Bitcoin Breaking News Brief
Bitalo: ‘Infrastructure For A Full Bitcoin Economy’
Jamie Redman | Dec 28, 2015 | 09:45
A new multi-function platform is coming to the crypto-realm offering an array of services. Bitalo the “highly secure trading environment” is a platform that promotes the use of Bitcoin as the number one currency. The team says it’s a service that offers a product marketplace as well as a fully functioning exchange among it’s many features. The creators say:
“Bitalo provides the full infrastructure for a full Bitcoin economy that uses Bitcoin as trusted and independent currency.”
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Bitalo is launching its Swiss-Army knife of cryptocurrency solutions by announcing its new service on December 27. The team administration claims the platform is extremely secure by offering its user-side encrypted multi-signature HD wallet that no one but key holders have access to. They say, “hackers or even legislators have no chance to take user funds, unless the user explicitly agrees, simply because the private keys were encrypted in the browser and stored only encrypted on the servers.” Bithalo believes that it offers unique social network elements in a fully encrypted environment unlike third-party arbitrated marketplaces found today.
The startup has simultaneously provided various services that Bitcoin users can find useful within the crypto-economy. The platform gives people access to their HD wallet, an exchange, a place to buy services, travel booking and more including an area where you can place predictions. This particular service allows users to earn Bitcoin’s by predicting its price. The team wants people to feel comfortable in its fully encrypted ecosystem and wants to offer as many services it can fit under the hood.
At Bitalo, anyone can participate in the digital currency economy held on it’s system. Users can sell their services such as offer certain work for Bitcoin, or sell hand-made local crafts by creating an offer in “less than one minute” the team says. People can also use the system to trade the virtual money for fiat by accessing its encrypted social network held within the Bitalo platform. The service also offers a dispute resolution to help with disagreements and arbitration. But under no circumstances do the administrators have access to user funds. Bitalo states:
“You do not need to worry at all about the bitcoin handling, everything goes via multi-signature escrow directly into the highly secure bitalo wallet where only you have access, even when the website goes completely offline.”
Martin Albert
Bitcoinist will keep an eye on the development of this new platform as more marketplaces come into the cryptocurrency environment. OpenBazaar has plans to launch soon, and there are other competitors poised to lead this market economy. Decentralized marketplaces have been the dream for many since the inception of the digital currency in 2009. Administrator Martin Albert is a Voluntaryist that believes that statism is a crime and feels Bitcoin is how we can make the world a better place. Albert says centralized crypto-exchanges are not much different than the banks of today and Bitalo is about changing this aspect. So the inspiration to build this type of marketplace is at the forefront of quite a few people’s minds in the industry. It’s just a matter of when it’s adopted on a mass scale.
What decentralized marketplaces are you looking forward to? Let us know in the comments below.
Images courtesy of Bitalo’s website
