P2P is a service where two groups or individuals trade without third party involvement. It is a decentralized platform where trade or interaction between two parties is held directly.
Be it trading or for e-commerce, using the Peer to Peer format is becoming a popular mode of transactions. In cryptocurrency trading, using P2P service is quite common as it becomes convenient for both the buyer and the seller and not forgetting the platform. Here the role of a platform is making sure no traders fraud and the transactions are carried on fairly.
P2P process involves
For Crypto Trade:
Buyer and Seller place order>>Platform confirms Price match>>Locks the digital asset>>Platform Asks Buyer to pay the Seller>>Seller confirms payment recived>>Platform releases the digital asset to Buyer.
Buyer places Order for goods>>Payment is locked with the Platform>>Seller sends the product>>Buyer confirms product receipt>>Payment is released to Seller