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The emergence of cryptocurrencies has heralded a tectonic shift in which the traditional finance has worked. The evolution of society cannot be traced without going back to the evolution of money, and a new way of transaction has always been a harbinger of change in which the society changes. Needless to say, after the emergence of bitcoins and the impact as well as the interest it generated, various altcoins have sprouted across various parts of the world trying to emulate and better what bitcoin did.
With the emergence of so many altcoins, the need for a common platform where these coins can be traded increased. Many companies have come up with platforms for trading in exchanges, but does the platforms provided enough trading mechanisms for the traders to fully explore the vast ocean of cryptocurrency? The answer is not very flattering. Bitfair, with its aim to become a marketplace for crypto enthusiasts with some new and exciting features, is well on its way in correcting this narrative.
Bitfair aims to become a marketplace where crypto enthusiasts can directly enter into a Over-the-Counter trade via a Smart Option Contract (SOC). This flexibility in turn creates additional trading positions and profit opportunities in altcoins that are not currently available. Each trade on Bitfair is OTC - peer-to-peer between two individuals – and Bitfair simply provides the marketplace and receives trade fees from each profitable trade executed. In this arrangement, instead of becoming just another aggregating platforms for crypto trading, Bitfair becomes an enabler, and this is its unique proposition.
All trades are entered into a Smart Option Contract (SOC) for a predetermined profit/loss during a set trading time contract. Bitfair has very deftly opted for smart option contracts which permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need of any broker. They render transactions traceable, transparent, and irreversible.
Bitfair provides the platform to open a short position for most cryptocurrency at an astonishing 1 000x leverage – 10 times higher than most exchanges. Using Bitfair’s proprietary matching algorithm, each order will only be executed if it is matched peer-to-peer with another order. It does so without requiring a centralised broker, which not only makes the effort praiseworthy, but also eliminates a few problems associated with the present day altcoin trading.
If you think this is the paradigm shift that we were talking about previously, hold on. Bitfair has come up with an exciting new feature that lets traders capitalise on the falling value of altcoins. It would allow you to buy or short sell any altcoin listed. This feature is not available on any of the existing trading platforms. Bitfair has potentially come up with a feature that could change the way altcoins are traded.
Bitfair has set an aim for itself to be able to offer to trade the top 100 altcoins across various industries. It is an entirely peer to peer exchange with the underlying financial contract being an option but trades like a cfd. Even if you don’t own the token you wish to trade, its not an issue with Bitfair whilst ensuring all trades are settled fair and transparently . This opens up a plethora of opportunities to traders and allow them to profit quickly and effectively, irrespective of whether their favourite currency is on an upward or downward trend.
The platform will be functional 24/7, and hence missing a trade opportunity due to the platform being down is not an issue which needs to be taken into consideration. Since the trade is basically a contract between a buyer and a seller devoid of any middleman, the trades can be made entirely on the convenience of the users.
The Bitfair Pre-Sale is set to start on July 9 2018 and is open for all in the community. Bitfair will mark its entry into the market with its own token called the Bitfair Utility token(ticker:XBF).XBF is a token created by Bitfair to help facilitate Over-the-Counter trades through their platform. It is based on the hugely popular Ethereum ERC20 token, which is considered the current market standard.
With all the features that Bitfair is bringing on to the table, it is genuinely well placed to become one of the pole stars in the world of cryptocurrency., and not just another brick in the wall.
For more information on the Pre-ICO Sale, ICO and Bitfair in general, check out the Bitfair website at
www.bitfair.com, and their white paper at www.whitepaper.bitfair.com
Media Contact:
Name : Magdel Steyn
Email: magdel@bitfair.com
Cell no.: +27 74 102 4851
Website: https://bitfair.com
TG Group Link: https://t.me/bitfairhq
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.