The Growth of Bitcoin and Its Impact on P2P Markets
Almost everyone knows about Bitcoin or has at least heard the word Bitcoin. What originally started as a digital currency only popular in obscure forums has become one of the most popular assets in the world. The ride of Bitcoin has certainly been wild and not only because of its value throughout the years.
Bitcoin was, of course, basically worthless at the beginning, people were using it for fun, gifting others Bitcoin for meaningful posts on forums. Eventually, the digital currency became a little more popular, especially after Laszlo, a Bitcointalk forum member made basically one of the first purchases with Bitcoin ever.
He wanted to buy a couple of pizzas for 10,000 Bitcoins, worth 20–30$ at the time. His thread on Bitcointalk is one of the most famous posts ever as the value of 10,000 Bitcoins quickly started to go up. Back in 2013, the 10K were already worth more than $2 million but at Bitcoin’s peak, they were worth up to $200 million.
The total market capitalization of Bitcoin reached $313 billion back in December 2017. The bull rally that pushed the entire crypto market made blockchain technology extremely popular. As of July 2020, there are more than 8,000 Bitcoin ATMs in the world and many governments are trying to utilize blockchain technology to solve various issues.
This significant increase in the interest for Bitcoin, cryptos, and the blockchain technology in general has created a lot of demand for exchanges and marketplaces. It is still considered difficult to buy and sell cryptocurrencies reliably. While many exchanges do offer the ability to purchase crypto via bank transfers or even credit card, the fees are extremely high and if you are planning on doing it both ways, the cost is simply too high.
Furthermore, this process can take days or even weeks depending on the exchange and the amount of money you want to move. Peer-to-Peer marketplaces are the only reliable solution to these issues.
At Vertex, we are trying to provide customers with a platform that connects buyers with sellers in the easiest and fastest way without charging high fees.
About Vertex
Vertex.Market is a peer-to-peer cryptocurrency marketplace available in more than 200 countries. We support a wide variety of payment methods including Paypal, Revolut, SEPA transfer and more.
Vertex.Market is a product of Vertex Capital (vertex-capital.io), a cryptocurrency asset management company with a focus on Middle Eastern clients, including Saudi Arabia, United Arab Emirates, Bahrain, and Kuwait.
