If you are sick of
- paying high transaction fees to banks and centralized exchanges
- having to deal with stupid KYC processes
- and governments being able to snoop in on your financial activities
Then check out Cryptolocally. It uses a non-custodial escrow deployed as a smart contract on the blockchain to facilitate trades between individual users who want to buy and sell fiat currencies and crypto currencies in a safe and secure peer to peer manner.
Key Terms
Here are some key terms for those of you that are new to the crypto currency space.
- Non-custodial – no middle man controlling things, it’s only the users via their wallets. This is important because it removes counterparty risk since everything is controlled by your wallet and the rules in the smart contract.
- Escrow – a contract that releases funds once certain criteria are met. This is important because with an escrow the transaction will only happen if both parties hold up their end of the deal.
- Smart contract – a computer program that runs on the blockchain. This is important because a computer program executes the transaction based on the rules (in this case escrow rules) without any bias and without a middle man i.e. lawyers, banks, government agencies etc.
What does this mean?
It means you can transact directly without the need for any middle man (i.e. lawyers, banks, government agencies etc.). This makes it harder for governments and the tax man to snoop in on your activities which is what they can do using the ID you have to submit to centralized exchanges as part of their KYC processes.