Hello 👋, Welcome to the cryptocurrency trading revolution🪙! If you want to delve into the fascinating world of P2P🙋 (peer-to-peer), 🙋it is essential to know the key terms that will help you navigate with confidence.
This glossary will provide you with the necessary tools🛠️ to become an expert 🧑💻in P2P transactions. Let's get to it! P2P Terms Glossary
1️⃣. P2P (Peer-to-Peer) ✏️Definition:
A direct exchange model between users 🙋without intermediaries. In the context of cryptocurrencies, it allows 🛒to buy and sell assets directly between people.
2️⃣. Escrow (Deposit in Guarantee) ✏️Definition:
A service that holds the payment until both parties fulfill the terms of the agreement⚖️. This ensures that the seller receives the payment and the buyer obtains the cryptocurrency.
3️⃣. Exchange Rate ✏️Definition:
The price at which a cryptocurrency is exchanged for a fiat currency 💵 or for another cryptocurrency. It is important for determining the value of your transaction.
4️⃣. Buy/Sell Order
✏️Definition: A request to buy or sell cryptocurrencies🪙 on a P2P platform. Orders can be market (executed at the best available price) or limited (set at a specific price).
5️⃣. Identity Verification (KYC) ✏️Definition:
Authentication process that requires users to provide personal information to confirm their identity. It is a common security measure on P2P platforms.
6️⃣. User Rating ✏️Definition:
A system that evaluates the reputation of users on the P2P platform. Ratings are based on previous transactions and the experiences of other users.
7️⃣. Merchant ✏️Definition:
A user who regularly buys and sells cryptocurrencies on P2P platforms. Merchants often have a high volume of transactions.
8️⃣. Commission Definition:
The fee charged by the P2P platform for facilitating the transaction. It's important to know these fees before making a transaction.
9️⃣. Transaction Definition:
The process of exchanging cryptocurrencies between two parties. It includes the transfer of funds and the confirmation of the transaction.
1️⃣0️⃣. Advertisement Definition:
A post on the P2P platform detailing the offer to buy or sell cryptocurrencies. It includes information on prices, payment methods, and conditions.
Share and Participate! Now that you know these essential terms, you are ready to dive into the world of P2P! Share this glossary with your friends and start trading with confidence. Use the hashtag #P2PExpert and tell us about your experience in cryptocurrency trading.