DECENTRALIZED BITCOIN EXCHANGE BITSQUARE HAS ONLY RAISED 42% OF ITS GOAL WITH LIGHTHOUSE

A team of bitcoin enthusiasts is approaching completion of the first stage of launching Bitsquare, a decentralized bitcoin exchange. Bitsquare has been designed to ensure privacy but not be controlled by a central authority like other bitcoin exchanges.
Bitsquare is currently seeking 120 BTC for the development of its first milestone through Lighthouse, a crowdsource funding platform. The first phase of the funding campaign ends today (Feb. 9.) and the campaign has only raised 42% of its goal. Whether the campaign will be able to raise the rest depends on the incoming donations today.
Need for a Decentralized Exchange
‘We were motivated to develop Bitsquare because no truly decentralized exchanges currently exist despite the core bitcoin principle being to enable decentralized financial transactions between individuals,’
said Richard Meyers to CCN, a Bitsquare team member who oversees communications.
‘The problems with centralized bitcoin exchanges have been obvious for a long time. Centralized exchanges are not only a single point of failure, but also a target of theft by both hackers and insiders. The Mt. Gox loss is an obvious example, as is the more recent Bitstamp hack.’

This post was published at Crypto Coins News on February 9, 2015.

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