Crypto About

P2P cryptocurrency exchange

Since December 2017, cryptocurrency has ceased to interest only a narrow circle of “initiates”. When the cost of 1 bitcoin reached $ 20,000, everyone became interested. Over the past two years, the course has fallen and grown, but the opportunity to earn attracts not only professional investors and traders. The idea of ​​buying a pair of bitcoins for a long-term investment comes to the mind of an ordinary person. He would like to buy crypto money but does not know where to start. Yes, and afraid to be cheated. Therefore, we analyze the topic thoroughly and by the end of the article, it will become clear how to buy and make money safely by exchanging for fiat.

What are P2P exchangers

P2P translation – what it is and how it works.

From English, “peer-to-peer” (P2P) – is translated as “peer to peer” and applied to computer networks that do not have dedicated servers, and each peer is both a client and serves as a server.

P2P exchanger acts as a kind of bulletin board with transaction protection, where each client finds a suitable order and makes a purchase and sale directly with the client who placed this order.

The program will automatically connect the buyer and seller if both are satisfied with the conditions of the application. Or it will allow you to create your own application for searching for interested persons in the exchange.

The service acts as a guarantor of the fulfillment of the conditions of the order. Bitcoins are frozen in the wallet until the transaction ends. If the conditions are violated, the arbiter considers the arguments of both clients and transfers the cryptocurrency to the party who has honestly fulfilled the conditions.

A successful transaction ends with a P2P transfer – participants exchange cryptocurrency and fiat money.

Benefits of P2P Exchangers

Disadvantages of P2P exchangers


Exchange rates in exchangers are tied to exchange rates. An extra charge is added to this value. Commissions in services can vary greatly. The issue is decided by choosing a suitable exchanger having the best ratio of pluses and size of the commission.

Since P2P resources are focused on the interaction between living people, transactions are carried out manually. The counterparty may be busy or distracted, because of this the operation will take a lot of time.

How to buy cryptocurrency through a P2P exchanger

  1. Now, knowing the technology, we take the last step. To buy bitcoins, register in Bitzlato and select the one that suits the price, volume and payment option in the column with orders. Or create your own purchase order.

In P2P services, payment options are limited only by imagination. In addition to bank cards and transfers, electronic payment systems (QIWI, WebMoney, Yandex.Money, Pay Pal, Western Union, WebMoney, etc.), eBay and Amazon gift cards, even pay with dog food if you find a seller ready for these conditions.

  1. After choosing an order, the necessary number of coins is blocked by the seller.

Carefully check the conditions under which the transaction will be completed. As discussed above, the fulfillment of the conditions is critical for the successful completion of the sale.

Take an interest in the rating and the number of successful transactions of the selected counterparty.

  1. As soon as the seller transfers his details, transfer the money according to the details specified in the transaction.
  2. After the money is transferred, click the “I paid” button.
  3. Only with the actual receipt of funds, the seller will release coins.
  4. After confirmation by the seller, the transaction is considered completed and the coins are transferred to you.

If you have problems with the transaction, open a dispute by transferring detailed information to the arbitrator through the appropriate button in the dispute menu.

Conclusion

We hope that they convinced you that P2P exchangers are a simple and convenient way to exchange cryptocurrencies. They are not suitable for serious trading tasks. But they will perfectly cope with the withdrawal of crypto assets in fiat or the purchase of several coins for investment.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *