P2P Bitcoin Exchange in Nigeria, How it Works and Where to Trade

Webm · 2021-10-19 11:09

P2P Bitcoin Exchange in Nigeria, How it Works and Where to Trade

P2P bitcoin exchange is essentially a decentralized form of the regular exchange. This crypto exchange model is operated and maintained exclusively. This is unlike the usual exchange that involves intermediaries or third-parties in executing the trade and transactions. The P2P exchange model generally features a blockchain-powered or exchange software that automatically connects and matches buyers and sellers with one another.

How P2P Exchangein Nigeria Works

Step 1: Indication of Intent
This is under the assumption that the seller has registered on a P2P platform such as HTTPS://SHIFT.MARKET. When a buyer is looking to buy bitcoin, he/she will search through a list of matched sellers and offers. Afterwards, they select a preferred seller and you place an order to register your intent.
Step 2: Communication between Buyer and Seller
It is required that parties involved in the transaction communicate about their transaction. This should be done on the platform as much as possible so as to eliminate chances of fraud. Plus, this history comes in handy in the event of a dispute.
Step 3: Payment and Bitcoin Delivery
After buyers and sellers establish a connection, next would be for the buyer to make payment directly to the seller's desired payment method. After doing so, the buyer informS the seller, who in turn confirms the payment and thereafter releases the bitcoins.

What to look for in a P2P Bitcoin Exchange in Nigeria
Just like the regular exchanges in Nigeria, you want to be careful while choosing a P2P Bitcoin Exchange. Here are a number of features and factors to consider before taking the plunge.
Security
Generally, the onus of security falls on the users, because of the direct nature of this exchange model. However, an exchange is supposed to put in place safety measures such as an escrow to protect both parties involved in a transaction. This can be seen in an exchange such as HTTPS://SHIFT.MARKET. The platform employs this technology tocheck-mate and regulates the movement of tokens between parties, thus reducing the risk of fraud and scams.
Transaction Fees
Just like the regular exchanges in Nigeria, P2P involves some form of operational cost, even though not as a result of intermediaries and third-party involvements. However, these fees are supposed to be very low. Some platformS actually eliminate the fees entirely.
Payment Options
The methods of receiving payments are partly dependent on the sellers. However, P2P is generally characterized by a wide variety of payment options. But then, these options vary from one platform to another. There are some exchanges in Nigeria that claim they allow all formS of payments. It only makes sense to appraise a platform's options of payment to see if it suits you.

Bottom Line
How amazing it is to eliminate the involvement of middlemen and intermediaries in a bitcoin exchange transaction. Apparently, the benefits and features offered by the P2P model of exchanging bitcoin in Nigeria are comparatively more than the regular model - from security features, to cost-effectiveness, efficiency, convenience, payment methods, and so on. With an exchange such as HTTPS://SHIFT.MARKET, your trading experience is sure to be more rewarding.