Balaji Srinivasan Proposes His ‘Bitcoin P2P Backup List’: Why Is This Important?

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Srinivasan explains how peer-to-peer Bitcoin (BTC) trading services can help counter anti-crypto restrictions imposed by regulators globally. While he doesn’t endorse the services from Foundation Devices’ list, he’s sure crypto users should pay attention to them.

“P2P Bitcoin Exchanges May Be Backup Plan”: Balaji Srinivasan on New Crypto Restrictions

Srinivasan shared a list of services that allow trading of Bitcoin (BTC) in a peer-to-peer (P2P) manner without using a centralized service as counterparty. He believes that they will be useful when the “crypto skins” are blocked.

Ex-Coinbase CTO stressed that his publication should not be treated as advertising for the services. Instead, he just wanted to raise awareness of the concept of P2P trading for the largest cryptocurrency.

There are five services on the list that were originally created by Foundation Devices, a company that creates solutions for using Bitcoin (BTC) in various use cases. AgoraDesk, Hodl Hodl, RoboSats, Peach Bitcoin and Bisq made the list.

AgoraDesk is a US-based peer-to-peer trading service with support for Bitcoin (BTC) and Monero (XMR). Hodl Hodl is a veteran Bitcoin (BTC) P2P trading and lending service incorporated in the Marshall Islands.

Peach Bitcoin is a KYC-free non-custodial wallet with P2P trading features available. It has mobile applications for iOS-based and Android-based devices.

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Bisq is another veteran Bitcoin (BTC) trading service: it is completely non-custodial and governed by a Bitcoin-based Decentralized Autonomous Organization (DAO). RoboSats is the most privacy-focused exchange on the list; it also supports payments through Bitcoin Lightning.

Srinivasan admitted that using peer-to-peer services comes with its limitations and still cannot replace what is offered by CEXs and fiat banks:

I also recognize that it is difficult to move anywhere near the volume you can move with fiat rails. And ideally, you only want states to side with Bitcoin, like El Salvador or Florida. Still, it’s good to have several backup plans

In addition to sharing a list of trusted P2P Bitcoin (BTC) exchanges, Srinivasan gave an update on his efforts with social democratic Twitter speaker James Medlock. As covered by U.Today previously, the ex-Coinbase CTO placed a $2 million USDC bet on Bitcoin (BTC) reaching $1 million by mid-June 2023.

On March 29, Srinivasan stated that his lawyers are working on legal details. As such, he is seeking an “eligible contract participant” with over $10 million in assets. He invited Dustin Moskovitz, billionaire tech entrepreneur, co-founder of Facebook and founder of Asana, to be a counterpart in this unprecedented effort.