Peer-to-peer (P2P) Bitcoin (BTC) exchange platform Hodl Hodl added Dollar on Chain (DoC) to its payment options. DoC is a stablecoin pegged to the dollar price with collateral in Bitcoin that runs on the protocol for smart contracts on Bitcoin RSK.
For a few days, the users of this non-custodial exchange have had this currency among the dozens of payment options available on the platform. Bank transfers, various digital means of payment, and cryptocurrencies such as Ethereum (ETH), litecoin (LTC), or Monero (XMR) are some of the alternatives found on HodlHodl. The Dollar on Chain project team posted a video stating that with the new alliance Hodl Hodl users can now switch from DoC to BTC (and vice versa).
Unlike other P2P exchange sites, such as LocalBitcoins, the Hodl Hodl platform does not require the safeguarding of its users’ funds. When opening an exchange operation on this platform, a multi-signature wallet is generated with the funds in BTC as collateral. These funds are released only when the parties involved confirm that the payment transaction was successful.
DoC is one of several stablecoins attached to the dollar that currently exists in the market, and that has been gaining visibility in recent months. Not only is Hodl Hodl adding dollars on Chain, but other exchange platforms are also adding stablecoins to their options.
Buy cryptocurrencies on Hodl Hodl
Recently another P2P exchange site also joined the growing interest in these coins., Paxful added to its services the exchange between Bitcoin and Tether (USDT) direct from its platform.
Now, Hodl Hodl adds a new currency option anchored to its payment methods. Exchanges with USDT and USDC were already allowed, to which we can add DAI and the stablecoin pegged to the Canadian dollar L-CAD, created by the company Bull Bitcoin on the Bitcoin side chain, Liquid.
Like in many other exchange houses, there are two ways to buy or sell cryptocurrencies: you can search for an offer and start an immediate exchange, or you create a publication with your offer and await until another user gets to initiate the exchange.
Final thoughts on Hodl Hodl
The first thing to highlight about this exchanging house is, in fact, its speed. Since users´ made transactions from their wallets, and there is the option of zero confirmations on the blockchain, this allows fast exchanges. This, compared to other exchange houses, is a very interesting advantage and a plus. Otherwise, since Hodl Hodl is a relatively new exchange, the number of offers is a bit smaller.
A particular use of this exchanging house is that users can use it as a payment guarantee. As they are contracts of only two people when buying an item, the payment can be deposited in guarantee; once the product is received, it can be released. This is possible thanks to the option of creating private ads.
By: Jenson Nuñez.