Qbita – first P2P Bitcoin exchange in Cuba by Mario Mazzola

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Mario Mazzola, the creator of the ultra-lightweight Bitcoin wallet Qbita, launched the Qbita Exchange, the first decentralized Bitcoin exchange of its kind in Cuba.

Despite the blockades, embargoes and financial sanctions that have hit the island nation, the people of Cuba have shown to be adept at overcoming obstacles. And one resident of Cuba, in particular, is doing exactly that for crypto on the island.

That wallet now supports a built-in peer-to-peer Bitcoin trading platform, allowing its Cuban users to trade BTC from within their wallets in a secure, decentralized manner with full control over their funds.

Qbita works by creating a multi-signature address controlled by the buyer, the seller, and the platform. If the trade goes well, both the buyer and the seller sign the transaction, which is executed instantly. If something goes wrong, the parties send their evidence to Qbita which signs in favor of the rightful owner, immediately executing the transfer.

While crypto isn’t illegal in Cuba, there is no regulatory framework for it either. This combined with US sanctions, poor Internet service, and other restrictions has meant that the largest and most important crypto exchanges and wallet providers in the world avoid Cuba altogether.

More people are using Bitcoin for its true purpose: the freedom to move money and to have total control of your funds

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