In BitValve, we will create a P2P Exchange platform, with key advantages that will change the way people trade Peer to Peer, by combining all the advantages of the current exchanges and addressing the disadvantages that keep the market from reaching its full potential. The Platform will target not only professional traders, but also normal users who just want to exchange their coins for fiat or for other cryptos in a quick, cheap and efficient way.
Our idea is that every person in the world would be able to access, buy and sell, their favourite cryptocurrency by using any payment method available, whether it is fiat or cryptocurrency, and trading directly with other users. The Platform will ensure the security of the transaction by acting as a trusted escrow service. Furthermore, the Platform will have a positive effect on the countries that are currently facing a financial crisis, such as Venezuela, by giving their people the option for alternative, decentralized and instant trading.
Our vision is to make the Platform among the largest P2P cryptocurrency exchange platforms in the world. To achieve this, the Company will be guided by three major goals, namely, (i) making the global exchange of cryptocurrencies affordable, accessible, fast, easy and secure; (ii) increasing the trust in exchanging cryptocurrencies through P2P technologies; and (iii) providing traders of cryptocurrencies with a “one-stop shop” solution allowing them to trade with cryptocurrencies in the most efficient way.
Problem the Platform aims to solve
Cryptocurrencies are usually exchanged through centralized or decentralized cryptocurrency exchanges. In centralized cryptocurrency exchanges, a third party assists the users of the exchanges with conducting their transactions. In decentralized cryptocurrency exchanges (also known as P2P exchanges), there are no such third parties.
Decentralized exchanges are usually more secure than centralized exchanges because trades occur directly between users. Nevertheless, the existing decentralized cryptocurrency exchanges have significant drawbacks, such as relatively high fees, support a limited number cryptocurrencies, do not enable crypto-to-crypto trading, have basic UX design and UI design, lack support for iPhone and Android apps, have weak information security, offer expensive or non-existent dispute resolution support, are based on slow and rigid processes, cover limited payment methods, and have limited availability.
The slow and rigid processes are often a result of forcing users to undergo complex KYC procedures. The weak information security is caused by various factors, including, but not limited to, the lack of 3FA authentication and the use of outdated security procedures. The reason for the relatively high fees is likely to be the oligopoly in the field of decentralized cryptocurrency exchanges. The expensive and/or non-existent dispute resolution support provided by many decentralized cryptocurrency exchanges can be explained with exchanges’ lack of sufficient knowledge and expertise in the field of online dispute resolution. The limited availability is a logical outcome of the lack of mechanisms (such as the use of onion networks) preventing third parties from blocking the access to decentralized cryptocurrency exchanges. The lack of support of a large number of cryptocurrencies, iPhone and Android apps, and crypto-tocrypto trading can be explained with the complexity associated with the implementation of such features, whereas the reason for the basic UX design and UI design is likely to be a result of the underestimation of the importance of sophisticated UX/UI designs.