In order to remove brokers and third-parties, it leaves all the work on the nodes participating in the trade. Traditionally, once you generate the sell or purchase order, you forget about them and the automatic trading engine automatically matches your order with the optimized buyer.
But peer-to-peer model leaves a lot of manual work on the users. Instead of matching the orders, this exchange system matches the people. Sell/purchase order in the network won’t be picked up by the system. A buyer would have to click on the link and notify the seller that he is interested in buying the sale order and in return the seller will have to keep on checking if any buyers have shown interest in purchasing the released sale order. Many of the P2P platform used this idea on their operation, one of them P2P platforms is Cryptoswop.
Advantages Of P2P Model Exchange:
The buzz around the decentralized system is not a facade. It exists, in reality. And here are the reasons:
Transaction Censorship: The decentralized system allows everyone to access the same copy of ledgers. Regular exchanges are run by humans. They are susceptible to getting hacked or manipulated. Authority control can intervene and tamper the ledger. Moreover, they can freeze your funds. P2P system doesn’t have the central authority to control and there are almost no chances of tampering. Even if the system is hacked, the person has to either hack 51% of the nodes to change the ledger of each account or take that 51% of his confidence. Now, that sounds impossible.
Cheaper Cost Of Operation: Again, the influence of people in regular exchange would mean extra spending. On the other hand, P2P exchanges are run by the software. The software doesn’t demand the transaction or brokerage fees. The transactional fee is optional in trading cryptocurrencies. It is optional when a user wants its transaction to be validated by the miner urgently.
Privacy Sustenance: The central exchange system asks every minute details about the enroller. The government has been enforcing KYC regulations which mean that they have all the details. In the case of P2P, the government can’t apply brute force to KYC process. So, all the transactions can be conducted anonymously.
Secure Channel: The P2P exchange is secure because it doesn’t store the cryptocurrencies for its users. It just makes the sellers and buyers meet. This minimizes the counterparty risk.
Cryptoswop provides advantages that are not given by other platforms. Firstly, a lower commission for each transaction between the buyer and seller. Secondly, you can refer a friend to earn percentages commission. and thirdly, If you wanted to do withdrawal, also consider their withdrawal fees, because it's the lowest one in Indonesia. Fourth, dedicated customer support that can help you to fulfill your needs.
Cryptoswop - Indonesia P2P Cryptocurrency Exchange - Buying Crypto from your friends has never been easier
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