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+--- Thread: How does a P2P crypto exchange script work? (/showthread.php?tid=22673)
How does a P2P crypto exchange script work? - Johnhendrick - 12-16-2024
A peer-to-peer p2p cryptocurrency exchange script is software that enables users to buy and sell cryptocurrencies directly to each other, avoiding centralized exchanges. The platform helps users trade easily and securely with direct contact. What makes the platform worth is the trading method and its work that succeeds. Below is a very simplified step-by-step on how it works:
1. User Registration
Users will register for an account on the platform, providing very basic information such as their email and password. Verification might be needed to increase security.
2. Listing Offers
Users can either list cryptocurrency for sale or post a buy request. Sellers indicate how much crypto they want to sell at what price and what payment options are acceptable, such as bank transfer.
3. Search and Match
The platform allows the users to search for offers or requests that meet the criteria. When a match is found, users may view each other's profiles with ratings and trade history.
4. Escrow Service
Once the buyer and the seller agree on a trade, the cryptocurrency is locked in the escrow account of the trading platform. This way, the buyer cannot get the crypto unless they make the payment.
5. Payment Processing
Payment from the buyer to the seller is done directly in one of the agreed means of payment. The buyer has to keep proof of payment as well.
6. Release of Cryptocurrency
The seller can then release the cryptocurrency from escrow to the buyer's wallet after confirming that the payment has been received.
7. Dispute Resolution
If there are issues, such as a payment dispute, users can open a dispute. The platform's support or a mediator will review the evidence and make a decision.
8. Feedback and Rating
After completing a transaction, users leave feedback that helps build trust in the community.
In a nutshell, the P2P crypto exchange script is an exchange script that facilitates peer-to-peer secure direct trading between users with escrow services and ratings for a safe trading environment. If you would like to dig deeper into any part, please let me know!
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