The decentralized bitcoin exchange just got an upgrade. Bitsquare, which is as close to a decentralized exchange the bitcoin market has right now, has added a myriad of new features which shows that the exchange is growing and maturing at a fast pace.
Bitsquare allows users to buy and sell bitcoins with each other using their matching engine; the exchange is not controlled by any company and is software downloaded so you can run a peer-to-peer platform to connect with others on the network. Users can purchase bitcoin with a bank transfer in any currency (such as USD, EUR, JPY) as long as it’s supported by SEPA or OKPay.
In the newest release of the software, Bitsquare has added trading statistic features such as a price chart, volume chart, and a table for trades. The changes happened because of “heavy requests from the community,” which was noted by lead developer Manfred Karrer. “Because of the nature of a P2P application the statistics will need a bit of time until they are fully distributed in the network.”
Also in the update comes extended support for Tor, which includes HTTP request support and Tor support for BitcoinJ. Since the software is a p2p distributed network, you might see for the first days incomplete data and past trade volume will not be available until nodes have updated to the latest version and are online again. The trade data only includes data which is already publicly visible like the offer data or the data which could be derived from the bitcoin blockchain.
Bitsquare which officially launched in April has been a product that the market has long been in demand for – a fully decentralized bitcoin exchange. Part of “decentralization” would be a distributed system not controlled or governed by any one group, just like bitcoin is. Another part of the equation though is trust; having a trust-less system is part of a truly decentralized network.
Bitsquare for the most part accomplishes this, however there are still centralization risks that people should be aware of. Despite the small risks, Bitsquare is moving along and growing, which is a positive signal to the market which will lead to further innovations and decentralization overall, which is a net positive for bitcoin.