Peer-to-Peer exchange is generally abbreviated as P2P exchange. Peer to peer exchanges can typically be defined as a procedure in which people directly exchange an entity (in the form of a Currency, foreign or Crypto), without any interference of a third party. P2P exchanges merely works on a software that allows to directly find a buyer or seller to perform the exchange. The P2P exchanges had evolved in order to minimize or eliminate the limitations. These limitations generally stand for the costs or regulations that are involved while using a third party to perform the exchanges.
P2P exchange can be done in case of money exchange or in terms of cryptocurrency exchange. Both the exchanges can be performed in various ways, which can be broadly classified as:
- P2P Exchange
- Regular Exchange
For both, money and cryptocurrency exchange, P2P exchange cuts out the banks and brokers i.e the portion of the exchange which goes as a commission to these third parties are saved with the exchangers itself. Whereas, regular exchanges might involve several layers of transfers from one party to another to perform an exchange. P2P exchange happens between the Buyer and the Seller at some anonymous online meeting place which is merely a software application. These applications work by matching the requirements of a person who wants to exchange on currency to other. Once, the buyer and the seller are matched, they have an option of chatting with each other on that particular platform itself or to negotiate the exchange rates, etc. In this way no person has to actually roam around a city in search of a broker with high exchange rates. One can easily find a suitable person online in no time, at nearest place possible and with exchange rates that they want.
P2P exchange is the best option for layman who is new to the city or doesn’t have enough yo time to go in search for a bank or a broker at distant places. These applications solve every aspect to perform the exchange in the fastest and easiest way possible.
One of such applications is Dalla! Which is now available at Google Play Store.
( DOWNLOAD THE APP NOW )
Go Dalla!
Image source: cointelegraph.com
