Have you heard of p2p trading?.

[Obi theo]

A friend told me he quits crypto because his government banned financial institutions from assisting the funding of crypto site, he wanted to sell off all his asset with immediate effect then he contacted me about it , it was at that point I knew that most of us rush into crypto without knowing the basics or most of us use basic wallet like LUNO,
 I must ask do we know of p2p trading ?
Most high rank member do it here but I had do bring it because of newbie and people that don't know about it.
P2p trading meaning person to person trading , it's a kind of trading where two people with different assets wants to exchange , it might be  crypto -fiat , crypto - crypto or fiat - crypto,and during this trading they will be an escrow who will over see the success of this transactions , most top exchange have this feature and the act as the escrow to ensure a successful transaction , so you quiting crypto because of a government ban is a very funny option because crypto can't be banned.
That was just a brief explanation of p2p trading for those that didn't know about it , you could go read up or research on it for more understanding.

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[pooya87]

most of us use basic wallet like LUNO,

Luno is a centralized exchange that offers custodial wallet services. You basically have an account where you deposit money and the company has full control over it and can some day decide to shut down your account and never give back your money.
When you want to talk about P2P trading then you should also use actual cryptocurrency wallets that you control the keys not some custodial "account".

[hd49728]

Help: A list of LocalBitcoin alternatives (P2P marketplaces). Not all of P2P marketplaces in the list are actually decentralized.

If you want to enjoy actual decentralized trading, please pick from
https://hodlhodl.com/
https://bisq.network/

[Obi theo]

most of us use basic wallet like LUNO,

Luno is a centralized exchange that offers custodial wallet services. You basically have an account where you deposit money and the company has full control over it and can some day decide to shut down your account and never give back your money.
When you want to talk about P2P trading then you should also use actual cryptocurrency wallets that you control the keys not some custodial "account".

That my point we need to understand the full implications of what we do, picking luno as a wallet is a very bad idea , their service don't support p2p trading  it's just a buy and sell exchange which provides only few crypto currency

[jamalaezaz]

for p2p trading. I nowadays use Binance only. before I used localbitcoins. but they put a lot of restrictions and regulations in their platform. a normal crypto person cannot simply use that anymore. but binance recently started p2p trading. and that works like charm for me. I just hope they won't put any restriction on that too.

most of us use basic wallet like LUNO,

Luno is a centralized exchange that offers custodial wallet services. You basically have an account where you deposit money and the company has full control over it and can some day decide to shut down your account and never give back your money.
When you want to talk about P2P trading then you should also use actual cryptocurrency wallets that you control the keys not some custodial "account".

you need to have your coins in a non custodial wallet when you do p2p trade directly with a person. but using a p2p trading platform like LBC or Binance. I don't think it is possible to do that. you must deposit them to your account there first

[o_e_l_e_o]

for p2p trading. I nowadays use Binance only. before I used localbitcoins. but they put a lot of restrictions and regulations in their platform. a normal crypto person cannot simply use that anymore. but binance recently started p2p trading. and that works like charm for me. I just hope they won't put any restriction on that too.

Neither Binance nor LBC are a good choice for a peer to peer exchange. Both are completely centralized, both take custody of your coins, and both still require KYC. I don't understand why anyone would accept all this to trade peer to peer. If you don't care about your privacy or security like this, then you might as well just trade on a traditional centralized exchange.

you need to have your coins in a non custodial wallet when you do p2p trade directly with a person. but using a p2p trading platform like LBC or Binance. I don't think it is possible to do that. you must deposit them to your account there first

That's not the case for a real decentralized exchange such as Bisq. Your coins are never deposited to their platform. They remain in your own wallet until you send them to the 2-of-2 multi-sig escrow between buyer and seller.

[Smartvirus]

P2P meaning Peer-2-peer or could be referred to as connoted by OP as person 2 person, is one of the most discrete way to transact cryptos without government intervention within a government crypto restricted territory. It's basically a trade between two persons but at times, there is either a third party in the trading scheme. These includes;

1. Direct p2p
This involves you directly transacting with your buyer or seller which ever position you occupy in course of the transaction and

2. Indirect p2p
This involves the use of a third party which could either be an escrow site or a trusted member/user to serve as an escrow

Challenges of both processes

1. Direct p2p
* Looking for a buyer/seller
* The issue of trust on the other party to deliver as agreed
* The issue of fair price

2. Indirect p2p
Using a member as escrow
* The main issue here is the issue of trust on the user serving as escrow
Using an escrow site
* The site is more susceptible to phishing attacks and hacks
* There could be delayed transactions due to site maintenance and breakdown
* The issue of withdrawal limits and sometimes
* The issue of KYC

It is a thing of interest to note that, the p2p system of trading is an added advantage to all especially those in crypto restricted territory because, it makes you stay anonymous to authorities and also, the bases of your business transaction with the other party remains secret while your account grows in fiat and coin equivalent.

[Apostlekin$$$]

I prefer the normal trading than P2P trading but since some countries have no choice but to use P2P trading there is nothing we can do about it, P2P trading is still somehow not safe compare to the main way of trading crypto, I remember using paxful and I send asset to the other part and the guy denied he refused, paxful on the other hand release escrowed the item to the guy making me lose 200$ at the time

[CryptopreneurBrainboss]

***

That's the problem, many so called investors from the third world countries have no clue what they're doing, they get pressured to join the industry by the so called crypto expert so they get commission without having the interest of their potential customers at heart. I see big exchange ambassadors in the country carrying out seminar weekly to bring in new investors or trader into their respective exchanges ir project without enlightening this new enthusiast to the standard that they can stand on their own.

Nigerian is a country known for peer2peer trading so I don't understand why that your friend is in a rush to sell, I don't blame him though, his actions are as a result of not been informed and misinformation.

Ps: You can trade peer2peer without needing an escrowed provided you trust the second individual involves in the transaction, I do that often but mostly with those that trust me to not scam them.

[pooya87]

1. Direct p2p
* Looking for a buyer/seller
* The issue of trust on the other party to deliver as agreed
* The issue of fair price

This doesn't have to involved any kind of trust, the trade can happen using a smart contract that prevents either party from scamming the other. For example Atomic Swaps attempt at addressing this, you can swap your bitcoin for litecoin by creating a smart contract where the person receiving LTC can not spend it without letting the other person receiving BTC to spend theirs.

[cryptoaddictchie]

I did some couple of p2p transactions before through tokens but only to those I've known. P2p trading is good as you are taking advantages of the fee. I always used the Binance p2p for converting my crupto asset into fiat and its really a good set up.

The only thing is that it's centralized and people could know your identity cause you will be asked for bank account and details are needed such your account number and name.

[MusaMohamed]

Smart contracts or escrows are medium tools to help traders go with safely peer to peer trading.

It has more importance in crypto as crypto transactions are irreversible. It is not like as fiat transactions that can be reversed if you file a scam, fraudulent reports to police and banks.

If I have trades with a stranger, I will use a service that give me smart contracts or escrow to secure my trade. I will release my bitcoin only when I receive my fiat payment or I will get the guarantee to receive my bitcoin after I finish my fiat payment. Disputes are to solve and resolve trades and award money to winners not scammers.

[pooya87]

If I have trades with a stranger, I will use a service that give me smart contracts or escrow to secure my trade. I will release my bitcoin only when I receive my fiat payment or I will get the guarantee to receive my bitcoin after I finish my fiat payment. Disputes are to solve and resolve trades and award money to winners not scammers.

Smart contract is not a "contract" in traditional sense that can be given to you by some service. Smart contract is the script that you are creating each time you send a bitcoin transaction or any other cryptocurrency that is derived from it.
It can only work for cryptocurrency "swaps" not when fiat is involved. For exchanging with fiat you still have to use a third party (escrow).

[TheRealZiggy]

government ban is a very funny option because crypto can't be banned.

Maybe they cant technically "ban" crypto, but they can announce that holding crypto is punishable by law, which would make even p2p trades very risky

[100bitcoin]

Help: A list of LocalBitcoin alternatives (P2P marketplaces). Not all of P2P marketplaces in the list are actually decentralized.

If you want to enjoy actual decentralized trading, please pick from
https://hodlhodl.com/
https://bisq.network/

A comprehensive list is maintained on Github. One may add new services to it through pull request.

https://github.com/cointastical/P2P-Trading-Exchanges

[Thirio]

P2P meaning Peer-2-peer or could be referred to as connoted by OP as person 2 person, is one of the most discrete way to transact cryptos without government intervention within a government crypto restricted territory. It's basically a trade between two persons but at times, there is either a third party in the trading scheme. These includes;

1. Direct p2p
This involves you directly transacting with your buyer or seller which ever position you occupy in course of the transaction and

2. Indirect p2p
This involves the use of a third party which could either be an escrow site or a trusted member/user to serve as an escrow

Challenges of both processes

1. Direct p2p
* Looking for a buyer/seller
* The issue of trust on the other party to deliver as agreed
* The issue of fair price

2. Indirect p2p
Using a member as escrow
* The main issue here is the issue of trust on the user serving as escrow
Using an escrow site
* The site is more susceptible to phishing attacks and hacks
* There could be delayed transactions due to site maintenance and breakdown
* The issue of withdrawal limits and sometimes
* The issue of KYC

It is a thing of interest to note that, the p2p system of trading is an added advantage to all especially those in crypto restricted territory because, it makes you stay anonymous to authorities and also, the bases of your business transaction with the other party remains secret while your account grows in fiat and coin equivalent.

But how do you perform such trades? Aren't trades supposed to be done on trading platforms such as binance? Curious about how this works, will research as well.

[pawanjain]

As crypto is gaining popularity more number of people are opting for P2P trades but little do they know that P2P trades have their own risks and disadvantages.
Yesterday, while reading through a group on Telegram I came to know that a person had opted for a P2P trade on Binance.
He transferred fiat to the seller's account but made the payment from a different account name. The seller then told the buyer to cancel the trade.
The buyer did a mistake here and cancelled the trade followed by which the seller never responded back to the buyer.
Thus he was scammed.

Moral of the story : P2P trade is a good option but beware and full conscious while you are trading and do a good research before making payments to the trader.

[coldice]

As crypto is gaining popularity more number of people are opting for P2P trades but little do they know that P2P trades have their own risks and disadvantages.
Yesterday, while reading through a group on Telegram I came to know that a person had opted for a P2P trade on Binance.
He transferred fiat to the seller's account but made the payment from a different account name. The seller then told the buyer to cancel the trade.
The buyer did a mistake here and cancelled the trade followed by which the seller never responded back to the buyer.
Thus he was scammed.

Moral of the story : P2P trade is a good option but beware and full conscious while you are trading and do a good research before making payments to the trader.

Yes P2P has high chance of getting scammed, even with a good escrow. but once you find a good one, you can keep using them. Do your research

[Charles-Tim]

But how do you perform such trades? Aren't trades supposed to be done on trading platforms such as binance? Curious about how this works, will research as well.

Do not be confused about this, for example, I have a friend, he told me he want to buy bitcoin, and I want to sell, that is an example of direct p2p. Or, another example, CryptopreneurBrainboss (a reputed member on this forum) is from my country, he has bitcoin exchange service directly on this forum, I can sell him bitcoin and he will pay in Naira (Fiat). Or, I can post it on my local board that I want to sell bitcoin or altcoin at a particular price, anyone interested will pm me.

[cheezcarls]

Yes and I have done it a few times with some of my friends. Since they are my close ones, escrow isn't needed. But I also have done P2P transactions in a face to face meetup where I sent him some fractions of BTC and paid me directly in cash.