Peer to Peer cryptocurrency transactions can be achieved through the independent digital currency like bitcoin. Bitcoin can easily transact to the any members at a particular time to the any member without any third party intermission. For Further enabling these cryptocurrency transactions of bitcoin, the decentralized exchange platform has been built to leverage the function of peer to peer transactions.
Wanna know the how decentralized p2p cryptocurrency exchange platform works for secure your cryptocurrencies at affordable cost?
Peer2Peer exchange platform mainly works on the mechanism of decentralization that connects buyers and sellers on an online cryptocurrency exchange system. Buyers and sellers come and put their cryptocurrency orders (buy and sell orders) on the P2P cryptocurrency exchange platform.
This P2P exchange is digital done cryptocurrency executions using the smart contract-based escrow system to enable trusted transactions. After putting crypto exchanges in the platform as soon as the order matches, the crypto assets of the seller are locked in the escrow account.
On the other hand, when the buyer transfers funds to the seller in p2p exchange for buying crypto (say in USD, EUR), and when the seller in the other hand confirms of receiving the funds, the seller’s assets are released from the Escrow account (admin account) and further wise transferred to the buyer’s wallet.