Advantages of using Crypto P2P transactions

There has been a recent trend where many people rely mostly on P2P transactions in crypto than doing a transaction where a bank is involved. The number of P2P transactions we see in communities has drastically increased. One of the biggest reasons is that people want to move in a decentralized direction. In addition to this advantage, I personally think that P2P transactions bring other advantages too. Let's discuss more in this article.

No middleman

Usually, if the transactions are with banks or with any payment apps, there is a high chance that there can be issues and sometimes the transaction might go through and sometimes it may not. So doing a transaction directly from one party to another party makes it more straightforward because there is no middleman involved and we don't have to pay any fees to the middleman.

These days when people purchase or sell their house, they choose applications that call themselves No Broker and that provides great advantages where they don't have to rely on any middleman for their transaction to happen. There will also be no communication gap. The same happens with Crypto P2P transactions too.

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Faster transaction

If we don't wait for any middleman in between, another biggest advantage is that the transaction would be faster. Some transactions that involve middle man like banks can take a few hours to happen. I remember waiting for almost 3 days for some transactions to complete. Today with the help of blockchain technology we are able to do seamless transactions that happen within a few seconds. With the 3 seconds block time, we can even send the money to someone within 3 seconds.

More transparency

In most cases, P2P transactions happen between some known person or someone who has a decent reputation. Even if we are not comfortable doing transactions with someone, we can pick another person to do the transactions. The platforms that provide these P2P features also have a facility where we can review our transaction experience and this way others who are doing the transaction with the same party can read those reviews and feel comfortable.

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Free to choose the desired coin or token

With P2P transactions we are also free to choose our desired payment method. With crypto, it can happen with stable coin and we can choose the desired stable coin that is comfortable for both parties. There can even be cases where there will be flexibility to use any of the coins agreed upon by both parties. This is one of the most comfortable things in doing P2P transactions. One small drawback here is that most of the time the transaction would be dependent only on the popular coins but there again, we would have so many exchanges that can support the required stablecoin.

Cross-border transactions made easy

I remember waiting almost 3 days for a SWIFT transaction to go through and receive the payment. I once used to work for a client in a foreign country. The client used to transfer my payment directly to my bank account with the help of their bank account by getting my bank account details and the SWIFT code. It took 3 days for the amount to get credited to my bank after it was initiated. Those were the good old days. Today even though we have other options like Paypal and other people who can credit the money within a few minutes or sometimes even seconds, crypto P2P is the comfortable route. We just have to find a seller and buyer and the work is done. There are platforms available that help in connecting the seller and the buyer.

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