Cryptocurrency Q&A
How does a P2P bitcoin exchange work?
How does a P2P bitcoin exchange work?
Lorenzo
Tue Jul 09 2024
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6 answers
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Could you elaborate on the workings of a Peer-to-Peer (P2P) Bitcoin exchange? I'm curious to understand how the process differs from traditional financial institutions. Specifically, how do buyers and sellers connect on such a platform? Do they negotiate prices directly? And how does the exchange ensure the security of transactions and prevent fraud? Furthermore, how does the payment process occur? Are there any additional fees involved? Finally, how does the P2P model provide a more decentralized and accessible way to trade bitcoins compared to traditional methods?
6 answers
KatanaBladed
Thu Jul 11 2024
Once the buyer completes the payment, they are required to mark the transaction as such on the exchange platform.
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Federica
Thu Jul 11 2024
The P2P Bitcoin exchange facilitates transactions between buyers and sellers in a secure manner.
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Caterina
Thu Jul 11 2024
Prior to the payment being made, the exchange retains custody of the cryptocurrencies, ensuring they are not released prematurely.
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BonsaiVitality
Wed Jul 10 2024
Upon notification of the payment, the seller verifies the receipt of funds through their chosen payment method.
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Bianca
Wed Jul 10 2024
Once verified, the seller confirms receipt of the payment on the exchange, signifying their satisfaction with the transaction.
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