P2P will save your life

[Z-tight]

Do you then mean that Binance p2p feature is not really a what it is but a peer to intermediary? This is a bit confusing. Care to explain further?

Yes. When you use Binance p2p, you are not trading directly with the other peer, Binance is the third party or intermediary in the trade. P2p means directly from one peer to another and what ensures the safety of the traders isn't a third party but mostly a multi-sig set up, in which both parties will sign the transaction to release coins to the seller if everything goes smooth.

Can you mentioned another p2p exchange or rather does a platform like Remitano fall under this category? I have used it several times and whenever I encounter any issues, their customer agent are always on ground to resolve it.

I have not used remitano, but it is a centralized exchange. For p2p exchanges go to: https://kycnot.me/

[southerngentuk]

Obviously, P2P trading is a quick and convenient option for investors. However, it is also a double-edged sword, leaving unpredictable consequences for investors if they do not know how to protect themselves in the market. Underestimating the security process and protecting yourself is, in a way, abetting scams that can take place in the market. That is also why KYC is always a problem when the exchange can reveal the personal information of users at any time. So having money left on the exchange for a long time is not a good problem.

[Jawhead999]

Obviously, P2P trading is a quick and convenient option for investors. However, it is also a double-edged sword, leaving unpredictable consequences for investors if they do not know how to protect themselves in the market. Underestimating the security process and protecting yourself is, in a way, abetting scams that can take place in the market. That is also why KYC is always a problem when the exchange can reveal the personal information of users at any time. So having money left on the exchange for a long time is not a good problem.

Not really sure what you're talking about, but most of people will agree if P2P trading is more slower and not convenient for investors. If P2P is more quick and convenient, most people already prefer to use P2P than CEX.

I would say CEX don't have any intention to reveal their customers' KYC because there's no point for them for doing it. But the problem is about their vulnerability and the hacker can get all personal information that have been submitted.

[Tigerheart3026]

p2p (peer to peer) is very safe way to exchange your money, i am using binance and kucoin p2p feature, mostly i using binance it's convenient,
but the problem is still i'm not safe, because government can trace transaction history, in p2p i have to used a mobile number which is used as my payment receiving address.

[Jawhead999]

p2p (peer to peer) is very safe way to exchange your money, i am using binance and kucoin p2p feature, mostly i using binance it's convenient,
but the problem is still i'm not safe, because government can trace transaction history, in p2p i have to used a mobile number which is used as my payment receiving address.

That's not even a P2P when the exchange is still become the third party which has a control between the sender and receipt. If you think it's not safe since you're required to submit personal information to them, you need to use no KYC P2P or DEX. Currently Agoradesk, Robosats, and Bisq are the best choices.

Remember, you still need to transfer the coins into your non custodial wallet, don't hold your coins in P2P or DEX for long time.

[yazher]

p2p (peer to peer) is very safe way to exchange your money, i am using binance and kucoin p2p feature, mostly i using binance it's convenient,
but the problem is still i'm not safe, because government can trace transaction history, in p2p i have to used a mobile number which is used as my payment receiving address.

Back in the past when there were no options like this, we had trouble using our local exchanges because they ask for some high percentage transaction fees when we want to convert out crypto to fiat. too bad that we were taken advantage of in that stage of our crypto journey and we lose lots of money because of that. thankfully we have lots of P2P options nowadays in some different trusted exchanges where we could trade our bitcoins safely with different rates and also convenience in terms of converting it to fiat.

[Marvell1]

Obviously, P2P trading is a quick and convenient option for investors. However, it is also a double-edged sword, leaving unpredictable consequences for investors if they do not know how to protect themselves in the market. Underestimating the security process and protecting yourself is, in a way, abetting scams that can take place in the market. That is also why KYC is always a problem when the exchange can reveal the personal information of users at any time. So having money left on the exchange for a long time is not a good problem.

Not really sure what you're talking about, but most of people will agree if P2P trading is more slower and not convenient for investors. If P2P is more quick and convenient, most people already prefer to use P2P than CEX.

I would say CEX don't have any intention to reveal their customers' KYC because there's no point for them for doing it. But the problem is about their vulnerability and the hacker can get all personal information that have been submitted.

I have also never heard anyone say that P2P is faster and more convenient than centralized exchanges.

As a rule, they will never reveal the identity of their customers because it is not beneficial and seriously affects their business. But what many users fear is that their privacy could very well be controlled by the government through centralized exchanges. Once the government requires exchanges to provide users' identities, they cannot fight the government. As news I saw recently, the US government is asking the Kraken exchange to provide investors' data to tax them. It really is a blatant attack on user privacy.

[pawel7777]

Do you then mean that Binance p2p feature is not really a what it is but a peer to intermediary? This is a bit confusing. Care to explain further?

Yes. When you use Binance p2p, you are not trading directly with the other peer, Binance is the third party or intermediary in the trade. P2p means directly from one peer to another and what ensures the safety of the traders isn't a third party but mostly a multi-sig set up, in which both parties will sign the transaction to release coins to the seller if everything goes smooth.

If you don't want to classify a trade as P2P whenever any 3rd party is involved, then you'd be left only with crypto/physical cash transactions. When you want to wire fiat, you'd have to use third-party bank or payment processor services.
A more sensible approach is to assess the nature of the involvement of the 3rd party. In the case of Binance, I'd call it a semi-P2P. If they only provided a platform to connect buyers with sellers, then I wouldn't have a problem in calling it a peer-to-peer platform, but since they also hold crypto in escrow, charge fees and resolve disputes (when needed) then it's indeed not a full P2P.

[Wend]

Do you then mean that Binance p2p feature is not really a what it is but a peer to intermediary? This is a bit confusing. Care to explain further?

Yes. When you use Binance p2p, you are not trading directly with the other peer, Binance is the third party or intermediary in the trade. P2p means directly from one peer to another and what ensures the safety of the traders isn't a third party but mostly a multi-sig set up, in which both parties will sign the transaction to release coins to the seller if everything goes smooth.

If you don't want to classify a trade as P2P whenever any 3rd party is involved, then you'd be left only with crypto/physical cash transactions. When you want to wire fiat, you'd have to use third-party bank or payment processor services.
A more sensible approach is to assess the nature of the involvement of the 3rd party. In the case of Binance, I'd call it a semi-P2P. If they only provided a platform to connect buyers with sellers, then I wouldn't have a problem in calling it a peer-to-peer platform, but since they also hold crypto in escrow, charge fees and resolve disputes (when needed) then it's indeed not a full P2P.

I agree, P2P on Binance is not strictly a peer-to-peer transaction, you are right to call it semi-P2P because of third party interference. If the transaction is in dispute, the assets of both parties will be locked immediately.

But I have a question, does P2P on decentralized exchanges really guarantee our privacy? I mean, we also need to provide a bank account name and number, or we still use an e-wallet like advcash centralized wallet during the transaction. So I think our privacy is not guaranteed if the buyer and seller with us is a government employee pretending to be.

[BitMaxz]

I agree, P2P on Binance is not strictly a peer-to-peer transaction, you are right to call it semi-P2P because of third-party interference. If the transaction is in dispute, the assets of both parties will be locked immediately.

I don't think it should be called semi-P2P it would be more fit if we call it centralized P2P because Binance act as escrow and it requires KYC when using their service unlike other decentralized P2P exchange that does not need KYC like Bisq but take note Bisq also escrow sellers funds they act the same as Binance but without KYC anytime both parties can dispute a transaction.

[GreatArkansas]

I agree, P2P on Binance is not strictly a peer-to-peer transaction, you are right to call it semi-P2P because of third-party interference. If the transaction is in dispute, the assets of both parties will be locked immediately.

I don't think it should be called semi-P2P it would be more fit if we call it centralized P2P because Binance act as escrow and it requires KYC when using their service unlike other decentralized P2P exchange that does not need KYC like Bisq but take note Bisq also escrow sellers funds they act the same as Binance but without KYC anytime both parties can dispute a transaction.

P2P on Binance is fake P2P hahaha. It's centralized 100%. All of your funds on Binance, even on P2P are being controlled by Binance. Once you deposit any funds in your Binance account, you already lost authority over your funds, especially Bitcoin.
For some people these centralized exchanges' P2P are easy way convert your Bitcoin to fiat or vice versa.

[virginorange]

I have also never heard anyone say that P2P is faster and more convenient than centralized exchanges.

I didn’t think centralized exchanges are more convenient overall.
Centralized exchanges start convenient and become inconvenient later on. P2P requires a higher initial effort, but becomes more convenient later on.

Centralized exchanges let you sign up easily, then force KYC on you, later ask you to verify your source of funds, Bincance hat 3 upload spaces for source of funds, but I had 5 document, had to wait 5 days until documents were reviewed, Binance then refused me without giving me a reason asking me to reapply, I reapplied, refused again. All of this while sometimes holding your funds hostage.
If you want to make your taxes you are limited to exporting 3 month of transaction history. You can only load 3 transaction histories a day.
Trouble over trouble.

P2P has a higher initial effort required, but then the effort is lower especially if you use the same counter parties again and again.

On the topic of Binance P2P, it is not real P2P if Binance is not involved.

[Nwada001]

Centralized exchanges let you sign up easily, then force KYC on you, later ask you to verify your source of funds, Bincance hat 3 upload spaces for source of funds, but I had 5 document, had to wait 5 days until documents were reviewed, Binance then refused me without giving me a reason asking me to reapply, I reapplied, refused again. All of this while sometimes holding your funds hostage.
If you want to make your taxes you are limited to exporting 3 month of transaction history. You can only load 3 transaction histories a day.
Trouble over trouble.

I believe this will depend on your region, as KYC verification requirements might differ depending on what your region's regulatory bodies approve for the exchange to use. Because I have used Binance so many times and I have passed the KYC back then in 2019 and have also recently helped someone file KYC and submit all required documents, I have never come across this request for sources of fund or tax information of any kind. So either the issue you are having is from what's required from your regulatory body, as I believe they are working with some bodies, or the amount in your account might be what triggers this.

On the topic of Binance P2P, it is not real P2P if Binance is not involved.

What do you mean by this? Binance is a platform that has a P2P option, and their only involvement in the P2P transaction is to settle disputes, take their fee if applicable, and store trade history. If the trade is successful, they release the coin to the buyer, and the trade is closed.

[dunfida]

I agree, P2P on Binance is not strictly a peer-to-peer transaction, you are right to call it semi-P2P because of third-party interference. If the transaction is in dispute, the assets of both parties will be locked immediately.

I don't think it should be called semi-P2P it would be more fit if we call it centralized P2P because Binance act as escrow and it requires KYC when using their service unlike other decentralized P2P exchange that does not need KYC like Bisq but take note Bisq also escrow sellers funds they act the same as Binance but without KYC anytime both parties can dispute a transaction.

P2P on Binance is fake P2P hahaha. It's centralized 100%. All of your funds on Binance, even on P2P are being controlled by Binance. Once you deposit any funds in your Binance account, you already lost authority over your funds, especially Bitcoin.
For some people these centralized exchanges' P2P are easy way convert your Bitcoin to fiat or vice versa.

P2P on the sense that you would be making out transactions but its not totally p2p since BInance is on between transactions even though there were no fees involved but still its true that you do lost authority of your
coins since you've been using up this platform on which it would really be that normal that they are still the ones who get hold of with those coins unless if those are converted to fiat and been transferred on your own personal bank account or wallet then it would be considered different. Real p2p is on that face to face transactions which we know that it might that totally decentralized but somewhat risky.
We are really that putting up ourselves on such harm considering  that we are talking about money on here on which it would really be just that normal that you would be putting up your self on something risky
because tendency on getting robbed or abducted specially if the amounts is already that high.

[jeraldskie11]

I agree, P2P on Binance is not strictly a peer-to-peer transaction, you are right to call it semi-P2P because of third-party interference. If the transaction is in dispute, the assets of both parties will be locked immediately.

I don't think it should be called semi-P2P it would be more fit if we call it centralized P2P because Binance act as escrow and it requires KYC when using their service unlike other decentralized P2P exchange that does not need KYC like Bisq but take note Bisq also escrow sellers funds they act the same as Binance but without KYC anytime both parties can dispute a transaction.

P2P on Binance is fake P2P hahaha. It's centralized 100%. All of your funds on Binance, even on P2P are being controlled by Binance. Once you deposit any funds in your Binance account, you already lost authority over your funds, especially Bitcoin.
For some people these centralized exchanges' P2P are easy way convert your Bitcoin to fiat or vice versa.

Binance P2P is a P2P with a middle man, it's just like the binance is the escrow where it benefits the both side buyers or sellers to prevent scam. I utilize these feature in the Binance most of the time when I'm going to withdraw because you don't have to pay for fee. And just like what you've said, Binance is centralized, so the Binance can control your account if they wanted. It's always better to use DEX than CEX in terms of security but with efficiency, I prefer Binance.

[BitMaxz]

P2P on Binance is fake P2P hahaha. It's centralized 100%. All of your funds on Binance, even on P2P are being controlled by Binance. Once you deposit any funds in your Binance account, you already lost authority over your funds, especially Bitcoin.

How does it fake? You can talk directly to the sellers or buyers they just act as an escrow. Isn't it just a centralized P2P?

And why would you lose authority with your account? You can anytime transfer or withdraw your funds out from Binance unless you are not KYC verified.
Binance before does not have KYC they are just forced to do it due to SEC legal requirements about Anti-Money Laundering (AML).

[kro55]

P2P on Binance is fake P2P hahaha. It's centralized 100%. All of your funds on Binance, even on P2P are being controlled by Binance. Once you deposit any funds in your Binance account, you already lost authority over your funds, especially Bitcoin.

How does it fake? You can talk directly to the sellers or buyers they just act as an escrow. Isn't it just a centralized P2P?

And why would you lose authority with your account? You can anytime transfer or withdraw your funds out from Binance unless you are not KYC verified.
Binance before does not have KYC they are just forced to do it due to SEC legal requirements about Anti-Money Laundering (AML).

Binance is a centralized exchange, and all the services they provide will also be centralized. But that doesn't mean they are providing fake services, or they are taking our money, or we have no right to our property...All of this is just baseless slander.
Binance is going against the concepts that bitcoin created, they make things more centralized, but there is no denying that they are playing a huge role in the crypto industry. Honestly, I know that using centralized exchanges takes away privacy, but I still feel safer using their P2P than P2P decentralized exchanges.

[CarnagexD]

I have also never heard anyone say that P2P is faster and more convenient than centralized exchanges.

I didn’t think centralized exchanges are more convenient overall.
Centralized exchanges start convenient and become inconvenient later on. P2P requires a higher initial effort, but becomes more convenient later on.

Centralized exchanges let you sign up easily, then force KYC on you, later ask you to verify your source of funds, Bincance hat 3 upload spaces for source of funds, but I had 5 document, had to wait 5 days until documents were reviewed, Binance then refused me without giving me a reason asking me to reapply, I reapplied, refused again. All of this while sometimes holding your funds hostage.
If you want to make your taxes you are limited to exporting 3 month of transaction history. You can only load 3 transaction histories a day.
Trouble over trouble.

P2P has a higher initial effort required, but then the effort is lower especially if you use the same counter parties again and again.

On the topic of Binance P2P, it is not real P2P if Binance is not involved.

Just take in mind that is the main purpose of Bitcoin. A peer to peer transaction. There wasn't suppose to be central management. It just happened that there are people who needs extra help accessing it that why centralized exchange such as binance and bybit who take advantage of that opportunity. Well yes definitely, it will require more effort and time because it's from anonymous user to another anonymous user. The same reason why many people are getting scammed.

[bhadz]

Just take in mind that is the main purpose of Bitcoin. A peer to peer transaction. There wasn't suppose to be central management. It just happened that there are people who needs extra help accessing it that why centralized exchange such as binance and bybit who take advantage of that opportunity. Well yes definitely, it will require more effort and time because it's from anonymous user to another anonymous user. The same reason why many people are getting scammed.

Bitcoin has opened a lot of opportunities and not just with the centralized exchanges but to everyone. Thus, there's the different way of trading through it. P2P, DEX, CEX and what more?
That's mostly all of it and corporations will always be there to take advantage of everything. But it is us that should consider other ways of doing transactions but in P2P, it needs more attention as people have became comfortable with cex transactions.

[coupable]

Money has three functions: medium of exchange, unit of account, and store of value. So at the moment, bitcoin is almost impossible to use as a medium of exchange because each transaction takes time, costs electricity, and costs quite a lot. Bitcoin must not be a unit of account because the price fluctuates; only the function of storing value is left, so now almost everyone, including the supporters, considers cryptocurrencies to be an asset. property, not real money. So buying and selling in the market requires KYC, which is against the nature of bitcoin, but at the moment it can also be the best way to secure your interests.

I do not know if I understood your words well, but I want to remind you that bitcoin differs from money in what we know it, and offers a set of advantages that go beyond those offered by money. The most important feature is that Bitcoin is a payment system as well as a store of value in itself.
Money, as we know it, cannot be effective unless we create payment systems such as banks and systems such as Paypal and Swift for it. And for these advantages, it can be said that fiat money cannot beat bitcoin in any comparison, even those that bitcoin haters rely on, that it is used for suspicious activities, while statistics indicate that fiat money is much greater than bitcoin and crypto in general.