Exchanges play a critical role in the bitcoin ecosystem. Without them, it would be nearly impossible to buy or sell bitcoins for euros, dollars, yen or yuan. Bitcoin would be a market without liquidity; bitcoin would be worthless.
Satoshi Nakamoto created Bitcoin with the motivation to solve the problems of centralized payment systems so it seems inconsistent that centralized Bitcoin exchanges are still the primary way to acquire bitcoins. In our opinion the dominance and vulnerability of centralized exchanges is the Achilles heel in the current Bitcoin ecosystem.
There have been many discussions in the forums about how to build a pure P2P based solution but there is still no real decentralized bitcoin exchange available yet.
That’s where Bitsquare comes in.
We have developed a solution which is based on pure P2P infrastructure. While the transfer of national currency requires the involvement of traditional payment channels like banks or payment processors, we are not dependent on any particular one. Their role is limited to what it should be: They transfer national currency. No power of censoring, confiscating, monitoring or controlling your financial interaction.
Bitsquare is built for those who:
- Want to exchange a national currency such as dollars, euros, or yen for bitcoin.
- Want to exchange a wide range of alternative crypto currencies for bitcoin.
- Do not want to trust any exchange for holding your funds.
- Do not want to forfeit control or privacy to a central authority in order to trade with other individuals.
- Regard financial transactions as a form of private speech that should be protected from surveillance by banks, governments, and other institutions.
To keep reading about the Philosophy of Bitsquare, and how we solve the involved challenges to make it secure and easy to use please read our White Paper:
- Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto
- Bitcoin open source implementation of P2P currency by Satoshi Nakamoto
- Shelling Out — The Origins of Money by Nick Szabo
- A New Kind of Social Ordering: Self-Sovereignty, Autonomous Trust and P2P Parity by John Clippinger