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

Check Also

Huge Litecoin Transfer Shows How Absurdly Expensive Regular Remittances Are

In the world of finance, transferring money around the world can be expensive. This is especially true where banks and other service providers are concerned. On the other side of the spectrum, we have the cryptocurrencies and a recent $99 million Litecoin transaction barely cost $0.4 in fees. Remittances Remain Expensive and Slow Transferring money across borders is not the most straightforward process. Banks charge rather high fees, often dependent on the country of the recipient. Additionally, such transfers take anywhere from one to five business days, which is unacceptable in this day and age. Making a positive impact in this regard is not all that easy. Companies such as TransferWise make remittance cheaper. Other players are emerging on the scene as well. In most cases, their services are cheaper and slightly faster. However, compared to more innovative forms of money, such services can still use vast improvements. Based on the information by World Bank, remittances are incredibly expensive. Despite cost-cutting measures, the average fee remains at 7.13%. For a $500 transaction, that translates to paying $35.65 in fees. That does not even include conversion charges if a foreign currency is involved. Finding cheaper solutions will require a look beyond the traditional scope of financial solutions. The Litecoin Transaction Tells the Story In the cryptocurrency world, a massive transaction was completed last week. One user transferred $99 million worth of Litecoin to another wallet owner. In most cases, one would expect such a transaction to be subject to massive fees. That is not the case, as it is one of the cheapest transaction to ever take place in the world of finance. At a fee of just $0.40, sending millions around the world becomes a trivial matter. More importantly, this low fee does not delay the transaction. It took around 2.5 minutes to settle the transaction with no central parties or banks involved in the process. Compared to regular bank transfers, this process was at least 500 times faster despite the low cost of conducting the transfer. Banks often purposely slow transactions and hold onto funds to make extra interest on them. The origin and nature of this Litecoin transaction remain unclear. It is also unknown which parties are involved in this massive transaction. It does show cryptocurrencies are a superior way of transferring large amounts of money around the world at virtually no cost. For anyone conducting remittances on a regular basis, cryptocurrency is the only option worth considering. Image from Shutterstock The post Huge Litecoin Transfer Shows How Absurdly Expensive Regular Remittances Are appeared first on NewsBTC.

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