Skype is Increasingly Becoming a Platform for OTC Bitcoin Transactions

The first port of call for most cryptocurrency trade transaction are exchanges, but this seems to be changing with the recent crackdown on crypto exchanges in some jurisdictions. And with the cryptocurrency space being an ecosystem of some of the most intelligent and innovative people in the world, crypto players are increasingly finding alternative routes to conduct trade transactions.

Over the Counter (OTC) transactions have always been an alternative to cryptocurrency exchanges since time, and in recently, transactions via OTC mediums have been increasing as they seem more favourable compared to exchanges that have been plagued by some bottlenecks and financial institutional constraints recently.

It is remarkable to note that the Skype communication and chat platform has become the medium of choice for a good number of cryptocurrency enthusiasts and traders. A reliable OTC platform will ideally require a form of pseudo-centralized authority or referee that serves as an escrow to help ensure the veracity, credibility and sanctity of transactions as such the question will be, how can this apply with respect to Skype?

To the average person, OTC transactions of this sort might seem a bit complicated and insecure since building trust over the internet might be difficult due to the risk of getting scammed. The known form of escrow currently being used for Skype OTC transactions is the appointment of an independent third party (individual) to act as escrow by the other two transacting parties.

There have been some substantial transactions done on Skype this way and indications are that the number of transactions will increase considering that a sizeable number of people are avoiding centralized exchanges with their related bottlenecks, encumbrances and issues of fund losses.