Bitcoin is managed and secured by computers. So why would users need an exchange service run by old-fashioned humans like us?
To go back and forth between trust-based fiat money (supply controlled by humans) and the trustless world of Bitcoin (supply controlled by algorithms), you need a trusted handler to manage the exchange of currency.
In the early days, buying or selling Bitcoin was only done person-to-person. You could set your own terms, manage your own risk, and personally handle your money.
But as Bitcoin grew, things had to scale.
Bitcoin newcomers were introduced to the online exchange. However, while Bitcoin was created as an online currency, these online exchanges were undoing what Bitcoin was supposed to solve. Exchange names like Mt. Gox and QuadrigaCX tell the stories of people who put their trust in centralized Titanics only to have their funds collectively sunken.
Today’s competitors operate the exact same way. Users are still required to give up ownership of their funds and divulge extensive personal information. Their accounts are subject to the ever-present threats of regulatory changes, sudden hacks, or funds stolen by corrupt actors within the company’s team.
We are simply providing an alternative.
The biggest difference with us?
You can trust our system because you don’t have to.
We don’t have to hold your money. We don’t subject you to invasive questions. We trade local and in-person. When you exchange Bitcoin at our walk-in store or ATMs, your funds are yours. Your safe passage in and out of Bitcoin can be on your terms. And we think that’s truer to Bitcoin’s promise.
This article is part of the YAP Bitcoin Exchange’s Bitcoin Essentials series.
Feel free to contact us or visit us in store to learn more about managing your Bitcoin storage, security, and trading.
