Understanding the working example of a P2P cryptocurrency exchange
submitted 3 years ago by aaronsilva691 to cryptocurrency
A P2P cryptocurrency exchange enables direct trading of assets between a buyer and a seller without any intermediaries in the platform.
The step by step procedure of how a P2P cryptocurrency exchange operates
- An in-built matching engine will match the identical requests of the buyers and sellers by connecting the buy and sell orders instantly.
- There will be an escrow service that holds the assets safely to prevent fraudulent practices.
- The buyer and the seller can negotiate the terms and conditions of the trading deal through the in-built chat facility.
- The buyer will make the transaction to the seller.
- Once the seller confirms the receipt of the payment from the buyer, the escrow will immediately release the crypto asset to the buyer.
- The buyer can transfer the cryptos to his personal wallet.
- The trading deal is officially concluded on the platform.
Infinite Block Tech creates a feature-rich P2P cryptocurrency exchange at an affordable cost. The main highlights are two-factor authentication, a real-time price ticker, acceptance of multiple payment methods, the availability of a search and filter option, and the presence of a review system to improve accountability in the system and eliminate scammers.