Home / Crypto Currency / Strong Demand on OTC Market in 2018. Is OTCBTC a Localbitcoins Killer?

Strong Demand on OTC Market in 2018. Is OTCBTC a Localbitcoins Killer?


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Cryptocurrencies have performed exceptionally well in 2017 and are continuing to attract new investors in 2018. As regulators have become increasingly attentive to the cryptocurrency markets, restrictions have been placed on deposit-taking banks. “I want to invest in cryptocurrencies, but the issue in Bulgaria is the fiat withdrawals and deposits from bank accounts. Recently, banks blocked all transactions connected with cryptocurrency trading.” said one trader from Bulgaria.

While many people find they have difficulties funding their account with fiat currency to a fiat-crypto exchange due to the restrictions on banks, some of them have already been using a more comfortable and faster way to trade – the OTC Market. Recently, trading firms are adopting Skype to negotiate, buy, sell and trade cryptocurrencies. This is convenient for people who want trade large blocks, but it is not practical for an average person who wants to buy a small amount of cryptocurrencies. Besides, trust is an issue for skype settlements.

However, an OTC exchange makes it secure and fast for a normal trader or a crypto beginner. It builds the trust in a trustless environment. You can think of an OTC exchange as an “eBay for Crypto”, where you can buy and sell cryptocurrencies to and from others using fiat currencies. OTC cryptocurrency trading has been going on for years. For example, LocalBitcoins is the most well-known peer-to-peer Bitcoin exchange. Users create advertisements with the price and the payment method they want to offer. They can also search for advertisements and prefered payment methods.

OTCBTC is a cryptocurrency exchange platform developed with Rails. Founded in October 2017, it has grown rapidly since its launch and has reached hundreds of millions of dollars in trading volume, and pageviews, within two short months. This platform has its own token called OTB, which can be used to pay the fees on the OTCBTC platform. The deduction is automatically applied according to the current market price through the system. In Janauray 2018, the team launched crypto exchange. Users are able to trade various altcoins on the platform with BTC, ETH and USDT pairs. As OTCBTC continues to gain support from the community, it is becoming the leading OTC exchange in Asia.

What Makes OTCBTC Different than Localbitcoins?

Localbitcoins

OTCBTC

Cryptocurrencies

BTC

BTC/ETH/BCH/USDT/LTC/EOS/ZCASH/QTUM and other cryptocurrencies.

67 different currencies in total

Fees

Free for buying & selling

1% for posting an ad with completed trading

Free for buying & selling

0.3% for ETH

0.5% for others

Other Discount / Membership

NO

Mil member 0.1%

Mi2 member 0.2%

OTB discount. A 50% discount if paying fees in OTB

Token Release Time

Minimum 15 mins

Minimum 5 seconds

Apps

Android

Android and iOS apps

Customer Service

Email Only

Online Customer Support. Reply in 5 mins

Crypto Exchange

NO

Yes

The Bottom line

So, we can see that as the demand in the OTC Market increases, both exchanges could gain large trading volumes. They both provide a secure and fast way for fiat-crypto trading to investors across the word. Though Localbitcoins is currently the most well-known marketplace with various fiat currency support. The lack of improvement and certain limitations, as mentioned in the table, gives OTCBTC an edge over Localbitcoins in the near future.

To know more about the OTCBTC exchange and explore its features, please visit https://otcbtc.com/

Find OTCBTC on

Twitter: https://twitter.com/otcbtc

Telegram: https://t.me/otcbtc_en

Blog: https://medium.com/otcbtc

Read more

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Bitcoin Millionaire Airdrops Millions of Dollars in Hong Kong

The Bitcoin industry has allowed wealthy individuals to do some very unusual things. In most cases however, those developments will not make any media headlines. The literal fiat currency airdrop executed by Wong Ching Kit, a Bitcoin millionaire, will raise a lot of questions. It may be a positive sign for the struggling industry as well. A Fiat Currency Airdrop to Promote Bitcoin Those who invested in Bitcoin at a very early stage have made millions over and over again over the past few years. Especially if they managed to hold onto their BTC holdings until the all-time high of $19,500 was reached in late 2017. Whether or not Wong Ching Kit sold his holdings prior to that date will always remain in question. The end result is how this 24-year-old is a Bitcoin millionaire residing in Hong Kong. Over the years, he has amassed a significant portfolio and associated value accordingly. During these troublesome times for Bitcoin and other currencies, he decided to airdrop some money in the real world. Although airdrops are nothing new in the world of cryptocurrencies, they usually involve digital tokens and assets. For Wong Ching Kit, he decided to distribute over 100 million Hong Kong Dollar this week. That is worth at least $13m, which was given away to random people. Chinese 24 year old Bitcoin Millionaire Wong ching kit 黄鉦杰 AKA bi shao ye 币少爷 (Mr coin ) throws 100’s of millions of HKD from the roof top. He said “he feels as if he is god and he is responsible to teach the world about bitcoin.” Is this a sign of a bullrun incoming or ?! pic.twitter.com/IfgKykB0ME — Mia Tam (@_blockandchain_) December 16, 2018 To make this cash airdrop successful, Wong Ching Kit decided to throw the money off a rooftop in Hong Kong. During this event, he also proclaimed to “feel like a god” and “being responsible for teaching the world about Bitcoin”. Two very serious claims, although it seems the latter one may be interpreted in many different ways. Unfortunately, he was also later arrested when he was heading back in his Lamborghini. Police arrested him for causing a disorder in a public place. The main question is what this person aims to achieve by giving away millions of HKD for no apparent reason. It can be seen as a sign of how investing in Bitcoin will always be a good option to make money down the line. One could also say his youthful age simply got the best of his common sense and he acted on a whim. Various images of the stash of money being dropped from the sky have surfaced on Twitter ever since. It is something that makes many people wishful they were part of it. A cash airdrop doesn’t happen all that often, especially not for such large amounts. Even so, this person can seemingly pare the money without losing sleep over it. Giving something back to the rest of the world is a noble gesture, though one that will always be criticized. For the Bitcoin industry, this may not necessarily be the signal most people are looking for. There will always be those who claim this person should just reinvest the money and keep the price afloat. Even so, people are entitled to use their money as they see fit. If they want to make it rain Hong Kong Dollars, that is their prerogative to do at any given time. A very remarkable airdrop first and foremost and one that will be remembered for some time to come. The post Bitcoin Millionaire Airdrops Millions of Dollars in Hong Kong appeared first on NullTX.

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