So you have caught the crypto wave. You know the basics of blockchain and cryptocurrency. But what’s next?
You not only need to decide which cryptocurrency to invest in, but also find the perfect place to buy BTC & ETH instantly and safely.
There are so many cryptocurrency exchanges out there, thereby choosing the best one among them is quite a daunting task. Majorly, there are three types of cryptocurrency exchanges, such as Centralized, Decentralized, and Peer-to-peer crypto trading exchange. In this guide, we will comprehend the P2P crypto trading exchange and how it is revolutionizing the trading process. Let’s take a look.
How P2P Crypto Trading is advantageous for crypto traders?
A P2P crypto trading platform operates on a decentralized mechanism and allows buyers/sellers to trade directly without the involvement of any intermediaries. Globally, the P2P crypto trading market is growing rapidly and the number of trades is increasing day-by-day. According to a recent survey, the number of trades globally has grown enormously to 65% within a year and 72% of all BTC trading happened in the top five countries namely, USD, Russia, UK, Venezuela, and China.
Trading Mechanism of a P2P Exchange
To understand how trades are performed on a P2P exchange, let’s sum up how a ‘regular’ cryptocurrency exchange works. There is a buyer who wants to buy the desired cryptocurrency say “BTC” and there is a seller who wants to sell BTC. The buyer places a buy order and the seller places a sell order. Once the order is matched with the help of a robust matching engine, the transactions are executed. Generally, the entire matching process takes too long- from 10 minutes to an hour. Fiat money transfer takes even longer. However, it is not the case with the P2P crypto trading exchange.
A P2P exchange enables direct trades between buyers and sellers, without the involvement of any third-party or intermediary, thus driving quick transactions. However, the intermediaries come into action in case of any dispute between buyer and seller.
A P2P exchange conducts transactions in an integrated manner and yet provides anonymity to its users, which helps them trade seamlessly and securely.
Let’s look at how to buy and sell cryptocurrency on a peer-to-peer exchange (Shiftal) with step-by-step instructions:
- Create and verify your account
- Choose your location and the desired payment option
- Create a new trading advertisement or choose an existing one
- Complete the trade
Moreover, you can place an order for BTC and point out that you can pay only with fiat currency. Sometimes, people can find sellers on a nearby street, so they can make a deal on the spot.
Benefits of P2P Trading
P2P trading exchange offers a secure and flexible trading platform to crypto traders. The platform offers lots of benefits, including;
1) Cost-efficient transactions
2) Powerful trading mechanism
3) Global trading
4) Robust fraud prevention mechanism
5) No transaction ownership
To Sum Up
Buying cryptocurrency is not a tedious task anymore, and after doing it once, you will get an idea of some of the concepts involved in the crypto trading process. It’s good to gain knowledge by reading blogs or articles on how to send or receive BTC, ETH, or any other digital coin from one wallet to another.
Do you think buying or selling cryptocurrency is easy? How would you recommend people to buy BTC or ETH instantly? Let us know what you think, we would love to hear from you.