Looking for Advice on a Peer-to-Peer Crypto Exchange Project

[Cobran]

Hello community! I believe the title says it all. I was wondering if you have any ideas, suggestions on features you might want to see implemented in a p2p cryptocurrency exchange like bitquick and localbitcoins. What do you think these exchanges miss out?

[Cobran]

up. can't wait to read your comments.

[jmlona]

Security is the biggest concern with anything p2p. How can you assure users that they will receive what they purchase at the agreed upon price?

That's the reason I have never used p2p services and have always stuck to exchanges like bitstamp

[adrov]

Security is the biggest concern with anything p2p. How can you assure users that they will receive what they purchase at the agreed upon price?

That's the reason I have never used p2p services and have always stuck to exchanges like bitstamp

Yeah same, even exchanges (Binance, Bittrex, Kucoin, Coss etc.) giving me cringes... I am looking forward to DEX (eg. tokens.net) and such, those are the future.

[Cobran]

Security is the biggest concern with anything p2p. How can you assure users that they will receive what they purchase at the agreed upon price?

That's the reason I have never used p2p services and have always stuck to exchanges like bitstamp

Both exchanges I mentioned are using an escrow system to ensure you will receive the amount you paid. There is also another exchange, which has implemented its escrow on a smart contract, which means no human interference in the procedure. Also, seller must confirm he received the money in order for the escrow to release the cryptos to the buyer.. There are some mechanism in place to ensure a smooth transaction.

[pereira4]

I think the next step on attempts to decentralize exchanges is to actually not host them on servers, so maybe with payment channels and lightning network stuff one could program a exchange that is actually peer to peer without the need of someone hosting the entire scheme in a server which could disappear while you have an ongoing trade, and also having to trust an escrow.

Of course, this would be crypto to crypto exchanges, I don't think there's a way to solve this with fiat, since fiat is the old system, you cannot expect decentralization in the process.

Also, places like LocalBitcoins are becoming increasingly dangerous with many agents trying to ruin your life if you want to cash out some BTC to pay some bills, so beware.

[Semleho]

Yes in my opinion, of both there is no problem to be exchanged, both have pretty good quality. Even small retail investors use it.
For relatively good and most popular trading platforms, you can also use like,
Kraken, CexIo and Quoinex.

[Cobran]

Yes in my opinion, of both there is no problem to be exchanged, both have pretty good quality. Even small retail investors use it.
For relatively good and most popular trading platforms, you can also use like,
Kraken, CexIo and Quoinex.

Thank you for the information guys! what I want to know however, is any features you think these platforms miss out.

[jmlona]

I think the next step on attempts to decentralize exchanges is to actually not host them on servers, so maybe with payment channels and lightning network stuff one could program a exchange that is actually peer to peer without the need of someone hosting the entire scheme in a server which could disappear while you have an ongoing trade, and also having to trust an escrow.

Of course, this would be crypto to crypto exchanges, I don't think there's a way to solve this with fiat, since fiat is the old system, you cannot expect decentralization in the process.

Also, places like LocalBitcoins are becoming increasingly dangerous with many agents trying to ruin your life if you want to cash out some BTC to pay some bills, so beware.

If someone ever solves the issue of creating a decentralized p2p exchange with FIAT then it will be a billion dollar idea. I guess the closest thing for now would be having it but with a stable coin used in place of fiat, that of course in itself is not without its many negatives, plus you'd have to go through a centralized route to buy those stable coins in the first place.