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Advantages Peer to Peer than Regular Cryptocurrency Exchanges

Discussion in 'New Member Introductions' started by mervava, Nov 26, 2018.

  1. mervava

    mervava ECZ Newbie

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    Two types of bitcoin exchanges are in use: peer-to-peer and regular. There are the regular bitcoin/ethereum exchanges, which use an order book to match buy and sell orders between people. However, neither the buyer nor the seller has any idea who the other party is, and this provides all users with a certain level of anonymity and privacy protection. This is the most commonly used form of exchanging local currency to and from its digital counterpart in the form of bitcoin/ethereum.

    Different than regular cryptocurrency exchanges, bitcoin/ethereum domain peer-to-peer is a one-on-one relationship trading platform. A peer-to-peer transaction means that you have data related to the person or entity you’re interacting with at all times, in regular cryptocurrency exchanges you interacting with several different peers. The information you have on that person can range from a bitcoin/ethereum wallet address, to their forum username, location, IP address, or can even involve a face-to-face meeting.

    For example, say you want to buy a bitcoin/ethereum from someone who lives in the same city as you do. Rather than hoping to stumble across that person on a traditional exchange — chances of that are slim to none — you can initiate a peer-to-peer transfer with that individual.

    Nowadays, many bitcoin/ethereum platforms in existence that allow you to register an account in order to find other bitcoin enthusiasts in your local area. For example, Cryptoswop as one of the most popular peer-to-peer platform in Indonesia, which lead the peer to peer cryptocurrency market in that country.

    They offer a lower commission for each transaction between buyer and seller, and you can refer a friend to earn percentages commission. If you wanted to do withdrawal, also consider their withdrawal fees, because it's the lowest one in Indonesia.

    Nevertheless, peer-to-peer trading may be more suitable for your needs than the regular exchange or OTC. Generally, peer-to-peer trades do not require you to provide any documentation regarding your identity and offer a reputation system in order to track your own — and other users’ — trading history.

    One of the most interesting aspects about peer-to-peer bitcoin/ethereum exchanges are their built-in reputation system. Because you’re dealing with other traders directly, whose funds are not overseen by the platform owners themselves.