With Bitcoin prices touching $3,000 this week, it’s easy to see the U.S. market will continue to grow. Additionally, the demand for more ways to purchase bitcoins will grow. With several customers frustrated by closed accounts and privacy intrusions at regulated online exchanges, P2P “over-the-counter” (OTC) trading could provide U.S. bitcoin users with more purchasing power.
Currently in the U.S., bitcoin exchanges are the most popular way new customers are buying their bitcoin. Companies like BitKan are looking to challenge these habits. However for U.S. users, OTC trading is not as widely adopted as purchasing through exchanges.
In comparison in the Chinese bitcoin market, OTC trading is often the primary means of trade. Having the ability to offer OTC trading allows for the market to diversify the way users conduct transactions.
BitKan’s Sandy Liang said:
“Take China for instance, since OTC launched, buying or selling bitcoin in traditional exchange is not the only way to do trading. A lot of users come to BitKan or other OTC platforms, now take it as their first choice. Secondly, there are more and more OTC traders now, people get to be aware of that, OTC is a good way for making profit in ths industry.”
So Far, Only 9% of Users Live in the US
BitKan was founded in 2013, which means it has been in operation for four years. Bitcoin’s protocol started in 2009 — making it eight years old, but still relatively young.
BitKan is working to make the best service for their customers that they can. But at the moment, 85 percent of the BitKan mobile application downloads are from users in China.
Over the last 3 months the company has added 180,000 new users in China. Compare this to just 9 percent of the total downloads in the U.S. — and in the past three months, 2,000 new users.
Looking for US-Based Early Adopters
Looking back at the numbers, BitKan is clearly building a strong foundation in the Chinese marketplace. Their mobile application sets them apart from their competitors.
BitKan is the first company to launch both a web and mobile application for OTC trading. It offers full functionality of both the web and mobile application in the U.S., so Liang believes it will only be a matter of time before they builds a strong U.S. user base.
The team is actively spreading the word on their platform and goals, mainly by attending conferences in various countries and giving speeches. Along with that, posting on the popular sites Reddit and Bitcointalk has helped make people more aware that OTC trading exists.
BitKan looks forward to continued growth in the U.S. market. For American bitcoin users, traders, and investors having redundancy to bitcoin access is a must. BitKan hopes, then, that U.S. users will become as enthusiastic about access off-exchange trading as Bitcoiners in China.
Have you ever traded in-person or off-exchange? Tell us about the experience.
Images via BitKan
BitKan is a strategic partner of Bitsonline.