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John Olorunfemi • 2 May 2024
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2024 has been a full-blown war on crypto P2P, short for PEER-TO-PEER or person-to-person. No one was totally surprised but maybe a bit dazzled by how quickly regulatory bodies came for the p2p platform in the crypto space. Undoubtedly, they see P2P as equivalent to banks and have a direct impact on international money transfers across borders.
By design, the P2P2 algorithm is meant to overlook continental differences and spreads that may occur between currencies across the world giving the power of deal to the merchants or so-called P2P traders. Some governments around the world often consider this as currency price speculation. In this article, we will see exactly what the P2P traders around the world are going through, especially in regions where there seems to be coordinated scrutiny on P2P or as I would like to call it “CHOKE POINT 2.0”.
P2P stands for peer-to-peer, which is a type of decentralized network system where each participant, or “peer,” has equal status and can act as both a client and a server. The meaning of P2P goes deeper when we look within the confines of cryptocurrency trading.
P2P in the context of crypto likely refers to “anonymous peer-to-peer” trading or transactions. Both parties exchange value without even having to meet physically or they can simply meet in a coffee shop and have their transaction while chit-chatting.
how ever in a commercial bank setting, you the customer must have an account with the bank which must have been registered physically and some signatures signed for official and legal reasons.
Sending money internationally through a bank typically involves the following steps:
It’s important to have the following information ready for the transfer:
Please note that the exact process may vary slightly depending on your bank and the country to which you are sending money.
On the other hand, for p2p you just need the account name and number or even just scan a code. one makes life very easy.
P2P trading is a type of cryptocurrency exchange method that allows traders to trade directly with one another without the need for a centralized third party.
yes that sounds like something you and reading this might be interested in. privacy is a profitable business in a world where information can be traded, manipulated and used as a weapon. everyone’s finance sits on the top list of prioritized privacies.
however the reasons why we go for these privacies on open networks is outweighed by the reasons the FEDs want to have our privacies monitored. It makes people wonder whether they also have some other agenda for going after people’s data.
there is a misunderstanding if you think P2P on exchanges are totally private. matter of fact you undergo 100% KYC to have a functioning account especially if you want to process large transactions. so to break it down to you guys… it is almost impossible to use a p2p exchange for illicit transactions or money laundry without living your info to the management. so in cases of investigations such persons can be tracked easily.
this is a safety measure that is just accurate to that of so called trusted commercial banks.
When comparing fraud records between the crypto peer-to-peer (P2P) sector and commercial banks, here’s a summary based on recent reports:
Crypto P2P Fraud:
Commercial Bank Fraud:
It’s important to note that while both sectors are affected by fraud, the types of fraud and the regulatory environments are quite different. Crypto P2P transactions are often unregulated, which can make it easier for scammers to operate. In contrast, banks are subject to strict regulations, which can help in fraud prevention but also means that fraudsters must be more sophisticated to succeed.
The data indicates that the crypto P2P sector has experienced a significant increase in fraud losses, especially in comparison to commercial banks. However, the actual number of fraud cases and the total amount lost can vary year by year and depend on numerous factors, including market conditions and the adoption of anti-fraud. technologies.
But you did not prepare to his this part; crypto p2p is unregulated by intention as most regulators around the world have failed to work with crypto exchanges to create laws and policies that would help the sector to grow. until this feat is achieved it may be a little more easier to engage in fraud through p2p.
however you would be happy if you discovered a crypto p2p platform that by default was designed to mitigate the risks attributed to the use of P2P platforms.
When it comes to a reputable P2P platform with safety measures that can be used from anywhere around the world, then you need to look no further.
NOONES app is the one for you.
Governments around the world have been in contempt and disdain of P2P within the crypto market. Some countries have embraced it for its perks while others have loathed it and even declared war on users of P2P platforms in their countries, in a bid to drive P2P toward extinction. Will their plans work or fail? Without further ado let’s delve into some key issues governments face concerning P2P trading:
We can keep counting this contempt and misconceptions by some governments but the main goal of this article is that P2P is developing and will definitely get better with time. Any technology that solves global problems should not be trampled upon till it crumbles but rather enhanced for the better.
P2P has come to stay and it will only get better. However, it is important to abide by regulations as we draw closer to regulatory compliance in the entire cryptocurrency space. The government also needs to see that P2P is solving complex problems that banks have used to inconvenience their customers, especially with bank charges incurred during international or cross-border transactions. central banks around the world should help to regulate crypto exchanges and not choke them into extinction. These P2P are bringing solutions to the world of finance . We should embrace this technology and let it grow if it solves real-world problems. That’s a wrap guys see you on the next one.
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