Guide to Buying Crypto (P2P) Peer-to-Peer

The reality is regulation often lags behind innovation
— Bill Maris

What Are Crypto Fees Like Today?

Privacy Concerns on Crypto Exchanges

When it comes to privacy and accountability, people always demand the former for themselves and the latter for everyone else.
— David Brin

Onboarding on Crypto Exchanges

P2P as Alternative to Buying Bitcoin and Altcoins

You never change things by fighting the existing reality.
To change something, build a new model that makes the existing model obsolete.
Buckminster Fuller

  • You are in charge of your money: Platforms also called non-custodial share the private keys of your web wallet with you, so you actually have access to your coins all the time. You can import these keys in any other wallet and so you can use those funds off-platform as well. This is a good alternative if you are worried about the exchange ever locking you out of your account or preventing you from withdrawing.
  • Support Local Payment Methods: Platforms like LocalCryptos, LocalBitcoins, P2PMoon, LocalCoinSwap allow transacting using an escrow system where buyer pays using fiat in a payment method of choice. Once the payment is received seller releases the escrow directly to the buyer.
  • Lower to No Fees: The fees in P2P platforms are often lower than exchanges. Parties advertising buying or selling of crypto have the ability to choose the price. Fees that are collected by the platform are usually per transaction. LocalBitcoins charges the advertiser 1% per successful transaction. LocalCryptos charges 0.25% for the maker and 0.75% for the taker. P2PMoon does not charge any fees at all but requires a refundable collateral to be deposited for the crypto sellers.
  • Little Verification Required: P2P platforms are still enforcing verification but strict verification is handled between the buyer and seller. If buyer and seller have verified each other once (or they know each other) then no other verification is needed. Most of these P2P trading platforms use ratings, reviews, popularity and other creative ways to establish a trust score. Users can then choose the score and verification criteria they require before they engage in a trade.

So Where Should I Buy Bitcoin and Altcoins?

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Tim Hysniu

Tim Hysniu

Software Engineer, Technology Evangelist, Entrepreneur