Coinffeine: Safe & Secure Decentralized Bitcoin Exchange?
What Is Coinffeine?
Coinffeine is a decentralized bitcoin exchange that implements a different approach compared to the traditional crypto exchanges. The platform seeks to exploit the full potential of blockchain and provide users with a secure, private, and reliable cryptocurrency exchange network.
The exchange platform also aims at providing users with an innovative way to buy and sell cryptocurrencies by enabling them to receive their fiat or cryptocurrencies payments into their bank account or wallets once the transaction is completed without the need of involving any third party institutions.
How Coinffeine Decentralized Bitcoin Exchange Works
To begin trading on Coinffeine, users are required to download Coinffeine from the website and register by providing their ID and password of the bank account that they will use to transact. The password will then be securely stored on the computer.
The download will also include a bitcoin wallet and a unique private key. The private key is stored locally on the user’s computer therefore; the platform will not have access to the private key or the user’s funds.
Activation of the account is by transferring a certain amount of bitcoin to the user’s bitcoin wallet, which will be used as trading collateral. The amount of bitcoin to deposit into the wallet depends on the size of the trades the user plans to undertake. Another account must also be opened with a third party payment processor such as AdvCash or OkPay for processing of fiat transactions.
Users can purchase bitcoin by placing a bid order on Coinffeine. The orders can either be Limit orders where the user will have to wait for the order to be matched with another ask order in order to receive the bitcoin or a market order that will enable them purchase the bitcoin immediately.
To sell bitcoin, the user places an ask order on Coinffeine. Similar to purchasing bitcoin, the user could either place a limit order and sell the bitcoin once it is matched with another bid order or sell them immediately through placing a market order.
Coinffeine servers are distributed worldwide which ensures that in cases where the server is attacked or overloaded the network remains unaffected and the exchange remains functional throughout thus guaranteeing users of its stability.
High Levels Of Privacy
Coinffeine is a decentralized peer-to-peer network that limits the amount of user payment and personal account information disclosed during a transaction. This means that the identity of the user will remain anonymous to the person they are transacting with.
The bitcoin exchange platform is completely reliable since bitcoin is always stored in the user’s bitcoin wallet and their fiat currency securely stored in their bank account that is inaccessible by any unauthorized third parties.
To purchase and sell bitcoin on Coinffeine, users are only required to create the order and specify the quantities, prices that they would like to buy or sell, and Coinffeine will automatically match the order and complete the transaction.
Since all the transactions are automated, users will receive their bitcoin as soon as the order is matched and the transaction is completed.