I noticed that on bitsquare you can sell your BTC for fiat such as usd or euro. But my question is how is that decentralized when you want to cash out with USD or EUR? Who is the middle man that interacts with the bank to do your fiat cash outs?
And second of all how do you get fiat into the system in bitsquare in the first place? Who issues these fiat tokens in usd or eur?
There has to be "someone" that issues these fiat tokens as how do users get fiat tokens in the first place? If they deposit fiat, you need a 3rd party to verify those deposits are legit. Who is this entity?