Topic: Have you heard of p2p trading?. - page 2. (Read 348 times)

I prefer the normal trading than P2P trading but since some countries have no choice but to use P2P trading there is nothing we can do about it, P2P trading is still somehow not safe compare to the main way of trading crypto, I remember using paxful and I send asset to the other part and the guy denied he refused, paxful on the other hand release escrowed the item to the guy making me lose 200$ at the time

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.

Neither Binance nor LBC are a good choice for a peer to peer exchange. Both are completely centralized, both take custody of your coins, and both still require KYC. I don't understand why anyone would accept all this to trade peer to peer. If you don't care about your privacy or security like this, then you might as well just trade on a traditional centralized exchange.

That's not the case for a real decentralized exchange such as Bisq. Your coins are never deposited to their platform. They remain in your own wallet until you send them to the 2-of-2 multi-sig escrow between buyer and seller.

for p2p trading. I nowadays use Binance only. before I used localbitcoins. but they put a lot of restrictions and regulations in their platform. a normal crypto person cannot simply use that anymore. but binance recently started p2p trading. and that works like charm for me. I just hope they won't put any restriction on that too.

you need to have your coins in a non custodial wallet when you do p2p trade directly with a person. but using a p2p trading platform like LBC or Binance. I don't think it is possible to do that. you must deposit them to your account there first

That my point we need to understand the full implications of what we do, picking luno as a wallet is a very bad idea , their service don't support p2p trading  it's just a buy and sell exchange which provides only few crypto currency

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/

Luno is a centralized exchange that offers custodial wallet services. You basically have an account where you deposit money and the company has full control over it and can some day decide to shut down your account and never give back your money.
When you want to talk about P2P trading then you should also use actual cryptocurrency wallets that you control the keys not some custodial "account".

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.