Will cryptocurrency create peer-to-peer transfer problems in the future?

AmoreJaz

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Quote from: Bushdark on April 27, 2024, 05:30:38 AM

Bitcoin is for peer to peer transaction that is why when we want to sell our coins we need to look for someone that is ready to buy and pay for it immediately without any delay. This is where the centralized exchanges comes to play helping users to trade their Bitcoin conveniently without any problem that could come in between. They act like an escrow which is one thing that increases and attract investors to want to buy and sell without any problem.

And this is why most top exchanges with p2p features are getting traction because they are trusting the platform itself. Though p2p platforms are already present but you can't get away the fact that some scammers can still penetrate a third party platform. Hence, many traders are using for example the binance p2p because they are confident that the buyer/seller won't screw them.

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Quote from: Bushdark on April 27, 2024, 05:30:38 AM

Bitcoin is for peer to peer transaction that is why when we want to sell our coins we need to look for someone that is ready to buy and pay for it immediately without any delay. This is where the centralized exchanges comes to play helping users to trade their Bitcoin conveniently without any problem that could come in between. They act like an escrow which is one thing that increases and attract investors to want to buy and sell without any problem.

Exchanges are made available for P2P when it comes to buying and selling of crypto and stablecoins in the market. Bitcoin investment is important and at the same time, we should be careful because the slightest mistakes will results in huge losses in the system. We should be ready to upgrade our figures because dormant earnings doesn't seem any appreciative, instead we should continue fighting for prominent results and also wanting the very best for ourselves.

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Bitcoin is for peer to peer transaction that is why when we want to sell our coins we need to look for someone that is ready to buy and pay for it immediately without any delay. This is where the centralized exchanges comes to play helping users to trade their Bitcoin conveniently without any problem that could come in between. They act like an escrow which is one thing that increases and attract investors to want to buy and sell without any problem.

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It is public knowledge that any and all crypto transactions are non-reversible in nature and that is why emphasis is made and will continue to be made about the importance of confirming transaction details prior to broadcasting the transaction to the network. For someone that has been using crypto for a while, OP's concern shouldn't be a problem because you only want to make transaction when you're absolutely sure about the recipient as well as the recipient address plus memo if required.

For people that want that bit of transaction censorship, they can try escrow platforms. There's no way the Bitcoin network is going to be robust enough to serve every use case.

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Quote from: Cryptomultiplier on April 23, 2024, 04:29:20 PM

For me, I think the peer to peer transfer already has a problem and this problem started since several countries of whom adopted it, decided to regulate it.
Upon regulation, a country like Brazil has centres or should I say mini banks, that help do direct transactions from cryptocurrency to the local currency or otherwise.
This is why I see it as a problem that has already had a solution for future purposes, because the decentralized network has mostly now been infiltrated by the centralized network and although P2p still works, there has been other means of transactions that exist wherein P2p may be considered invalid, old or out of date.

While I agree with you, I still dont think it's much of a hassle yet. The fact that the government of many countries are finding different ways and methodologies to infiltrate the decentralized technology cannot be overemphasized however they cannot be successful in most cases as people are ordinarily interested in gaining their financial freedom away from the centralized system which has been practiced for a long time. And as such, there have been many unsuccessful attempts to penetrate the system,some which ends up in government bans and charges as well as allegations leveled against them to disrupt the process. So, they can only continue to try options but they can not completely infiltrate the system or terminate the processes and I think the P2P platforms have come to stay and can only get more advanced over time.

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Quote from: hatshepsut93 on April 25, 2024, 02:52:52 PM

It's true that Bitcoin is a useful tool for criminals, you can see the high share of ransomware attacks demanding Bitcoin as the payment method, which is far superior in this case to any fiat methods. But there's not much a government can do now, banning Bitcoin won't solve anything, Bitcoin is impossible to ban and the criminals would still use it and trade it for fiat on black market. And because of Bitcoin's public nature some criminals will get caught because their transactions got traced on blockchain.

If they can not stop money laundering through fiat currencies, banks, they will less possible stop money laundering through Bitcoin and cryptocurrency.

It's true to say Bitcoin and cryptocurrency can be used and are used for money laundering but say it is like biggest threats for governmental control in their economy, finance on their citizens, I don't think this is correct.

Defending privacy does not always mean it is money laundering and privacy is one of human rights.

hatshepsut93

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It's true that Bitcoin is a useful tool for criminals, you can see the high share of ransomware attacks demanding Bitcoin as the payment method, which is far superior in this case to any fiat methods. But there's not much a government can do now, banning Bitcoin won't solve anything, Bitcoin is impossible to ban and the criminals would still use it and trade it for fiat on black market. And because of Bitcoin's public nature some criminals will get caught because their transactions got traced on blockchain.

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Quote from: Roser bouce on April 23, 2024, 03:10:56 PM

The positive side of cryptocurrency Peer to Peer Transfe.I can send you money directly without any middleman. It is a positive thing. But it can be a negative thing because if I send the money directly. In that case, if you have any illegal intentions or if I have any terrible bad intentions, then I can take the money directly from you. If there is a bank in the middle you can get your money back in many ways. When you send money directly, there is no possibility of getting this money back. This is why hackers say bad things are happening.Bitcoin is now the most popular thing or cryptocurrency in general among people in the criminal world. If it is a peer-to-peer transaction through cryptocurrency, it is a big deal.

Bitcoin network is secure, it is almost impossible for a hacker to hack the network because of the networks high hashrate. If one fell victim to a hacker, it is his own fault and not the system.

Aside from that, unless a person falls victim to a scammer and is swindled into sending him Bitcoin, no one can get his Bitcoin as long as it is securely stored in his non-custodial wallet.

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Once sent, there is no way to get it back and it is very difficult to trace.

Not true, once sent as long as the transaction is not confirmed, anyone can cancel it through double spending and sending it back to the owner's wallet. Remember for a transaction to be successful, it needs to be confirmed by the network. Anyone can cancel the sent transaction as long as the transaction is still unconfirmed.

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You can see which account is going from which account. But it is very difficult to find out who is the owner of that account. This is a negative aspect of Bitcoin.

I think this is the strongest feature of Bitcoin, by not knowing the identity of the sender, it help people protect their privacy. Having privacy means people are safe from malicious prying eyes and is kept away from people who has bad intentions.

Blitzboy

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Whole peer-to-peer crypto thing? Its a huge road hole, not just a speedbump. Lack of guardrails allows people to be exploited. We want freedom from banks, yet cutting away the intermediary makes every transaction high-stakes. No returns, no refunds.

No anti-crypto rant here. This has great potential. We're deceiving ourselves if we think unregulated crypto is safe. Its not just accidental blunders; crooks misuse the system. We need controls, safeguards, and anything that enables crypto prosper without turning it a scammer's paradise. Protecting average people shouldnt hinder innovation. Its about allowing that innovation to happen without people getting hurt in the process.

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Quote from: pooya87 on April 25, 2024, 07:34:51 AM

The irreversible transactions was a solution to the existing problem with payment systems that have reversible transactions. Just check out how many merchants are being scammed when they are paid through something like PayPal and you'll realize what Bitcoin solved.

We only can have irreversible transactions with Bitcoin blockchain. Altcoin developers and enthusiasts can not deny this unique design and strength of Bitcoin blockchain.

With altcoin blockchains, they can be rolled back, halted by founders, developer teams and you can lose your money if you use altcoin blockchains for transactions.

You can even lose your funds in your non custodial wallets if developers, governments use smart contracts to freeze funds in a targeted address.

PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

pooya87

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The irreversible transactions was a solution to the existing problem with payment systems that have reversible transactions. Just check out how many merchants are being scammed when they are paid through something like PayPal and you'll realize what Bitcoin solved.

It is not a problem either because unlike reversible transactions, there are rather easy solutions for what you explained. One could be payments to reputable "receivers". For example back when Valve was accepting Bitcoin, you wouldn't see anybody complaining about them running away since it is a reputable gaming platform. The other solution is using escrows or even a 2of2 multi sig between yourself and the merchant (without a third party escrow).

Odohu

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With the latest crackdown on privacy, it is only a matter of time before the P2P nature of Bitcoin become like the normal fiat payment system. The authorities are working extremely hard to ensure this happens and when we get their, payment through Bitcoin will be this way: A will send money to B under the watchful eyes of C (who has the power to seize the money, tag it any name and arrest both A and B if need be). When this finally happens, I don't know if this still qualify as P2P or a new name will be coined for it.

Z390

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The only problem I see with Bitcoin transfer is how people are using it, something thats built as a decentralised peer-to-peer network are given out to banks and centralized exchanges to make the transactions for them, this is a big problem in my opinion.

What you are talking about is not a problem, but it could be a problem from your end if you send your Bitcoin to someone you aren't supposed to send it to, always make sure that you transfer Bitcoin to an address that you trust, getting rid of third-party is what makes Bitcoin decentralized and worth calling peer 2 peer payment solution.

I can't recollect how many times I have used Bitcoin to make payments online, from small items to big ones and I have never made the wrong transfers or done business with a scammer before, if this happened the fault is on you, so always verify the person or company you are doing business with first before paying with your Bitcoin.

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This is more of a personal problem in terms of humans, not a cryptocurrency problem related. It's more on the behavior of the people and not on the technology itself. Imagine it made P2P easier but it has its downsides like the possibility of not getting your money back.

If I'm going to do P2P, I would rather do it with a CEX not with direct contact unless I trust the person already. You cannot really say what could happen if you just transact out of the blue.

It's a negative aspect of being human.

Jawhead999

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Cryptocurrency aka altcoins are nothing different with banks, those coins aren't privacy oriented, reversible, and the creator can froze or even confiscate the coins.

Bitcoin is one of decentralized P2P currency where no one has control over it, if you think the irreversible and pseudonymous are the disadvantages of Bitcoin because you will not able to get back your coins, then you need to know if most people who own Bitcoin didn't care with their privacy.

Ask yourself, do you never use CEX and submit KYC? do you always use No KYC P2P, Tor and other tools to increase your privacy? I believe the majority ever use KYC and even submit KYC, that's why FBI can caught criminals that use Bitcoin for money laundering etc.

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Quote from: Roser bouce on April 23, 2024, 03:10:56 PM

The positive side of cryptocurrency Peer to Peer Transfe.I can send you money directly without any middleman. It is a positive thing. But it can be a negative thing because if I send the money directly. In that case, if you have any illegal intentions or if I have any terrible bad intentions, then I can take the money directly from you. If there is a bank in the middle you can get your money back in many ways. When you send money directly, there is no possibility of getting this money back. This is why hackers say bad things are happening.Bitcoin is now the most popular thing or cryptocurrency in general among people in the criminal world. If it is a peer-to-peer transaction through cryptocurrency, it is a big deal. Once sent, there is no way to get it back and it is very difficult to trace. When opening a normal bank account, the account is opened with your name and your parents' names. So it is very easy to find out who sent and who received money. When I open the wallet and do the transaction in Bitcoin. Actually, no information has to be given while opening the wallet. This is because I am not opening an account by filling any information or any form. When I am receiving or sending bitcoins, I can see who is sending the wallets. You can see which account is going from which account. But it is very difficult to find out who is the owner of that account. This is a negative aspect of Bitcoin.

Yes it's a real challenge of cryptos. In banking system, there's a hope of getting your stolen/mistakenly sent money back to your account with proper procedure and legal interference. But in crypto, one a transaction is signed, it's final. The transaction can't be reversed. That's why you will see scammers and hackers are very active in the crypto market. because they know that the chance of getting caught is very less here.

There are some standard practices which can help you to safeguard your cryptocurrency. But it can never be 100% secure. That's a real challenge. But I believe it works well for privacy focused people.

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Yes, I agree with you on some of what you said, but in everything there is a negative side and a positive side. You prefer something based on the comparison between its pros and cons, so both Bitcoin and banks have negatives and positives, but Bitcoin’s positives are much more than its negatives, unlike banks.

As for sending money peer-to-peer, this is true. If you send money even by mistake, you will not be able to get it back. Therefore, trust is required in this system. You only have to send money to people or services that you trust and there will be transactions between you. Otherwise, the mistake is your fault.

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Quote from: Davidvictorson on April 23, 2024, 07:54:59 PM

As someone who uses p2p and have been using it for a long time due to government restrictions, I haven't encountered any issues. And from my observations the exchanges that offer this p2p options are constantly updating there security framework to ensure that both the buyers and the sellers are safe and protected from frauds or any potential issues that could come up from the system. This is the best response I can give from my understanding of the OP.

P2P on centralized exchanges like Binance or OKX, this is not pure P2P trading because of the intervention of those exchanges. The P2P the OP is talking about is a transaction between two people without an intermediary, and if your partner intends to cheat, there is no way to get it back. There is no method without disadvantages and that is the disadvantage of P2P trading. I agree with the OP's point of view, P2P also has its disadvantages but is not perfect.

hd49728

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Quote from: Roser bouce on April 23, 2024, 03:10:56 PM

The positive side of cryptocurrency Peer to Peer Transfe.I can send you money directly without any middleman.

There are middle men like Bitcoin miners, nodes that will confirm your transactions. Your money (cryptocurrency) only comes to your peer's receiving address if it is confirmed.

Middle mean in cryptocurrency can come from centralized or decentralized entity. It depends on each blockchain, mining pool, staking pool and some other factors. Generally it is better than bank transfers through central banks or commercial banks.

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Quote from: philipma1957 on April 23, 2024, 08:27:54 PM

it has a shit ton of weaknesses. the governments have shown they can block ex's some of the time. what will happen in the long run when they come after pools or miners.

How is it surprising to know that the government can shut down exchanges? They can literally shut down almost any business if they want to, regardless if it's bitcoin/crypto-related or not. Even them going after pools/miners is totally expected.

There's a reason why this quote has been used a lot when talking about Bitcoin: “First, they will ignore you, then they will laugh at you, then they will fight you, then you will win.”

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