In a digital peer-to-peer network, each user is (in theory) an equivalent owner and contributor to the network. This type of network can be used for almost any type of information or file exchange. One of the first massive uses of P2P networks was the now-defunct music sharing service Napster.
In the context of currencies, P2P refers to the exchange of cryptocurrencies, created to enable anonymous P2P transactions that do not require the processing of a financial institution. This required encryption and blockchains so that two parties could conduct transactions securely without the need for a trusted third party.
Blockchain technology can provide what P2P advocates consider a significant security advantage: since transactions are recorded on the network of each pair, it becomes extremely difficult (even "electronically impractical") to overwrite or falsify cryptocurrency transactions on a large network.
In the case of Binance, it offers a fairly secure platform, as long as basic patterns are precisely followed:
Verified users with KYC
That merchants have a security deposit on Binance.
That they have a positive record, in my case, I seek those with no less than 99.50% approval 👍 and effectiveness greater than 99.75%
That their buy or sell offer is clear, without ambiguities.
Time is another key factor. I look for those with a good real-time record in execution.
That both parties operate with the same banking entity and the account is their own. No third parties.
🚨🚧⚠️ VERY IMPORTANT ⚠️🚧🚨
No third-party accounts.
All communication must be through Binance chat channels.
No one, neither buyer nor seller, should ask you for your phone number, WhatsApp, Telegram, email, physical addresses, NOTHING AT ALL.
Also, do not click on links, be suspicious, withdraw from the negotiation and explain to technical support the reasons for your action.
Check your bank or the place you put as the destination for the funds.
In summary, P2P cryptocurrency exchanges revolutionize the way to trade digital assets. They allow direct transactions between people, eliminating the need for intermediaries. With features like custody services, privacy, lower fees, and user control, P2P exchanges offer a safe and flexible trading experience. By following best practices and using reputable platforms, individuals can enjoy the benefits of P2P cryptocurrency trading while minimizing risks.
⚠️ This article is intended for use and should only be used for informational purposes. It is important that you conduct your own research and analysis before making any significant decisions related to any of the products or services described. This article is not intended to be, nor should it be interpreted as, financial advice. ⚠️
