If there is a lack of trust about who is going first, one can always introduce a middleman to help out. That's not proper P2P trading, but who cares if both parties get what they want in the end.
If I was meeting someone in person, I would except to get the money upfront before the coins are moved from my wallet to that of the other person. You need to check the bills so they are not fake. It's weird doing that in the public, but for your own safety, you should never meet someone in a back alley or take a ride with them in their car, for example. Someone in a different thread suggested going with the person to the bank or an ATM and watching them withdraw the money from their bank account is a good way to ensure you aren't getting fake bills, and I like that.
Topic: What should you know about P2P - page 2. (Read 354 times)
Do not get confused, there are two types of p2p: centralized and decentralized.
Technically speaking a peer to peer network is a network without a need for "central coordination by servers or stable hosts", in simple terms there is no server/website that peer to connect to. They directly connect to each other. So a centralized P2P can not even exist.https://en.wikipedia.org/wiki/Peer-to-peer
For P2P there is no third party involved, there is a pleasant risk. There is also a risk of being cheated. By creating using fake profile, can attract with false information. So before transaction should verify complete information of the seller. It is better to see the opinions related to previous transactions.
Do not get confused, there are two types of p2p: centralized and decentralized. The disadvantages of centralized exchanges is the exchange having complete control, and not the users.If a trader do not know how to avoid scam, he can be scammed easily on centralized p2p exchanges too.
I advice if you want to do P2P trading, you can use localcryptos or hodlhodl, you can also use decentralized exchange e.g. Bisq who have good security and protect your privacy.
It is sad that localcryptos is closing down after five years it was established. After 5 years, LocalCryptos is saying goodbyeThe most decentralized p2p is bisq. Hodlhold is also a good alternative.
When I first entered the cryptocurrency world, I was very worried about how to do the transactions. I went to various Facebook groups for transactions and messaged.
What year was this?Except you're taking about before 2011/2012, I see no reason why one should go to a social platforms like Facebook to transact with total strangers, with the high risk of getting scammed and zero protection against it happening
P2P transactions now occur mostly over a platform, and not by the roadside directly between two people. This platform acts as an intermediary, and it being centralized or decentralized would influence the level of privacy and autonomy the user has over the funds being transacted.
• About the cost of transactions being reduced in P2P, this would also depend on the mediating platform.
I used Binance Exchanger, almost all exchange rules are same.
Not really, what do you need to know is using P2P trading in Binance isn't an actual real P2P trading. A real P2P trading doesn't need any third party who can freeze someone account or need to submit KYC, this is actually a centralized exchange who run fake P2P trading.I advice if you want to do P2P trading, you can use localcryptos or hodlhodl, you can also use decentralized exchange e.g. Bisq who have good security and protect your privacy.
I basically enjoy using peer-to-peer (p2p) for most of my transactions, as it tends to be more faster and a little higher in rate than some local exchanges.
I really don't see so much risk in p2p because most of this exchanges makes it a safe and enabling environment to transact since it involves just the both parties coming to an agreement with any third party.
In most cases if not all, when one wants to make a transaction using p2p, you first have to release your coins, which isn't released directly to the buyer but frozen, this singular act has made p2p very safe as both the buyer and seller wouldn't have to be in possession of the coins but it will rather be frozen until the payment is confirmed by the seller who then approves the release of the coin.
I think the seller is always at the advantage in p2p.
I really don't see so much risk in p2p because most of this exchanges makes it a safe and enabling environment to transact since it involves just the both parties coming to an agreement with any third party.
In most cases if not all, when one wants to make a transaction using p2p, you first have to release your coins, which isn't released directly to the buyer but frozen, this singular act has made p2p very safe as both the buyer and seller wouldn't have to be in possession of the coins but it will rather be frozen until the payment is confirmed by the seller who then approves the release of the coin.
I think the seller is always at the advantage in p2p.
When I first entered the cryptocurrency world, I was very worried about how to do the transactions. I went to various Facebook groups for transactions and messaged. The price was fixed even if I got it in a few minutes. I paid according to the seller's choice.Seller blocked from Facebook after payment. I can discuss after a while. I first learned about P2P in the wake of losing my first investment in life. Hope those who renew will not be scammed again. Lessons learned from cheating are revealed to you.
What's p2p:
First of all, P2P is the process of performing cryptocurrency transactions directly between two people without middlemen and third party intervention. It allows you to determine your best price.
Advantages of P2P:
Its main advantage is that two people can decide the payment method according to their own convenience. Here the cost is also reduced. Work step by step as per the diagram below:
Image bb
1.
2.
3.
4.
Disadvantages P2P:
Behind every advantage there must be some disadvantages also Such as:-
Low liquidity:
p2p typically has less liquidity than centralized exchanges, so you may not always get the order matching you need.
Scams Risks:
For P2P there is no third party involved, there is a pleasant risk. There is also a risk of being cheated. By creating using fake profile, can attract with false information. So before transaction should verify complete information of the seller. It is better to see the opinions related to previous transactions.
I used Binance Exchanger, almost all exchange rules are same.
What's p2p:
First of all, P2P is the process of performing cryptocurrency transactions directly between two people without middlemen and third party intervention. It allows you to determine your best price.
Advantages of P2P:
Its main advantage is that two people can decide the payment method according to their own convenience. Here the cost is also reduced. Work step by step as per the diagram below:
Image bb
1.
2.
3.
4.
Disadvantages P2P:
Behind every advantage there must be some disadvantages also Such as:-
Low liquidity:
p2p typically has less liquidity than centralized exchanges, so you may not always get the order matching you need.
Scams Risks:
For P2P there is no third party involved, there is a pleasant risk. There is also a risk of being cheated. By creating using fake profile, can attract with false information. So before transaction should verify complete information of the seller. It is better to see the opinions related to previous transactions.
I used Binance Exchanger, almost all exchange rules are same.
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