Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: Findingnemo on April 26, 2024, 09:32:05 AM
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Myself using Paxful for P2P trades before that I was using LBC for years because I used to be a day trader that gave me decent profits but now things changed exchanges have their own P2P integrated for example Binance P2P integrated with Binance exchange itself.
The emergence of exchange's P2P also increased the p2p scammers because they simply go with the reputation of exchanges which is irrelevant when we are doing P2P trades. Even the existing P2P platforms whether it's centralized like Paxful or decentralised like Bisq/Robosats, etc lacking liquidity for fish to crypto and vice versa.
Do you still use p2p platforms or exchange's P2P?
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Even the existing P2P platforms whether it's centralized like Paxful or decentralised like Bisq/Robosats, etc lacking liquidity for fish to crypto and vice versa.
Do you still use p2p platforms or exchange's P2P?
I understand what you are trying to communicate but do not differentiate exchanges like Paxful which is only about P2P to exchanges like Binance P2P. They are all centralized exchanges.
The real P2P are decentralized exchanges like the ones that you mention last which are Bisq and Robosats. What I like about both these exchanges is the use of Tor, and IP address usage discouragement.
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Myself using Paxful for P2P trades before that I was using LBC for years because I used to be a day trader that gave me decent profits but now things changed exchanges have their own P2P integrated for example Binance P2P integrated with Binance exchange itself.
The emergence of exchange's P2P also increased the p2p scammers because they simply go with the reputation of exchanges which is irrelevant when we are doing P2P trades. Even the existing P2P platforms whether it's centralized like Paxful or decentralised like Bisq/Robosats, etc lacking liquidity for fish to crypto and vice versa.
Do you still use p2p platforms or exchange's P2P?
Looking for trusted seller on P2P exchange platform actually not difficult, check firstly how fast respond before making transaction with them and looking the realistic price of their order. I think some one easily get scam when making transaction trough P2P because looking for lower transaction rate and its easily how the seller scam us.
In my P2P community, there are has trusting score with trust seller and making transaction there faster and need to check with their respond first before making transaction if want get delay transaction.
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Do you still use p2p platforms or exchange's P2P?
I used to use p2p platforms for purchasing of Bitcoin in old days but now I don't even visit those sites.
I still use an exchange's p2p trading function and that has been a good experience for me so far.
I personally use Binanace's p2p trading and even with 100's of trades, I have never faced any major issues or got scammed by anyone.
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The fall of no KYC P2P platforms is the price we have to pay for wanting BTC and crypto to be mainstream. More competition arises and platforms with less budget for development/improvement and advertisement won't be noticed by new traders. Less liquidity is a result of that.
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Do you still use p2p platforms or exchange's P2P?
When it come to converting crypto to fiat, seldom.
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Do you still use p2p platforms or exchange's P2P?
I used to use p2p platforms for purchasing of Bitcoin in old days but now I don't even visit those sites.
I still use an exchange's p2p trading function and that has been a good experience for me so far.
I personally use Binanace's p2p trading and even with 100's of trades, I have never faced any major issues or got scammed by anyone.
This is what I am talking about, users probably bought their first Bitcoin in LBC back in 2017 then deposited then on exchanges for trading activities but now even who used them are not using their anymore and the purpose of this thread might be finding out the reasons behind their fall.
Is it due to the convenience offered on exchange's P2P?
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Myself using Paxful for P2P trades before that I was using LBC for years because I used to be a day trader that gave me decent profits but now things changed exchanges have their own P2P integrated for example Binance P2P integrated with Binance exchange itself.
The emergence of exchange's P2P also increased the p2p scammers because they simply go with the reputation of exchanges which is irrelevant when we are doing P2P trades. Even the existing P2P platforms whether it's centralized like Paxful or decentralised like Bisq/Robosats, etc lacking liquidity for fish to crypto and vice versa.
Do you still use p2p platforms or exchange's P2P?
The only external P2P platform that I've ever used was Localbitcoins and it was far back when they weren't even asking for KYC verification and stuff, later when Binance started its P2P services, I moved to Binance because I was already making my trades on the platform and it was more convenient because I didn't have to withdraw the funds to the external platform to sell them for fiat as I could do that directly within Binance.
So somehow, I also agree that after the emergence of in-exchange P2P services, the platforms that were providing P2P services alone started fading away, this was the basic reason why Localbitcoins closed shop because they weren't getting enough users after Binance and other exchanges started providing P2P services.
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Do you still use p2p platforms or exchange's P2P?
I make use of exchange P2P just because it is what I am used to, but I am very careful of traders I trade with due to the consciousness of scammers and usually take note of the traders I have traded successfully with.
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The only external P2P platform that I've ever used was Localbitcoins and it was far back when they weren't even asking for KYC verification and stuff, later when Binance started its P2P services, I moved to Binance because I was already making my trades on the platform and it was more convenient because I didn't have to withdraw the funds to the external platform to sell them for fiat as I could do that directly within Binance.
So somehow, I also agree that after the emergence of in-exchange P2P services, the platforms that were providing P2P services alone started fading away, this was the basic reason why Localbitcoins closed shop because they weren't getting enough users after Binance and other exchanges started providing P2P services.
Well, I also used Localbitcoins when I first entered the crypto market. That's where I bought my first satoshi. Its interface is quite user-friendly, although not as modern as Binance P2P. Besides, Remitano is also a place I used when I was in Vietnam, it was also very popular in 2018. Unfortunately, they currently do not serve users in my country so I can no longer use them.
Binance P2P has become a better choice for me and my friends: very good liquidity, good support and very easy to use. I think new P2P platforms will find it difficult to compete with the P2P services of leading CEXs. I would never try using a new P2P platform, it could be a scammer's trap.
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Do you still use p2p platforms or exchange's P2P?
I've done this before using P2P, because in the past the fees for transactions were so large. However, it has been several years since I have not used P2P or P2P platforms individually with friends. Well here, there are actually pluses and minuses to using P2P. However, if it's in my country and it's a very large amount of money, I really don't recommend using P2P to withdraw money with a very high nominal value via P2P. because in my country it will become a problem. and are considered not paying taxes and the fines and sanctions will be heavier. because there are already tax provisions for transactions via local exchange here. So it's better to just play it safe.
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I think that p2p platforms are suitable for exchange and not for trading. I mean when you want to exchange one coins for another or fiat, p2p platforms are very good, especially decentralized ones. As for using them for trading, I do not think that it seems like a good idea, especially with the lack of liquidity and the long wait until it finds a buyer.
Personally, I use p2p platforms when I want to convert my coins into fiat. Otherwise, I don’t remember using them.
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The emergence of exchange's P2P also increased the p2p scammers because they simply go with the reputation of exchanges which is irrelevant when we are doing P2P trades.
The real P2P carries a higher risk because there is no guarantee that you will receive what you want in exchange. However, P2P in exchanges is the best P2P since the funds of the buyers and sellers are in the hands of the exchanges, and if you try to defraud him/her, you will be discovered because he has the right to appeal. Your main concern is whether the exchange can be trusted.
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- Right now Yes, I'm still using p2p in a centralized exchange and maybe I've been doing it for more than 1 year, because the transaction is fast and I don't have to go through the bank instead of the local wallet apps that are sent directly.
So this is really a big thing for many communities here, honestly speaking, but I have not tried to perform a transaction on a decentralized platform.
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I don't think P2P platforms are still doing well and there is no sign of falling. Although, some platforms are banned in some regions but others are still working smoothly. Like when Binance P2P got banned in Nigeria, other exchanges Like Bitget and Bybit are working smoothly there with high numbers of P2P traders. Another thing is using P2P is the best way to sell your crypto asset to fiat.
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The emergence of exchange's P2P also increased the p2p scammers because they simply go with the reputation of exchanges which is irrelevant when we are doing P2P trades. Even the existing P2P platforms whether it's centralized like Paxful or decentralised like Bisq/Robosats, etc lacking liquidity for fish to crypto and vice versa.
Do you still use p2p platforms or exchange's P2P?
Yeah I am still using p2p platforms, because we can't buy and sell services and products directly with BTC or crypto in out country as its ban here, so we have to convert crypto into fiat via p2p and till now I have only used Binance p2p and I have faced not a single issue on it, I have never been scammed Alhamdulillah. I will say while making p2p trades we should be a little careful.
Like first choose the person who has made the most trades and has a high success rate, then completely read the policy of that seller or buyer before ordering, then contact them on chat after placing the order, and tell them to send the full payment, as many people use some kind of apps which deduct fee and those seller or buyer deduct the fee from your money, Don't pay the fee, ask them to not to use such apps as there are other baking apps that require no fee. I have faced this issue 2 times, but when I talked with them on message chat, they sent the remaining amount immediately. You have to be a little informative in order to avoid yourself from scams.
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Do you still use p2p platforms or exchange's P2P?
I am not actually into heavy trading activity but whenever I am planning to convert my coins into cash I would prefer P2P because I find it very convenient, fast and actually safe because of the escrow service by the platform I am into. I got into P2P because of Binance but since it is not anymore allowed in my country, I just shifted to Bybit which is also good for me so far. as for safety and security, we have to be careful in choosing the P2P trader and make sure one is really into reading the details of the offer so there will be no surprise. In my own experience with P2P in CEX exchanges, I find no other good option that is more suited to my situation and area of origin. As for P2P in DEX, I got zero experience with this alternative though I heard of Localbitcoins (closed since 2023) before.
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Bitcoin was designed to use p2p so without p2p then nobody can use bitcoin or any other cryptocurrency. And any cryptocurrency tht is not using p2p is not worth investing or to be used . And any exchange that removes the p2p button or feature or function it becomes dysfunctional. So all exchanges have the pwp feature for easy trading and transaction. But the real p2p (to pay) of bitcoin is dead and the second p2p (investment ) is actively performing it duty. And anyone who comes to the cryptocurrency market and invest in it must use the p2p for transaction. And as I said in another thread just recently, Binance removed p2p from their services in my country and everyone left it and use another exchange. Though some are still using to to trade and send the coins to another exchange that has p2p.
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Do you still use p2p platforms or exchange's P2P?
I am not actually into heavy trading activity but whenever I am planning to convert my coins into cash I would prefer P2P because I find it very convenient, fast and actually safe because of the escrow service by the platform I am into. I got into P2P because of Binance but since it is not anymore allowed in my country, I just shifted to Bybit which is also good for me so far. as for safety and security, we have to be careful in choosing the P2P trader and make sure one is really into reading the details of the offer so there will be no surprise. In my own experience with P2P in CEX exchanges, I find no other good option that is more suited to my situation and area of origin. As for P2P in DEX, I got zero experience with this alternative though I heard of Localbitcoins (closed since 2023) before.
LBC shut down primarily because of not enough profits and Paxful went down the same road but came back to life in just few months..I am using Paxful for crypto to Fiat and vice versa because that way I can have better privacy from the authorities which is not that I am not paying taxes but not really comfortable in showing them I am doing crypto investment so in future I can still hold my BTC and cryptos if they take unexpected turns.
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Myself using Paxful for P2P trades before that I was using LBC for years because I used to be a day trader that gave me decent profits but now things changed exchanges have their own P2P integrated for example Binance P2P integrated with Binance exchange itself.
Paxful, LocalBitcoins, LocalCryptos and even more P2P marketplaces shut down their business. I know Paxful came back weeks later after Ray Youssef left the company.
The service closures of P2P marketplaces are explainable with more stricter regulations on these platforms. Because with stricter regulations against money laundering, there are bigger risks of sanctions, expensive charges on those platforms and their CEOs. If they feel risky, they will go ahead and self-close their services.
You can find some from https://kycnot.me/
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Until now I am still using the p2p platform on Binance, and until now it has been safe. Because I think this is the easiest way to withdraw money from crypto Exchanges to my conventional bank account. I have never done other p2p platforms, and we really have to be careful if we want to trade on a p2p platform.
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Until now I am still using the p2p platform on Binance, and until now it has been safe. Because I think this is the easiest way to withdraw money from crypto Exchanges to my conventional bank account. I have never done other p2p platforms, and we really have to be careful if we want to trade on a p2p platform.
If your country still has people offering P2P then it will make it very easy for you to withdraw money, but for certain countries they may no longer be able to make withdrawals using any method, including using P2P. Hopefully Binance will still open P2P in every country to make it easier for traders to make withdrawals.
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Until now I am still using the p2p platform on Binance, and until now it has been safe. Because I think this is the easiest way to withdraw money from crypto Exchanges to my conventional bank account. I have never done other p2p platforms, and we really have to be careful if we want to trade on a p2p platform.
If your country still has people offering P2P then it will make it very easy for you to withdraw money, but for certain countries they may no longer be able to make withdrawals using any method, including using P2P. Hopefully Binance will still open P2P in every country to make it easier for traders to make withdrawals.
I am sure that p2p trading on Binance will continue for us, because it really makes it easier for us to withdraw money to our personal bank accounts or digital wallets. If this is removed, it will definitely make it difficult for us to withdraw money from the exchange directly to our bank account.
Because if you want to make a direct withdrawal from the exchange to a bank account, without going through p2p trading, you will be charged a large fee plus state taxes too.
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I am sure that p2p trading on Binance will continue for us, because it really makes it easier for us to withdraw money to our personal bank accounts or digital wallets. If this is removed, it will definitely make it difficult for us to withdraw money from the exchange directly to our bank account.
Because if you want to make a direct withdrawal from the exchange to a bank account, without going through p2p trading, you will be charged a large fee plus state taxes too.
I don't think Binance uses its customers' points of view to determine whether they will continue their service in that country. They are just a business, if doing business in a country gives them trouble they will likely exit. IMO it is good if there is competition since monopoly will likely make everything harder for the customer too. If I were in your position, I'd hope other platforms start their services in your country so you don't rely on Binance, although it is odd that an exchange charges more just because you withdraw directly to a bank account. Are you sure it is not because you use a terrible exchange?
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I am sure that p2p trading on Binance will continue for us, because it really makes it easier for us to withdraw money to our personal bank accounts or digital wallets. If this is removed, it will definitely make it difficult for us to withdraw money from the exchange directly to our bank account.
Because if you want to make a direct withdrawal from the exchange to a bank account, without going through p2p trading, you will be charged a large fee plus state taxes too.
I don't think Binance uses its customers' points of view to determine whether they will continue their service in that country. They are just a business, if doing business in a country gives them trouble they will likely exit. IMO it is good if there is competition since monopoly will likely make everything harder for the customer too. If I were in your position, I'd hope other platforms start their services in your country so you don't rely on Binance, although it is odd that an exchange charges more just because you withdraw directly to a bank account. Are you sure it is not because you use a terrible exchange?
It's not a bad exchange, more precisely because there are regulations regarding the withdrawal of cryptocurrency assets which are taxed by the state. So like it or not, the exchange has to increase withdrawal fees, because the exchange also doesn't want to make a loss.
This p2p feature makes things very easy, because there are no state taxes. And I am grateful that in the future there will be many trading platforms that implement p2p, so we can have more choices.
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You should not be using P2P sites to trade bitcoin because the rates will be very variable and well deviating beyond the market rate. Even sometimes it can be 5%-10% higher. So you are not going to be making money this way, you will actually be losing money. To say nothing about the order delays.
P2P sites should be used for buying and selling only. If you want to trade, use a full fledged exchange.
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I think exchange is a lot more secure than most of these P2P platforms, because when trading via P2P, the most important thing to be considered is safety.
Although P2P platforms offer a lot more higher returns than the exchange P2P, as well as more flexible investment terms and conditions but we also need to acknowledge the fact that P2P platforms carries higher risks than exchange P2P due to it's less strict security and verification measures, plus their fees are also a lot more higher than exchange P2P.
Getting scammed via exchange P2P is somehow difficult, except you're careless and negligent, but if you're careful, then you can't just get scammed, and even when one gets scammed, it could be a lot more easier for the issue to be traced and attempt rectification due to it's strict security and verification measures.
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Do you still use p2p platforms or exchange's P2P?
Yes I have used p2p platform, I have good experience about p2p platform. I have used p2p from binance exchange and also p2p from bybit exchange platform. But I have never been scammed by anyone in my p2p usage. Many people may have been cheated in many ways but they were cheated because of their own failure. It is possible to deal with fraud if you are a little aware. At first I might have had a bit of a problem with p2p usage but now I'm pretty impressed with it and have no issues at all. At any moment at any time I can sell bitcoins in my local currency using p2p. Also I can buy and invest bitcoins with my local currency at any time.