Coinffeine launches the worlds first decentralized Bitcoin exchange in 70 countries

Rocket
Photo: Christopher Michel, CC BY 2.0, (Not changes made)

– Coinffeine launches today the worlds first decentralized Bitcoin exchange platform in more than 70 countries including Russia, China, Indonesia and Brazil.

– From day one, and only two months after the release of the Technical Preview version, Coinffeine achieves the largest international expansion ever carried out by a Bitcoin company.

– In November 2014, the company became the worlds first Bitcoin startup in having financial support of a large banking partner, the Spanish bank Bankinter.


 

Coinffeine has launched today the first decentralized Bitcoin exchange platform in more than 70 countries, among which are SEPA members, Russia, China, Indonesia and Brazil. Coinffeine achieves the greatest international expansion from day one ever carried out by a Bitcoin company.

Two months after the release of the Technical Preview version, where users have been able to experiment with the platform, Coinffeine now allows the exchange of bitcoins and FIAT money in a P2P way and in a global market.

Coinffeine offers a user experience similar to traditional exchanges, but using local payment processors – such as PayPal- to manage FIAT money and a desktop application to allow users to manage their own bitcoins without having to lose control over them at any time.

Coinffeine takes advantage of the P2P model to avoid accepting deposits in bitcoins or FIAT money, making it unnecessary to identify users or fulfill costly money laundering laws in each country.

“Not having to identify users or enforce KYC laws has allowed us to design a much more scalable exchange model. But what is even more interesting, is the user experience we offer. Coinffeine is like BitTorrent. You just download it, you connect your OKPAY account, or PayPal in the future, and use it”, said Alberto Gómez Toribio, CEO of the company.

Coinffeine success is in large part due to the support from solid partners such as Bankinter bank and the law firm Abanlex. The latter is known for winning the “Right to be forgotten” lawsuit against Google in Europe, and supports Coinffeine’s legal strategy in this world-wide launch.

Who is Coinffeine for?

“We want our customers to be those who simply have a PayPal like account and want to buy or sell bitcoins in a simple and effective way”, said Gómez.

For the moment Coinffeine only supports Okpay, a russian-based payment processor popular in the Bitcoin community and with 20% of its users in China. But Coinffeine expects to integrate other payment processors like PayPal or Alipay to expand services to the rest of the world in the near future.

The user experience that Coinffeine provides is very different from other P2P exchanges such as LocalBitcoins, and is closer to the experience of Coinbase or BitStamp.

“To use Coinffeine is as simple as using LocalBitcoins, but as powerful as using Coinbase or BitStamp”, said Gómez.

Coinffeine integrates the concept of a wallet and exchange in the same product, offering the first Bitcoin desktop wallet that includes the ability to buy or sell bitcoins automatically.

Limitations of the Beta version of Coinffeine

Coinffeine is still in Beta, so we recommend using moderate amounts of money.

Users of the Beta version could experience some limitations of liquidity available in the market. Coinffeine is negotiating with specialized companies to close liquidity deals and market surveillance to be added in future releases.

Download Coinffeine and start exchanging bitcoins now!

Coinffeine launches the worlds first decentralized Bitcoin exchange in 70 countries

The decentralized essence

Descentralization02
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