Former Coinbase CTO and ex-a16z partner Balaji Srinivasan shares a list of services that would come in handy amid the ongoing crypto crackdown
Srinivasan explains how Bitcoin peer-to-peer (BTC) trading services can help oppose anti-crypto restrictions imposed by regulators around the world. While he doesn’t endorse the services on Foundation Devices’ list, he’s sure crypto users should pay attention.
“Bitcoin P2P Exchanges Can Be a Back-Up Plan”: Balaji Srinivasan on New Crypto Restrictions
Srinivasan has shared a list of services that enable Bitcoin (BTC) trading in a peer-to-peer (P2P) manner without using a centralized service as a counterparty. He believes they will come in handy when the “crypto rails” are blocked.
What if they crash the crypto rails?
Then, P2P Bitcoin exchanges can be a backup plan.
1) Please note that this is approximately… pic.twitter.com/VI9jyxmBVx
— Balaji (@balajis) April 1, 2023
The former CTO of Coinbase stressed that his post should not be considered an advertisement for the services. Instead, he just wanted to raise awareness about the concept of P2P trading for the biggest cryptocurrency.
There are five services in the list originally created by Foundation Devices, a company that creates solutions for using Bitcoin (BTC) in various use cases. AgoraDesk, Hodl Hodl, RoboSats, Peach Bitcoin and Bisq are on the list.
AgoraDesk is a US-based service for peer-to-peer trading with support for Bitcoin (BTC) and Monero (XMR). Hodl Hodl is a veteran P2P Bitcoin (BTC) trading and lending service incorporated in the Marshall Islands.
Peach Bitcoin is a KYC-free non-custodial wallet with P2P trading features available. It offers mobile apps for iOS and Android devices.
Facebook co-founder could be counterparty in Srinivasan-Medlock $1m per BTC bet
Bisq is another veteran Bitcoin (BTC) trading service: it is entirely non-custodial and governed by a Bitcoin-based Decentralized Autonomous Organization (DAO). RoboSats is the most privacy-focused exchange on the list; moreover, it natively supports payments via Bitcoin Lightning.
Srinivasan admitted that the use of peer-to-peer services has its limitations and still cannot replace what is offered by CEXs and fiat banks:
I also agree that it is difficult to move anywhere near the volume that you can move with fiat rails. And ideally, you just want states to side with Bitcoin, like El Salvador or Florida. Nevertheless, it is good to have several backup plans
Along with sharing a list of reliable Bitcoin (BTC) P2P exchanges, Srinivasan provided an update on his bet with Twitter’s Social Democrat Chairman James Medlock. As covered by U.Today previously, the former CTO of Coinbase placed a $2 million USDC bet on Bitcoin (BTC) reaching $1 million in mid-June 2023.
On March 29, Srinivasan said his lawyers were working out the legal details. As such, it is seeking an “eligible contract participant” with more than $10 million in assets. He invited Dustin Moskovitz, billionaire tech entrepreneur, co-founder of Facebook and founder of Asana, to be a counterparty in this unparalleled bet.