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Meet Bisq, a censorship-resistance fiat-crypto exchange

There are compelling reasons to believe that centralized exchanges will continue to master Bitcoin marketplaces for some time given their current popularity. However, it is apparent that they will in future face stiffer competition from decentralized competitors like Bisq.

Hacks, flash crashes, government censorship and privacy and security lawsuits against crypto firms are uncommon nowadays. This is a result partly due to the Bitcoin community deviating too far from the three enduring principles for which cryptocurrency rests: security, privacy, and censorship resistance.

Apart from these issues, the cryptocurrency exchanges are in use by many crypto users today are centralized. Most of these transactions are run by a single conglomerate that is usually in cahoots. Thus, with the legacy banking that depends purely upon government regulatory bodies.

Also Read: Finance Ministry of Russia draft law on cryptocurrencies regulation

There are many other disadvantages of using centralized crypto exchanges including very high transaction or trading fees and the fact that the exchanges can determine how the coins they hold are using. Many users who have used these trades in the past have handed over gobs of personal information.

It has not been easy though to deal with the challenge of fiat-crypto interaction.

Bisq, which helps people to buy Bitcoin using fiat, took about two and a half years to build. As of December 15, the decentralized exchange recorded 500,000 USD bitcoin trading volume in a single day, and they have traded more than 2.5 million of BTC trading for December so far.

Bisq works as a desktop application and offers a complete wallet. With it, one can trade Bitcoins — including fractions of a Bitcoin. Buyers require making a minimum security deposit. The exchange boasts as the only decentralized exchange to move crypto to fiat.

Read Next: South Korea imposing the new regulations on cryptocurrency trading

Tokens are lock up in two to three multisig on the blockchain. It is develop on top of Bitcoin and no onboarding KYC, AML. No holding of coins it will be available. Although it does not provide all the answers, it is secure, private, censorship-resistant and promotes the original concepts of Bitcoin.

The team is hosting a talk this week with Chris Beams talking about the exchange, financial surveillance and related benefits of using f using Bisq.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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