EB140 – Manfred Karrer: Bitsquare – The Decentralized Open-Soure Cryptocurrency-Fiat Exchange

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Exchanges are often criticized as a central point of failure of the cryptocurrency space. This isn't without justification as, in recent years, we have seen a number of exchanges get hacked, robbed, or embezzled by their founders, which is far from insignificant. One proposed alternative are decentralized exchanges that would allow people make peer-to-peer trades using sophisticated smart contracts. However, there remains the fundamental challenge of interfacing with the legacy banking system.

Manfred Karrer joins us for a lengthy discussion on Bitsquare, a decentralized cryptocyrrency exchange which supports most fiat currencies and cryptocurrencies. Built to be a decentralized equivalent of LocalBitcoins, the Bitsquare client, which connects to the peer-to-peer network, uses Tor by default, which makes it almost completely anonymous. There are also a number of safeguards in place to eliminate the potential for fraud and theft, as well as an arbitration system to resolve disputes between traders.

Topics discussed in this episode include:

– The motivation behind Bitsquare
– The Bitsquare client and user experience
– A walkthrough of a typical trade
– The mechanics of the order book
– The fiat currency transfer mechanism
– The current and future arbitration process
– Manfred's thoughts on DAOs
– Bitsquare's product roadmap

Links mentioned in this episode:

– Bitsquare Website:
– Bitsquare Whitepaper:
– Risk Analysis:
– Arbitration System:
– Github Repo:


– Jaxx: Wallets that Unify the Blockchain Experience Across Devices

Show notes:

Epicenter Bitcoin is hosted by Brian Fabian Crain, Sébastien Couture & Meher Roy.

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