P2P vs popular exchanges

[scorpiokk]

Hi there,

Are there any folks here that use peer to peer and non-custodial exchanges for bitcoin or altcoins?
I am just wondering what is usually the incentive for people to use P2P as opposed to something convenient like CoinBase or Binance.

I started using P2P since early days because I wasn't comfortable funding a Binance account and funding CoinBase was a pain.
Are there other reasons? P2P is certainly not necessarily cheaper, so why do people use it?

Thank you in advance for this bit of education!
 

[jackg]

There's a lot of reasons to use a p2p or decentralised exchanges. A lot of the time you get transactions that are settled instantly (after the last person transfers) and some that are enforced by smart contracts and so confirm fast (for decentralised exchanges).

You don't have to go without funds or trust someone with them as much if you use p2p exchanges too - unless they're in person.

[bL4nkcode]

Aside from somewhat being cheap than other, well, maybe not, Though not much of these exchanges have huge list of options to trade (buy/sell), the no asking personal identification (privacy matters) is one of the reasons why users go there and trade, the same with the users who lived in crypto-restricted countries can easily go there without getting banned since most of these cex prohibit users came from restricted countries.


Btw this thread should be moved to services discussion.

[The Cryptovator]

For the trading crypto to crypto, I have not been using Decentralized exchange or peer-to-peer exchange. But during Selling Bitcoin for liquid, doing peer to peer. I still hadn't used Decentralized exchange, I just sell person to person. I am trading in a centralized exchange because my desired trading pair is there. I don't feel comfortable with centralized exchange since I like instant trading and don't like to burn gas fees as well. I know about the risk, so I am not storing a big amount there. For big funds, I have my Ledger Nano X.

[Rikafip]

Are there other reasons? P2P is certainly not necessarily cheaper, so why do people use it?

Mainly because they want to avoid stuff like this that happened yesterday. You may say it's not a big deal, I can wait later to get my money out, but it may happen when you need the money asap, like it happened to one of my friends yesterday. He planned to pay for some service which was important for his business, but he couldn't do it for hours, delaying the work for a whole day.





So yeah, not a smart thing to use Coinbase/Binance or any other centralized exchange to store your crypto. At least not a big amount, and especially not for too long.