OpenBazaar, a P2P e-commerce platform has announced the release of OpenBazaar version 2.20. The version facilitates fully decentralized, commission free cryptocurrency trading. Until the release of this version, the platform supported buying and selling of physical goods, digital goods, and services.
Initially, 44 cryptocurrencies are supported but the development team plans to add more over time. There is no fee for trading cryptocurrencies and no need to register with any service. All payments are settled in the currency said vendor sets as default. Options include Bitcoin, ZCash, and Bitcoin Cash.
There is a growing demand for decentralized cryptocurrency trading these days. With decentralized exchanges still in the works, there is plenty of room for competing solutions to make a name for themselves. OpenBazaar is doing exactly that. The latest client version supports an option to buy and sell cryptocurrencies in a decentralized manner.
However, the platform cannot be regarded as a cryptocurrency exchange, since the transaction is purely P2P, without an involvement of third-party. Therefore, the platform will not showcase any order book or provide options to choose a particular bid or ask price.
The main benefits of using Openbazaar to trade crypto, as detailed in the announcement, is that there are “no fees, no need to register with any service, and no threat of an exchange getting hacked,” so users “aren’t forced to reveal any identifying information.”
The OB1 team stated
“We’ve released this new feature with the goal of listening to the community about how they believe cryptocurrency trading on OpenBazaar can be improved. We plan to rapidly iterate as we receive feedback from users. They also shared that since the launch of the crypto trading option, “we’ve seen users on the OpenBazaar network from more than 60 different countries.
It will open up a lot of new trading markets for all of the supported markets moving forward. Exchanges usually don’t provide BCH and ZEC trading pairs for these currencies at this stage. Also there are no KYC and AML procedures, and no third party controlling user information at any stage.
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