In the current financial system, banks misuse their monopoly over fiat to prevent the crypto industry from accessing the competitive and alternative financial system. Additionally, banks deny crypto businesses and miners the access to regular banking services such as loans, funds transfers, deposits and withdrawals, which essentially creates a barrier to conducting business using cryptocurrencies. Bitruption will disrupt the market by addressing these challenges through its sustainable, global, and open financial system.
What Is Bitruption?
Based in Oslo, Norway, Bitruption is a peer-to-peer marketplace where users could advertises, buy, and sell cryptocurrencies in exchange for the user’s local fiat currency. Apart from the few exchanges like Bitquick, Localbitcoins, and Localbitcoincash, not many exchanges operate in a peer-to-peer format. Therefore, Bitruption will be a great addition to the market.
Bitruption P2P Advertising Marketplace Features
Bitruption seeks to distinguish itself from other exchanges by creating a platform where users have the ability to establish local markets and trade according to their preferences in an environment that is secure, user-friendly, and regulated.
Furthermore, Bitruption will utilize a business model that will provide it access to markets where the people have challenges in accessing the crypto space. It will then empower the people to bridge the existing gaps between current and traditional financial systems and in doing so enable Bitruption to achieve its objective of widespread adoption of digital currencies help the world change to a sound and open financial system.
Since the company is based in Norway, it is required by the new money-laundering act of Norway to register with the authorities. In this regard, the company is undergoing the process of registering with the Norwegian Financial Supervisory Authority. It will therefore, implement a KYC/AML system to eliminate the risk of illegal activities on the marketplace.
Bitruption will provide its e users with chance to participate in the numerous financial opportunities that are available in the growing internet economy by providing them with the necessary knowledge, tools and opportunities. Currently, Bitruption is only accessible by Norwegian users. However, once the platform is able to scale it operations in a secure and efficient manner, it will open up its services for international users.
Bitruption supports trading in multiple digital currencies such as Bitcoin (BTC) and Bitcoin Cash (BCH), as well as bank transfers. In the future, the platform will integrate compatibility with more cryptocurrencies and payments options.
Bitruption will implement a KYC/AML and create a compliant data structure, which will result in a data driven approach that develops sensible market regulations to prevent money laundering and fraud on the marketplace.
The users will have the ability to create their own local micro exchanges and customize the exchanges to how they would like to trade. They will also have more choice of the digital currencies that they can trade in the safe and user-friendly Bitruption environment.
The Bitruption format will make it possible for users to advertise, buy or sell digital currencies in their local fiat such as the USD or the EUR while still preserving the freedom and flexibility found in peer-to-peer format.