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Author Topic: P2P Bitcoin Volume Hitting All-Time Highs  (Read 308 times)
GreatArkansas (OP)
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October 05, 2020, 10:31:41 PM
 #21

By the way, the chart volume in the first post is from Paxful Peer-to-peer buy/sell Bitcoin. Which I am really amazed since I already can see new face in terms of Peer-to-peer buy/sell Bitcoin which back in the days, what can I always see is the Localbitcoins only. Atleast now we have now lot of choices in different countries.

This shows to me,that people in the third world countries are becoming desperate and looking for a financial alternative.~
I don't know about other countries but that doesn't seem to be the case here in the Philippines. In June 12, 2020 (our National Independence Day too), Binance announced its support of the Philippine Peso for peer-to-peer trading. That's probably the reason why the increase in volume in our case.

Prior to that, most bitcoin trades are done on centralized platforms which is almost monopolized by coinsph. The better rates offered in Binance P2P and the ease of doing trades is encouraging.
Agree on @Bttzed03 and I disagree on davis196 if you are including Philippines as third world country, since for me, Philippines is a developing country  Wink

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October 05, 2020, 10:57:11 PM
 #22


On some country all over the world, the volume of P2P Bictcoin Volume keeps creating a new all-time-high. Especially in some ccountries that Bitcoin is still not that so popular, I am proud that Philippines is also there, which the volume is extremely bullish, a new all-time-high on the volume.

Can we can consider that this increase of volume or a new all-time-high will make Bitcoin will become more popular and we can say the adoption is increasing?

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October 05, 2020, 11:57:13 PM
 #23

South Africa is a big market and if there’s more investors from them we can expect a great pump. The mass adoption will happen, and we are slowly getting there some countries are silently adopting bitcoin and time will come that every country will support bitcoin. Philippines might be late on adoption but the good thing here is that, the government is supportive to bitcoin and some local banks already used blockchain technology.
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October 06, 2020, 01:19:01 AM
 #24

Just because BTC P2P trading volume has reached ATH in countries like Philippines,Nigeria,India,Ghana and South Africa,that doesn't mean that Bitcoin will reach it's new ATH soon.

It's still good to see that other countries besides the large countries is showing the adoption rate of Bitcoin being spread out and being developed which is always a good thing even though it won't really pump the price of Bitcoin, Bitcoins price comes later. Unless you want a pump and dump scenario to always take places.
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October 06, 2020, 04:44:34 AM
 #25

Even if this does not represent growth of bitcoin as a whole, I welcome any and all growth in the peer-to-peer space. It means more and more people are getting fed up with centralized exchanges invading their privacy and stealing their coins. The sooner we move away from relying on these exchanges, who are more and more turning themselves in to "crypto banks", the better.

You know, quite ironic, the data from this so-called P2P deals is coming still from semi-centralized platforms, in this case, paxful or in many of those reports LocalBitcoins.
And it's quite amazing that people still use them and not only that, the volume in some countries keeps going up although complaints continue to pile up.

This shows to me,that people in the third world countries are becoming desperate and looking for a financial alternative.Just because BTC P2P trading volume has reached ATH in countries like Philippines,Nigeria,India,Ghana and South Africa,that doesn't mean that Bitcoin will reach it's new ATH soon.
We need countries like USA,UK and Japan to join this trend of achieving All-Time-Highs in their BTC trading volume,in order to pump the Bitcoin price.

People in those countries trade more paxful or LocalBitcoins because they lack alternatives.
If all of Africa has a robust banking system like SEPA and bank access to all its citizens it would have reported way lower numbers in p2p deals.

And even if that ATH happens it doesn't mean we're going to see a spike again, for example in the US the ATH happend at the end of 2018 which was a pretty bad period, for every buyer, there is a seller also Wink




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October 06, 2020, 05:59:35 AM
 #26

I feel that covid 19 played a big role for the increase in the trading volume on such countie and maybe on lot more other countries as well, people lost jobs and not much options for people to choose and few people might heard that they can trade bitcoins and other cryptos to make money in short time so they went for it and the people who got successful with the crypto trading will keep doing this been after the pandemic ends.

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October 06, 2020, 06:21:38 AM
 #27

Government's newest restrictions on crypto (maybe), better awareness on advantages of CEX, try to not submit identity documents for KYCs on DEX, just one of potential reasons.

Doesn't Paxful also require KYC though? I mean I guess you can go unverified, but you're going to be incredibly limited. They also keep your money for you, which isn't much different from centralized exchanges.

All that being said, the most likely reason people are using it is probably because they can get better rates than on centralized exchanges. P2P is better, but at the end of the day, trading on platforms like Paxful aren't truly P2P, because they act as 3rd parties.

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October 06, 2020, 10:07:06 AM
 #28

And it's quite amazing that people still use them and not only that, the volume in some countries keeps going up although complaints continue to pile up.
The same can be said of any centralized exchange. Yeah, these platforms are far from ideal, but they at least a step in the right direction towards decentralized trading. Ideally, everyone would just use Bisq, but I know that's just my wishful thinking.

they can trade bitcoins and other cryptos to make money in short time so they went for it
Paxful is not a platform which lends itself to day trading for profit. As with all peer-to-peer exchanges (centralized and decentralized), the buying and selling spread is usually too large to be able to day trade for a meaningful profit, and even if it weren't, it takes far too long to process a trade because the fiat banking system is slow. If I want to transfer fiat to someone's bank account, for example, it usually takes at least a few hours to process, but sometimes up to a few days. It is impossible to try to day trade with that kind of delay.

trading on platforms like Paxful aren't truly P2P, because they act as 3rd parties.
I would still refer to Paxful as peer to peer, in that you trading with other users instead of a central order book, but it isn't decentralized like a good peer to peer exchange should be, because as you say, there is still a trusted third party in the middle.
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October 06, 2020, 02:22:33 PM
 #29

they can trade bitcoins and other cryptos to make money in short time so they went for it
Paxful is not a platform which lends itself to day trading for profit. As with all peer-to-peer exchanges (centralized and decentralized), the buying and selling spread is usually too large to be able to day trade for a meaningful profit, and even if it weren't, it takes far too long to process a trade because the fiat banking system is slow. If I want to transfer fiat to someone's bank account, for example, it usually takes at least a few hours to process, but sometimes up to a few days. It is impossible to try to day trade with that kind of delay.
Normally people on LBC and Paxful are going to trade with someone  who is from the same country so banking transaction will not take that much longer and there are other payment modes are available here which is almost instant but highly risky compared to banking transactions.There are traders who is making decent profits from trading on peer to peer as long as they are not getting trapped into the sudden dump.

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October 06, 2020, 02:35:19 PM
 #30

Doesn't Paxful also require KYC though? I mean I guess you can go unverified, but you're going to be incredibly limited. They also keep your money for you, which isn't much different from centralized exchanges.

All that being said, the most likely reason people are using it is probably because they can get better rates than on centralized exchanges. P2P is better, but at the end of the day, trading on platforms like Paxful aren't truly P2P, because they act as 3rd parties.
I know, if one person need a truly CEX, let go ahead with https://bisq.network/

With phone and email verifications, people can trade up to $1000 (that is a truly low limitations) and sure I can not call it as CEX with phone and email verifications for the lowest mandatory requirement to be trade on Paxful.

I also mentioned about some other reasons: find a new horizon with payment methods, pandemic, switch/ change on global jobs, etc.

I would still refer to Paxful as peer to peer, in that you trading with other users instead of a central order book, but it isn't decentralized like a good peer to peer exchange should be, because as you say, there is still a trusted third party in the middle.
Sure. Paxful is a P2P marketplace. It is emphasized on their website.

Normally people on LBC and Paxful are going to trade with someone  who is from the same country so banking transaction will not take that much longer and there are other payment modes are available here which is almost instant but highly risky compared to banking transactions.There are traders who is making decent profits from trading on peer to peer as long as they are not getting trapped into the sudden dump.
You are not totally safe even with the bank transfer. Because if you are greed, you will choose offers with too high discount rates -- that obviously unrealistic if your mind is fresh and you are not greed, then you will go to choose trade partners with limited trade history. They can be hackers or use stolen fiats to do money laundering through Bitcoin. They use stolen fiats to buy bitcoin, and go ahead.

The rule #1: choose old, reputable, high past trading volume with acceptable, realistic discount rate in their offers. You will be fine.
The rule #2: Don't forget or break rule #1 because you are greed.

About other payment methods, like giftcards, they are more risky and you need to be experienced to trade with such payment methods. Anyway, the rule #1 is still applicable.

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October 06, 2020, 05:37:32 PM
 #31


Normally people on LBC and Paxful are going to trade with someone  who is from the same country so banking transaction will not take that much longer and there are other payment modes are available here which is almost instant but highly risky compared to banking transactions.There are traders who is making decent profits from trading on peer to peer as long as they are not getting trapped into the sudden dump.
You are not totally safe even with the bank transfer. Because if you are greed, you will choose offers with too high discount rates -- that obviously unrealistic if your mind is fresh and you are not greed, then you will go to choose trade partners with limited trade history. They can be hackers or use stolen fiats to do money laundering through Bitcoin. They use stolen fiats to buy bitcoin, and go ahead.

The rule #1: choose old, reputable, high past trading volume with acceptable, realistic discount rate in their offers. You will be fine.
The rule #2: Don't forget or break rule #1 because you are greed.

About other payment methods, like giftcards, they are more risky and you need to be experienced to trade with such payment methods. Anyway, the rule #1 is still applicable.
I am fully aware of what you are saying because having year of experience already on LBC and I even mentioned the same advice on many threads for the people who are trading and looking for better price on peer to peer exchange.Even the traders with huge trading volumes are not to be trusted if they are not have trusted feedback in the recent time.Bank transfer is somewhat safer than other because we can file a charge back in case of scam and if we are buying bitcoins but when selling we need to be more careful.

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October 06, 2020, 07:49:15 PM
 #32

Can we can consider that this increase of volume or a new all-time-high will make Bitcoin will become more popular and we can say the adoption is increasing?
We can call it adoption but what i see is that there are more platforms opening up so that users can easily sent fiat currencies to these exchanges and purchase the coins, earlier it was not that easy to send money to exchanges but now things have change and now i can purchase bitcoin instantly as i can credit my account with fiat currency without any additional charges and that will have an impact on the market and the halving is attracting more users expecting a rally.
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October 07, 2020, 07:57:32 PM
 #33

I feel that covid 19 played a big role for the increase in the trading volume on such countie and maybe on lot more other countries as well, people lost jobs and not much options for people to choose and few people might heard that they can trade bitcoins and other cryptos to make money in short time so they went for it and the people who got successful with the crypto trading will keep doing this been after the pandemic ends.

Hmm, trading on Paxful and making fast money in a short time can be achieved only in one way, find people desperate enough to sell or buy coins with a real big difference on the price on other exchanges, which also means taking advantage of people who are forced to trade there and have no option. Sorry, but labeling trading there and making money in those times as a solution is not really working, the same way you could paint pawnshop as angels during a crisis when everybody is desperate for money and selling everything from their house.
Trading at a profit means someone sold at a loss, and you won't be able to get more money than what people lose.

Ideally, everyone would just use Bisq, but I know that's just my wishful thinking.

Yup, wishful thinking, it's not going to happen, and I have a feeling that not only we're not going in that direction but the total opposite, no matter how much people say p2p trade is growing I feel that in terms of percentage the share is dropping like a stone. That being said, I've never used bisq either  Smiley

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October 07, 2020, 09:59:43 PM
 #34

I was delighted to see the chart showing P2P exchanges being used more and more and their volumes are reaching an all time high.
But unfortunately only happens to countries that prohibit Bitcoin transactions, This is because countries whose governments accept
Bitcoin still prefer to use centralized exchanges instead of using P2P exchanges. I agree that any country with an increasing volume
of user P2P exchanges, there has been an increase in Bitcoin adoption.

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October 08, 2020, 05:38:46 AM
 #35

I feel that covid 19 played a big role for the increase in the trading volume on such countie and maybe on lot more other countries as well, people lost jobs and not much options for people to choose and few people might heard that they can trade bitcoins and other cryptos to make money in short time so they went for it and the people who got successful with the crypto trading will keep doing this been after the pandemic ends.

Hmm, trading on Paxful and making fast money in a short time can be achieved only in one way, find people desperate enough to sell or buy coins with a real big difference on the price on other exchanges, which also means taking advantage of people who are forced to trade there and have no option. Sorry, but labeling trading there and making money in those times as a solution is not really working, the same way you could paint pawnshop as angels during a crisis when everybody is desperate for money and selling everything from their house.
Trading at a profit means someone sold at a loss, and you won't be able to get more money than what people lose.
Day trading is profitable and highly risky thing so it is not possible for anyone to start making money from the day 1 but they are forced to do that since they literally can't do anything probably due to loss of jobs and there is no stimulus like what happened in the developed countries.If you have $1000 as capital and literally it is possible to make at least $20 or $30 which is really big amount in the third world countries and it is even higher than daily wages of most of the jobs there.

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October 08, 2020, 06:07:00 AM
 #36

I was delighted to see the chart showing P2P exchanges being used more and more and their volumes are reaching an all time high.
the p2p that the op mean is an exchange? because he didnt write it on the first post but he only said p2p bitcoin , so im confused but moving on  , its no surprise that p2p exchange is growing because people can save more on using them than on using a traditional exchange because of the fees and afaik p2p exchange does not also need a kyc . this makes attracts more traders and traders that trade higher volumes per day but dont want to comply with a kyc . nice to know that p2p exchange are back on track because its been a long time that they became slient .
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October 08, 2020, 11:11:59 PM
 #37

Goes to show that P2P trading isn’t truly dead. There are still quite a considerable amount of people interested in P2P trades, or there really are just some gaps that are so big and so profitable that day traders capitalize on it and bought those coins. It could be anything, really, but with the emergence of these new volumes in an age where centralized exchanges are the norm gives me hope that DEX platforms would soon get the love the it deserves. It may start on these small countries, but any start is still a start nonetheless.
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October 09, 2020, 12:39:38 AM
 #38

A global chart can be a great indicator to predict Bitcoin's next move, even in Western countries many Institutional Investors has taken interest in Cryptocurrency, we can see in the coinmarketcap a spike in market cap, even some DEFI coins blowing up. It'd be a best to accumulate, while the BTC is still cheap, also in according in Plan B's stock to flow model it will hit to $100k next year.

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October 09, 2020, 11:53:53 AM
 #39

~
Day trading is profitable and highly risky thing so it is not possible for anyone to start making money from the day 1 but they are forced to do that since they literally can't do anything probably due to loss of jobs and there is no stimulus like what happened in the developed countries.If you have $1000 as capital and literally it is possible to make at least $20 or $30 which is really big amount in the third world countries and it is even higher than daily wages of most of the jobs there.

Actually, the wording would be more like it not possible for everyone to make a profit, in a market where the price is not increasing someone is going to lose for the ones making gains, if you're selling at a profit someone is buying at a loss and with no price increase if he ever wants to liquidate he will lose money. Of course, I'm not a trader and I've not yet been in such a situation but from my current point of view, I would not take this path, you take risks, you need capital, and if you're on your last money in the pocket are you going to risk a few weeks of good and utilities in which you can get a job for the possibility of having an income? What if Paxful is shut down tomorrow, what happens if they freeze your funds? I see trading the same as gambling, don't risk it with more than you can afford to lose, and for a guy that has just lost its job and he is on his last savings that sum is near zero. Of course, that's just my opinion.

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October 09, 2020, 01:27:00 PM
 #40

Since the price is still holding at $10,000+ these past months, there are some possibilities that the investors were also increasing this year that triggered the increasing volume of the BTC trading and also it records an All-Time High this year. This is a good indication since we are now 10 years after the launch of BTC and most of the allegations and the misconceptions have been cleared. Now we can see the number of people increasing day by day to get their first BTC. some of them are influencer that is popular in their own field which will promote some of their supporters. No wonder we see this new positive records this year.
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