Cryptocurrency is a digital currency that is designed to work as a mediator in exchange. And it has also become a famous method used in trading by a lot of audiences. But not everyone knows much about it. There are different kinds of cryptocurrency present in the market, like Bitcoin, Ethereum, Stellar, etc. Cryptocurrency is a digital currency and cannot be taken in physical form. Cryptocurrency works as, if someone receives money, they will receive it in the form of security codes with symbols involved. And then the codes are decoded by the smartphones. This digital currency can be used in all online transactions. There are different trading review platforms and one of them is Coindirect Review.
One of the types of crypto exchange is peer-to-peer exchange. A peer-to-peer crypto exchange is not a regular method. And there is no involvement of a third party in this exchange.
Let us discuss the 5 benefits of using the peer-to-peer exchange method:
Regular crypto is earned through a third party, and for that, one also has to pay for the services too. Peer-to-peer exchanges are done through software which saves your money and time. Though some sort of extra money is charged for that. In every online transaction, there is some kind of money asked additionally. The method of peer-to-peer will save your money too and will cut down the extra cost.
2. No Involvement Of The Third Party
It is your wish if you want to involve a third party or not. Third parties work as a mediator and ask for a commission too. It is mostly considered as a better option as there is no involvement of extra money, lower cost. But a third party can also be beneficial as in the dispute condition between the two parties, it acts as a mediator. There are different review websites like Coindirect Review giving reviews about everything related.
3. Well Protected
Peer-to-peer exchanges run on software and not by any third party. Regular websites can be affected by the government’s rules followed by the third party. But in a peer-to-peer, there is no sort of government restrictions imposed. But the peer-to-peer exchange has some drawbacks of its own too and are few and far between them.
4. Can Be Anonymous
This may be a drawback for a lot of people that one can hide their identity because it doesn’t ask for proof or anything. But this method is beneficial for people who don’t like to share their identity. But this method works out of reputation, as the software shows the reputation chart of users.
5. Have More Knowledge About The Parties
In this method, users are aware of with whom they might be doing trading. In regular trade, you will have zero information about the other party. But in this method, you’ll be having a lot more information about them. Parties are asked to share their IP address, location, and username.