2.5.0. Peer-to-Peer (P2P) Market
Some exchanges have P2P platform, which offers you the opportunity to directly transact with another crypto client.
The P2P Market is actually the original concept of the formation of a crypto exchange, and it is one of the beautiful things about cryptocurrencies. In fact, it is one of the main reasons why undue interference by obnoxious government policies or banking regulations cannot succeed at killing cryptocurrencies.
Indeed, who can stop you from sending and receiving cryptos directly from another person via the internet? To be able to stop that, the internet would need to be abolished! How feasible is that?
The fact is: No matter what anyone says, cryptos are here to stay! It is the money of this emerging Digital Age, and you cannot afford to be left behind!
2.5.1. The Principle of a P2P Transaction
The Peer-to-Peer (P2P) platform facilitates direct trading between sellers and buyers. The P2P trading is safe, fast and convenient, using an algorithm that is simple and understandable to any user.
This is an absolutely transparent system in which there are no intermediaries and all transactions take place between the two parties directly.
The Principle of a P2P transaction involves three simple Phases...
You can also choose an offer created by another user, if the conditions suit you. Just select an offer from the list and accept it!
Step 2: When both parties to the transaction join the offer, the P2P Platform sends them a notification.
Phase Two:
Step 1: The buyer and seller are connected to the transaction and can chat.
Step 2: Coins in the seller’s account are “frozen”. This is a guarantee of transaction security.
Step 3: The seller of coins sends the buyer the details for which you want to send money, in accordance with the terms of the transaction.
Step 4: The buyer pays for the details and informs about this in the transaction by attaching screenshots in the chat and pressing the payment confirmation button.
Step 5: The seller verifies the payment and if the transfer is successful, confirms the receipt of money.
Step 6: For security reasons, double authentication is used for confirmation.
Phase Three:
Step 1: Frozen coins are automatically transferred from the seller’s account to the buyer's account.
Step 2: Users can rate the deal and write reviews to each other. This will affect the reputation and in the future will help other users in choosing deals.
Step 3: The deal is completed! All parties got what they were counting on!
Important Note:
• EdaFace P2P Platform is being constructed.
• All transactions on EdaFace P2P Trading Platform are 100% safe.
• EdaFace acts as a guarantor!
• For security reason, funds in the seller’s account are “frozen” until the transaction is completed or cancelled.
• All chat correspondence is saved to avoid fraud.
• If the seller or buyer does not respond at the indicated time, then the transaction can be cancelled.
• If a dispute arises between the participants, the arbiter, which is EdaFace, will join the transaction and will make a fair decision.