P2P Cryptocurrency Exchange Development - If an exchange platform has to be created, it has to be much evolved compared to the existing ones. The centralized exchanges are famously known for its successful run but people go in search of a platform which can provide peer to peer exchanging opportunities using P2P cryptocurrency exchange script.
Peer to peer exchanges allows the users to carry out the exchanges among the known user counterparties rather than posting a trade order publicly.
P2P and Other Exchanges
Before going into the P2P exchanges let us see what an exchange platform is about.
An exchange platform is a stage which enables the Crypto users around the world to exchange cryptocurrencies with each other: The two known type includes Centralized and Decentralized. A Centralized exchanges involve intermediate facilitator to carry out the transactions. The trade matching process is carried out by the intermediate person. During such a process a cent of charge is been levied while performing the trade. For the transactions to get processed the users have to submit the legal documentations for verification purposes.
Then comes the decentralized exchanges which allow exchanges without the involvement of the third party and acts just as a trade matching engine. DEX allows the user to do anonymous transactions with minimum information about each investor. The best examples would be Waves DEX, NXT, Open Ledger, Counter party. It provides the user with Blockchain technology to carry out the exchanges in a “trust less” way. The word trust less, is just that the involvement of blockchain technology makes the process permanent and transparent within the users on the network which is why its referred as “trust less basis” of exchange as no trust is required between two users in order to carry out a transaction.
Along the years there has been a change of wind current from CEX to DEX as larger number of people are concerned about their privacy and there has been a growing popularity for DEX. Not only that the Predecessors of DEX, but P2P exchange has once again found its own space in the Crypto sphere.
The best example of a P2P exchange supporting DEX platform would be BISQ. The other Centralized exchanges that provide P2P are Paxful, Local bitcoins, etc.
There are some different important statistics that aid to understand the trading exchanges revenue that are more profitable when compared to others.
Peer to peer exchanges allows the users to carry out the exchanges among the known user counterparties rather than posting a trade order publicly. Now let us dig deep to know about P2P exchanges, its features.
The Peer to Peer exchange is one of the old forms of exchanging Cryptocurrencies among the known parties. We can directly say it as a “person to person” mode of transaction. P2P platforms match the people who make the orders in order to carry out the process.
A buyer and seller in a P2P network post a trade ad in order to carry out a transaction at a specific price range at a defined location. It would be just like Quikr, eBay or Craigslist where the direct interaction between the buyer and the seller takes place. So, if the seller wants to buy a bitcoin at a specified place, then locally the P2P exchange will connect to the person who wants to sell a bitcoin. This method makes it easy for both the parties to carry out the transaction at the right time and the right place at a negotiable price with a payment mode which will be easy for both the parties.
Normally, in CEX the transactions carried out will take longer time to complete and if it involves fiat money and International transactions then the process takes much longer time to get completed. But with respect to CEX, the exchange will act as a trusted intermediary and settle the trades instantly even if the transactions have not been completed.
Like it's been explained above, P2P exchange will connect the people and allows them to carry out their work without acting as an intermediate. But if there are any problems or disputes, then the platform will help to ease up the processes.
THE BEST FEATURES OF P2P EXCHANGE
The following are the reasons which signifies the P2P exchange model
Very Low trading charges
As most of the process is completed by the parties involved in a transaction, the exchange platform won't put up high charges for trading.
Since there is no third party involved in the process, the exchange does not hold any funds and supports only user pairing thus making it Secured.
Unlike CEX where they will ask complete about the individual while signing up to the platform, P2P doesn’t ask any such details. No KYC authentication process is involved in P2P Exchange.
No Government intrudence
The Non-involvement of third party makes it free from any government intrudance.
Free to select Cryptocurrencies / Multiple Cryptocurrency usage options
The users can exchange a wide range of cryptocurrencies among them if needed.
Even at one part of the country, the crypto transaction becomes restricted, the rest of the system remains unaffected.
The exchanges may provide services globally as well as locally.
No withdrawal or Deposit limits
This gives the user to add or remove cash when ever needed
Use of Fiat currency for Buying
Unlike DEX, fiat currencies can be used to buy Cryptocurrencies and is much easy to use.
Peer to Peer Exchange Development features
Powerful matching Engine
Instant KYC and AML Verification system(Intuitive ID verification system)
Peer to Peer exchange enables quick transfer and provides considerable saving through its processes and people prefer P2P cryptocurrency exchange over Centralized exchanges as they are faster.
Below is the Infographics that depicts the features of P2P Exchange Briefly
Pulsehyip is a topmost cryptocurrency exchange development company that is ready to reach out to you with ready-made cryptocurrency clone scripts. Pulsehyip will provide you with a ready-made script for Peer to peer exchange development. The P2P exchange script includes Secured channel for transactions, Reliability, Customizable User Interface, High revenue from trading fees.
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Salut! This is Dhyana, an indefatigable and fervent person in knowing about Cryptocurrency. As an experienced executive with the technical aspects of Cryptocurrency and its applications at the Business level, i will be able to leverage the same to you. Stay in touch with the blog updates at Pulsehyip to know the trends of Cryptoworld.View all posts by Dhyana →