No choice but to use the unavoidable middle man, the exchange companies.

[dothebeats]

I believe that most business owners will prefer to transact money transfers with their customers directly without using an exchange, that will be a third party, and you'll have to pay this third party or middle man money for his services, whether you like it or not. I also believe that nothing beats transacting money directly with your clients or customers, no third party whatsoever. One of the reasons why I like bitcoin is that it's decentralized, and you can do a P2P transaction with another bitcoin holder without any exchange being involved. But for convenience, transparency and scams that are associated with P2P, you don't have much choice but to patronize the services of these exchanges.

You can not eliminate the middle man in businesses, especially in this digital age, be it fiat or cryptocurrencies, because they have come to stay. Big exchanges like Binance, are cashing in on being the middle man in businesses, an unavoidable indirect business associates, in your face, waiting for you to go through them.

Indeed, you cannot deny the middleman's importance when dealing with an anonymous person on the internet. Reputation is a key factor there. If you can build a solid online reputation, you will likely get the payment or product first. This applies only to public forums like BitcoinTalk and hack forums. Still, this forum has middleman services to eliminate the possibility of scams.

The fact is, forum middlemen do not ask for your private information like your Real name, Identity or your electricity bills. But when you deal with some specific platforms like Binance and other centralized platforms, you compromise your private information.

I agree with you. Moreover, though, it is best to remember that there are different system that different middlemen use. I remember when I hired a middleman for a quick transaction and they never asked me to provide any personal information, everything was strictly about the transaction and anonymity that both the seller and I wants to maintain. On the other hand, I have heard some stories wherein their middleman asked for some private information that made me reluctant to proceed with the transaction but it turns out it was not a scam and the middleman was only following a system they've been practicing for long.

[Ultegra134]

You can not eliminate the middle man in businesses, especially in this digital age, be it fiat or cryptocurrencies, because they have come to stay. Big exchanges like Binance, are cashing in on being the middle man in businesses, an unavoidable indirect business associates, in your face, waiting for you to go through them.

Certain cryptocurrencies such as bitcoin are able to eliminate middleman technically, whereas in this case it is a user's need to adjust to business preferences, especially because cryptocurrencies must really pay attention to the level of trust of the second party.
As innovation develops in the crypto industry, the role of third parties can also be built into code which is usually called a smartcontract, although some of these sometimes have serious vulnerabilities that cause greater losses.

Theoretically, you can eliminate the middleman; however, in practice, it's not as easy as it sounds. Even P2P transactions require some sort of middleman; how are you going to pay for the bitcoin you're purchasing? Unless we're talking about a physical transaction with cash in hand, which isn't something that can be deemed particularly safe, I don't know about others, but this whole decentralized movement sounds too inconvenient to me, especially if you're new to cryptocurrencies and trying to make your first purchase. For us, who already hold some coins, the transition is a lot easier.

Unfortunately, whether we like it or not, exchanges are convenient and are used by a large percentage of the cryprocurrency community.

[Yatsan]

You can not eliminate the middle man in businesses, especially in this digital age, be it fiat or cryptocurrencies, because they have come to stay. Big exchanges like Binance, are cashing in on being the middle man in businesses, an unavoidable indirect business associates, in your face, waiting for you to go through them.

Certain cryptocurrencies such as bitcoin are able to eliminate middleman technically, whereas in this case it is a user's need to adjust to business preferences, especially because cryptocurrencies must really pay attention to the level of trust of the second party.
As innovation develops in the crypto industry, the role of third parties can also be built into code which is usually called a smartcontract, although some of these sometimes have serious vulnerabilities that cause greater losses.

Theoretically, you can eliminate the middleman; however, in practice, it's not as easy as it sounds. Even P2P transactions require some sort of middleman; how are you going to pay for the bitcoin you're purchasing? Unless we're talking about a physical transaction with cash in hand, which isn't something that can be deemed particularly safe, I don't know about others, but this whole decentralized movement sounds too inconvenient to me, especially if you're new to cryptocurrencies and trying to make your first purchase. For us, who already hold some coins, the transition is a lot easier.

Unfortunately, whether we like it or not, exchanges are convenient and are used by a large percentage of the cryprocurrency community.

It serves its purposes. You may also choose decentralized exchanges but issues arise sometimes. On my end I am fine using eitherway but I do see the advantage of this ‘middleman’. It somehow gives me the assurance that I will get back with my funds even if someone would try to run with it ‘coz of procedures. Also, we have no other choice; cryptocurrencies are still not yet accepted to most of the countries therefore we would still be needing to convert our holdings to fiat everytime we would be buying something in local markets and to merchants. There are reputable ones we can trust if you’re that worries but since we are talking about centralized ones in this industry, expect higher transaction rates and delays in some instances due to block confirmations. Using it is like paying extra for convenience I guess but it will still never be advisable to store wealth on this platform ‘coz if anything would happen, your fund will be for sure at risk. Take FTX as an example for this one. This is not to generalize but it would be better if we would all be taking extra cautions of it to avoid worse situations. As long as adoption of this industry is still on roll, then we indeed have no other choice but to interact with third party platforms.

[Learn Bitcoin]

Indeed, you cannot deny the middleman's importance when dealing with an anonymous person on the internet. Reputation is a key factor there. If you can build a solid online reputation, you will likely get the payment or product first. This applies only to public forums like BitcoinTalk and hack forums. Still, this forum has middleman services to eliminate the possibility of scams.

The fact is, forum middlemen do not ask for your private information like your Real name, Identity or your electricity bills. But when you deal with some specific platforms like Binance and other centralized platforms, you compromise your private information.

I agree with you. Moreover, though, it is best to remember that there are different system that different middlemen use. I remember when I hired a middleman for a quick transaction and they never asked me to provide any personal information, everything was strictly about the transaction and anonymity that both the seller and I wants to maintain. On the other hand, I have heard some stories wherein their middleman asked for some private information that made me reluctant to proceed with the transaction but it turns out it was not a scam and the middleman was only following a system they've been practicing for long.

Actually, it's your choice to choose a middleman. If you know a middleman will ask for private information, I suggest everyone avoid such a service. Centralized exchanges, for example. You already know that if you want to do any transaction through their platform, you must verify your account with your personal information, which you may not want to share. You can ignore them and look for an alternative. The alternatives are narrow, but there are always some alternatives. If you see there are no alternatives, here is the business opportunity as well. You can create an alternative for people who like to remain anonymous.

[Ziskinberg]

Not necessarily have to stay away and stop using them because for several months I was using P2P services and have not encountered any problem (maybe now) so I don't have a reason to decline their services. For at least that we are sure that was the right person that we are transacting with, it was safe. But we are doubtful, of course, why we should continue the transactions. It is in our hands to decide if this is safe or not.
Yeah, paying some fees for the middleman is not a big deal especially if we assure that the transaction is safe, much more if involves huge amounts.

[rat03gopoh]

Even P2P transactions require some sort of middleman; how are you going to pay for the bitcoin you're purchasing?

If you mean banks, that is a specific need because only they can digitize cash. In this case, @op specifies the definition of the term "middleman" as not being the bank itself (unless they also provide recommended bitcoin traders directly).

And like I said before that "trust" is the concern. When it comes to making transactions on the internet, at least it is easier for users to trust centralized exchanges because they are regulated, or p2p exchanges where they have a list of verified traders and are considered capable of resolving disputes.

[fuguebtc]

Not necessarily have to stay away and stop using them because for several months I was using P2P services and have not encountered any problem (maybe now) so I don't have a reason to decline their services. For at least that we are sure that was the right person that we are transacting with, it was safe. But we are doubtful, of course, why we should continue the transactions. It is in our hands to decide if this is safe or not.
Yeah, paying some fees for the middleman is not a big deal especially if we assure that the transaction is safe, much more if involves huge amounts.

To be honest, I also prefer using intermediary services rather than p2p exchanges without intermediaries, I don't feel safe with p2p trading, especially with internet exchanges. Even when dealing with large amounts of money outside, I even ask for an intermediary when trading because any risk can happen to us. Because when it comes to money, everyone's greed arises and they are willing to do anything to get it. So the middleman is really indispensable, IMO.

[Republikcoin.com]

To be honest, I also prefer using intermediary services rather than p2p exchanges without intermediaries, I don't feel safe with p2p trading, especially with internet exchanges. Even when dealing with large amounts of money outside, I even ask for an intermediary when trading because any risk can happen to us. Because when it comes to money, everyone's greed arises and they are willing to do anything to get it. So the middleman is really indispensable, IMO.

The opinion you are giving is not bad, but you also need to make sure that the intermediary has a truly honest nature because the intermediary can also have a greedy nature when he sees that there is more money that he has to handle for the other party. This means that these intermediaries must also be considered very carefully so as not to trap the owner of the money, the same goes for P2P exchanges, which not all of them have to be trusted.

But there are one or two of the several P2P exchanges currently available that can be trusted so using a P2P exchange is also not wrong for this option as long as the exchange is very well known and really safe. The point is that the option of choosing an intermediary and also the option of choosing a P2P exchange must be researched together so that you don't get trapped when making large transactions.

[Negotiation]

Using P2P cryptocurrency platforms users can buy sell and exchange cryptocurrencies directly with other users without the need for a broker or other intermediary. Transactions are performed directly between two parties and the P2P platform acts only as a facilitator. But it is important to note that P2P transactions can be risky as there are no intermediaries to ensure the security of transactions. Therefore it is important to take security precautions when using P2P cryptocurrency platforms, such as checking the reputation of the seller or buyer before making a transaction so as not to fall into the trap of fraud. Cryptocurrency P2P can be more difficult to use as it requires a bit more technical knowledge to trade safely.

[bayu7adi]

Individuals who are overly naive can indeed jeopardize themselves, including those who staunchly oppose centralized systems. It is worth reiterating that I am not aligned with either side of the spectrum (centralization or decentralization). However, as of today, transactions conducted within decentralized systems have not yet matured. Bitcoin, for instance, emerged 14 years ago, while banks have been in existence for six centuries.

Banks have reached a level of professionalism where every transaction process can be automated, prioritizing a high level of security. As a trade-off, our data is entirely held by the bank, which increasingly assumes the role of our financial custodian.

On the other hand, in a decentralized system, when engaging in peer-to-peer transactions, one must exercise great caution to ensure that the counterparty will not abscond after receiving our funds upfront. Instances of such nature are prevalent, and it is not exceedingly difficult to trace them, as occasionally events unfold contrary to our wishes. It is quite common for fraudsters to exploit vulnerabilities within this decentralized system.

In essence, regardless of your preferred system, ensure that you can maximize its benefits to safeguard your financial well-being from fraud. Always have both Plan A and Plan B ready in case of deviations from agreements with your business counterparts.

[terrific]

Using P2P cryptocurrency platforms users can buy sell and exchange cryptocurrencies directly with other users without the need for a broker or other intermediary. Transactions are performed directly between two parties and the P2P platform acts only as a facilitator. But it is important to note that P2P transactions can be risky as there are no intermediaries to ensure the security of transactions. Therefore it is important to take security precautions when using P2P cryptocurrency platforms, such as checking the reputation of the seller or buyer before making a transaction so as not to fall into the trap of fraud. Cryptocurrency P2P can be more difficult to use as it requires a bit more technical knowledge to trade safely.

But they exchange inside the exchange itself which serve as the platform. Well, the transaction happens between both users and there is always the need to make it done through the platform. That's why there's a need for an intermediary. However, you're right with that, the platform itself plays like the facilitator only and the ones transacting there are free to do the transactions on their own and have themselves agree with the transcations they do.

[lixer]

Not necessarily have to stay away and stop using them because for several months I was using P2P services and have not encountered any problem (maybe now) so I don't have a reason to decline their services. For at least that we are sure that was the right person that we are transacting with, it was safe. But we are doubtful, of course, why we should continue the transactions. It is in our hands to decide if this is safe or not.
Yeah, paying some fees for the middleman is not a big deal especially if we assure that the transaction is safe, much more if involves huge amounts.

P2P services can't be used for all the operations. Yes, you can use a P2P service if you are about to sell your cryptocurrencies for fiat or buy cryptocurrencies using fiat, but when you want to trade, you will need to use an exchange, especially if you are a day trader who buys and sells different cryptocurrencies on a daily basis. One could use decentralized platforms but there is an issue of liquidity and DEXs also don't offer a lot of features.

So, a day trader will eventually need to use the services of a centralized exchange, and they will need to verify their identity for that. I know that some people don't like the concept of doing KYC verification and want to stay away from it, but there comes a time when you don't really have a choice.