Hi steemit friends
Indians are looking for New Solutions
As we know in India’s central bank Reserve Bank of India banned the services to the crypto exchanges from a month. Then, all the exchanges have taken a new concept called Peer-to-peer (P2P). In the starting, everyone has a doubt on P2P solution, but now a huge demand and very much increasing rate in the crypto trading exchanges.
In India Wazirx a crypto exchange introduced this method a month ago. The CEO Nichal Shetty states that “In the starting, our users have a doubt on this solution, but gradually P2P transactions are made per every minute.” This is the indication of tremendous demand of P2P method in Indian exchanges. He also says that “10,000+ new users are signup on Wazrix when we introduced P2P solution. This means we got more users in the previous two weeks than the previous 2 months.”
source: Wazirx website
How the P2P Works in the Exchanges
The P2P solution replicated with the traditional crypto exchange trading. In this method uses the tether (USDT) in the transactions. The process as follows:
SELLERS---> CRYPTO CURRENCY-->USDT-->FIAT CURRENCY
BUYERS-->FIAT CURRENCY-->USDT-->CRYPTO CURRENCY
In the above process, the exchanges like Wazrix acts a mediator called ESCROW for holding funds for both Sellers and Buyers.
In India there are different exchanges have already started the P2P solutions, they named different names. Coindelta is named as Flux started on July 26. In this Coindelta the users can transfer their crypto coins like XRP, ETH, BTC, and USDT, but users must convert to USDT.
Another popular exchange in India named Koinex exchange. They gave a name to P2P as Loop. And as we know Wazirx named as Peer-to-Peer solution.
So, all the exchanges are warming up to offer P2P solutions to their users and, they want give smooth transactions for crypto trading. We will hope the Indian government will remove the ban and regulate on crypto assets.
In your view is P2P solutions are safe and give good services to the users? Comment your opinion in the comment section.
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With warm regards,
