Post
Topic
Board Service Discussion
Merits 4 from 1 user
Re: What after localbitcoins.com shutting down
by
logfiles
on 15/02/2023, 14:13:51 UTC
⭐ Merited by o_e_l_e_o (4)
Though you have a legendary account but i wish you would simply understand the difference between a peer-to-peer crypto exchange to a centralized exchange,
I think you need to do more reading about what "peer to peer" means. Stop focusing on member's ranks and feeling insulted.

These exchanges and marketplaces keep confusing you by mentioning p2p because it feels more attractive, but in actual sense they are not p2p exchanges. LocalBitcoins was far from being a p2p exchange. They would hold user funds, set deposit and withdrawal fees at their will, they would never reveal any private keys of the accounts to the users, block funds and ask for KYC.

The same applies to "Binance p2p". In fact, Binance gives even a clue in the link that they are not a p2p platform.

Look closely https://c2c.binance.com/en/trade/sell/BTC?fiat=HKD&payment=ALL

Do you see that c2c right before binance.com? It means Customer to Customer or consumer to consumer, which makes more sense because c2c involves a third party, unlike p2p.


In a centralized exchange the price of crypto is set by exchange itself, which is a monopolistic practice which is not in the case of p2p as people set their own margins for buying or selling, there is competetiveness..
Wooooow. Just wow!!!