A popular method of buying and selling crypto is through Peer-to-peer, otherwise known as P2P. Peer-to-peer (P2P) trading is a system of buying and platform.
The seller and buyer are connected in what can be likened to a marketplace.
Similar to what happens on Amazon, a marketplace where buyers and sellers get to exchange goods, the crypto P2P works by linking buyers and sellers who trade directly with each other either on a website or on a crypto exchange platform
An alternative to selling via P2P is selling your USDT and Bitcoin on a platform like Jackocoins. All you need is the platform and your transaction can be completed in a few minutes completely hassle-free.
How Does P2P Work?
For P2P to function appropriately, there must be a buyer and a seller. Here’s a breakdown of how it works.
Say you want to sell your USDT for naira, you have to follow the following procedures:
- Login to the crypto exchange platform.
- Set up your payment method.
- Go to P2P trading, then place a sell order.
- Wait for interested buyers (this might take a while).
- Once you receive payment for your order, transfer your USDT to the buyer.
P2P Trading works through an Escrow
If the buyer has deposited the payment and the seller is yet to receive it, then there is a natural tendency to worry.
However, P2P trading works through an Escrow. Escrow in crypto is a smart contract that holds the assets (the seller’s coins and the buyer’s money) until both agree that the conditions of the trade have been correctly met.
This is how P2P can provide a safe transaction option for its users. It does not interfere with the transaction, it only serves as a medium to be sure satisfaction is met by both parties.
The Delay of P2P Transactions
Although the P2P system offers some advantages with trading crypto, it comes with certain downsides that a trader must weigh before using it.
Amongst others is the delay that comes with each transaction. The seller does not automatically decide how fast a transaction process will take as he would need to list it like a real estate property and wait for buyers who are comfortable with both his rate and payment option.
For traders who are keen on faster transaction rates, utilising exchanges like Jackocoins gives a wider advantage as the seller can sell off his crypto holdings without waiting for any second-party involvement.
Lower Liquidity with P2P Trading
Trading with the P2P option makes your crypto less liquid. You have to place an order and wait for a potential buyer which means the liquidity is lower.
Also, since the order is personalised, getting a buyer who is okay with the criteria takes time.
Converting your crypto into cash might take days and this smells doom in a situation where the cash is needed urgently.
Jackocoins: The Best Alternative to P2P Trading
Jackocoins is a crypto exchange platform that offers you the robust opportunity to sell your Bitcoin and USDT for free. Getting started on Jackocoins is as easy as it can ever be.
But Why Choose Jackocoins over P2P Trading?
Safety and Security: Selling your crypto coin on the Jackocoins platform is safe and secure and if you encounter a challenge at any point, the customer support is there 24/7.
Fast Transaction: Selling on Jackocoins takes just a few minutes.
Zero fee: It is completely free to sell on the platform.
Easy Liquidity: You don’t have to have a buyer before converting your USDT or Bitcoin to naira. It’s safe to say you are in absolute control of the liquidity.
You just need to sign up on Jackocoins to join the Jacko way of life.
Conclusion
P2P trading is a popular practice amongst crypto traders and it provides a system where a buyer and a seller can directly transact with each other.
P2P trading platforms are similar in function to marketplaces Facebook marketplace or Amazon. However, P2P trading is faced with transaction delays and lower liquidity.
Jackocoins a cryptocurrency exchange offers the best alternative to P2P trading where your transaction speed is determined by you and no external factor.
