Topic: Have you heard of p2p trading?. (Read 322 times)

Binance is your escrow for buyers and sellers so it will be safer.

I think the understanding of P2P at this time will help those who had to adopt it as a result of ban from their countries, where government is preventing banks from direct involvement in cryptocurrency-fiat exchange. This information can control worries from such quarters, it is also as important to use known escrow unit, better if exchanges provide such escrow services like binance does, more also their can be a direct investment in cryptocurrency with the exchange with escrow service.

A friend told me he quits crypto because his government banned financial institutions from assisting the funding of crypto site, he wanted to sell off all his asset with immediate effect then he contacted me about it , it was at that point I knew that most of us rush into crypto without knowing the basics or most of us use basic wallet like LUNO,
 I must ask do we know of p2p trading ?
Most high rank member do it here but I had do bring it because of newbie and people that don't know about it.
P2p trading meaning person to person trading , it's a kind of trading where two people with different assets wants to exchange , it might be  crypto -fiat , crypto - crypto or fiat - crypto,and during this trading they will be an escrow who will over see the success of this transactions , most top exchange have this feature and the act as the escrow to ensure a successful transaction , so you quiting crypto because of a government ban is a very funny option because crypto can't be banned.
That was just a brief explanation of p2p trading for those that didn't know about it , you could go read up or research on it for more understanding.

Yes and I have done it a few times with some of my friends. Since they are my close ones, escrow isn't needed. But I also have done P2P transactions in a face to face meetup where I sent him some fractions of BTC and paid me directly in cash.

But how do you perform such trades?

Localbitcoin is one of the most preferred p2p platform who is exist in the market for very long time.

But how do you perform such trades? Aren't trades supposed to be done on trading platforms such as binance? Curious about how this works, will research as well.

But how do you perform such trades? Aren't trades supposed to be done on trading platforms such as binance? Curious about how this works, will research as well.

As crypto is gaining popularity more number of people are opting for P2P trades but little do they know that P2P trades have their own risks and disadvantages.
Yesterday, while reading through a group on Telegram I came to know that a person had opted for a P2P trade on Binance.
He transferred fiat to the seller's account but made the payment from a different account name. The seller then told the buyer to cancel the trade.
The buyer did a mistake here and cancelled the trade followed by which the seller never responded back to the buyer.
Thus he was scammed.

Moral of the story : P2P trade is a good option but beware and full conscious while you are trading and do a good research before making payments to the trader.

P2P meaning Peer-2-peer or could be referred to as connoted by OP as person 2 person, is one of the most discrete way to transact cryptos without government intervention within a government crypto restricted territory. It's basically a trade between two persons but at times, there is either a third party in the trading scheme. These includes;

1. Direct p2p
This involves you directly transacting with your buyer or seller which ever position you occupy in course of the transaction and

2. Indirect p2p
This involves the use of a third party which could either be an escrow site or a trusted member/user to serve as an escrow

Challenges of both processes

1. Direct p2p
* Looking for a buyer/seller
* The issue of trust on the other party to deliver as agreed
* The issue of fair price

2. Indirect p2p
Using a member as escrow
* The main issue here is the issue of trust on the user serving as escrow
Using an escrow site
* The site is more susceptible to phishing attacks and hacks
* There could be delayed transactions due to site maintenance and breakdown
* The issue of withdrawal limits and sometimes
* The issue of KYC

It is a thing of interest to note that, the p2p system of trading is an added advantage to all especially those in crypto restricted territory because, it makes you stay anonymous to authorities and also, the bases of your business transaction with the other party remains secret while your account grows in fiat and coin equivalent.

Help: A list of LocalBitcoin alternatives (P2P marketplaces). Not all of P2P marketplaces in the list are actually decentralized.

If you want to enjoy actual decentralized trading, please pick from
https://hodlhodl.com/
https://bisq.network/

government ban is a very funny option because crypto can't be banned.

If I have trades with a stranger, I will use a service that give me smart contracts or escrow to secure my trade. I will release my bitcoin only when I receive my fiat payment or I will get the guarantee to receive my bitcoin after I finish my fiat payment. Disputes are to solve and resolve trades and award money to winners not scammers.

1. Direct p2p
* Looking for a buyer/seller
* The issue of trust on the other party to deliver as agreed
* The issue of fair price

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