01-04-2021, 09:04 AM
A bitcoin p2p trading platform is used to trade digital assets directly between users without the presence of any intermediaries in the system.
The process followed in a P2P Bitcoin exchange is
The process followed in a P2P Bitcoin exchange is
- Users have to create an account on the trading platform.
- The exchange undertakes automatic KYC verification of the registered users.
- The user has to place either a buy or a sell order along with the required information like accepted payment methods and other terms and conditions of the trade.
- The order book will find a matching request that would have been raised by another user on the platform.
- The order will be confirmed by both the parties after negotiating the trading deal.
- The inbuilt escrow will hold the assets till the buyer executes the payment.
- Once the payment has reached the seller’s hands, it releases the crypto asset to the buyer’s wallet.
- The buyer can transfer the asset from his wallet to a cold storage facility.