Peer to Peer Buying and selling of Bitcoin On MyCelium Wallet

[Fivestar4everMVP]

I am a Bitcoin peer-to-peer trader and recently, I started using the Mycelium wallet on my Android phone to receive and send, and also store bitcoin.
This evening, I was just scrolling through the settings part of the app and discovered it's possible to trade bitcoin peer-to-peer in-app.

This is a good feature I would love to try out, but before I do, I would love the community's feedback on this, is there any user that has tried this feature in the past or recently?
What was your experience like?

I would appreciate comments and feedback.

[GxSTxV]

Well that’s a very useful service for traders, i use binance p2p and i don’t know if it’s the same service i dont have many informations about mycelium other than it’s a very secure wallet and trusted by many users i used it back in time when it was simple and didn’t offer any kind of services, it will be nice if it’s supported on all regions

[jackg]

I remember they used to have a peer to peer marketplace before (I think they had some face to face services too). I'm not sure how it compares to other things though like localbitcoins used to.

If you're asking for advice from here about doing peer to peer transfers most would recommend you try doing them here or at least advertise here as well as on mycelium if you're waiting for the trade to get filled.

[BitMaxz]

This is not the same as other p2p exchange that has escrow you can only trade them if you deal already with the seller/buyer and I think it's only good if you are dealing near your area and meet them then use that thing to trade P2P.
Be careful if you dealing outside and using the p2p platform of mycelium what you can only do is to accept the offer you must receive payment first before you accept the offer.

If you want to know more about this there is a guide on mycelium how to use that feature you can check it here below
- https://mycelium.com/lt/help.html

[nc50lc]

Based from the link in the post above:

- https://mycelium.com/lt/help.html

How is the transaction confidence calculated?

The Local Trader backend does an advanced analysis of the state of the transaction on the Bitcoin network. The base confidence is determined by the percent of the Bitcoin network that has seen the transaction. A number of factors reduce the confidence:

The Local Trader server does real-time double-spend analysis of all unconfirmed transactions. If a double-spend is detected, the confidence is reduced to zero.
The Local Trader server monitors how many unconfirmed transactions the transaction depends on. This can be a long and/or wide chain. For every unconfirmed dependency, the confidence is halved.
The Local Trader server monitors whether one of the unconfirmed dependencies have been subject to a malleability attack. If transaction malleability is detected, the confidence is halved.
The Local Trader server monitors whether the transaction, or one of its unconfirmed dependencies, have paid a low mining fee. If yes, the confidence is halved.

Looks like they forgot to monitor if the transaction and its parents are RBF flagged.
Because that's one of the major factor to consider to be able to tell if the seller has a capability to easily double-spend the transaction.

@Fivestar4everMVP you can take that in consideration when deciding if the transaction is "good".
In blockexplorers, it's usually displayed as "replaceable", "rbf enabled" or similar.

[Fivestar4everMVP]

Be careful if you dealing outside and using the p2p platform of mycelium what you can only do is to accept the offer you must receive payment first before you accept the offer.

Thank you very much for this advice, I was discussing this topic with a fellow trader and this is exactly the same advice he gave me.
I guess I will just look the other way and keep using binance p2p and Remitano which are the two platforms I've gotten so familiar with, I just wanted to tryout the p2p feature on mycelium for convenience purposes, since it's my major bitcoin wallet on my android device.

Thanks to everyone who contributed their thoughts too, I appreciate you all.

[Charles-Tim]

Meet your trader at the agreed upon time and location. You can continue to use the chat feature to help coordinate the meeting. Once you hand over the cash, the trader confirms receipt on their own wallet, and the transaction is initiated automatically.

I will advice you to not use this method to trade. It brings inconvenience and it might lead to physical harm. Privacy is very important to avoid physical theft and harm. With Mycelium local trading, no privacy at all.

If you need p2p decentralized exchange use https://bisq.network/

[PrivacyG]

I will advice you to not use this method to trade. It brings inconvenience and it might lead to physical harm. Privacy is very important to avoid physical theft and harm. With Mycelium local trading, no privacy at all.

If you need p2p decentralized exchange use https://bisq.network/

For Privacy, Cash is the way.  I understand what you mean, but linking your Bank account to Bisq or sending Cash in mail may sometimes be worse than meeting up with some body and doing the trade face to face.

If you choose to meet in a populated area like a shopping mall, chances of getting mugged are much lower.  Yes, cameras will see you.  But what is the probability of some body watching the camera feed and finding out Charles-Tim sells or purchases Bitcoin Peer to Peer versus the probability of some body watching your Bank account and finding out Charles-Tim sells or purchases Bitcoin Peer to Peer.  Just my thoughts.

-
Regards,
PrivacyG

[BitMaxz]

For Privacy, Cash is the way.  I understand what you mean, but linking your Bank account to Bisq or sending Cash in mail may sometimes be worse than meeting up with some body and doing the trade face to face.

If you choose to meet in a populated area like a shopping mall, chances of getting mugged are much lower.  Yes, cameras will see you.  But what is the probability of some body watching the camera feed and finding out Charles-Tim sells or purchases Bitcoin Peer to Peer versus the probability of some body watching your Bank account and finding out Charles-Tim sells or purchases Bitcoin Peer to Peer.  Just my thoughts.

I don't have any bad experience dealing randomly with face-to-face so I agree but the risk is very different. Why? Because if someone unknown people deal with you face to face your life is also at risk the buyer/seller or somebody from surveillance might become a stalker and kill you behind then stole your crypto/money that's the worst thing than letting other people watch my bank account.