The issue with cryptocurrency investing is the lack of safety. Volatility, scams, having to trust strangers, there are many reasons to be afraid of hitting your first cryptocurrency exchange and unlike fiat currencies, there are no global escrow banking services to help you feel safer by keeping your money guarded until both parts’ conditions are met. This is the triggering factor for the upcoming BitBase ICO, a crowdfunding campaign for the first cryptocurrency escrow services.
But, what exactly is an escrow service?
An escrow is a third-party agent, program, machine, or place that’s entitled to keep your money whenever you start a transaction and release it to the other party once conditions are met.
The easiest example is vending machines: if you want a snack or a soda, you can enter your money on the machine, the money is then kept in a space inside the machine and you can then choose your product (in which case the money will pass on where it will be kept by the vending machine) or undo the transaction and your money will be returned from this space.
That is an escrow between you and the vending machine, since it keeps your money until you’re OK with the conditions being met before completing the transaction.
Cryptocurrency exchange services sometimes do this, but they aren’t entitled to and a lot simply won’t do so. Thus, making the previous point about the risks in cryptocurrency investing, real.
Smart contracts are also a form of escrow services available on the Ethereum platform, however, they’re not perfect as they can be taken advantage of by users with malicious intentions and cancel them once the goods reach their possession but before the coins are transferred, effectively stealing from the seller.
BitBase looks forward to create the first global escrow banking service exclusive to cryptocurrencies, allowing for Bitcoin, Ether, and the most popular altcoins in the market today.
To fund this, they’re launching the BitBase ICO which is an initial offering of their BTB coins, meant to be used in transactions inside their platform to prevent confusion and Issues generated by the use of several different currencies in one simple transaction.
They’re set to provide escrow services for every major exchange on the market, and will also move towards providing their services to websites like Amazon, eBay, Paypal, and many other companies that transaction platforms offer.
So, if you wish to support the growth of cryptocurrencies in general by making cryptocurrency investing a safer economic decision, you can head over and participate in the BitBase ICO.
They’re currently offering initial payments of $5 USD in BTB just by registering on their website. Transferred directly to your VISA BTB card that will be generated for you once you register so overseas transactions over this platform can be made even more comfortable.
It’s your opportunity to support the first cryptocurrency-exclusive global escrow banking company and help make cryptocurrency exchanges safer for cryptocurrency investing, ultimately helping the decentralization of economy become more accepted and used by everyone.