The OpenBazaar platform is a welcome addition to the cryptocurrency ecosystem. It allows anyone to become their own online merchant. This peer-to-peer marketplace has been of great interest to users all over the world. A new feature has been added, which allows users to trade several dozen cryptocurrencies in a decentralized manner.
It is good to see OpenBazaar expand beyond products and services. 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.
A Smart Move by OpenBazaar
Vendors on the platform can create a new listing type to sell cryptocurrencies. A total of 44 currencies are supported, with more to be added in the future. All payments are settled in the currency said vendor sets as default. Options include Bitcoin, ZCash, and Bitcoin Cash. 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.
It is important to keep in mind this is not a traditional exchange. There is no order book, no order types, or anything like that. Instead, buyers and sellers are connected to one another in a decentralized manner through live pricing. It is a big step forward for Openbazaar, to say the very least. This is also an important step toward getting rid of centralized trading platforms once and for all.
Perhaps the main advantage is how users don’t pay fees. Nor are they asked to reveal personal information. There are no KYC and AML procedures, and no third party controlling user information at any stage. Although it remains to be seen how the community responds, it is a positive trend overall. Cryptocurrency is about decentralization and OpenBazaar embodies that perfectly.
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