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EB140 – Manfred Kareer: Bitsquare - The Decentralized Open-Soure Cryptocurrency-Fiat Exchange

Published on July 18th, 2016 by Epicenter


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Exchanges are often criticized as a central point of failure of the cryptocurrency space. This isn't without justification as, in recent years, we have seen a number of exchanges get hacked, robbed, or embezzled by their founders, which is far from insignificant. One proposed alternative are decentralized exchanges that would allow people make peer-to-peer trades using sophisticated smart contracts. However, there remains the fundamental challenge of interfacing with the legacy banking system.

Manfred Karrer joins us for a lengthy discussion on Bitsquare, a decentralized cryptocyrrency exchange which supports most fiat currencies and cryptocurrencies. Built to be a decentralized equivalent of LocalBitcoins, the Bitsquare client, which connects to the peer-to-peer network, uses Tor by default, which makes it almost completely anonymous. There are also a number of safeguards in place to eliminate the potential for fraud and theft, as well as an arbitration system to resolve disputes between traders.

Topics discussed in this episode include:

  • The motivation behind Bitsquare
  • The Bitsquare client and user experience
  • A walkthrough of a typical trade
  • The mechanics of the order book
  • The fiat currency transfer mechanism
  • The current and future arbitration process
  • Manfred's thoughts on DAOs
  • Bitsquare's product roadmap

Links mentioned in this episode:

Sponsors:

  • Jaxx: Wallets that Unify the Blockchain Experience Across Devices http://jaxx.io

Show notes

YouTube

SoundCloud

Epicenter Bitcoin is hosted by Brian Fabian Crain, Sébastien Couture & Meher Roy.

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