The exchange tries to reassure users fearful of rapid price changes by enabling the automatic conversion of bitcoins into other currencies.

Cryptosigma, a bitcoin exchange located in South East Asia, has decided to address customers’ fears by offering multi-currency wallets that can instantaneously change all incoming bitcoins into fiat money. In this, Cryptosigma is following BitPay, the payment processor that makes it possible for merchants to trade in bitcoins without actually touching them.

The main reason behind this decision is bitcoin’s unpredictable nature. While it makes transactions and remittances cheaper and quicker, its price is very unstable, which deters many customers from using the cryptocurrency. As Cryptosigma’s website suggests,

“Bitcoin is still young, so the price is still volatile”.

That is why the company’s web platform as well as the upcoming iPhone app will provide an Auto Exchange option, which carries out an on-the-spot exchange of money before and after a bitcoin transaction. The fee is just 0.1% of the transaction.

The main goal is to build confidence in bitcoin, says Aaron Siwoku, the CEO and founder of Cryptosigma.

“Eventually when Bitcoin becomes more widely accepted and the price stabilizes, people will already be familiar with Bitcoin as the thing that has allowed them to remit money instantly and cheaply over the last few years”,

he told Cointelegraph. So when supermarkets, electricity providers, and petrol stations accept bitcoins, it will be natural for a user to stop selling bitcoins and “save even more money on fees”.

Cryptosigma is at present offering a number of early-access invites, offering $10 to those who join and test the platform. The beta version is expected to be launched in March 2015.


# BitDeal 2016-03-01 07:30
Definitely this kind of bitcoin exchange is definitely useful for online currency trader.

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