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Is Buying Bitcoin From Exchnages Better Than Peer To Peer? - Investment - Nairaland

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Is Buying Bitcoin From Exchnages Better Than Peer To Peer? by jamin006: 1:25pm On Dec 04, 2018
I've heard that peer to peer platforms are not as safe or reliable as instant cryptocurrency exchanges for trading in cryptocurrencies. Is that true?
Re: Is Buying Bitcoin From Exchnages Better Than Peer To Peer? by Nobody: 2:03pm On Dec 04, 2018
I also need insight on this as well but not regarding to security/reliability but trading. Peer to peer is safe due to the usage of escrow service and admin as well.


My question as regard trading is how do people get btc for cheap to go sell on that peer to peer site? Do they buy from exhanges as well?

Cc Tabbaz
Justi4jesu
LadyF
Biafrabushboy
Re: Is Buying Bitcoin From Exchnages Better Than Peer To Peer? by Naijacryptogeek: 9:48am On Dec 05, 2018
The safety of peer to peer depends on how effective the admin is. For example, someone may be able to game the system, by for example, stating that they did not receive the payment for the currency. With an instant exchange, those worries aren't as prevalent.

With regards to your second question, buying from an exchange for such purposes is possible.

aaronson:
I also need insight on this as well but not regarding to security/reliability but trading. Peer to peer is safe due to the usage of escrow service and admin as well.


My question as regard trading is how do people get btc for cheap to go sell on that peer to peer site? Do they buy from exhanges as well?

Cc Tabbaz
Justi4jesu
LadyF
Biafrabushboy
Re: Is Buying Bitcoin From Exchnages Better Than Peer To Peer? by MarshallMathers(m): 9:53am On Dec 05, 2018
jamin006:
I've heard that peer to peer platforms are not as safe or reliable as instant cryptocurrency exchanges for trading in cryptocurrencies. Is that true?

With peer to peer, there is a chance that if something goes wrong in terms of a fraudulent transaction or "scam" peer, it will be harder to recover your funds/cryptocurrency. With an exchange, it is easier to identify who is accountable for the risks tied to the transaction.

Also, exchanges like Quidax make transactions simple, secure, and fast for both beginners and experienced users. Peer to Peer is a lot harder to understand for beginners than it is to understand exchanges.

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Re: Is Buying Bitcoin From Exchnages Better Than Peer To Peer? by Nobody: 10:36am On Dec 05, 2018
Naijacryptogeek:
The safety of peer to peer depends on how effective the admin is. For example, someone may be able to game the system, by for example, stating that they did not receive the payment for the currency. With an instant exchange, those worries aren't as prevalent.

With regards to your second question, buying from an exchange for such purposes is possible.

Thanks for the insight sir, i really do appreciate.
Re: Is Buying Bitcoin From Exchnages Better Than Peer To Peer? by Naijacryptogeek: 9:25am On Dec 06, 2018
aaronson:
Thanks for the insight sir, i really do appreciate.

You're welcome.
Re: Is Buying Bitcoin From Exchnages Better Than Peer To Peer? by Naijacryptogeek: 10:36am On Dec 27, 2018
You are welcome.
aaronson:
Thanks for the insight sir, i really do appreciate.

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