How Skype is a Powerful Tool Increasing Role of Importance in Bitcoin OTC Trading
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Cryptocurrency enthusiasts often rely on centralized exchanges to trade Bitcoin and altcoins. At the same time, the OTC market is growing by leaps and bounds. Contrary to what one might expect, Skype plays an important role in all of this. In fact, trading firms use this messaging app to buy, sell, and lend various cryptocurrencies. A different way of OTC trading, but one that is more than viable.
Trading Bitcoin and altcoins can be done without centralized exchanges. It may not be the most convenient solution, but it does work in the end. The OTC trading market connects buyers, sellers, and lenders directly without intermediaries. It is a superior way of dealing with cryptocurrencies and cutting out the middlemen.
Skype is a Powerful Tool for OTC Trading
However, OTC trading still requires some centralization. Platforms such as LocalBitcoins act as a gateway to connect buyers and sellers. It now seems a new solution has been found. Trading firms are using Skype to negotiate business deals involving Bitcoin, Ethereum, and others. This list includes payment processors, hedge funds, and wealthy investors.
To the average person, this sounds like an insecure solution. Building trust over the internet is extremely difficult. This problem is only compounded when dealing with cryptocurrencies and the risk of being scammed. Even so, there is a booming OTC market which solely relies on communication through Skype.
Some traders even process over $100m worth of transactions per day. A very lofty number, although not an unattainable one. It is evident a lot of enthusiasts want to steer clear of centralized exchanges. Such companies are prone to hacks, whereas OTC trading in its purest form has no central point of failure. It is an interesting trend to keep an eye on.