Bitcoin advocate Ray Youssef highlights the importance of peer-to-peer marketplaces in the Bitcoin ecosystem.
Trades are set to be locked under Bitcoin contracts to remove reliance on third parties for dispute arbitration while market nodes will be incentivized by privacy-preserving service credentials backed by BTC payments.
According to Youssef, P2P marketplaces are popular but perceived as niche within the Bitcoin ecosystem. While most cryptocurrency users think of spot or futures exchanges and marketplaces why they consider trading, Youssef says that P2P trading, or over-the-counter trading of money using cryptocurrencies kind of clearing layer is bigger than users might think:
Youssef admits that Binance’s P2P marketplace is now the biggest player in the ecosystem, noting that private conversations with Binance’s founder CZ suggest that the offering remains a top earner for the global cryptocurrency exchange’s business as spot markets struggle to generate big returns.
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