Hodl Hodl

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Hodl Hodl is a P2P cryptocurrency exchange that allows users to trade directly with each other and it doesn't hold user funds - locking it in multisig escrow instead - which minimizes the possibilities of cryptocurrency theft and reduces trading time.

Because Hodl Hodl does not hold any money (neither cryptocurrency, nor fiat) it is not subject to complex compliance procedures. All trades happen directly between users' cryptocurrency wallets. [1]

How does Hodl Hodl work?[edit]

Hodl Hodl [2] is a global P2P cryptocurrency exchange, where all trades occur directly between buyers and sellers, and without a middleman involved. Each time a contract is created between two parties, Hodl Hodl exchange generates a multisig escrow cryptocurrency address. The seller sends cryptocurrency from his wallet to this account, and when the cryptocurrency is locked in escrow, the buyer sends fiat to the seller. The seller then releases the locked cryptocurrency from escrow using his payment password, and the buyer receives them into his wallet.

How secure is trading on Hodl Hodl?[edit]

Getting started with Hodl Hodl - how to use the exchange

The main priority of Hodl Hodl exchange is keeping your funds and details safe. In order to start trading on our exchange, you only need to provide a valid e-mail address and to create a password. During a trade, the funds are locked in multisig escrow, and if you are the seller, you hold one of the keys (your payment password you create before locking in the funds), even if something happens to the exchange, your cryptocurrency will remain unaffected. [3]

In order to release the funds, two keys are needed - one belongs to the seller (in any type of contract), one belongs to the buyer (if the contract type is 2-out-of-3) and the other one is Hodl Hodl's key (in any type of contract). A buyer cannot receive the cryptocurrency unless both the exchange and the seller sign the transaction (unless the type of contract is 2-out-of-3 and buyer wins a dispute). This arrangement ensures that both seller and buyer are protected from potential scamming. A seller is unable to return his cryptocurrency to himself unless the exchange signs the refund transaction (which requires the contract to be canceled, or in the case of a dispute, an explicit decision in his favor from a support manager).[4]

Why should I use Hodl Hodl?[edit]

Here are a few of our advantages:

  • Safety – we don't hold users' funds as other exchanges do.
  • No KYC/AML – because, again, we don't hold users' funds.
  • Speed – because we don't hold user funds – all trades happen directly between users wallets.
  • Before you trade real cryptocurrency, feel free to learn using our TESTNET.
  • Truly global trades!

See also[edit]

External links[edit]

References[edit]

  1. How Hodl Hodl Is Building a Real Business With Bitcoin Smart Contracts
  2. Riga will host “Baltic Honeybadger” bitcoin conference
  3. Hodl Hodl: It’s Not Bitcoin’s Job to Make You Rich
  4. HodlHodl cryptocurrency exchange will launch its own OTC desk