Supporting Alipay and 22 competing currencies, Bitsquare will publicly test the decentralized Bitcoin trading client

At the end of this month, BitSquare will be testing a decentralized Bitcoin trading client. BitSquare allows Bitcoin to be traded with other fiat currencies or altcoins. BitSquare was founded by曼弗雷德•卡勒(Manfred Karrer) and other partners and has been in development for more than two years. The public beta is expected to be launched on 2016年4月27号In recent months, BitSquare has been conducting internal testing.

Manfred Kahler introduced the platform on the Daily Decryption YouTube channel, which is dedicated to Bitcoin and other cryptocurrencies. BitSquare is completely decentralized in terms of platform infrastructure and the use of TOR-like network infrastructure.

BitSquare is similar to all other software in that you can download and install a desktop client. Once BitSquare is installed, it is very easy to use. BitSquare's selling proposition is reflected in its Bitcoin processing. On the platform, Bitcoin can be cashed out in the user's local Bitcoin wallet or multi-signal trading, and the currency does not need to be stored on the platform. At the end of the transaction, the funds will be settled through multi-channel transactions. In addition, users do not need to register on the platform or submit documents, which avoids the possibility of BitSquare being involved in processing the private identity information of its users.

The company has consulted with leading lawyers and authorities on Bitcoin and financial regulation before building its mechanism. The platform uses多重签名to process transactions. The buyer and seller each hold a key, and the remaining key will be held by the arbitrator responsible for the transaction to prevent misunderstandings between the two parties regarding the Bitcoin transaction. According to the design principle,仲裁是匿名制and anyone can become an arbitrator. To become an arbitrator, the user needs to deposit a certain amount of funds in advance as a deposit. Before the transaction is carried out, the trader also needs to deposit a certain amount of small funds, which will be returned after the transaction is completed.
Fiat currency transactions are mostly handled by remittance services such as OKPay or Perfect Money .

The company is working to improve the BitSquare user experience. Currently, bank transfers are limited to SEPA , Perfect Money , AliPay , and a Swiss mobile payment processor, and the company is also looking for other payment partners.

For technical reasons, BitSquare will support 22种other cryptocurrencies in addition to the currencies built with Cryptonote protocol. The platform also hopes to add more cryptocurrencies if users apply to list other currencies to promote transactions. After the release, BitSquare will also make a lot of upgrades to the platform in the coming days.

Original article: http://www.newsbtc.com/2016/04/20/bitsquare-april-27-beta-launch/
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Editor: Miner
Source: http://www.8btc.com/bitsquare-decentralized-bitcoin-fiat-exchange (8btc Information)