Why P2P Marketplaces Are Crucial For The Cryptocurrency Ecosystem
Bitcoin, the first cryptocurrency ever, was created in 2009 and has revolutionized the world. Satoshi Nakamoto, alias of Bitcoin’s creator, envisioned a world where people wouldn’t have to rely on third-party authoritarian entities to exchange money.
Cryptocurrencies allow people to transfer money on a peer-to-peer basis with very little cost. There are obviously many benefits to cryptos but also some disadvantages that inherently appear with the lack of a central authority. Owning Bitcoin or any crypto means that you truly own it which also means that any mistake you make will be most likely irreversible.
The Current Status of Decentralization
Of course, centralized exchanges (CEX) didn’t take long to emerge as they were the only solution to exchange crypto to fiat. Centralized exchanges and platforms were a necessity and helped crypto enthusiasts to not only transfer cryptos easily but to cash them out.
Unfortunately, dozens of centralized exchanges have been hacked in the past causing a ton of problems. CEX’s also seem to defeat the purpose of cryptocurrencies, decentralization.
Decentralized exchanges promised to solve this problem but they cannot currently compete with CEX’s as they have way less liquidity and are much slower. A DEX does allow users to have full control of their funds while trading but the technology has to improve a little bit more in order for crypto traders and investors to switch.
The Role Of P2P Marketplaces
If you own crypto and have tried to cash out your funds, you probably know it’s not such an easy task. Some centralized exchanges offer the ability to directly cash out your funds to your bank account, however, this process is by no means easy or fast.
A Peer-to-peer marketplace is essentially a platform that allows users to communicate directly and exchange crypto-to-fiat easily on their own terms. It is currently the most popular method of cashing out crypto funds as it is much faster and surprisingly reliable if some safety measures are taken.
At Vertex, we are trying to offer a free platform for any cryptocurrency user around the world to exchange funds with other people while intervening as little as possible. Of course, nothing is 100% safe and that’s why we are offering an Insurance policy through Coincover to cover any loss.
We believe that our p2p marketplace is something that Satoshi himself would approve of. Vertex supports multiple cryptocurrencies and fiat currencies allowing basically anyone from anywhere to cash out easily.
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.