bitcoin enthusiasts around the world, most of them will say there are already more than enough exchanges available. While that statement holds merit in certain parts of the world, there are other areas where there is little to no option of obtaining or selling Bitcoin in exchange for fiat currency.
That does not mean we should ignore those people, as they are living in areas where Bitcoin could have a major impact on everyday life. But, how do we get a Bitcoin-fiat exchange platform to them? Coinffeine has thought long and hard about this issue, and come up with a simple and robust solution.
One aspect of most Bitcoin exchanges that needed to be removed from the equation was the arbitration aspect. Several major exchanges, such as Bitstamp or Coinbase, have already removed arbitration from their platform. But, Bitcoin is all about being peer-to-peer, and both of those platforms prevent that from happening in their own way.
You could argue the fact that, by using the system created by Coinffeine, you can only execute trades with other Coinffeine users. There is no way to deny that statement, as Coinffeine’s solution relies on their user base entirely. But, there is a small twist compared to how other non-arbitrary Bitcoin exchange platforms operate.
Combining a Wallet and Exchange Into One App
If there is one thing a lot of people really can’t stand, it’s the fact they have to register for yet another service they want to use. This is especially true when it comes to Bitcoin exchanges, even though it is understandable why they need your personal information. Coinffeine has found a way to bypass that problem, as they do not require you to create an account for using their Bitcoin exchange platform.
But, that is not all, as there are also no identity verification requirements for using Coinffeine’s peer-to-peer Bitcoin exchange platform, either. Since the company holds none of your personal data, there is nothing to verify. This brings back the true peer-to-peer nature of the Bitcoin ecosystem that we have been missing for far too long.
And, to top things off, Coinffeine’s platform combines both a wallet and an exchange into one platform. Unlike platforms such as Bitstamp and Coinbase, you will not have to send funds to a “middleman” platform. All trades through the Coinffeine platform are executed between users directly, with no other party involved.
The Coinffeine Technical Preview is available for Windows, Mac OS and Linux.
Source: Coinffeine Blog
All images courtesy of Coinffeine