Cryptocurrency users have shown an increasing interest in peer-to-peer Bitcoin exchanges. A lot of platforms exist in this market, but there is always room for additional competition. Ninja Cash aims to make its mark in this area, although it remains to be seen how successful its mobile-only approach will be.
The Concept of Ninja Cash
It doesn’t happen all that often that a peer-to-peer cryptocurrency exchange decides to go the mobile-only route. Although it makes a lot of sense to focus on mobile users in this day and age, cryptocurrency is still a niche market. By limiting itself to only mobile, Ninja Cash may be hurting its chances of success a bit.
Under the Hood
As is always the case when it comes to peer-to-peer exchanges, users can determine their own rates and markets. Unlike most other platforms, however, Ninja Cash is fully decentralized and does not require any Know Your Customer verification steps. This means that it is a completely anonymous way for people to buy, sell, and trade Bitcoin or Ethereum.
This is also what makes Ninja Cash very different from platforms such as LocalBitcoins. Not only does it support Ethereum, but the lack of a signup process or ID verification will undoubtedly attract a lot of users. Additionally, users are fully in control of their unique wallet keys, as this platform will not act as a custodian of user funds. It is a very interesting take on the P2P exchange model.
The team wants to let anyone in the world use a mobile device to set up a Ninja Cash station. Since this is a decentralized venture, it is not held back by national borders, religious beliefs, or anything along those lines. All transactions are completed face-to-face and can be settled through any payment method. Once the deal is finalized by both parties through the app, the coins in question will be transferred to the correct wallet.
The Road Ahead
It is evident that in its current form, Ninja Cash has a lot of potential. Given its support for both Bitcoin and Ethereum at this early stage, venturing into other currencies is an option worth exploring, although it is not necessarily something that needs to happen anytime soon. More competition in the world of P2P exchanges is always a good thing.