Why P2P Marketplaces are Banks of Crypto Users

I remember the time I used to rely on forums and the places for conversion of the crypto to the local FIAT currency. I met a lot of people who scammed me. A lot of people ended up running away from the deal.

And the exchanges came into the picture. This is where the banks and the exchanges decided to offer the services for the crypto. And they started charging various taxes for their own benefits.

This leads to the crypto users having the marketplace issues where people set them up and had a lot of scams and was harder to convert your funds from. So then many exchanges decided to come up with the escrow systems through the P2P marketplaces.

So in this post here we are going to explain the good side of the p2p marketplaces and how they are good than banks and the exchanges.

No Control of 3rd Party

Most of the marketplaces even in the exchange are not controlled by the company. They just have the infrastructure in place. And they are not going to be controlling your ads or the services.

The trade happens between the users and also the results are given through the marketplaces in the p2p format. You can find that there seems to be no control on this part.

You have to control the transaction by making sure you get paid before you sell the crypto. Same while buying you have to transfer the funds and the funds would be moving to escrow to the users.

Safety with Escrow System

Let's say we have exchanges like Houbi and the Binance. You make sure to add some escrow between the financial systems in order to achieve the safe trade. So most of the marketplaces offer that.

This makes sure that you are not being fraud by either side. So this would prove like a good safe system where you can find the safety among the funds and also easier to move the funds for your sell or buy of the crypto.

Escrow is not an easy thing. You have to work super hard in order to achieve the safety in the transaction of the escrow system. Most of the exchanges with offered marketplace of p2p would be having such escrow in place for safety.

Money in Local FIAT

You are living in say Singapore. You earn the Singapore dollars. So exchanging through houbi or say localcryptos you would be able to get your local FIAT in that context get the local money.

You can also do the international trade but that would take longer time. And also there are a lot of scams which makes it harder for you to transfer the money. Nothing happens easier in international trade so be cautious.

I prefer making use of the international trade option only when they can pay me through conversion on their side and then they do for the FIAT. So make sure to have local money exchanger in the p2p marketplace and p2p users.

Quick Money

You get quick money if you do the p2p transactions. If you are in Singapore or some other Asian country. You may notice that you would get the local transactions lot easier with such services.

In case of the p2p, your money also flow in quick because the system makes use of the transaction systems which are local. And so your bank account may send you notification lot easily and quicker after getting the money.

Make sure to also ask for the local payment systems which are internet enabled and not something like SWIFT which usually take like 3 hours or so to confirm on all ends as well. So exchange with local and get it quicker.

What do you think?

I have been making use of the p2p and it seems like working out for me. I am sure in near future I may continue to add the funds and sell the funds from crypto. This would earn me some good money in the due process.

So have you tried p2p marketplaces? What's your experience so far?