The decentralized essence

Photo: Umberto Salvagnin, CC BY 2.0 (Rotated 90º)

The essence of Bitcoin is its decentralized nature. It is the Bitcoin network nodes which makes up its heartbeat, and this is probably one of its most important features. But even if this is one of the most relevant properties of cryptocurrencies, innovation in services and applications in the Bitcoin ecosystem is packed with projects that ignore this property and conceive centralized conglomerates.

The decentralization of Bitcoin is a paradigm shift to the exchange of digital goods, assets, money and information between individuals and businesses. It also responds to the emergence and evolution of the P2P economy, which has become increasingly important in our daily life. These changes are in constant evolution, and we believe they are here to stay.

Coinffeine joined the flow of services within the ecosystem that wanted to delve into this important property. We wanted to look at this profoundly to be able to take it further. Coinffeine’s commitment lies in the decentralization of the exchange of bitcoins, which gives users the full power over their bitcoins in the process of exchange, avoids the need to rely on a third party and ensures security in the process. This is something, that from our point of view, is an essential and necessary evolution in the progress of Bitcoin.

The decentralization of Bitcoin exchanges has undoubtedly been, and remains, one of the hottest topics concerning digital currency in forums, social networks, blogs, publications specialized in cryptocurrencies as well as in the mass media. Many of the big headlines about Bitcoin, have dealt with cyber attacks on exchanges and the consequent losses of bitcoins by their owners. MtGox or Bitstamp, regretfully for themselves and the vast majority of the Bitcoin community, have been two of the most relevant names in such news. Although not desirable, it is not unthinkable that these headlines will repeat.

Coinffeine does not seek to validate its existence with such scandals. That has never been our intention and it will never be. But nonetheless, it is undeniable that the decentralized nature, the very essence of our exchange, will make sure these headlines do not repeat.

The decentralized essence

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